23 Oct INVESTMENT IN VIETNAM GRANTING OF APPROVAL FOR INVESTMENT GUIDELINES(Last Updated On: October 23, 2022)
Approval for investment guidelines prior to the Investment registration certificate (IRC, for foreign investors to invest in Vietnam directly), Enterprise registration certificate (ERC, for doing business in line with local business laws) and other permits depending on actual operation (Regarding environmental, fire protection, conditional industries).
Depending on the industry, scales of investment capital, location and demands of land use… the investors have to apply for Approval for investment guidelines from The National Assembly or The Prime Minister or power of provincial People’s Committees.
“Approval for investment guidelines” means a competent authority approving the objectives, location, scale, schedule and duration of a project; investor or form of selection of investor and special mechanisms or special policies to execute an investment project.
Notes on applications for and contents of appraisal of requests for investment guideline approval:
- Documents proving the financial capacity of the investor including at least one of the following documents: the investor’s financial statements for the last two years; commitment of a parent company to provide financial support; commitment of a financial institution to provide financial support; guarantee for the investor’s financial capacity; other document proving the investor’s financial capacity;
- Proposal for the investment project including the following main contents: investor or method of investor selection, investment objectives, investment scale, investment capital and plan for raising capital, location, duration and schedule of the investment project, information about the current use of land in the location of the project and proposed demand for land use, demand for labor, proposal for investment incentives, impact and socio–economic efficiency of the project and preliminary assessment of environmental impact in accordance with regulations of law on environmental protection… or the pre-feasibility study report instead of a proposal for the investment project – If the law on construction requires formulation of a pre-feasibility study report.
- Document regarding the land use rights or other document identifying the right to use the location for execution of the investment project is required to be submitted;
- Contents of the explanation for the technology to be used in the investment project if the project requires appraisal and collection of opinions on the technology in accordance with the Law on Technology Transfer;
- The business cooperation contract if the investment project is executed under a business cooperation contract;
- Other documents relating to the investment project, and requirements on the eligibility and capacity of the investor in accordance with the local regulations.
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