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OFFICE
OF THE NATIONAL ASSEMBLY
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THE
SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
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No.
08/VBHN-VPQH
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Hanoi,
September 16, 2024
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LAW
ON INVESTMENT
The Law on Investment No.
61/2020/QH14 dated June 17, 2020 of the National Assembly, which has been
effective since January 01, 2021, is amended by:
1. The Law on Environmental
Protection No. 72/2020/QH14 dated November 17, 2020 of the National Assembly,
which has been effective since January 01, 2022.
2. The Law No. 03/2022/QH15 dated
January 11, 2022 of the National Assembly on amendments to certain articles of
the Law on Public Investment, the Law on Public-Private Partnership Investment,
the Law on Investment, the Law on Housing, the Law on Bidding, the Law on Electricity,
the Law on Enterprises, the Law on Special Excise Duties and the Law on Civil
Judgment Enforcement, which has been effective since March 01, 2022;
3. The Law on Cinematography. No.
05/2022/QH15 dated June 15, 2022 of the National Assembly, which has been
effective since January 01, 2023;
4. The Law on Insurance Business
No. 08/2022/QH15 dated June 16, 2022 of the National Assembly, which has been
effective since January 01, 2023;
5. The Law No. 09/2022/QH15 dated
November 09, 2022 of the National Assembly on Amendments to Some Articles of
the Law on Radio Frequencies No. 42/2009/QH12, which has been effective since
July 01, 2023;
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7. The Law on Identification No.
26/2023/QH15 dated November 27, 2023 of the National Assembly, which has been
effective since July 01, 2024;
8. The Law on Housing No.
27/2023/QH15 dated November 27, 2023 of the National Assembly, which has been
effective since January 01, 2024;
9. The Law on Water Resources No.
28/2023/QH15 dated November 27, 2023 of the National Assembly, which has been
effective since July 01, 2024;
10. The Law on Land No.
31/2024/QH15 dated January 18, 2024 of the National Assembly, which has been
effective since January 01, 2024[1];
11. The Law on Archives No.
33/2024/QH15 dated June 21, 2024 of the National Assembly, which has been
effective since July 01, 2025;
12. The National Assembly’s Law No.
43/2024/QH15 dated June 29, 2024 on amendments to certain Articles of Law on
Land No. 31/2024/QH15, Law on Housing No. 27/2023/QH15, Law on Real Estate
Business No. 29/2023/QH15 and Law on Credit Institutions No. 32/2024/QH15,
which has been effective since August 01, 2024.
Pursuant to the Constitution of
the Socialist Republic of Vietnam;
The National Assembly hereby
promulgates the Law on Investment[2].
Chapter I
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Article 1.
Scope
This Law provides for business
investment activities in Vietnam and outward business investment activities.
Article 2.
Regulated entities
This Law applies to investors, and
agencies, organizations and individuals (hereinafter referred to as “entities”)
involved in business investment activities.
Article 3.
Definitions
For the purposes of this Law, the
terms below are construed as follows:
1. “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 (if
any) to execute an investment project.
2. “investment
registration authority” means a regulatory agency that issues, adjusts and
revokes investment registration certificates.
3. “national
investment database” means a collection of data on investment projects
nationwide that is connected to databases of relevant agencies.
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5. “expansion
project” means an investment project on development of a running project by
expanding the scale, improving the capacity, applying new technologies,
reducing pollution or improving the environment.
6. “new
investment project” means a project that is executed for the first time or
a project independent from any other running project.
7. “start-up
project” means an investment project that implements ideas on the basis of
exploiting intellectual property, technologies and new business models and is
able to grow quickly.
8. “business
investment” means an investor investing capital to do business.
9. “business
investment conditions” mean those which must be satisfied by an individual
or organization upon making business investment in conditional business lines.
10. “market
access conditions applied to foreign investors” mean those which must be
satisfied by foreign investors to make investment in the List of business lines
with prohibited and restricted market access (hereinafter referred to as “the
Negative List for Market Access”) specified in Clause 2 Article 9 of this Law.
11. “investment
registration certificate” means a physical or electronic document bearing
information registered by an investor about an investment project.
12. “National
Investment Information System” means a system of professional information
meant for monitoring, assessment, and analysis of nationwide investment in
order to serve state management tasks and assist investors in carrying out
investment activities.
13. “outward
investment activity” means an investor transferring investment capital from
Vietnam to a foreign country and using profit obtained from such investment
capital to carry out outward investment activities in the foreign country.
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15. “export-processing
zone” means an industrial park specialized in manufacturing of exported
products or provision of services for manufacturing of exported products and
export.
16. “industrial
park” means an area with a defined geographical boundary specialized in
production of industrial goods and provision of services for industrial
production.
17. “economic
zone” means an area with a defined geographical boundary which consists of
multiple dedicated areas and is meant to achieve the objectives of investment
attraction, socio-economic development and protection of national defense and
security.
18. “investor”
means an organization or individual that carries out business investment
activities. Investors include domestic investors, foreign investors and
foreign-invested business organizations.
19. “foreign
investor” means an individual holding a foreign nationality or an
organization established under foreign laws and carrying our business
investment activities in Vietnam.
20. “domestic
investor” means an individual holding Vietnamese nationality or a business
organization whose members or shareholders are not foreign investors.
21. “business
organization” means an organization established and operating in accordance
with Vietnam’s laws. Business organizations include enterprises, cooperatives,
cooperative unions and other organizations that carry out business investment
activities.
22. “foreign-invested
business organization” means an organization whose members or shareholders
are foreign investors.
23. “investment
capital” means money and other assets prescribed by the civil law and
international treaties to which the Socialist Republic of Vietnam is a
signatory for the purpose of carrying out business investment activities.
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1. Business
investment activities made within Vietnam’s territory must comply with this Law
and relevant laws.
2. Where
regulations on banned business lines or conditional business lines in this Law
are different from those laid down in other laws promulgated before the
effective date of this Law, regulations of this Law shall apply.
Regulations on names of banned
business lines and conditional business lines in other laws must be consistent
with those set out in Article 6 and Appendices to the Law on Investment.
3. Where
regulations on procedures for making business investment or on investment
assurance in this Law are different from those laid down in other laws
promulgated before the effective date of this Law, regulations of this Law
shall apply, except for the following cases:
a) Investment in, management and
use of state capital invested in enterprises, which are prescribed in the Law
on Management and Use of State Capital Invested in Manufacturing and Business
Activities of Enterprises;
b) Power and procedures for making
public investment and management and use of public investment capital, which
are prescribed in the Law on Public Investment;
c) Power and procedures for making
investment and executing projects; law governing project contracts; investment
assurance, mechanisms for management of state capital applied to PPP projects,
which are prescribed in the Law on Public Private Partnership Investment Form;
d) Execution of construction,
housing and urban area projects in compliance with the Law on Construction, Law
on Housing and Law on Real Estate Business after a competent authority grants
approval for the investment guidelines or adjustment to the investment
guidelines in accordance with regulations of the Law on Investment;
dd) Power, procedures and
conditions for making business investment, which are prescribed in the Law on
Credit Institutions, Law on Insurance Business and Law on Petroleum;
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4. Where
a law promulgated after the effective date of this Law contains regulations on
investment contradicting regulations of this Law, the former is required to
specify the cases to which its regulations apply and the cases to which this
Law applies.
5. With
regard to any contract to which at least a party is a foreign investor or a
business organization defined in Clause 1 Article 23 of this Law, the parties
may reach an agreement on whether to apply foreign laws or international
practice if such agreement does not contravene Vietnam’s laws.
Article 5.
Policies on business investment
1. Investors
are entitled to carry out business investment activities in the business lines
that are not banned by this Law. Regarding
conditional business lines, investors must satisfy business investment
conditions as prescribed by law.
2. Investors
may decide their business investment activities on their own and take
responsibility therefor in accordance with this law and relevant laws; may
access and make use of loan capital, assistance funds, land, and other
resources as prescribed by law.
3. Any
business investment activity of an investor shall be suspended, stopped or
terminated if such activity harms or potentially harms national defense and
security.
4. The
ownership of assets, capital, income, other lawful rights and interests of
investors are recognized and protected by the State.
5. The
State shall treat investors equitably; introduce policies to encourage and
enable investors to carry out business investment activities and to ensure
sustainable development of economic sectors.
6. International
investment-related treaties to which Socialist Republic of Vietnam is a
signatory are upheld and implemented by the State.
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1. The
business investment activities below are banned:
a) Business in narcotic substances
specified in Appendix I hereof;
b) Business in chemicals and
minerals specified in Appendix II hereof;
c) Business in specimens of wild
flora and fauna specified in Appendix 1 of Convention on International Trade in
Endangered Species of Wild Fauna and Flora; specimens of rare and/or endangered
species of wild fauna and flora in Group I of Appendix III hereof;
d) Prostitution business;
dd) Human trafficking; trade in
human tissues, corpses, human organs and human fetuses;
e) Business activities pertaining
to asexual human reproduction;
g) Trade in firecrackers.
h) Provision of debt collection
services.
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Article 7.
Conditional business lines
1. Conditional
business lines are the business lines in which the business investment must
satisfy certain conditions for reasons of national defense and security, social
order and security, social ethics, or public health.
2. A
List of conditional business lines is provided in Appendix IV hereof.
3. Conditions
for making business investment in the business lines mentioned in Clause 2 of
this Article are specified in the Laws and Resolutions of the National
Assembly, Ordinances and Resolutions of the Standing Committee of the National
Assembly, Decrees of the Government and international treaties to which the
Socialist Republic of Vietnam is a signatory. Ministries,
ministerial agencies, People’s Councils, People’s Committees at all levels, and
other entities must not issue regulations on conditions for making business
investment.
4. Conditions
for making business investment must be appropriate for the reasons in Clause 1
of this Article and be public, transparent, objective and economic in terms of
time and costs of compliance by investors.
5. Regulations
on business investment conditions shall contain the following:
a) Subjects and scope of the
business investment conditions;
b) Forms of fulfillment of the
business investment conditions;
c) Contents of the business
investment conditions;
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dd) Regulatory agencies and
agencies that have the power to handle administrative procedures regarding
business investment conditions;
e) Effective dates of licenses or
certificates or other written confirmation or approval (if any).
6. Business
investment conditions to be fulfilled are those specified in:
a) Licenses;
b) Certificates;
c) Credentials;
d) Written confirmation or written
approval;
dd) Other requirements that must be
satisfied by individuals and business organizations to conduct business
investment activities without obtaining written confirmation from a competent
authority.
7. The
conditional business lines and the corresponding conditions shall be posted on
the National Business Registration Portal.
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Article 8.
Amendment and addition of the List of banned business lines, the List of
conditional business lines and the business investment conditions
1. Depending
on the socio-economic conditions and state management requirements in each
period, the Government shall review the banned business lines, the List of
conditional business lines and submit amendments and additions to Article 6,
Article 7 and Appendices attached hereto to the National Assembly in accordance
with the simplified procedures.
2. The
amendment and addition of conditional business lines or investment business
conditions must comply with Clauses 1, 3, 4, 5 and 6 Article 7 of this Law.
Article 9.
Business lines with prohibited and restricted market access and market access
conditions applied to foreign investors
1. Market
access conditions applied to foreign investors are the same as those applied to
domestic investors, except for the case specified in Clause 2 of this Article.
2. Pursuant
to Laws and Resolutions of the National Assembly, Ordinances and Resolutions of
the Standing Committee of the National Assembly, Decrees of the Government and
international treaties to which the Socialist Republic of Vietnam is a
signatory, the Government shall promulgate a Negative List for Market Access,
including:
a) Prohibited business lines;
b) Restricted business lines.
3. Market
access conditions applied to foreign investors specified in the Negative List
for Market Access include:
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b) Investment method;
c) Scope of investment;
d) Capacity of the investor;
partners participating in the investment activities;
dd) Other conditions specified in
the Laws and Resolutions of the National Assembly, Ordinances and Resolutions
of the Standing Committee of the National Assembly, Decrees of the Government
and international treaties to which the Socialist Republic of Vietnam is a
signatory.
