Rights and Obligations of Investors wishing to build new markets in Vietnam

Rights and Obligations of Investors wishing to build new markets in Vietnam (Image from the internet)

1. Regulations on Investment in bulding new markets in Vietnam

- Markets constructed must conform to the provincial planning, the provincial socio-economic development plan, and related plans.

- Market construction investment capital includes: state budget funds, non-state budget funds (including other legal sources according to the law).

- State budget funds are utilized to support the construction of residential markets, wholesale markets according to the laws on public investment and the state budget. The support for land clearance for wholesale markets from the state budget complies with public investment laws and related legal provisions.

- Localities proactively balance state budget funds to invest in or support the development of markets in their areas based on practical conditions, emergency levels, and in accordance with the laws on public investment, state budget, and other related legal provisions.

- The State encourages organizations, individuals, and merchants from all economic sectors to invest in market construction.

- Market investment projects are entitled to investment incentive policies, government investment credit policies, and private investment policies according to legal provisions.

- Depending on the investment capital sources and land use conditions, market construction investment projects are executed according to the corresponding current legal provisions.

(Article 6 Decree 60/2024/ND-CP)

2. Rights and Obligations of Investors wishing to build new markets in Vietnam

- Rights of Investors wishing to build new markets:

+ Investors wishing to build new markets enjoy investment incentives and can access funds from Development Investment Funds in accordance with the Government of Vietnam's regulations on the organization and operation of local Development Investment Funds;

+ Other rights according to the law.

- Obligations of Investors wishing to build new markets:

+ Implement the market construction investment according to current regulations on investment, construction, and related laws;

+ Perform maintenance within the project investment cycle;

+ Markets' investors, when constructing, reconstructing, or relocating markets, must cooperate with competent authorities to publicly post information at the head office of the competent state authorities and other relevant locations, and seek opinions from the relevant parties according to the law. The minimum information disclosure period is 30 days (excluding public holidays and Tet holidays);

+ Markets' investors, when constructing, reconstructing, or relocating markets, must implement: construction plans, support policies for relocation; ensure the functioning of temporary markets; develop operation, arrangement, and business point allocation plans within the market, seeking input from the market's merchants;

+ New Investors wishing to build new markets must ensure compliance with laws on arranging structures within the market's scope; for markets being renovated or upgraded, special attention must be paid to regulations on fire prevention and fighting, water supply and drainage, public sanitation, lighting, ventilation, and parking areas;

+ Other obligations according to the law in Vietnam.

(Article 7 Decree 60/2024/ND-CP)

Markets regulated under Decree 60/2024/ND-CP are those organized at locations in accordance with planning and development plans to meet the buying, selling, and exchanging needs of goods and consumer demands of the people.

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE