Appraisal and approval of the project for investment and construction of Vietnam representative offices located overseas

Appraisal and approval of the project for investment and construction of Vietnam representative offices located overseas (Illustration)

Circular 03/2008/TT-BNG stipulates the appraisal and approval of the project for investment and construction of Vietnam representative offices located overseas as follows:

- For projects with a total investment (in foreign currency) of 10 million USD or more: The Ministries and central authorities with the project shall preside over the appraisal and submit it to the Prime Minister of Vietnam for investment decision.

- For projects with a total investment (in foreign currency) of less than 10 million USD: The Ministries and central authorities with the project shall organize the appraisal and make the investment decision.

- For investment projects involving the purchase of houses and land, the project approval shall be conducted after there is a principal agreement by the competent authority of the host country regarding the purchase of houses and land and the projected purchase price between the investor and the seller; the total investment shall be temporarily approved based on the projected price and officially approved based on the purchase price stated in the official contract between the investor and the seller.

The investor may only sign the house and land purchase contract when the investment project has been approved by the competent authority.

- The investor is responsible for organizing and sending the project dossier to the unit in charge of project appraisal. The unit in charge of project appraisal is the specialized unit under the person making the investment decision. The unit in charge of project appraisal organizes the appraisal before submitting it to the person with authority to decide on investment for approval.

- The project dossier submitted for appraisal includes:

+ Application form for appraisal according to the form in Appendix 2 of this Circular.

+ Investment project.

- Relevant domestic and foreign legislative documents.

- The unit in charge of project appraisal is responsible for receiving the investor's project dossier and sending it to the relevant agencies for seeking opinions (if needed).

- The unit in charge of project appraisal follows the current legal regulations on construction; consolidates the opinions of the relevant agencies (if necessary), provides comments, evaluations, and recommendations, and submits the application for project approval to the decision-making person for approval.

- The application for project approval includes:

+ Application form for project approval according to the form in Appendix 3 of this Circular.

+ The investor's project dossier submitted for appraisal.

+ Appraisal documents from the competent authorities related to the project (if any).

More details can be found in Circular 03/2008/TT-BNG effective from February 22, 2009.

Ngoc Tai

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