4. The
Government shall elaborate this Article.
Chapter II
INVESTMENT GUARANTEES
Article 10.
Guarantees for asset ownership
1. Lawful
assets of investors shall not be nationalized or confiscated by administrative
measures.
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Article 11.
Guarantees for business investment activities
1. Investors
are not required by the State to satisfy the following requirements:
a) Give priority to purchase or use
of domestic goods/services; or only purchase or use goods/services provided by
domestic producers/service providers;
b) Achieve a certain export target;
restrict the quantity, value, types of goods/services that are exported or
domestically produced/provided;
c) Import a quantity/value of goods
that is equivalent to the quantity/value of goods exported; or balance foreign
currencies earned from export to meet import demands;
d) Reach a certain rate of import
substitution;
dd) Reach a certain level/value of
domestic research and development;
e) Provide goods/service at a particular
location in Vietnam or overseas;
g) Have the headquarters situated
at a location requested by a competent authority.
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The Government shall elaborate this
Clause.
Article 12.
Guarantees for transfer of foreign investors’ assets overseas
After all financial obligations to
Vietnamese government are fulfilled, foreign investors are permitted to
transfer the following assets overseas:
1. Investment
capital and proceeds from liquidation of its investment;
2. Their
income obtained from business investment activities;
3. Money
and other assets under the lawful ownership of the investors.
Article 13.
Guarantees for business investment upon changes of laws
1. Where
a new law provides more favorable investment incentives, investors are entitled
to enjoy the new incentives for the remaining period of the incentive enjoyment
of the project, except for special investment incentives for the investment
projects in the case specified in Point a Clause 5 Article 20 of this Law.
2. Where
a new law that provides less favorable investment incentives than those
previously enjoyed by investor is promulgated, investors shall keep enjoying
the current incentives for the remaining period of the incentive enjoyment of
the project.
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4. Where
an investor is no longer eligible for investment incentives prescribed in
Clause 3 of this Article, one or more of the following solutions shall be
adopted:
a) Deduct the damage actually
suffered by the investor from the investor's taxable income;
b) Adjust the objectives of the
investment project;
c) Assist the investor in remedying
damage.
5. With
regard to the investment guarantee measure in Clause 4 of this Article, the
investor shall make a written request within 03 years from the effective date
of the new legal document.
Article 14.
Settlement of disputes over business investment activities
1. Disputes
over business investment activities in Vietnam shall be settled through
negotiation and conciliation. If the
negotiation or conciliation fails, the dispute shall be settled by an
arbitration body or by a court in accordance with Clauses 2, 3, and 4 of this
Article.
2. Every
dispute between a Vietnamese investor and a foreign-invested business organization,
or between a domestic investor or a foreign-invested business organization and
a regulatory agency over business investment activities within Vietnam’s
territory shall be settled by a Vietnam's arbitration body or Vietnam’s court,
except for the cases in Clause 3 of this Article.
3. Every
dispute between investors, one of which is a foreign investor or a business
organization defined in Points a, b and c Clause 1 Article 23 of this Law,
shall be settled by one of the following agencies/organizations:
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b) Vietnam’s arbitration body;
c) Foreign arbitration body;
d) International arbitration body;
dd) An arbitral tribunal
established by the parties in dispute.
4. Every
dispute between a foreign investor and a regulatory agency over business
investment activities within Vietnam’s territory shall be settled by Vietnam’s
arbitral tribunal or Vietnam’s court, unless otherwise agreed under a contract
or prescribed by an international treaty to which the Socialist Republic of
Vietnam is a signatory.
Chapter III
INVESTMENT INCENTIVES AND ASSISTANCE
Article 15.
Forms and objects for application of investment incentives
1. Forms
of investment incentives:
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b) Exemption from import tax on
goods imported to form fixed assets; raw materials, supplies and components for
manufacturing purposes in accordance with regulations of law on import and
export tax;
c) Exemption from and reduction of
land levy and land rents;
d) Accelerated depreciation,
increasing the deductible expenses upon calculation of taxable income.
2. Entities
eligible for investment incentives:
a) Investment projects in business
lines eligible for investment incentives specified in Clause 1 Article 16 of
this Law;
b) Investment projects located in
the areas eligible for investment incentives specified in Clause 2 Article 16
of this Law;
c) Any investment project whose
capital is at least VND 6,000 billion of which at least VND 6,000 billion is
disbursed within 03 years from the issuance date of the investment registration
certificate or the approval for investment guidelines and which satisfies any
of the following criteria: the total revenue is at least VND 10,000 billion per
year within 03 years from the year in which the revenue is earned or the
project has more than 3,000 employees;
d) Projects on investment in social
housing construction; investment projects located in rural areas and employing
at least 500 employees; investment projects that employ persons with
disabilities in accordance with regulations of law on persons with
disabilities.
dd) Hi-tech enterprises, science
and technology enterprises and science and technology organizations; projects
involving transfer of technologies on the List of technologies the transfer of
which is encouraged in accordance with regulations of law on technology
transfer; technology incubators, science and technology enterprise incubators
prescribed by the law on high technologies and law on science and technology;
enterprises manufacturing and providing technologies, equipment, products and
services with a view to satisfaction of environment protection requirements
prescribed by regulations of law on environmental protection;
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g) Investment in business in small
and medium-sized enterprises’ product distribution chain; investment in
business in technical establishments supporting small and medium-sized
enterprises, small and medium-sized enterprise incubators; investment in
business in co-working spaces serving small and medium-sized enterprises and
startups prescribed by regulations of law on provision of assistance for small
and medium-sized enterprises.
3. Investment
incentives shall be given to new investment projects and expansion projects.
4. The
level of each type of incentives shall be specified by regulations of the Law
on Taxation, the Law on Accounting and the Law on Land.
5. The
investment incentives applied to the objects mentioned in Points b, c and d
Clause 2 of this Article do not apply to:
a) Projects on investment in
mineral mining;
b) Projects on investment in
manufacturing/sale of goods/services subject to special excise tax according to
the Law on Special Excise Tax, except for projects on manufacturing of
automobiles, aircrafts and yachts.
c) Projects on investment in
commercial housing construction prescribed by regulations of law on housing.
6. Investment
incentives applied for a fixed term and on the basis of results of project
execution. Every investor must satisfy conditions
for investment incentives in accordance with regulations of law during the
period of enjoying investment incentives.
7. An
investment project that is eligible for various levels of investment incentive,
including investment incentive specified in Article 20 of this Law may apply
the highest level.
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Article 16.
Business lines and areas eligible for investment incentives
1. Business
lines eligible for investment incentives:
a) Hi-tech activities, hi-tech
supporting industry products, research, manufacturing and development of
products formed from science and technology results in accordance with
regulations of law on science and technology;
b) Manufacturing of new materials,
new energy, clean energy, renewable energy; manufacturing of products with an
added value of 30% or more; energy-saving products;
c) Manufacturing of key
electronics, mechanical products, agricultural machinery, automobiles,
automobile parts; shipbuilding;
d) Manufacturing of products on the
List of prioritized supporting industry products;
dd) Manufacturing of IT products,
software products, digital contents;
e) Breeding, growing and processing
of agriculture products, forestry products, aquaculture products; afforestation
and forest protection; salt production; fishing and fishing logistics services;
production of plant varieties, animal breeds and biotechnology products;
g) 2
Collection, treatment, recycling or re-use of waste; development and storage of
water and restoration of water sources;
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i) Pre-school education, general
education, vocational education, higher education;
k) Medical examination and
treatment; manufacturing of medicinal products and medicinal materials, storage
of medicinal products; scientific research into preparation technology and
biotechnology serving creation of new medicinal products; manufacturing of medical
equipment;
l) Investment in sports facilities
for the disabled or professional athletes; protection and promotion of value of
cultural heritage;
m) Investment in geriatric centers,
mental health centers, treatment for agent orange patients; care centers for
the elderly, the disabled, orphans, street children;
n) People's credit funds,
microfinance institutions;
o) Manufacturing of goods and
provision of services that create or participate in value chains and industry
linkage clusters.
2. Areas
eligible for investment incentives:
a) Disadvantaged areas and
extremely disadvantaged areas;
b) Industrial parks,
export-processing zones, hi-tech zones and economic zones.
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Article 17.
Procedures for applying investment incentives
Based on the objects specified in
Clause 2 Article 15 of this Law, the written approval for investment guidelines
(if any), the investment registration certificate (if any) and other relevant
regulations of law, investors shall determine investment incentives themselves
and follow procedures for enjoying investment incentives at the tax authority,
finance authority, customs authority or other competent authority corresponding
to each type of investment incentive.
Article 18.
Forms of investment assistance
1. Forms
of investment assistance:
a) Assistance in development of
technical infrastructure and social infrastructure inside and outside the
perimeter of the investment project;
b) Assistance in training and
development of human resources;
c) Credit assistance;
d) Assistance in access to business
premises; assistance in relocation of business establishments under decisions
of regulatory agencies;
dd) Assistance in science,
technology and technology transfer;
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g) Assistance in research and
development.
2. The
Government shall, according to the orientation for socio-economic development
and the ability to balance the state budget in each period, specify the forms
of investment assistance in Clause 1 of this Article which is provided for
hi-tech enterprises, science and technology enterprises, science and technology
organizations, enterprises investing in agriculture and rural areas,
enterprises investing in education, dissemination of laws and other entities.
Article 19.
Assistance in development of infrastructure of industrial parks,
export-processing zones, hi-tech zones and economic zones
1. 3 Pursuant to the planning decided or approved in accordance
with regulations of law on planning, Ministries, ministerial agencies and
provincial People’s Committees shall formulate plans for investment and
development and organize construction of technical infrastructure and social
infrastructure beyond industrial parks, export-processing zones, hi-tech zones
and dedicated areas of economic zones; in respect of industrial parks where
worker housing is built, regulations under the Law on Housing shall be adhered
to.
2. The
State shall provide assistance for part of the capital investment in
development from the state budget and concessional loan capital in order to
synchronously develop the technical infrastructure and social infrastructure
inside and outside the perimeter of industrial parks in disadvantaged areas or
extremely disadvantaged areas.
3. The
State shall provide assistance for part of the capital investment in
development from the state budget, concessional loan capital, and employ other
capital raising methods to develop the technical infrastructure and social
infrastructure in economic zones and hi-tech zones.
Article 20.
Special investment incentives and assistance
1. The
Government shall decide to apply special investment incentives and assistance
with a view to encouraging the development of some investment projects that
exert significant socio-economic effects.
2. Objects
eligible for special investment incentives and assistance specified in Clause 1
of this Article include:
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b) Investment projects in the
business line eligible for special investment incentives with an investment
capital of at least VND 30,000 billion and disbursing at least VND 10,000
billion within 03 years from the issuance date of the investment registration
certificate or the approval for investment guidelines.
3. Level
and duration of application of special investment incentives are prescribed by
the Law on Corporate Income Tax and law on land.
4. Forms
of special investment assistance are the same as those mentioned in Clause 1
Article 18 of this Law.
5. Special
investment incentives and assistance set out in this Article do not apply to:
a) any investment project that has
been granted the investment certificate, the investment registration certificate
or the decision on investment guidelines before the effective date of this Law;
b) the investment projects
mentioned in Clause 5 Article 15 of this Law.
6. The
Government shall request the National Assembly to decide to apply investment
incentives other than those specified in this Law and other laws if it is
necessary to encourage the development of a project of special importance or a
special administrative - economic unit.
7. The
Government shall elaborate this Article.
Chapter IV
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Section 1.
FORMS OF INVESTMENT
Article 21.
Forms of investment
1. Investment
in establishment of a business organization.
2. Investment
in the form of capital contribution or purchase of shares or stakes.
3. Execution
of an investment project.
