Allocate marine areas in Vietnam to organizations and individuals to exploit natural resources for no more than 30 years

Except for investment project which has been issued with the investment registration certificate or investment certificate with an investment duration of over 30 years, the duration of assignment of a sea area (hereinafter referred to as "the assignment duration" shall be considered and decided for each specific case on the basis of the application for sea area assignment, investment project and time limit specified in the written permission for exploitation and use of marine resources granted by the competent authority but must not exceed 30 years; Regarding the investment project which has been issued with the investment registration certificate or investment certificate with an investment duration of over 30 years, the assignment duration may be over 30 years but must not exceed the investment duration specified in the written approval for investment guidelines, decision on investment guidelines, investment registration certificate or investment certificate in Vietnam.

The assignment duration may be extended for multiple times but the total extended period must not exceed 20 years in Vietnam.

The effective period of the sea area recognition equals to the remaining effective period of the decision on land allocation or agreement on lease of coastal land with water surface or seawater surface previously issued by the competent authority in Vietnam.

More details can be found in Vietnam's Decree 11/2021/ND-CP, effective from March 30, 2021.

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