Investment promotion activities in Vietnam

Investment promotion activities in Vietnam (Internet image)

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

1. Investment promotion activities in Vietnam

According to Clause 1, Article 89 of Decree 31/2021/ND-CP, investment promotion activities shall be carried out adopting the following methods:

- Collecting information, consolidating and considering designing schemes, reports and documents; building information system and database to serve investment promotion activities; building investment web portals and websites;

- Organizing survey and research delegations in the country and foreign countries; investment promotion delegation based on each specific theme or partner;

- Organizing investment promotion forums, conferences, workshops and seminars in the country and foreign countries;

- Holding dialogues between agencies, organizations, enterprises and investors;

- Connecting investors with regulatory bodies, with investors, with organizations and individuals;

- Disseminate investment environment, policies and laws through domestic and foreign mass media;

- Providing information and instructing investors to follow investment procedures and administrative procedures related to investment;

- Consolidating proposals and propositions of investors and assisting in resolving difficulties that arise from investment and business activities.

2. Contents of investment promotion in Vietnam

Contents of investment promotion according to Article 88 of Decree 31/2021/ND-CP are as follows:

- Investment potential, market, trend and partner research.

- Creating images, disseminating and introducing investment environment, policies, potentials, opportunities and matching.

- Supporting, providing instructions and facilitating investment activities.

- Building information system and database to serve investment promotion activities.

- Compiling lists of projects attracting investment.

- Designing publications and documents to serve investment promotion activities.

- Providing training in and enhancing capacity for investment promotion.

- Domestic and international cooperation in investment promotion.

3. Regulations on coordination in investment promotion activities in Vietnam

Regulations on coordination in investment promotion activities under Article 90 of Decree 31/2021/ND-CP are as follows:

- Methods for coordinating investment promotion activities:

+ Arranging investment promotion activities in an effective manner suitable for domestic, international, territorial and local contexts and specific conditions at stated times;

+ Balancing contents, time, duration, schedule and composition of promotion delegations and funding for investment promotion activities in a practical manner.

- The Ministry of Planning and Investment acts as an agency in charge of assisting the Government in coordinating investment promotion activities. The Ministry of Planning and Investment has the responsibility to:

+ Instruct other Ministries, ministerial agencies and provincial People’s Committees in designing annual promotion programs in conformity with investment promotion plans and National Investment Promotion Program;

+ Coordinate the formulation and execution of the National Investment Promotion Program;

+ Provide guidance on and coordinate investment promotion programs of other Ministries, ministerial agencies and provincial People’s Committees.

- Other Ministries, ministerial agencies and provincial People’s Committees have the responsibility to:

+ coordinate their investment promotion programs;

+ propose adjustments to the National Investment Promotion Program to the Ministry of Planning and Investment;

+ regularly review the conduct of investment promotion activities according to the approved programs and update information thereon on the National Investment Promotion Information System.

4. Regulations on investment promotion agencies in Vietnam

Regulations on investment promotion agencies under Article 91 of Decree 31/2021/ND-CP are as follows:

- The Ministry of Planning and Investment acts as an agency assisting the Government in state management of investment promotion activities nationwide.

- Ministries shall assign units in charge of carrying out investment promotion activities by sectors and industries within their functions and power.

- Every Department of Planning and Investment acts as an agency in charge of assisting the provincial People’s Committee in state management of investment promotion.

- Depending on specific demands and conditions, every provincial People’s Committee shall establish an agency or department in charge of investment promotion within its structure and provide facilities, working conditions, salary and benefits, and cover operating costs.

The establishment of an investment promotion agency affiliated to a provincial People’s Committee must be agreed upon by the Ministry of Home Affairs and the Ministry of Planning and Investment before requesting the Prime Minister to consider and make a decision as prescribed by law.

- Overseas agencies in charge of investment promotion:

+ Overseas agencies in charge of investment promotion are affiliated to and managed by Vietnam’s overseas representative missions;

+ Depending on specific conditions of each area, the Ministry of Planning and Investment shall agree with the Ministry of Foreign Affairs on the number of investment promotion personnel arranged at each mission.

If there are 02 full-time investment promotion officials or more in an area, it is required to establish an investment promotion department affiliated to the Vietnam's overseas representative mission;

+ Overseas agencies in charge of investment promotion shall be under professional direction of the Ministry of Planning and Investment and comprehensive direction of Vietnam’s overseas representative missions.

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