4. Investment
in the form of a business cooperation contract.
5. New
forms of investment and types of business organizations prescribed by the
Government's regulations.
Article 22.
Investment in establishment of a business organization
1. Every
investor shall establish a business organization in accordance with the
following regulations:
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b) A foreign investor that
establishes a business organization shall satisfy market access conditions
applied to foreign investors specified in Article 9 of this Law;
c) Before establishing a business
organization, the foreign investor must have an investment project and follow
the procedures for issuance or adjustment of an investment registration
certificate, except for establishment of a small and medium-sized start-up
enterprise and a startup investment fund in accordance with regulations of
law on provision of assistance for small and medium-sized enterprises.
2. From
the date on which the enterprise registration certificate or an equivalent
document is issued, the business organization established by a foreign investor
shall be the investor that executes the investment project set out in the
investment registration certificate.
Article 23.
Conduct of investment activities by foreign-invested business organizations
1. When
establishing a new business organization, making investment by contributing
capital, purchasing shares or stakes of a business organization, or making
investment under a BCC contract, a business organization must satisfy the same
conditions and follow the same investment procedures as foreign investors if:
a) Over 50% of its charter capital
is held by a foreign investor(s) or, in case of a partnership, the majority of
its general partners are foreigners;
b) Over 50% of its charter capital
is held by a business organization(s) mentioned in Point a of this Clause;
c) Over 50% of its charter capital
is held by a foreign investor(s) and a business organization(s) mentioned in
Point a of this Clause.
2. Business
organizations other than those mentioned in Points a, b and c Clause 1 of this
Article shall satisfy conditions and follow investment procedures applied to
domestic investors when establishing a business organization, when making
investment by contributing capital, purchasing shares or purchasing stakes of a
business organization or when making investment under a business cooperation
contract.
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4. The
Government shall elaborate procedures for establishing business organizations,
and conduct of investment activities by foreign investors and foreign-invested
business organizations.
Article 24.
Investment in form of capital contribution or purchase of shares or stakes
1. Investors
are entitled to contribute capital, purchase shares or purchase stakes of
business organizations.
2. Foreign
investors making investment by contributing capital, purchasing shares and
purchasing stakes of business organizations must:
a) satisfy market access conditions
applied to foreign investors as prescribed in Article 9 of this Law;
b) ensure national defense and
security in accordance with this Law;
c) comply with regulations of the
law on land and conditions for receipt of land use rights and conditions for
use of land on islands or border or coastal communes.
Article 25.
Forms of capital contribution or purchase of shares or stakes
1. A
foreign investor may contribute capital to a business organization in the
following forms:
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b) Contribution of capital to
limited liability companies and partnerships;
c) Contribution of capital to other
business organizations not mentioned in Point a and Point b of this Clause.
2. A
foreign investor may purchase shares or stakes of a business organization in
the following forms:
a) Purchase of shares in a
joint-stock company from such company or its shareholders;
b) Purchase of stakes of members of
a limited liability company to become a member of such limited liability
company;
c) Purchase of stakes of a capital
contributing member of a partnership to become a capital contributing member of
such partnership;
d) Purchase of stakes of members of
other economic entities not mentioned in Points a, b and c of this Clause.
Article 26.
Procedures for making investment by contributing capital, purchasing shares or
purchasing stakes
1. Upon
contributing capital, purchasing shares or purchasing stakes of a business
organization, the investor shall satisfy conditions and follow procedures for
change of members or shareholders in accordance with regulations of law
applicable to each type of business organization.
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a) The capital contribution or
purchase of shares or stakes increases the ownership ratio by foreign investors
in a business organization conducting business in the restricted business
lines;
b) The capital contribution or
purchase of shares or stakes results in a foreign investor or business
organization specified in Points a, b and c Clause 1 Article 23 of this Law
holding over 50% of the charter capital of the business organization in the
following cases: The holding of charter capital by the foreign investor is
increased from less than or equal to 50% to over 50%; the holding of charter capital
by the foreign investor is increased while such foreign investor is holding
over 50% of the charter capital of the business organization;
c) The foreign investor contributes
capital, purchases shares or stakes of a business organization that holds a certificate
of rights to use land on an island or in a border or coastal commune, or in
another area that affects national defense and security.
3. Investors
other than those mentioned in Clause 2 of this Article shall follow procedures
for changing shareholders/members as prescribed by law when contributing
capital, purchasing shares or stakes of business organizations. If such investors wish to register their capital
contribution or purchase of shares or stakes of business organizations,
regulations in Clause 2 of this Article shall be complied with.
4. The
Government shall provide specific regulations on applications and procedures
for capital contribution and purchase of shares and stakes of business
organizations specified in this Article.
Article 27. Investment
under business cooperation contracts
1. Business
cooperation contracts signed between domestic investors shall be executed in
accordance with the civil law.
2. Procedures
for issuance of investment registration certificates in Article 38 of this Law
shall apply to business cooperation contracts signed between a domestic
investor and a foreign investor, or between foreign investors.
3. Parties
to a business cooperation contract shall establish a coordinating board to
execute the BCC. Functions, tasks and powers of the coordinating board shall be
agreed upon by the parties.
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1. A
business cooperation contract shall contain at least:
a) Names, addresses and authorized
representatives of parties to the contract; business address or project
address;
b) Objectives and scope of
business;
c) Contributions by the parties to
the contract, and distribution of business investment results between the
parties;
d) Schedule and duration of the
contract;
dd) Rights and obligations of
parties to the contract;
e) Adjustment, transfer and
termination of the contract;
g) Responsibilities for breaches of
the contract; method of dispute settlement.
2. During
the execution of a business cooperation contract, parties may reach an
agreement on using assets derived from the business cooperation to establish an
enterprise in accordance with regulations of law on enterprises.
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Section 2.
APPROVAL FOR INVESTMENT GUIDELINES AND INVESTOR SELECTION
Article 29.
Selecting investors to execute investment projects
1. The
investor selection shall be carried out by:
a) holding land use right auction
in accordance with regulations of law on land; or
b) bidding to select an investor in
accordance with regulations of law on bidding; or
c) approving an investor as
prescribed in Clauses 3 and 4 of this Article.
2. The
method of investor selection mentioned in Points a and b Clause 1 of this
Article shall be adopted after the approval for investment guidelines is
granted, except for the investment projects not subject to approval for
investment guidelines.
3. [5] The competent authority shall follow procedures for
investor approval in the following cases:
a) The land use right auction is
unsuccessful in accordance with the Land Law;
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4. For
an investment project subject to approval for its investment guidelines, the
competent authority shall grant approval for both investment guidelines and
investor without holding a land use right auction or bidding to select investor
in the following cases:
a) The investor has the land use
rights, except for the case where the State expropriates land for national
defense and security purposes or for socio-economic development in the national
or public interest in accordance with regulations of law on land;
b) The investor receives the
agricultural land use rights, receives the agricultural land use rights as
contributed capital or leases the agricultural land use rights to execute an
investment project on non-agricultural production or business and the land is
not subject to land expropriation by the State in accordance with regulations
of law on land;
c) The investor executes the
investment project in an industrial park or hi-tech zone;
d) Other cases not subject to an
auction or bidding in accordance with regulations of law.
5. The
Government shall elaborate this Article.
Article 30.
The National Assembly’s power to approve investment guidelines
The National Assembly shall grant
approval for investment guidelines of the following investment projects:
1. Investment
projects that exert great effects or potentially serious effects on the
environment, including:
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b) Projects that require
repurposing of land of special-use forests, headwater protection forests or
border protection forest of at least 50 hectares; of sand-fixing and windbreak
coastal forests or protection forests for wave prevention of at least 500
hectares; of production forests of at least 1,000 hectares;
2. Investment
projects that require repurposing of land meant for wet rice cultivation during
with 02 or more crops of at least 500 hectares;
3. Investment
projects that require relocation of 20,000 people or more in mountainous areas or
50,000 people or more in other areas;
4. Investment
projects that require application of a special mechanism or policy that needs
to be decided by the National Assembly.
Article 31.
The Prime Minister’s power to approve investment guidelines
Except for the investment projects
mentioned in Article 30 of this Law, the Prime Minister shall grant approval
for investment guidelines of the following investment projects:
1. Investment
projects regardless of capital sources in any one of the following cases:
a) Investment projects that require
relocation of 10,000 people or more in mountainous areas or 20,000 people or
more in other areas;
b) Investment projects on
construction of: airports and aerodromes; runways of airports and aerodromes;
international passenger terminals; cargo terminals of airports and aerodromes
with a capacity of at least 01 million tonnes per year;
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d) Investment projects on
construction of ports and wharves of special seaports; ports and wharves in
which investment is at least VND 2,300 billion within the category of Class I
seaports;
dd) Investment projects on
petroleum processing;
e) Investment projects which
involve betting and casino services, excluding business in prize-winning
electronic games for foreigners;
g)[6]
Investment projects on construction of residential housing (for sale, lease or
lease purchase) and urban areas that use at least 300 hectares of land or with
a population of at least 50,000 people;
g1)[7]
Investment projects regardless of the area of land used or population within
the safety perimeter of relics of level I recognized by the competent authority
as the national and special national relics; or within the safety perimeter of
relics of level II recognized by the competent authority as the special
national relics under the World Heritage List;
h) Investment projects on
construction and operation of infrastructure in industrial zones and export
processing zones;
2. Foreign
investors’ investment projects in the following fields: provision of
telecommunications services with network infrastructure; afforestation;
publication, press;
3. Investment
projects which at the same time fall within the power of at least two
provincial People's Committees to grant approval for investment guidelines;
4. Other
investment projects subject to approval for their investment guidelines or
subject to investment decision by the Prime Minister as prescribed by law.
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1. Except
for the investment projects set out in Articles 30 and 31 of this Law, the
provincial People’s Committees shall grant approval for investment guidelines
of the following investment projects:
a) Investment projects that request
the State to allocate or lease out land without auction or bidding for or
receipt of land use rights, and investment projects that request permission to
repurpose land, except for cases of allocation, lease or permission for
repurposing of land of households or individuals not subject to the written
approval by the provincial People's Committee in accordance with regulations of
law on land;
b)[8] Investment projects on construction of residential
housing (for sale, lease or lease
purchase) and urban areas that use less than 300 hectares of land or with a
population of less than 50,000 people;
b1)[9] Investment projects
regardless of the area of land used or population within the safety perimeter
of relics of level II recognized by the competent authority as the national and
special national relics; except for the special national relics under the World
Heritage List; investment projects regardless of the area of land used or
population within a restricted development area or within an historic inner
area (determined in accordance with urban
area planning projects) of a special urban area;
c) Projects on investment in golf
course construction and business;
d) Investment projects of foreign
investors and foreign-invested business organizations executed on islands or in
border or coastal communes; in other areas affecting national defense and
security.
2. The
investment guidelines of the investment projects in Points a, b and d Clause 1
of this Article executed in industrial parks, export-processing zones, hi-tech
zones and economic zones in conformity with planning approved by competent
authorities shall be approved by management boards of such industrial parks,
export-processing zones, hi-tech zones and economic zones.
3. The
Government shall elaborate this Article.
Article 33.
Applications for and contents of appraisal of requests for investment guideline
approval
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a) An application form for
execution of the investment project, including a commitment to incur all costs
and risks if the project is not approved;
b) A document about the investor’s
legal status;
c) Document(s) 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;
d) 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 (if any), demand for labor, proposal for
investment incentives, impact and socio – economic efficiency of the project
and preliminary assessment of environmental impact (if any) in accordance with
regulations of law on environmental protection.
If the law on construction requires
formulation of a pre-feasibility study report, the investor is entitled to
submit the pre-feasibility study report instead of a proposal for the
investment project;
dd) If the project does not require
the State to allocate or lease out land or to permit land repurposing, a copy
of the 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;
e) 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
regulations of law on technology transfer;
g) The business cooperation contract
if the investment project is executed under a business cooperation contract;
h) Other documents relating to the
investment project, and requirements on the eligibility and capacity of the
investor in accordance with regulations of law (if any).
