Latest regulations on outward investment capital in Vietnam

Latest regulations on outward investment capital in Vietnam (Internet image)

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

1. Latest regulations on outward investment capital in Vietnam

Investment promotion methods according to Article 89 of Decree 31/2021/ND-CP are as follows:

- 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.

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

2. Funding for investment promotion activities in Vietnam

Funding for investment promotion activities in Vietnam according to Article 97 of Decree 31/2021/ND-CP is as follows:

- The funding for investment promotion activities shall be covered by:

+ State budget;

+ contributions of organizations and enterprises participating in the activities;

+ donations of domestic and foreign organizations and individuals;

+ Other legal funding sources prescribed by law.

- Estimation and allocation of state budget for investment promotion activities with regard to the investment promotion activities of Ministries and ministerial agencies:

+ Ministries and ministerial agencies consolidate and send estimates of funding for investment promotion activities after reaching an agreement with the Ministry of Planning and Investment together with the annual budget plans of Ministries, ministerial agencies and Governmental agencies to the Ministry of Finance;

+ Within the state budget and with the agreement of the Ministry of Planning and Investment on the investment promotion activities, the Ministry of Finance shall consider approving and include budget in the annual state budget expenditure estimates of Ministries, ministerial agencies and Governmental agencies to carry out investment promotion activities;

+ Ministries and ministerial agencies shall, according to the budget estimate assigned by the Ministry of Finance, prepare detailed budget estimates of their affiliated units to carry out investment promotion activities.

- For investment promotion activities of provincial People’s Committees, with the Ministry of Planning and Investment’s written agreement to carry out investment promotion activities, the provincial People’s Committees shall, within local government budget, assign tasks and provide funding to their affiliated units to carry out investment promotion activities.

The funding for investment promotion activities shall be included in the annual local government budget estimate.

- For investment promotion activities carried out on a scheduled basis according to the working programs of leaders of the State and Government, with the agreement of the Ministry of Planning and Investment, the presiding authority shall make an estimate, propose funding and send them to the Ministry of Finance for consideration and decision as prescribed by the Law on State Budget 2015.

- For the National Investment Promotion Program, the Ministry of Planning and Investment shall preside over and cooperate with the Ministry of Finance in formulating an annual budget estimate plan.

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