Vietnam: What is the National Investment Promotion Program?

What is the National Investment Promotion Program?

Pursuant to the provisions of Clause 1, Article 92 of Decree 31/2021/ND-CP, the National Investment Promotion Program is a collection of national investment promotion activities carried out in an inter-regional and inter-agency manner by Ministries and provincial People’s Committees by using the state budget.

Vietnam: What is the National Investment Promotion Program? (Internet image)

Formulation of the National Investment Promotion Program in Vietnam

According to Clause 2, Article 92 of Decree 31/2021/ND-CP, formulation of the National Investment Promotion Program is as follows:

- The National Investment Promotion Program shall be formulated on an annual basis. The Ministry of Planning and Investment shall act as an agency in charge of formulating a National Investment Promotion Program on the basis of proposals of the presiding authority;

- Before May 30, the presiding authority shall send the proposal for execution of the National Investment Promotion Program of the next year to the Ministry of Planning and Investment in writing and on the National Investment Promotion Information System. The proposals sent after this deadline shall be included in the National Investment Promotion Program of the succeeding year;

- Before June 30, the Ministry of Planning and Investment shall notify the presiding authority of requests for adjustment or supplementation (if any) in writing and on the National Investment Promotion Information System;

- Before July 15, the presiding authority shall comply with the requests for adjustment or supplementation (if any) and send a confirmation of compliance with the requests to the Ministry of Planning and Investment and electronically on the National Investment Promotion Information System;

- Before August 30, the Ministry of Planning and Investment shall send the intended National Investment Promotion Program of the next year to the Ministry of Finance to seek its opinions about the budget expenditure estimate;

- Within 20 days from the date on which the Ministry of Finance notifies the budget expenditure estimate, the Ministry of Planning and Investment shall approve the National Investment Promotion Program of the next year and send it to the presiding authority in writing and on the National Investment Promotion Information System;

- According to the approved National Investment Promotion Program, the investment promotion authority affiliated to the Ministry of Planning and Investment shall sign a contract with the presiding authority for assigning the task of conducting investment promotion activities; advance, pay and settle the financial assistance under the signed contract.

Adjustment to the National Investment Promotion Program in Vietnam

According to Clause 3, Article 92 of Decree 31/2021/ND-CP, adjustment to the National Investment Promotion Program is as follows:

- If the request for adjustment of an activity of the approved National Investment Promotion Program, the presiding authority shall send a request to the Ministry of Planning and Investment in writing and on the National Investment Promotion Information System specifying the reasons and proposed adjustment plan;

- Within 15 days from the receipt of the written request, the Ministry of Planning and Investment shall consider deciding to adjust the activity of the approved National Investment Promotion Program; notify relevant authorities in writing and on the National Investment Promotion Information System.

Mai Thanh Loi

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