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a) An application for approval for
investment guidelines;
b) Proposal for the investment
project including the following main contents: 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, conditions for land expropriation
if the project is subject to land expropriation, expected demand for land use
(if any); preliminary assessment of environmental impact (if any) in accordance
with the law on protection of the environment protection; expected method of
investor selection and conditions applicable to the investor (if any); and
special mechanisms and policies (if any).
If the law on construction requires
formulation of a pre-feasibility study report, the competent authority is
entitled to submit the pre-feasibility study report instead of a proposal for
the investment project.
3. Contents
of appraisal of the request for investment guideline approval include:
a) Assessment of the conformity of
the investment project with national planning, regional planning, provincial
planning, urban planning and special economic - administrative unit planning
(if any);
b) Assessment of the demand for
land use;
c) Preliminary assessment of the
socio-economic efficiency of the project; and preliminary assessment of
environmental impact (if any) in accordance with regulations of law on
environmental protection;
d) Assessment of investment
incentives and conditions for enjoying investment incentives (if any);
dd) Assessment of the technology to
be used in the investment project if the project requires appraisal and
collection of opinions on the technology in accordance with regulations of law
on technology transfer;
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g)[10]
Assessment of the suitability of the investment project with the requirements
of protecting and promoting the value of cultural heritage and the conditions
prescribed by the law on cultural heritage.
4. Contents
of appraisal of the request for both investment guideline approval and investor
approval:
a) The contents specified in Clause
3 of this Article;
b) The ability to satisfy the
conditions for land allocation or land lease in the case of land allocation or
land lease without auction of the land use right or bidding for investor selection;
the ability to satisfy the conditions for land repurposing if the project
requires land repurposing;
c) Assessment of satisfaction of
market access conditions applied to foreign investors (if any);
d) Other conditions applicable to
the investor in accordance with relevant regulations of law.
5. The
Government shall elaborate this Article.
Article 34.
Procedures for investment guideline approval by the National Assembly
1. The
application specified in Clauses 1 and 2 Article 33 of this Law shall be submitted
to the Ministry of Planning and Investment.
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3. Within
90 days from the date of its establishment, the State Appraisal Council shall
organize appraisal of the application and prepare an appraisal report including
the contents set out in Article 33 of this Law, then submit it to the
Government.
4. At
least 60 days before the opening of the meeting of the National Assembly, the
Government shall prepare an application for investment guideline approval and
submit it to the National Assembly’s agency presiding over validation.
5. The
application for investment guideline approval includes:
a) The Government’s application
form;
b) The dossier mentioned in Clause
1 of this Article;
c) The State appraisal council’s
appraisal report;
d) Other relevant documents.
6. Contents
of validation of the request for investment guideline approval include:
a) Fulfillment of the criteria for
determining that the investment project is subject to approval for its
investment guidelines by the National Assembly;
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c) Conformity of the investment
project with national planning, regional planning, provincial planning, urban
planning and special economic - administrative unit planning (if any);
d) Objectives, scale, location,
duration, execution schedule of the investment project, demand for land use,
land clearance and relocation plan, options to select primary technologies, and
solutions for environmental protection;
dd) Capital investment and capital
sources;
e) Assessment of socio-economic
efficiency, national defense, security assurance and sustainable development of
the investment project;
g) Special policies and mechanisms;
investment incentives, investment assistance and conditions for application
thereof (if any).
7. The
Government and relevant organizations or individuals shall provide sufficient
information and documents serving validation; provide explanation for the
project contents at the request of the National Assembly’s agency in charge of
validation.
8. The
National Assembly shall consider passing a Resolution on approval for
investment guidelines, which consists of the contents prescribed in Clause 1
Article 3 of this Law.
9. The
Government shall elaborate on the procedures for appraisal by the State
Appraisal Council.
Article 35.
Procedures for investment guideline approval by the Prime Minister
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2. Within
03 working days from the date on which the sufficient application is received,
the Ministry of Planning and Investment shall send relevant documents to
relevant regulatory agencies to seek their opinions about the contents
specified in Article 33 of this Law.
3. Within
15 days from receipt of the written request for opinions, the requested
agencies shall send their appraisal opinions on the contents under their
management to the Ministry of Planning and Investment.
4. Within
40 days from the receipt of the application, the Ministry of Planning and
Investment shall appraise it and prepare an appraisal report including the
contents specified in Article 33 of this Law, and then submit it to the Prime
Minister for investment guidelines approval.
5. The
Prime Minister shall consider granting investment guideline approval comprising
the contents set out in Clause 1 Article 3 of this Law.
6. Regarding
the investment project specified in Clause 3 Article 31 of this Law, the Prime
Minister shall appoint an investment registration authority of a province or
central-affiliated city to issue an investment registration certificate to the
entire project.
7. The
Government shall elaborate procedures for appraising the investment projects
whose investment guidelines are approved by the Prime Minister.
Article 36.
Procedures for investment guideline approval by provincial People’s Committees
1. The
application specified in Clauses 1 and 2 Article 33 of this Law shall be
submitted to the investment registration authority.
Within 35 days from the receipt of
the application, the investment registration authority shall notify results to
the investor.
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3. Within
15 days from receipt of the written request for opinions, the requested
agencies shall send their appraisal opinions on the contents under their
management to the investment registration authority.
4. Within
25 days from the receipt of the application, the investment registration
authority shall prepare an appraisal report with the contents prescribed in
Article 33 of this Law and submit it to the provincial People's Committee.
5. Within
07 working days from the receipt of the application and the appraisal report,
the provincial People’s Committee shall grant the investment guideline
approval, or provide a written explanation in the case of refusal.
6. The
provincial People’s Committee shall consider granting investment guideline
approval comprising the contents set out in Clause 1 Article 3 of this Law.
Section 3.
PROCEDURES FOR ISSUANCE, ADJUSTMENT AND REVOCATION OF INVESTMENT REGISTRATION
CERTIFICATE
Article 37.
Cases in which the investment registration certificate is required
1. The
investment registration certificate is required in the following cases:
a) Investment projects of foreign
investors;
b) Investment projects of the
business organizations mentioned in Clause 1 Article 23 of this Law.
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a) Investment projects of domestic
investors;
b) Investment projects of the
business organizations mentioned in Clause 2 Article 23 of this Law;
c) Investment in the form of
capital contribution, purchase of shares or stakes in a business organization.
3. Domestic
investors and the business organizations mentioned in Clause 2 Article 23 of
this Law shall execute the investment projects mentioned in Article 30, Article
31 and Article 32 of this Law after their investment guidelines are approved.
4. Any
investor that wishes to obtain an investment registration certificate for an
investment project prescribed in Point a or Point b Clause 2 of this Article
shall follow the procedures in Article 38 of this Law.
Article 38.
Procedures for issuance of the investment registration certificate
1. If
the investment project is subject to approval for its investment guidelines as
prescribed in Article 30, Article 31 and Article 32 of this Law, the investment
registration authority shall issue the investment registration certificate to
the investor within:
a) 05 working days from the receipt
of the written approval for investment guidelines and the written approval for
investor with respect to the investment project that is subject to issuance of
an investment registration certificate;
b) 15 days from the receipt of the
investor’s application for investment registration certificate with respect to
the investment project other than that specified in Point a of this Clause.
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a) The investment project does not
involve any banned business line;
b) Necessity of executing the
investment project;
c) The investment project is
conformable with the planning specified in Point a Clause 3 Article 33 of this
Law;
d) The investment per m2
(or investment per employee) is not smaller than the minimum requirement;
dd) Market access conditions
applied to foreign investors are satisfied.
3. The
Government shall elaborate conditions, applications and procedures for issuance
of the investment registration certificate.
Article 39.
The power to issue, adjust and revoke investment registration certificates
1. Management
boards of industrial parks, export-processing zones, hi-tech zones and economic
zone shall issue, adjust and revoke investment registration certificates with
regard to the investment projects located therein, except for the case
specified in Clause 3 of this Article.
2. Provincial
Departments of Planning and Investment shall issue, adjust and revoke
investment registration certificates with respect to the investment projects
outside industrial parks, export-processing zones, hi-tech zones and economic
zones, except for the case in Clause 3 of this Article.
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a) Investment projects that are
executed in at least 02 provinces;
b) Investment projects that are
executed both inside and outside industrial parks, export processing zones,
hi-tech zones and economic zones;
c) Investment projects which are
executed inside industrial parks, export processing zones, hi-tech zones or
economic zones where the industrial park, export processing zone, hi-tech zone
or economic zone management boards have not yet been established or which are
not under the management of the industrial park, export processing zone,
hi-tech zone or economic zone management boards.
4. The
authority that receives investment project dossiers is the one that has the
power to issue investment registration certificates, except for the cases
specified in Articles 34 and 35 of this Law.
Article 40.
Contents of investment registration certificate
1. Name
of the investment project.
2. The
investor.
3. Investment
project code.
4. Location
and land area of the investment project.
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6. Capital
investment in the investment project (including the investor's contributed
capital and raised capital).
7. Duration
of the investment project.
8. Project
execution schedule, including:
a) Capital contribution and capital
raising schedule;
b) Schedule of achievement of
primary operational objectives of the investment project; execution schedule of
each stage (if the project is divided into multiple stages);
9. Investment
incentives or investment assistance, and bases or conditions for application
thereof (if any).
10. Conditions
applied to the investor executing the investment project (if any).
Article 41.
Adjusting the investment project
1. During
execution of an investment project, the investor is entitled to adjust its
objectives, transfer the project in part or in full, merge projects or fully
divide or partially divide a project into multiple projects or exercise the
rights to use land and property on land which is part of the investment project
to contribute capital to establish an enterprise, carry out business
cooperation or carry out other activities, and the aforementioned activities
shall comply with regulations of law.
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3. The
investor that has an investment project whose investment guidelines have been
approved shall follow procedures for approving the adjustment to the investment
guidelines in one of the following cases:
a) Any objective specified in the
written approval for investment guidelines is changed; any objective that is
subject to approval for investment guidelines is added;
b) The land area is increased or
reduced by 10% or more than 30 hectares or the investment location is changed;
c) The total investment capital is
increased or reduced by 20% or more, thereby changing the scale of the
investment project;
d) Extension of the project
execution schedule results in total duration of the project being extended by
more than 12 months compared to that stated in the first written approval for
investment guidelines;
dd) The duration of the investment
project is adjusted;
e) Any technology that has been
appraised or about which opinions have been collected during the process of
approving the investment guidelines is changed;
g) There is a change of the
investor in the investment project whose investment guidelines are approved
together with approval for the investor before the exploitation or operation of
the project or there is a change of conditions (if any) applicable to the
investor.
4. With
respect to the investment project whose investment guidelines are approved, the
investor is not allowed to extend the investment execution schedule by more
than 24 months compared to that stated in the first written approval for
investment guidelines, except for one of the following cases:
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b) The project execution schedule
is adjusted because the State delays allocating or leasing out land to the
investor or allowing the investor to repurpose land;
c) The project execution schedule
is adjusted at the request of a regulatory agency or the regulatory agency
delays in performing administrative procedures;
d) The investment project is
adjusted because the regulatory agency changes the planning;
dd) Any objective specified in the
written approval for investment guidelines is changed; any objective that is
subject to approval for investment guidelines is added;
e) The total investment capital is
increased or reduced by 20% or more, thereby changing the scale of the
investment project.
5. The
regulatory agency that has the power to approve investment guidelines also has
the power to approve the adjustment to investment guidelines.
If a request for adjustment of an
investment project results in the project being subject to approval for its
investment guidelines by an authority at a higher level, such authority will
have the power to approve the adjustment to investment guidelines as prescribed
in this Article.
6. Procedures
for adjusting investment guidelines are specified in Articles 34, 35 and 36 of
this Law.
