Responsibility for state management of investment in Vietnam under the Law on Investment 2020

Responsibility for state management of investment in Vietnam under the Law on Investment 2020 (Internet image)

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

Responsibility for state management of investment in Vietnam under the Law on Investment 2020

Pursuant to Article 69 of the Law on Investment 2020, state management responsibilities for investment are prescribed as follows:

(1) The Government shall perform uniform state management of investment in Vietnam and outward investment.

(2) The Ministry of Planning and Investment shall assist the Government in performing uniform state management of investment in Vietnam and outward investment, and has the following tasks and rights:

- Request the Government and the Prime Minister to consider approving strategies, plans and policies for investment in Vietnam and outward investment;

- Promulgate or request competent authorities to promulgate legislative documents on investment in Vietnam and outward investment;

- Promulgate forms of documents serving procedures for investment in Vietnam and outward investment;

- Provide instructions, disseminate, organize, supervise, inspect and assess the implementation of legislative documents on investment;

- Formulate and submit to competent authorities mechanisms for resolving difficulties facing investors and for preventing disputes between the State and investors;

- Assess and report developments of investment in Vietnam and outward investment;

- Build, manage and operate the National Investment Information System and national investment database;

- Issue, adjust and invalidate outward investment registration certificates;

- Perform state management of industrial parks, export-processing zones and economic zones;

- Perform state management of investment promotion and coordinate investment promotion activities in Vietnam and overseas;

- Inspect, supervise and assess investment activities, manage and cooperate in managing investment activities within its power;

- Negotiate and conclude international investment-related treaties within its power;

- Perform other tasks and exercise other rights regarding state management of investment as assigned by the Government and the Prime Minister.

(3) Ministries, ministerial agencies shall, within their jurisdiction, cooperate with the Ministry of Planning and Investment in performing the task of state management of investment in Vietnam and outward investment. To be specific:

- Cooperate with the Ministry of Planning and Investment, Ministries and ministerial agencies in formulating laws and policies on investment;

- Preside over and cooperate with other Ministries and ministerial agencies in formulating laws, policies, standards, technical regulations and instructions;

- Request the Government to promulgate conditions for making business investment in the business lines mentioned in Article 7 of the Law on Investment 2020;

- Preside over and cooperate with the Ministry of Planning and Investment in formulating planning and plans, and compiling a list of its projects attracting investment; organize campaigns and specialized investment promotion;

- Participate in appraisal of projects subject to approval for their investment guidelines as prescribed in this Law and take responsibility for the contents of the appraisal within their jurisdiction;

- Carry out supervision, assessment, and specialized inspection of the fulfillment of investment conditions and state management of investment projects within their power;

- Preside over and cooperate with People’s Committees of provinces, other Ministries and ministerial agencies in resolving difficulties of investment projects in state management; provide guidance on distribution of powers and authorize management boards of industrial parks, export-processing zones, hi-tech zones, and economic zones to perform state management tasks therein;

- Carry out periodic assessment of socio - economic effects of investment projects under their management and send reports thereon to the Ministry of Planning and Investment;

- Provide relevant information to establish a national investment database; maintain and update management information systems under their management and integrate them into the National Investment Information System.

(4) Provincial People’s Committees and investment registration authorities shall, within their jurisdiction, perform the task of state management of investment in Vietnam and outward investment. To be specific:

- Cooperate with Ministries and ministerial agencies in compiling and issuing Lists of local projects attracting investment;

- Preside over or participate in appraisal of projects subject to approval for their investment guidelines as prescribed in this Law and take responsibility for the contents of the appraisal within their jurisdiction; preside over following procedures for issuance, adjustment and revocation of investment registration certificates;

- Exercise the function of state management of investment projects within their provinces;

- Resolve or request competent authorities to resolve difficulties faced by investors;

- Carry out periodic assessments of efficiency of investment activities and submit reports thereon to the Ministry of Planning and Investment;

- Provide relevant information to establish a national investment database; maintain and update the National Investment Information System;

- Provide instructions on organization, supervision and assessment of implementation of investment reporting regulations.

(5) Vietnam’s overseas representative missions shall monitor and support investment activities, and protect the lawful rights and interests of Vietnamese investors in the host countries.

Ho Quoc Tuan

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