Documents proving financial capacity for investors who are newly established organizations

How are documents proving financial capacity for investors being newly established organizations?

Under the Official Dispatch No. 2541/CV-TCT of 2022 dated 2022, guiding the implementation of investment projects in accordance with laws in which the Special Task Group of the Prime Minister on checking, removing difficulties, unresolved issues and promoting the implementation of investment projects has the following responses:

Under Clause 1 Article 33 of theLaw on Investment 2020, there are regulations on the application for approval for investment policies submitted by the investor, in particular:

"Article 33.- Application and procedures for approval for investment policies

1. An application for approval for investment guidelines of a project proposed by an investor includes:

a/ A written request for execution of an investment project, including an undertaking to bear all costs and risks if the project is not approved;

(b) Document on the legal status of the investor;

c) Documents proving the investor's financial capacity, including at least one of the following documents: financial statement prepared in the latest 02 years by the investor; commitment on financial support from parent companies; commitment on financial support from financial institutions; guarantee for investor's financial capacity; other documents proving the investor's financial capacity;

d) The proposal for the investment project shall at least contain: the investor or method of investor selection, investment objectives, investment scale, capital, capital raising plan, location, time limit, progress, information about land use at the location of the project and proposal for land use (if any), demand for employment, proposed investment incentives, socio-economic effects of the project, preliminary assessment of environmental impacts (if any) in accordance with law on environmental protection.

Where the law on construction provides for the preparation of the pre-feasibility study report, the investor may submit the pre-feasibility study report instead of the project proposal;

e/ If the investment project does not request the State to allocate land, lease land or permit change of land use purpose, copies of land use rights papers or other documents indicating the rights to use the location for implementation of the investment project shall be submitted;

e) Explanation about technology used in the investment project with respect to the project under assessment and opinions about the technology according to the law on technology transfer;

g) BCC contract for BCC investment projects;

h) Other documents related to the investment project, requirements for the investor's qualifications as prescribed by law (if any)."

The investor being newly established organization may submit documents proving its financial capacity such as commitment on financial support of the parent company; commitment on financial support of the financial institution; guarantee for financial capacity of the investor; and other documents proving its financial capacity

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