Requirements for investors of projects on investment in hi-tech park infrastructure construction and business in Vietnam

Requirements for investors of projects on investment in hi-tech park infrastructure construction and business in Vietnam (Internet image)

On February 1, 2024, the Government issued Decree 10/2024/ND-CP regulating high-tech zones.

Requirements for investors of projects on investment in hi-tech park infrastructure construction and business in Vietnam

* Investors of projects on investment in hi-tech park infrastructure construction and business shall:

- Satisfy the real estate business requirements according to the law on real estate business;

- Satisfy the requirements for land allocation, lease, and use purpose conversion by the State for the implementation of projects on investment in hi-tech park infrastructure construction and business according to the law on land and relevant laws.

If investors carrying out projects on investment in hi-tech park infrastructure construction and business are economic organizations expected to be established by foreign investors according to the law on investment and the law on enterprises, such economic organizations shall be capable of satisfying the requirements for land allocation, lease, and use purpose conversion by the State according to the law on land and relevant laws.

* Regarding cases where investors carry out projects on infrastructure construction and business according to Clause 3 Article 23 of Decree 10/2024/ND-CP, aside from the requirements prescribed in Clause 1 of this Article, it is necessary to satisfy the following requirements when carrying out the procedure for requesting approval for investment guidelines and during the project implementation:

- Register and declare professions and types of investment projects to be attracted to the hi-tech park according to development directions of the hi-tech park in the approved scheme to establish and expand the hi-tech park according to the decision on establishment or expansion of the hi-tech park of the Prime Minister of Vietnam; declare to attract investment projects on hi-tech operations satisfying the principles and criteria prescribed in Article 28 and Article 35 of Decree 10/2024/ND-CP;

- Develop and implement regulations on inspection and supervision of the implementation of investment projects and declarations meeting the prescribed principles and criteria prescribed in Article 28 and Article 35 of Decree 10/2024/ND-CP, and submit annual or irregular reports on the implementation results to the Management Board of the hi-tech park.

* In the case of bidding for the selection of investors, standards of assessment for the selection of investors for the implementation of projects on investment in hi-tech park infrastructure construction and business include:

- Standards of the assessment of the capacity of investors shall be developed based on the requirements prescribed in Clause 1 of this Article and Clause 2 of Article 24 of Decree 10/2024/ND-CP (regarding cases where investors carry out projects on investment in infrastructure construction and business under Clause 3 Article 23 of Decree 10/2024/ND-CP);

- Standards of the assessment of the experience of investors shall be developed based on the scale of the area, implementation progress, and implementation of projects on investment in hi-tech park infrastructure construction and business or other real estate projects that the investors have implemented or contributed equity for implementation; owners, members, and founding shareholders of the organizations of investors that have implemented or contributed equity for the implementation of projects;

- Standards of the technical assessment shall be developed based on decisions on approval of the planning for the construction of the hi-tech park and decisions on approval for investment guidelines of projects on investment in hi-tech park infrastructure construction and business of competent authorities and relevant laws;

- Standards of the assessment of finance and commerce shall be developed based on the decisions on approval for investment guidelines of projects on investment in hi-tech park infrastructure construction and business of competent authorities and relevant laws concerning the selection of investors for the implementation of investment projects with the use of land.

(Article 24 of Decree 10/2024/ND-CP)

More details can be found in Decree 10/2024/ND-CP taking effect on March 25, 2024. The following Decrees and regulations will expire on March 25, 2024:

- Decree 99/2003/ND-CP dated August 28, 2003;

- Article 112 of Decree 31/2021/ND-CP dated March 26, 2021.

Ho Quoc Tuan

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