Order and Procedures for Approval of Investment Policy by the National Assembly

Procedures for Approval of Investment Policy by the National Assembly - Illustrative Image.

Article 34 of the Law on Investment 2020 provides for the procedures for the National Assembly's approval of investment policy as follows:

- The complete dossier, as prescribed, is sent to the Ministry of Planning and Investment.

- Within 15 days from the date of receipt of the complete dossier, the Ministry of Planning and Investment shall report to the Prime Minister of the Government of Vietnam to establish the State Appraisal Council.

- Within 90 days from the date of establishment, the State Appraisal Council shall organize the appraisal of the dossier and prepare an appraisal report, which includes the contents of the appraisal as prescribed, to be submitted to the Government of Vietnam.

Note that, no later than 60 days before the opening date of the National Assembly session, the Government of Vietnam shall prepare and send the dossier requesting the approval of the investment policy to the presiding verification agency of the National Assembly.

The dossier requesting the approval of the investment policy includes:

- The submission of the Government of Vietnam;

- The dossier specified in Clause 1 of this Article;

- The appraisal report of the State Appraisal Council;

- Other related documents.

In addition, Clause 6, Article 34 of the Law on Investment 2020 also outlines the content of the verification request for approval of the investment policy, including:

- Meeting the criteria for determining that the investment project falls under the authority of the National Assembly to approve the investment policy;

- The necessity of implementing the investment project;

- The suitability of the investment project with national, regional, provincial, urban, and special administrative-economic unit (if any) strategies and plans;

- Objectives, scale, location, duration, implementation progress of the investment project, land use requirements, land clearance, resettlement plans, main technology selection options, environmental protection solutions;

- Total investment capital, source of funds;

- Assessment of the socio-economic efficiency, ensuring national defense, security, and sustainable development of the investment project;

- Special mechanisms, policies, incentives, and investment supports and application conditions (if any).

The Government of Vietnam and relevant agencies, organizations, and individuals are responsible for providing complete information and documents for the verification; explaining issues related to the content of the investment project when requested by the presiding verification agency of the National Assembly.

The National Assembly shall consider and pass a resolution on the approval of the investment policy, which includes approval of objectives, location, scale, progress, implementation duration of the project; investor or form of investor selection and special mechanisms, policies (if any) for the implementation of the investment project.

For more details, see Law on Investment 2020, effective January 01, 2021.

Le Vy

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