On June 17, 2020, the National Assembly promulgated the Investment Law 2020, which includes 7 Chapters and 77 Articles, replacing the Investment Law 2014 and shall take effect from January 01, 2021.
Article table of contents
From 2021, the following 04 projects fall under the investment policy approval of the provincial People's Committee (Illustrative image)
From January 01, 2021, Investment Law 2020 stipulates that the authority to approve investment policies by the provincial People's Committee is expanded to cover the following projects:
- Investment projects requesting the State to allocate land, lease land without auction, bidding, or receiving land transfer; investment projects requesting permission to change the land use purpose, excluding cases of land allocation, land lease, or land use purpose change permission for households and individuals that do not require written approval from the provincial People's Committee as stipulated by land law;
- Investment projects constructing residential housing (for sale, lease, or lease-purchase), urban areas in the following cases: investment projects with land use scale under 50 hectares and population scale under 15,000 people in urban areas; investment projects with land use scale under 100 hectares and population scale under 10,000 people in non-urban areas; investment projects regardless of land area scale and population in restricted development areas or historic inner cities (as identified in urban planning designs) of special-category urban areas;
- Investment projects for the construction and business of golf courses;
- Investment projects by foreign investors or economic organizations with foreign investment capital implemented on islands and in border commune-level towns; coastal commune-level towns; and other areas affecting national defense and security.
Note: For the above-mentioned investment projects, except for "investment projects for the construction and business of golf courses" that must be implemented in industrial zones, export processing zones, high-tech zones, and economic zones in line with the planning approved by competent authorities, the management boards of industrial zones, export processing zones, high-tech zones, and economic zones will approve the investment policy.
Regarding the dossier, procedures, and steps for requesting investment policy approval under the authority of the provincial People's Committee are stipulated in Articles 33 and 36 of Investment Law 2020.
Details on the dossier, procedures, and steps are available in Investment Law 2020, effective from January 01, 2021, replacing Investment Law 2014.
Le Hai