7. If
a request for adjustment of an investment project results in the project being
subject to approval for its investment guidelines, the investor has to apply
for approval for investment guidelines before adjusting the investment project.
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Section 4.
EXECUTION OF INVESTMENT PROJECTS
Article 42.
Rules for execution of investment projects
1. For
a project subject to approval for its investment guidelines, the approval for
investment guidelines shall be granted before the investor executes the
investment project.
2. For
a project subject to issuance of an investment registration certificate, the
investor shall follow the procedures for issuance of the investment
registration certificate before executing the investment project.
3. Investors
shall comply with regulations of this Law and the laws on planning, land,
environment, construction, labor and fire prevention and fighting; other
relevant regulations of law, written approval for investment guidelines (if
any) and the investment registration certificate (if any) during execution of
their investment projects.
Article 43.
Guarantee for execution of investment projects
1. The
investor shall pay a deposit or have a bank guarantee for investment project
execution if the project uses land allocated or leased out by the State or is
permitted by the State to repurpose land, except for the following cases:
a) The investor is the successful
bidder for the right to use a land area that is allocated by the State for land
levy or leased out by the State for a lump-sum rent;
b) The investor wins bidding for
execution of an investment project using land;
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d) The State allocates or leases
out land to the investor for execution of an investment project on the basis of
receipt of the land use right and assets on land from another land user.
2. Based
on the scale, nature and execution schedule of each investment project, the
deposit for assurance of project execution is 01% - 03% of the investment
capital of the project. If a project comprises
multiple investment phases, the amount of deposit shall be paid and returned in
each phase of execution of the investment project, except for the case in which
the deposit is not returned.
3. The
Government shall elaborate this Article.
Article 44.
Duration of investment projects
1. The
duration of an investment project inside an economic zone shall not exceed 70
years.
2. The
duration of an investment project outside an economic zone shall not exceed 50
years. The duration of an investment project
in a disadvantaged area or extremely disadvantaged area or a project with large
investment capital but with slow rate of capital recovery may be longer but
shall not exceed 70 years.
3. If
an investment project uses land allocated or leased out by the State, but the
transfer of land is delayed, the delay shall not be included in the project
duration or execution schedule.
4. Upon
expiry of the duration of an investment project, if the investor wishes to keep
executing the investment project and satisfies the conditions as prescribed by
law, the duration of the investment project may be extended but shall not
exceed the maximum prescribed in Clauses 1 and 2 of this Article, except for
the following investment projects:
a) Investment projects using
obsolete, environment threatening or resource-intensive technologies;
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5. The
Government shall elaborate this Article.
Article 45.
Determination of value of investment capital; assessment of value of investment
capital; assessment of machinery, equipment and technological lines
1. Every
investor shall ensure the quality of machinery, equipment and technological
lines for execution of investment projects in accordance with regulations of
law.
2. The
investor shall self-determine the value of the investment capital of the investment
project after the project is put into operation.
3. Where
necessary, to ensure state management of science and technology or to form a
basis for tax calculation, the competent authority has the power to require
independent assessment of the value of the investment capital, quality and
value of machinery, equipment and technological lines after the investment
project is put into operation.
4. The
investor must bear any expenses for assessment if the assessment results lead
to an increase in the tax obligations discharged to the State.
5. The
Government shall elaborate this Article.
Article 46.
Transfer of investment projects
1. An
investor is entitled to transfer part or whole of the investment project to
another investor when the following conditions are satisfied:
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b) The foreign investor receiving
the investment project or part of the investment project must satisfy the
conditions set out in Clause 2 Article 24 of this Law;
c) The conditions set forth in the
law on land are complied with if the transfer of an investment project is
associated with transfer of the land use rights/assets on land;
d) The conditions set forth in the
laws on residential housing and on real estate business are complied with in
the case of transfer of a residential housing construction project or real
estate project;
dd) The conditions set forth in the
written approval for investment guidelines or the investment registration
certificate or in relevant laws (if any) are complied with;
e) Upon transfer of an investment
project, in addition to compliance with this Article, the state-owned
enterprise shall comply with the Law on Management and Use of State Capital
Invested in Manufacturing and Business Activities of Enterprises before making
any adjustment to the investment project.
2. If
the conditions for transfer set forth in Clause 1 of this Article are
satisfied, the investor shall follow the procedures for transferring the
investment project in part or in full as follows:
a) In the case of an investment
project in which the investor has been approved in accordance with Article 29
of this Law and the investment project has been issued with an investment
registration certificate, the investor shall follow procedures for adjusting
the investment project as prescribed in Article 41 of this Law;
b) For an investment project other
than that prescribed in Point a of this Clause, the transfer of the investment
project or transfer of asset ownership to the investor receiving the investment
project shall be carried out in accordance with the civil law, the law on
enterprises, the law on real estate business and other regulations of law.
Article 47.
Suspension of investment projects
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2. The
investment authority shall decide to suspend an investment project in part or
in full in the following cases:
a) To protect sites/monuments,
relics, antiques or national treasures in accordance with the Law on Cultural
Heritage;
b) To rectify a violation of the
law on environmental protection at the request of the environment authority;
c) To take measures to ensure
occupational safety at the request of the labor authority;
d) Pursuant to a judgment or
decision of a court or an arbitral award;
dd) The investor fails to adhere to
the written approval for investment guidelines or the investment registration
certificate and recommits administrative violations after incurring penalties.
3. The
Prime Minister shall decide to suspend a project in part or in full if the
project execution is detrimental or potentially detrimental to national defense
and security at the request of the Ministry of Planning and Investment.
4. The
Government shall elaborate conditions, procedures and time limit for suspending
investment projects in accordance with this Article.
Article 48.
Termination of investment projects
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a) The investor decides to
terminate the project;
b) The project has to be terminated
according to the conditions set out in the contract or charter of the
enterprise;
c) The project duration is over.
2. The
investment registration authority shall terminate an investment project in part
or in full in the following cases:
a) The investor fails to overcome
the difficulties that lead to project suspension in the cases mentioned in
Clause 2 and Clause 3 Article 47 of this Law;
b) The investor is no longer
permitted to keep using the investment location and fails to complete the
procedures for change of investment location within 06 months from the date on
which the investor is no longer permitted to use the investment location,
except for the case specified in Point d of this Clause;
c) The investment registration
authority cannot contact the investor or the investor’s legal representative
after 12 months from the date of suspension of the project;
d) Land reserved for the investment
project is expropriated by the State for the reason that the land is not used
or the land use is delayed in accordance with regulations of law on land;
dd) The investor fails to pay the
deposit or obtain a bank guarantee as prescribed by law if project execution
security is required;
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g) Pursuant to a judgment or
decision of a court or an arbitral award;
3. Regarding
a project subject to approval for its investment guidelines, the investment
registration authority shall terminate the investment project after obtaining
the opinion of the authority granting approval for investment guidelines.
4. The
investor shall themself liquidate the investment project in accordance with the
law on liquidation of assets upon termination of the investment project, except
for the case specified in Clause 5 of this Article.
5. The
settlement of the rights to use land and property on land upon termination of
the investment project shall comply with the law on land and other relevant
regulations of law.
6. The
investment registration authority shall decide to revoke the investment
registration certificate if the investment project is terminated in accordance
with Clause 2 of this Article, except for the case of termination of part of
the investment project.
7. The
Government shall elaborate procedures for terminating investment projects in
accordance with this Article.
Article 49.
Establishment of operating office of foreign investor to business cooperation
contract
1. A
foreign investor to a business cooperation contract may establish an operating
office in Vietnam to execute the contract. The
location of the operating office shall be decided by the foreign investor
depending on the requirements for contract execution.
2. The
operating office of a foreign investor to a business cooperation contract has
its own seal; the foreign investor may open an account, hire employees, sign
contracts and carry out business activities under the business cooperation
contract and Certificate of registration of operating office.
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4. An
application for establishment of an operating office consists of:
a) An application form which
specifies the name and address of the representative office in Vietnam (if any)
of the foreign investor to the business cooperation contract; name and address
of the operating office; contents, duration, and operating scope of the operating
office; full name, residence, ID Card or Citizen ID Card number or passport
number of the head of the operating office;
b) The decision of the foreign
investor to the business cooperation contract for establishment of an operating
office;
c) A copy of the decision to
appoint the head of the operating office;
d) A copy of the business
cooperation contract.
5. Within
15 days from the receipt of the application prescribed in Clause 4 of this
Article, the investment registration authority shall issue the Certificate of
registration of operating office to the foreign investor to the business
cooperation contract.
Article 50.
Shutdown of operating office of foreign investor to business cooperation
contract
1. Within
07 working days from the day on which the decision to shut down the operating
office is issued, the foreign investor shall send a folder to the investment
registration authority of the area where the operating office is located.
2. The
folder consists of:
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b) A list of creditors and amount
of debts which have been paid;
c) A list of employees and their
benefits provided;
d) A tax authority’s certification
of fulfillment of tax liability;
dd) A social security authority’s
certification of fulfillment of social insurance obligations;
e) The certificate of operating
office registration;
g) A copy of the investment
registration certificate;
h) A copy of the business
cooperation contract.
3. Within
15 days from the receipt of the application prescribed in Clause 2 of this
Article, the investment registration authority shall issue the decision to shut
down the operating office.
Chapter V
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Section 1.
GENERAL PROVISIONS
Article 51.
Rules for carrying out outward investment activities
1. The
State encourages outward investment in order to exploit, develop and expand the
market; improve the export of goods and services, earn foreign currencies;
access modern technologies, raise the managerial capability and develop
resources for socio-economic development.
2. Investors
carrying out outward investment activities shall comply with this Law, other
relevant regulations of law, laws of the countries or territories that receive
investment (hereinafter referred to as “host countries”) and relevant
international treaties, and themselves take responsibility for the efficiency
in outward investment activities.
Article 52.
Forms of investment assistance
1. Investors
shall carry out outward investment activities in the following forms:
a) Establishment of a business
organization in accordance with the law of the host country;
b) Making investment on the basis
of an overseas contract;
c) Contribution of capital to,
purchase of shares or stakes of an overseas business organization to
participate in management of such business organization;
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dd) Other forms of investment
prescribed by law of the host country.
2. The
Government shall elaborate the forms of investment mentioned in Point d Clause
1 of this Article.
Article 53.
Business lines banned from outward investment
1. Business
lines specified in Article 6 of this Law and relevant international treaties.
2. Business
lines with technologies and products banned from export in accordance with the
law on foreign trade management.
3. Business
lines banned from business investment in accordance with regulations of laws of
the host countries.
Article 54.
Business lines subject to conditional outward investment
1. Business
lines subject to conditional outward investment include:
a) Banking;
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c) Securities;
d) Press, radio and television;
dd) Real estate business.
2. The
conditions for making outward investment in the business lines mentioned in
Clause 1 of this Article are specified in the Laws and Resolutions of the
National Assembly, Ordinances and Resolutions of the Standing Committee of the
National Assembly, Decrees of the Government and international
investment-related treaties to which the Socialist Republic of Vietnam is a
signatory.
Article 55.
Sources of capital for outward investment
1. Investors
shall contribute capital and raise capital to carry out outward investment
activities.
2. Borrowing
foreign currency loans and transferring foreign currency investment capital
must comply with the conditions and procedures prescribed in the laws on
banking, credit institutions and foreign exchange management.
3. According
to objectives of monetary policies and foreign currency management policies in
each period, the State Bank of Vietnam shall promulgate regulations on grant of
foreign currency loans by credit institutions and branches of foreign banks in
Vietnam to investors as prescribed in Clause 2 of this Article to carry out
outward investment activities.
Section 2.
PROCEDURES FOR GRANTING APPROVAL FOR OUTWARD INVESTMENT GUIDELINES AND MAKING
OUTWARD INVESTMENT DECISIONS
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1. The
National Assembly shall grant approval for outward investment guidelines of the
following investment projects:
a) Investment projects with outward
investment capital of VND 20,000 billion or more;
b) Investment projects that require
application of a special mechanism or policy that needs to be decided by the
National Assembly.
