Latest investment promotion methods in Vietnam

Latest investment promotion methods in Vietnam (Internet image) 

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

1. Latest investment promotion methods 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.

Besides, investment promotion activities may be carried out adopting one or more investment promotion methods depending on the contents and requirements of each activity.

2. Investment promotion agencies in Vietnam

Investment promotion agencies according to 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.

3. Regulations on National Investment Promotion Program in Vietnam

Regulations on National Investment Promotion Program according to Article 92 of Decree 31/2021/ND-CP are as follows:

- 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.

- Formulation of the National Investment Promotion Program:

+ 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:

+ 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.

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