Guidelines for adjustment of an investment project under a judgment or decision of a court or arbitration body in Vietnam

Guidelines for adjustment of an investment project under a judgment or decision of a court or arbitration body in Vietnam (Internet image)

Regarding this issue, LawNet would like to answer as follows:

1. Guidelines for adjustment of an investment project under a judgment or decision of a court or arbitration body in Vietnam

Guidelines for adjustment of an investment project under a judgment or decision of a court or arbitration body in Vietnam according to Article 54 of Decree 31/2021/ND-CP are as follows:

- Where an investment project has to be adjusted under the effective judgment or decision of a court or arbitration body, the investor shall, according to such decision or judgment, adjust and continue to execute the project.

- The investor having the investment project that has to be adjusted as prescribed in Clause 1 of Article 54 of Decree 31/2021/ND-CP shall prepare an application for project adjustment, including:

+ An application form for adjustment;

+ A copy of document about the investor's legal status;

+ The effective judgment or decision of the court or arbitration body;

+ A copy of the investment registration certificate; the decision on approval for investment guidelines; the decision on investor approval (if any).

- For an investment project whose investment guidelines have been approved, the investor shall follow the procedures for project adjustment below:

+ The investor having the investment project that has to be adjusted under the effective judgment or decision of a court or arbitration body shall submit 01 set of the application specified in Clause 2 of Article 54 of Decree 31/2021/ND-CP to the Ministry of Planning and Investment or investment registration authority corresponding to the power to approve investment guidelines;

+ Within 07 working days from the receipt of the application, the Ministry of Planning and Investment or investment registration authority shall, according to the effective judgment or decision, request the investment guideline approving authority to adjust the decision on approval for investment guidelines.

Within 05 working days from the receipt of the request, the investment guideline approving authority shall adjust the decision on approval for investment guidelines.

Pursuant to the decision on approval for adjustment of the investment guidelines, the investor approving authority shall adjust the decision on investor approval (if any) or the investment registration authority shall adjust the investment registration certificate (if any).

The decision on approval for adjustment of the investment guidelines, decision on approval for change of investor or investment registration certificate that has been adjusted shall be sent to the court or arbitration body issuing the judgment or decision, enforcement agency and investor.

- For an investment project that has been issued with the investment registration certificate and not subject to approval for its investment guidelines or has had its investment guidelines approved in a case other than the case specified in Clause 3 Article 41 of the Law on Investment, the procedures for adjusting the project are as follows:

+ The investor having the investment project that has to be adjusted under the effective judgment or decision of a court or arbitration body shall submit 01 set of the application specified in Clause 2 of Article 54 of Decree 31/2021/ND-CP to the investment registration authority;

+ Within 05 working days from the receipt of the application, the investment registration authority shall, according to the effective judgment or decision, adjust the investment registration certificate.

The adjusted investment registration certificate shall be sent to the court or arbitration body issuing the judgment or decision, enforcement agency and investor.

- Where the investor fails to follow the procedures for project adjustment according to the effective judgment or decision of the court or arbitration body:

The civil enforcement agency, organization and individual that have the rights and obligations related to the project are entitled to request a competent authority to approve investment guidelines or the investment registration authority to follow the procedures for project adjustment in accordance with the corresponding regulations in Clauses 3 and 4 of Article 54 of Decree 31/2021/ND-CP.

2. Guidance on adjustment and extension of duration of investment projects in Vietnam

Guidance on adjustment and extension of duration of investment projects in Vietnam according to Article 55 of Decree 31/2021/ND-CP is as follows:

- Every investor is entitled to adjust duration of their investment project according to Point dd Clause 3 Article 41 of the Law on Investment and Clause 2 Article 27 of Decree 31/2021/ND-CP and follow the procedures for duration adjustment in accordance with the corresponding regulations set out in Articles 44, 45, 46 and 47 of Decree 31/2021/ND-CP.

- Procedures for extending duration of the investment project according to Clause 4 Article 27 of Decree 31/2021/ND-CP are as follows:

+ For the investment project whose investment guidelines have been approved, the investor shall submit 04 sets of application to the Ministry of Planning and Investment or the investment registration authority corresponding to the power to approve investment guidelines of the project.

The application includes:

++ An application form for extension of the project’s duration;

++ Decision on approval for investment guidelines;

++ Investment registration certificate;

++ Decision on investor approval or equivalent document;

++ Certificate of land use rights or equivalent document;

++ Document (s) proving the financial capacity of the investor including at least one of the following documents: the investor’s financial statements for the last two years; commitment of the parent company to provide financial support; commitment of a financial institution to provide financial support; guarantee for the investor’s financial capacity; other document proving the investor’s financial capacity;

+ Within 03 working days from the receipt of the valid application specified in Point a of this Clause, the Ministry of Planning and Investment or the investment registration authority shall send the application to the land authority and relevant authorities to seek their opinions about fulfillment of the conditions specified in Clause 4 Article 44 of the Law on Investment and Clause 4 Article 27 of Decree 31/2021/ND-CP;

+ Within 10 days from the receipt of the valid application, the enquired authorities shall give their opinions about fulfillment of the conditions specified in Clause 4 Article 44 of the Law on Investment and Clause 4 Article 27 of Decree 31/2021/ND-CP;

+ Within 15 days from the receipt of the valid application, the Ministry of Planning and Investment and investment registration authority shall consider the conditions for extending the project’s duration prescribed in Clause 4 Article 44 of the Law on Investment and Clause 4 Article 27 of Decree 31/2021/ND-CP to prepare an appraisal report and submit it to the investment guideline approving authority.

+ Within 03 working days from the receipt of the report, the investment guideline approving authority shall decide to extend the project’s duration;

+ For an investment project that has been issued with the investment registration certificate and not subject to approval for its investment guidelines, the investor shall submit 04 sets of the application specified in Point a of Clause 2 Article 55 of Decree 31/2021/ND-CP to the investment registration authority.

The investment registration authority shall follow the corresponding procedures in Points b, c, d and dd of Clause 2 Article 55 of Decree 31/2021/ND-CP to extend the project’s duration.

- For an investment project that uses land, within 06 months before the expiration of its duration, the investor shall follow the extension procedures set out in Clause 2 of Article 55 of Decree 31/2021/ND-CP.

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