2. Except
for the investment projects mentioned in Clause 1 of this Article, the Prime
Minister shall grant approval for outward investment guidelines of the
following investment projects:
a) Investment projects in the
banking, insurance, securities, press, radio, television and telecommunications
fields with outward investment capital of VND 400 billion or more;
b) Investment projects other than
those mentioned in Point a of this Clause with outward investment capital of
VND 800 billion or more.
3. Investment
projects not mentioned in Clauses 1 and 2 of this article are not subject
outward investment guideline approval.
Article 57.
Dossiers and procedures for outward investment guideline approval by the
National Assembly
1. The
investor shall submit an outward investment project dossier to the Ministry of
Planning and Investment. The application
consists of:
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b) A document about the investor’s
legal status;
c) A proposal for the investment
project containing at least: form, objectives, scale, and investment location;
preliminary determination of investment capital, capital raising plan and
structure of capital sources; project execution schedule, investment phases (if
any); preliminary analysis of the efficiency of the project;
d) Document(s) 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 of the
investor; a parent company’s commitment to provide financial support; a
financial institution’s commitment to provide financial support; guarantee for
the investor’s financial capacity; other document proving the investor’s
financial capacity;
dd) A commitment to themself
balance sources of foreign currency or a commitment of an authorized credit
institution to provide foreign currency for the investor;
e) A document issued by the
ownership representative agency which approves the investor to carry out
outward investment activities, and report on internal appraisal of the outward
investment proposal of the state-owned enterprise as prescribed in Clause 1
Article 59 of this Law or decision on outward investment as prescribed in
Clause 2 Article 59 of this Law;
g) With regard to an outward
investment project in the business lines specified in Clause 1 Article 54 of
this Law, the investor shall submit a written certification of the investor’s
fulfillment of conditions for outward investment issued by a competent
authority in accordance with the relevant regulations of law (if any).
2. Within
05 working days from the date on which the sufficient dossier is received, the
Ministry of Planning and Investment shall submit it to the Prime Minister for
establishment of a State Appraisal Council.
3. Within
90 days from the date of its establishment, the State Appraisal Council shall
organize appraisal and prepare an appraisal report for submission to the
Government. An appraisal report shall contain:
a) Conditions for issuance of an
outward investment registration certificate prescribed in Article 60 of this
Law;
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c) Necessity of conducting outward
investment activities;
d) Conformity of the investment
project with Clause 1 Article 51 of this Law;
dd) Form, scale, location and
execution schedule of the investment project, outward investment capital and
sources of capital;
e) Assessment of level of risks in
the host country.
4. At
least 60 days before the opening of the meeting of the National Assembly, the
Government shall prepare an application for outward investment guideline
approval and submit it to the National Assembly’s agency presiding over validation.
5. An
application for outward investment guideline approval includes:
a) The Government’s application
form;
b) The dossier mentioned in Clause
1 of this Article;
c) The State appraisal council’s
appraisal report;
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6. Contents
of validation of the request for outward investment guideline approval include:
a) Fulfillment of the criteria for
determining that the investment project is subject to approval for its
investment guidelines by the National Assembly;
b) Necessity of conducting outward
investment activities;
c) Conformity of the investment
project with Clause 1 Article 51 of this Law;
d) Form, scale, location and
execution schedule of the investment project, outward investment capital and
sources of capital;
dd) Assessment of level of risks in
the host country;
e) Special policies and mechanisms;
investment incentives, investment assistance and conditions for application
thereof (if any).
7. The
Government and relevant organizations or individuals shall provide sufficient
information and documents serving validation; provide explanation for the
project contents at the request of the National Assembly’s agency in charge of
validation.
8. The
National Assembly shall consider passing a resolution on the outward investment
guideline approval containing the following contents:
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b) Investment objectives and
location;
c) Outward investment capital, and
sources of such capital;
d) Special policies and mechanisms;
investment incentives, investment assistance and conditions for application
thereof (if any).
9. The
Government shall elaborate on the conditions and procedures for appraisal of
outward investment project dossiers by the State Appraisal Council.
Article 58.
Dossiers and procedures for outward investment guideline approval by the Prime
Minister
1. Investment
project dossiers shall be prepared as prescribed in Clause 1 Article 57 of this
Law.
2. The
investor shall submit an outward investment project dossier to the Ministry of
Planning and Investment. Within 03 working
days from the date on which the sufficient dossier is received, the Ministry of
Planning and Investment shall send relevant documents to relevant regulatory
agencies to seek their opinions.
3. Within
15 days from receipt of the written request for opinions, the requested
agencies shall give their written opinions about the contents under their
management.
4. Within
30 days from the date on which the application is received, the Ministry of
Planning and Investment shall organize appraisal and prepare an appraisal
report for submission to the Prime Minister. The
appraisal report includes the contents specified in Clause 3 Article 57 of this
Law.
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Article 59.
Outward investment decision
1. A
decision on outward investment by a state-owned enterprise shall be made in
accordance with the law on management and use of state capital invested in
manufacturing and business activities of enterprises and other relevant
regulations of law.
2. Outward
investment activities not mentioned in Clause 1 of this Article shall be
decided by investors in accordance with the Law on Enterprises.
3. Investors
and authorities making decisions on the outward investment as prescribed in
Clauses 1 and 2 of this Article shall take responsibility for their decisions
on outward investment.
Section 3.
PROCEDURES FOR ISSUANCE, ADJUSTMENT AND INVALIDATION OF OUTWARD INVESTMENT
REGISTRATION CERTIFICATE
Article 60.
Conditions for issuance of outward investment registration certificate
1. Outward
investment activities shall adhere to the rules prescribed in Article 51 of
this Law.
2. Outward
investment activities do not involve any business line banned from outward
investment as prescribed in Article 53 of this Law and conditions for outward
investment applicable to business lines subject to conditional outward
investment as prescribed in Article 54 of this Law are satisfied.
3. The
investor makes a commitment to prepare foreign currencies themself or obtains a
commitment to prepare foreign currencies from an authorized credit institution
for the purposes of conducting outward investment activities.
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5. There
is a tax authority’s certification of the fulfillment of tax obligation by the
investor. Such certification must be issued by
the tax authority within the last 03 months.
Article 61. Procedures
for issuance of outward investment registration certificate
1. If
the investment project is subject to approval for its outward investment
guidelines, the Ministry of Planning and Investment shall issue the outward
investment registration certificate to the investor within 05 working days from
receipt of the written approval for investment guidelines and the outward
investment decision prescribed in Article 59 of this Law.
2. Regarding
the investment project not mentioned in Clause 1 of this article, the investor
shall submit an application for issuance of an outward investment registration
certificate to the Ministry of Planning and Investment.
The application consists of:
a) An outward investment
registration form;
b) A document about the investor’s
legal status;
c) The outward investment decision
prescribed in Article 59 of this Law;
d) A commitment to balance foreign
currency sources or a commitment of an authorized credit institution to provide
foreign currencies for the investor prescribed in Clause 3 Article 60 of this
Law;
dd) With regard to an outward
investment project in the business lines specified in Clause 1 Article 54 of
this Law, the investor shall submit a certification of the investor’s
fulfillment of conditions for outward investment issued by a competent
authority in accordance with the relevant regulations of law (if any).
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4. Within
15 days from receipt of the application prescribed in Clause 2 of this Article,
the Ministry of Planning and Investment shall issue an outward investment
registration certificate; in case of rejection of the application, a written
explanation shall be provided to the investor.
5. The
Government shall elaborate procedures for appraising outward investment
projects; issue, adjust and invalidate outward investment registration
certificates.
Article 62. Contents
of outward investment registration certificate
1. Investment
project code.
2. The
investor.
3. Name
of the investment project and name of the foreign business organization (if
any).
4. Investment
objectives and location.
5. Investment
form, investment capital and sources of such capital, investment capital form,
outward investment schedule.
6. Rights
and obligations of the investor.
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Article 63.
Adjustment of outward investment registration certificate
1. An
investor shall follow procedures for adjusting the outward investment
registration certificate in the following cases:
a) Change of the Vietnamese
investor;
b) Change of the investment form;
c) Change of outward investment
capital; sources of investment capital and form of such capital;
d) Change of investment location
with respect to the investment project requiring an investment location;
dd) Change of main objective of the
outward investment activity;
e) Use of profit derived from
outward investment according to Points a and b Clause 1 Article 67 of this Law.
2. The
investor must update changes other than those prescribed in Clause 1 of this
Article on the National Investment Information System.
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a) An application form for
adjustment of the outward investment registration certificate;
b) A document about the investor’s
legal status;
c) A report on operation of the
investment project up to the date of submission of the application for
adjustment of the outward investment registration certificate;
d) A decision on adjustment to the
outward investment activity pursuant to Article 59 of this Law or the documents
prescribed in Point e Clause 1 Article 57 of this Law;
dd) A copy of the outward
investment registration certificate;
e) The tax authority’s
certification of the investor’s fulfillment of the tax payment obligation in
case of increasing the outward investment capital. Such
certification must be issued by the tax authority within the last 03 months.
4. The
Ministry of Planning and Investment shall adjust the outward investment
registration certificate within 15 days from receipt of the application
specified in Clause 3 of this Article.
5. If
the investment project is subject to approval for its outward investment
guidelines, the Ministry of Planning and Investment shall follow procedures for
approving the adjustment to the outward investment guidelines before adjusting
the outward investment registration certificate as prescribed in Clause 1 of
this Article and Clause 8 Article 57 of this Law.
6. If
the adjustment to the outward investment registration certificate results in
the investment project being subject to approval for its outward investment
guidelines, the investor has to apply for approval for outward investment
guidelines before adjusting the outward investment registration certificate.
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8. If
a request for adjustment of an investment project results in the project being
subject to approval for its investment guidelines by an authority at a higher
level, such authority will have the power to approve the adjustment to outward
investment guidelines.
Article 64.
Invalidation of outward investment registration certificate
1. The
outward investment registration certificate shall be invalidated in the
following cases:
a) The investor decides to
terminate the project;
b) The investment project duration
is over in accordance with regulations of law of the host country;
c) The investment project has to be
terminated according to the conditions set out in the contract or charter of
the enterprise;
d) The investor transfers all
outward investment capital to a foreign investor;
dd) The investor fails to execute
or is unable to execute the investment project in line with the schedule
registered with the regulatory agency within 24 months from the date of
issuance of the outward investment registration certificate and fails to follow
the procedures for adjusting the execution schedule of the investment project;
e) The foreign business
organization is dissolved or goes bankrupt in accordance with the law of the
host country;
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2. The
investor shall follow the procedures for termination of the outward investment
project in accordance with the law of the host country and the procedures for
invalidation of the outward investment registration certificate.
3. The
Ministry of Planning and Investment shall invalidate outward investment
registration certificates.
Section 4.
CONDUCT OF OUTWARD INVESTMENT ACTIVITIES
Article 65.
Opening of outward investment capital accounts
1. Investors
shall open an outward investment capital account at an authorized credit
institution in Vietnam in accordance with regulations of law on foreign
exchange management.
2. Transfer
of money from and to Vietnam pertaining to outward investment activities must
be made via the investment capital account specified in Clause 1 of this
Article in accordance with regulations of law on foreign exchange management.
Article 66.
Transfer of investment capital overseas
1. An
investor is allowed to transfer investment capital overseas in order to conduct
investment activities if the following conditions are met:
a) The outward investment
registration certificate has been granted, except for the case prescribed in
Clause 3 of this Article;
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c) There is a capital account as
prescribed in Article 65 of this Law.
2. The
transfer of investment capital overseas must comply with regulations of law on
foreign exchange management, export and technology transfer and relevant
regulations of law.
3. Investors
are entitled to transfer foreign currencies, goods, machinery and equipment
overseas to serve market survey, research and market exploration and to carry
out investment preparatory activities as prescribed by the Government.
Article 67.
Use of profit overseas
1. The
investor is entitled to retain profit derived from outward investment for
reinvestment in the following cases:
a) Continuing to contribute outward
investment capital if capital has not yet been fully contributed as registered;
b) Increasing outward investment
capital;
c) Executing a new investment
project overseas.
2. Investors
shall follow the procedures for adjusting the outward investment registration
certificate as prescribed in Article 63 of this Law in the cases specified in
Points a and b Clause 1 of this Article; and follow the procedures for issuance
of the outward investment registration certificate as prescribed in Article 61
of this Law in the case specified in Point c Clause 1 of this Article.
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1. Within
06 months from the date on which the tax declaration or an equivalent document
is available as prescribed by the host country’s law, the investor shall
repatriate the entire profit and other incomes derived from outward investment
unless the profit is retained as prescribed in Article 67 of this Law.
2. If
the profit and other incomes are not repatriated within the time limit
prescribed in Clause 1 of this Article, the investor shall send a written
notification to the Ministry of Planning and Investment and the State Bank of
Vietnam. The time limit for repatriation of
profit may be extended by no more than 12 months from the expiry of the time
limit specified in Clause 1 of this Article.
3. If
the investor, within the time limit specified in Clause 1 of this Article, has
failed to repatriate profit or send the notification or if the investor, within
the extended time limit specified in Clause 2 of this Article, has failed to
repatriate profit, such investor shall incur penalties in accordance with
regulations of law.
Chapter VI
STATE MANAGEMENT OF INVESTMENT
Article 69.
Responsibility for state management of investment
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:
a) Request the Government and the
Prime Minister to consider approving strategies, plans and policies for
investment in Vietnam and outward investment;
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c) Promulgate forms of documents
serving procedures for investment in Vietnam and outward investment;
d) Provide instructions,
disseminate, organize, supervise, inspect and assess the implementation of
legislative documents on investment;
dd) Formulate and submit to
competent authorities mechanisms for resolving difficulties facing investors
and for preventing disputes between the State and investors;
e) Assess and report developments
of investment in Vietnam and outward investment;
g) Build, manage and operate the
National Investment Information System and national investment database;
h) Issue, adjust and invalidate
outward investment registration certificates;
i) Perform state management of
industrial parks, export-processing zones and economic zones;
k) Perform state management of
investment promotion and coordinate investment promotion activities in Vietnam
and overseas;
l) Inspect, supervise and assess
investment activities, manage and cooperate in managing investment activities
within its power;
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n) 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:
a) Cooperate with the Ministry of
Planning and Investment, Ministries and ministerial agencies in formulating
laws and policies on investment;
b) Preside over and cooperate with
other Ministries and ministerial agencies in formulating laws, policies,
standards, technical regulations and instructions;
c) Request the Government to
promulgate conditions for making business investment in the business lines mentioned
in Article 7 of this Law;
d) 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;
dd) 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;
e) Carry out supervision,
assessment, and specialized inspection of the fulfillment of investment
conditions and state management of investment projects within their power;
g) 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;
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i) 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:
a) Cooperate with Ministries and
ministerial agencies in compiling and issuing Lists of local projects
attracting investment;
b) 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;
c) Exercise the function of state
management of investment projects within their provinces;
d) Resolve or request competent
authorities to resolve difficulties faced by investors;
dd) Carry out periodic assessments
of efficiency of investment activities and submit reports thereon to the
Ministry of Planning and Investment;
e) Provide relevant information to
establish a national investment database; maintain and update the National
Investment Information System;
g) Provide instructions on
organization, supervision and assessment of implementation of investment
reporting regulations.
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Article 70.
Supervision and assessment of investment
1. Supervision
and assessment of investment activities include:
a) Supervision and assessment of
investment projects;
b) Overall investment supervision
and assessment.
2. Responsibility
for investment supervision and assessment:
a) Investment authorities and
specialized authorities conduct overall investment supervision and assessment
and supervision and assessment of investment projects under their management;
b) Investment registration
authorities shall supervise and assess the investment projects to which they
grant investment registration certificates;
3. Contents
of supervision and assessment of investment projects:
a) With regard to investment
projects funded by state capital, investment authorities and specialized
authorities shall carry out supervision and assessment according to the
contents and criteria approved in the investment decision;
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c) Investment registration
authorities shall assess the adherence to investment registration certificates
and written approval for investment guidelines.
4. Overall
investment supervision and assessment.
a) Promulgation of legislative
documents elaborating and providing guidelines for implementation thereof;
implementation of the law on investment;
b) Progress of execution of
investment projects;
c) Assessment of results of
investment implementation by the whole country, Ministries, ministerial
agencies, local authorities, and investment projects under their management;
d) Suggest investment assessment
results and solutions for resolving difficulties and actions against violations
of the law on investment to regulatory agencies at the same level and superior
investment authorities.
5. Organizations
and agencies shall carry out investment assessment themselves or hire capable
experts or consultancies to do so.
6. The
Government shall elaborate this Article.
Article 71.
National Investment Information System
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a) National information system for
domestic investment;
b) National information system for
foreign investment in Vietnam;
c) National information system for
outward investment from Vietnam;
d) National information system for
investment promotion;
dd) National information system for
industrial parks and economic zones.
2. The
Ministry of Planning and Investment shall preside over and cooperate with
relevant agencies in developing and operating the National Investment
Information System; establish the national investment database; assess the
operation of such system by central and local investment authorities.
3. Investment
authorities and investors shall sufficiently, promptly and accurately update
information on the National Investment Information System.
4. Information
about investment projects in the National Investment Information System is considered
original and lawful information.
Article 72.
Reports on investment activities in Vietnam
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a) Ministries, ministerial agencies
and provincial People’s Committees;
b) Investment registration
authorities;
c) Investors and business
organizations executing investment projects as prescribed in this Law.
2. Periodic
reporting:
a) Investors and business
organizations executing investment projects shall submit quarterly and annual
reports to investment registration authorities and local statistical agencies
on the investment project execution, which specify: investment capital,
investment results, employees, payment to government budget, investment in
R&D, environmental protection, and other professional indicators;
b) Investment shall submit
quarterly and annual reports to the Ministry of Planning and Investment and
provincial People’s Committees on receipt of applications, issuance, adjustment
and revocation of investment registration certificates and the operation of
investment projects under their management;
c) Provincial People’s Committees
shall submit quarterly and annual consolidated reports on local investment to
the Ministry of Planning and Investment;
d) Ministries and ministerial
agencies shall submit quarterly and annual reports on issuance, adjustment and
revocation of investment registration certificates and equivalent papers (if
any) under their management; and on investment activities under their
management to the Ministry of Planning and Investment, which submit a consolidated
report to the Prime Minister;
dd) The Ministry of Planning and
Investment shall submit an annual report to the Prime Minister on investment
nationwide and adherence to regulations on investment reporting by the entities
mentioned in Clause 1 of this Article.
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4. Agencies,
investors and business organizations mentioned in Clause 1 of this Article
shall make ad hoc reports at the request of competent authorities.
5. If
a project is exempt from the investment registration certificate, the investor
shall submit a report to the investment registration authority before
commencement of the project execution.
Article 73.
Reporting of outward investment activities
1. Reporting
entities:
a) Ministries and ministerial
agencies shall manage outward investment activities in accordance with
regulations of law, and agencies representing the state capital in enterprises;
b) Investors executing outward
investment projects as prescribed in this Law.
2. Regulations
on reporting applied to the entities specified in Point a Clause 1 of this
Article:
a) Such entities shall submit an
annual report on management of outward investment within their jurisdiction to
the Ministry of Planning and Investment, which will submit consolidated reports
to the Prime Minister;
b) The Ministry of Planning and
Investment shall submit an annual report on outward investment to the Prime
Minister.
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a) Within 60 days from the day on
which the project is approved or licensed as prescribed by law of the host
country, the investor shall send a written notification of outward investment
enclosed with a copy of the written approval for the investment project or a
document proving the right to make investment in the host country to the
Ministry of Planning and Investment, the State Bank of Vietnam, and a
representative mission of Vietnam in the host country;
b) Investors shall submit quarterly
and annual reports on operation of their investment projects to the Ministry of
Planning and Investment, the State Bank of Vietnam, and a representative
mission of Vietnam in the host country;
c) Within 06 months from the day on
which the tax declaration or an equivalent document is available as prescribed
by the host country’s law, the investor shall submit a report on the operation
of the investment project enclosed with the financial statement, tax
declaration, or an equivalent document prescribed by the host country’s law to
the Ministry of Planning and Investment, the State Bank of Vietnam, the
Ministry of Finance, a representative mission of Vietnam in the host country,
and a competent authority prescribed in this Law and relevant regulations of
law;
d) If the outward investment
project is funded by the state capital, apart from complying with the
regulations in Points a, b and c of this Clause, the investor shall make
reports in accordance with regulations of law on management and use of state capital
invested in manufacturing and business activities of enterprises.
4. The
reports mentioned in Clause 2 and Clause 3 of this Article shall be made in
writing and via the National Investment Information System.
5. The
agencies and investors in Clause 1 of this Article shall make ad hoc reports at
the request of competent authorities to meet state management requirements or
settle issues arising in relation to investment projects.
Article 74.
Investment promotion activities
1. The
Government shall direct the formulation and organize the implementation of
policies and orientations for investment promotion with a view to promoting and
facilitating investment activities by sectors and regions and partners in
conformity with strategies, planning, plans and objectives for socio-economic
development in each period; and ensure implementation of inter-regional and
cross-sectoral investment promotion programs and activities in association with
trade promotion and tourism promotion.
2. The
Ministry of Planning and Investment shall formulate and organize the
implementation of a national investment promotion plan or program; coordinate
inter-regional and inter-provincial investment promotion activities; monitor,
supervise and assesses the efficiency of investment promotion nationwide.
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4. Funding
for formulating and organizing the implementation of the investment promotion
program shall be covered by the state budget and other lawful sources.
5. The
Government shall elaborate this Article.
Chapter VII
IMPLEMENTATION CLAUSE [11]
Article 75.
Amendments to some Articles of laws related to business investment
1. The Law on Housing No.
65/2014/QH13 amended by the Law No. 40/2019/QH14 is amended as follows:
a) Clause 2 of Article 21 is
amended as follows:
“2. Having a capital deposit
or a bank guarantee to execute each project in accordance with the law on
investment.”;
b) Point c Clause 2 of Article 22
is amended as follows:
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The Government shall elaborate this
Point.”;.
c)[12] (repealed)
d) Clause 2 of Article 170 is
amended as follows:
“2. Regarding other housing
construction projects subject to approval for their investment guidelines in
accordance with the Law on Investment, regulations of the Law on Investment
shall be complied with.”;
dd) Clause 7 of Article 175 is
amended as follows:
“7. Provide professional
training in residential housing development and management; stipulate the
issuance of certificates of training in management and operation of apartment
buildings; stipulate and recognize the classification of apartment buildings.”;
e) Clause 3 Article 22 and Article
171 are repealed.
2. The
Law on Real Estate Business No. 66/2014/QH13 is amended as follows:
a) Clause 1 of Article 10 is amended
as follows:
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b) Article 50 is amended as
follows:
“Article 50. The power to
allow transfer of real estate projects in part or in full
1. In
the case of a real estate project for which the investor has been approved or
to which an investment registration certificate has been issued in accordance
with the Law on Investment, power and procedures for transfer of real estate
projects in part or in full shall comply with the Law on Investment.
2. For
a real estate project other than that mentioned in Clause 1 of this Article,
the power to allow transfer of real estate projects in part or in full is as
follows:
a) People's Committees of provinces
and central-affiliated cities (hereinafter referred to as “provincial People's
Committees”) shall decide to allow transfer part or whole of real estate
projects subject to investment decision by provincial People's Committees;
b) The Prime Minister shall decide
to allow transfer of real estate projects in part or in full, for projects
subject to investment decision by the Prime Minister.”;
c) The following introductory
paragraph is added before Clause 1 of Article 51:
“Procedures for transferring
part or whole of real estate projects specified in Clause 2 Article 50 of this
Law are as follows:”.
3.
11 Some Points of Clause 2 Article 25 of the Law on
Environmental Protection No. 55/2014/QH13 amended by the Law No. 35/2018/QH14
and the Law No. 39/2019/QH14 are amended as follows:
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“a) Regarding the entities
prescribed in Article 18 of this Law, the competent authority shall depend on
the preliminary environmental impact assessment to grant approval for
investment guidelines; and the investor is only allowed to execute the project
after the environmental impact assessment report has been approved.
Regarding the public investment
project, the competent authority shall depend on the preliminary environmental
impact assessment to decide policy guidelines; and depend on the environmental
impact assessment to make investment decisions for the projects prescribed in
Article 18 of this Law. The Government shall
elaborate subjects and contents of preliminary environmental impact
assessment;”;
b) Point dd Clause 2 of Article 25
is amended as follows:
“dd) With respect to the
projects not mentioned in Points a, b, c and d of this Clause, the competent
authority shall depend on the preliminary environmental impact assessment to
issue the investment registration certificate, except for the case in which the
investment registration certificate is issued at the request of the investor;
and the investor is only allowed to execute the project after the environmental
impact assessment report has been approved.”.
4. The
Law on Corporate Income Tax No. 14/2008/QH12 amended by the Law No. 32/2013/QH13
and the Law No. 71/2014/QH13 is amended as follows:
a) Clause 5a is added after Clause
5 of Article 13 as follows:
“5a.
With respect to the investment projects specified in Clause 2 Article 20 of the
Law on Investment, the Prime Minister shall decide to apply a preferential tax
rate reducing by no more than 50% the preferential tax rate specified in Clause
1 of this Article. The duration of application of the preferential tax rate
shall not exceed 1.5 times the duration of application of the preferential tax
rate specified in Clause 1 and may be extended for no more than 15 years and
must not exceed the duration of the investment project.”;
b) Clause 1a is added after Clause
1 of Article 14 as follows:
“1a.
With respect to the investment projects specified in Clause 2 Article 20 of the
Law on Investment, the Prime Minister shall decide to apply tax exemption for
no more than 6 years and reduce 50% of the maximum tax payable for no more than
the 13 subsequent years.”;
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a) Article 14, Article 15 and
Clause 3 of Article 30 are repealed;
b) The number “14” and the mark “,”
immediately after the number “14” in Article 55 are deleted.
6. Article
10 and Point a Clause 2 Article 43 of the Law on Urban Planning No.
30/2009/QH12 amended by the Law No. 77/2015/QH13, the Law No. 35/2018/QH14 and
the Law No. 40/2019/QH14 are repealed.
Article 76.
Implementation clause
1. This
Law comes into force from January 01, 2021, except for the regulations in
Clause 2 of this Article.
2. The
regulations set out in Clause 3 Article 75 of this Law come into force from
September 01, 2020.
3. The
Law on Investment No. 67/2014/QH14 amended by the Law No. 90/2015/QH13, the Law
No. 03/2016/QH14, the Law No. 04/2017/QH14, the Law No. 28/2018/QH14 and the
Law No. 42/2019/QH14 shall cease to have effect from the effective date of this
Law, except for Article 75 of the Law on Investment No. 67/2014/QH14.
4. Individuals
who are Vietnamese citizens may use their personal identification numbers
instead of copies of their identity cards/citizen identity cards, passports or
other personal identification documents upon following administrative
procedures set out in the Law on Investment and Law on Enterprises if the
national population database is connected to the national investment and
enterprise registration database.
5. Any
legislative document that refers to regulations on project approval decisions
or investment guideline decisions in accordance with the Law on Investment
shall be implemented in accordance with the regulations on investment guideline
approval of this Law.
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1. Investors
that were issued with investment licenses, investment incentive certificates,
investment certificates or investment registration certificates before the
effective date of this Law shall execute their investment projects in
accordance with such investment licenses, investment incentive certificates,
investment certificates or investment registration certificates.
2. Investors
are not required to follow procedures for approval for investment guidelines in
accordance with this Law with respect to the investment projects in one of the
following cases:
a) The investors obtained
investment guideline decisions, investment guideline approval or investment
approval in accordance with regulations of laws on investment, housing, urban
areas and construction before the effective date of this Law;
b) The investors have started
execution of projects that are not subject to approval for their investment
guidelines, investment guideline decision or investment guideline or issuance
of the investment registration certificate in accordance with regulations of
laws on investment, housing, urban areas and construction before the effective
date of this Law;
c) Investors won the bidding for
investor selection or the land use right auction before the effective date of
this Law;
d) Projects have been granted
investment incentive certificates, investment licenses, investment certificates
or investment registration certificates before the effective date of this Law.
3. If
an investment project specified in Clause 2 of this Article is adjusted and the
adjustments are subject to approval for investment guidelines in accordance
with this Law, the procedures mentioned in this Law must be followed to obtain
approval for investment guidelines or adjust investment guidelines.
4. Any
investment project executed or approved or allowed to be executed in accordance
with regulations of law before July 01, 2015 and subject to project execution
security as prescribed in this Law is not required to have a deposit or a bank
guarantee. If the investor adjusts the
objectives or schedule for execution of the investment project or repurposes
land after the effective date of this Law, the investor must pay a deposit or
obtain a bank guarantee in accordance with this Law.
5. Any
debt collection service contract concluded before the effective date of this
Law shall cease to have effect from the effective date of this Law; and the
parties to such contract may carry out activities to liquidate the contract in
accordance with the civil law and other relevant regulations of law.
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7. The
regulation in Clause 3 Article 44 of this Law applies to both investment
projects to which land was allocated before the effective date of this Law and
projects to which land has not yet been allocated.
8. In
the event that the law stipulates that documentation serving administrative
procedures must consist of an investment registration certificate or written
approval for investment guidelines but the investment project is not subject to
issuance of an investment registration certificate or written approval for
investment guidelines as prescribed in this Law, the investor is not required
to submit an investment registration certificate or written approval for
investment guidelines.
9. With
respect to areas which have difficulties in providing land for development of
residential housing, service facilities and public utilities for employees
working in industrial parks, the competent authority may adjust the planning
for construction of industrial zones (for industrial parks established before
July 01, 2014) to reserve part of the land area for development of residential
housing, service facilities and public utilities for employees working in the
industrial parks.
After adjustment of the planning,
the land area for development of residential housing, service facilities and
public utilities for employees working in an industrial park must be outside
the geographical boundary of the industrial park and must ensure an
environmental safety distance in accordance with the law on construction and
other relevant regulations of law.
10. Grandfather
clauses on outward investment activities:
a) Regulations on the duration of
outward investment projects set out in outward investment licenses and outward
investment certificates issued before July 01, 2015 shall cease to have effect;
b) Any investor issued with an
outward investment license or certificate or outward investment registration
certificate to make outward investment in a conditional business line subject
to conditional outward investment in accordance with this Law may continue to
make investment according to the issued outward investment license or
certificate or outward investment registration certificate.
11. From
the effective date of this Law, if any document has been received and the
deadline for processing thereof has expired but the results have not been
returned in accordance with the Law No. 67/2014/QH14 on Investment amended by
the Law No. 90/2015/QH13, the Law No. 03/2016/QH14, the Law No. 04/2017/QH14,
the Law No. 28/2018/QH14 and the Law 42/2019/QH14, such document shall continue
to be processed in accordance with regulations of law 67/2014/QH14 on
Investment amended by the Law No. 90/2015/QH13, the Law No. 03/2016/QH14, the
Law No. 04/2017/QH14, the Law No. 28/2018/QH14 and the Law No. 42/2019/QH14.
12. The
Government shall elaborate this Article.
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CERTIFIED
BY
CHAIRMAN
Bui Van Cuong
APPENDIX
(Enclosed
with the Law on Investment No. 61/2020/QH14)
Appendix IV
LIST OF CONDITIONAL BUSINESS LINES
No.
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1
Production of seals
2
Combat gear trading (including
repair)
3
Trading in fireworks, excluding
firecrackers
4
Trading in camouflage devices and
software used for sound and video recording and positioning
5
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6
Trading in military equipment and
supplies for the people's armed forces, military weapons, technical
equipment, ammunition and specialized vehicles used for the army and police;
components, accessories, spare parts, supplies and specialized equipment and
technology used for production thereof
7
Pawnshop services
8
Massage services
9
Trading in warning devices for
emergency vehicles
10
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11
Fire safety and firefighting
services
12
Lawyer’s practice
13
Notary’s practice
14
Judicial assessment in the fields
of finance, banking, construction, antiques, relics, copyright
15
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16
Bailiff’s practice
17
Practice by asset managers and
liquidators regarding assets of enterprises and co-operatives in the pending
time of bankruptcy
18
Accounting services
19
Auditing services
20
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21
Customs agency services
22
Duty-free goods trading
23
Bonded warehouse and container
freight station business
24
Premises for conducting customs
procedures, customs gathering, inspection and supervision for rent
25
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26
Securities registration,
depository, clearing and settlement services rendered by Vietnam Securities
Depository and Clearing Corporation (VSDC), organization of markets for
trading of listed securities and other securities
27
Insurance business
28
Reinsurance business
29[14]
Insurance brokerage
29a[15]
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30
Insurance agency
31
Price valuation services
32
Lottery business
33
Prize-winning electronic games
for foreigners
34
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35
Casino business
36
Betting business
37
Voluntary retirement fund
management services
38
Petro and oil trading
39
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40
Commercial assessment services
41
Industrial explosive trading
(including destruction thereof)
42
Explosive precursor trading
43
Business operations using
industrial explosives and explosive precursors
44
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45
Trading in chemicals, except
banned chemicals according to Convention on the Prohibition of the
Development, Production, Stockpiling and Use of Chemical Weapons and on their
Destruction
46
Spirit trading
47
Trading tobacco products, tobacco
raw materials, and machinery and equipment serving tobacco industry
48
Trading in foods under the
management of the Ministry of Industry and Trade
49
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50
Electricity generation,
transmission, distribution, wholesaling, retail and consultancy
51
Rice export
52
Temporary import for re-export of
goods subject to special excise tax
53
Temporary import for re-export of
frozen food
54
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55
Mineral trading
56
Industrial precursor trading
57
Goods trading and activities
directly related goods trading by foreign service providers in Vietnam
58
Multi-level marketing
59
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60
Petroleum activities
61
Energy auditing
62
Vocational educational activities
63
Vocational education
accreditation
64
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65
Occupational safety inspection
services
66
Occupational safety and health
training services
67
Employment agency services
68
Overseas employment agency
services
69
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70
Labor outsourcing services
71
Road transport services
72
Automobile warranty and
maintenance services
73
Manufacture, assembly and import
of automobiles
74
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75
Automobile driver training
services
76
Traffic safety inspector training
services
77
Driving test services
78
Traffic safety assessment
services
79
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80
Inland waterway ship building,
modification, repair and restoration services
81
Inland waterway ship crewmember
and operator training services
82
Crewmember training and coaching,
and ship crewmember recruitment and supply
83
Maritime safety services
84
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85
Ship towing services
86
Import and dismantling of used
sea-going ship
87
Ship building, modification and
repair services
88
Commercial operation of seaports
89
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90
Aircraft, aircraft engine,
propeller and aircraft equipment design, manufacture and testing services in
Vietnam
91
Commercial operation of airports
and aerodromes
92
Aviation services at airports and
aerodromes
93
Air navigation services
94
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95
Rail transport business
96
Rail infrastructure business
97
Urban rail business
98
Multimodal transport services
99
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100
Pipeline transport services
101
Real estate business
102
Clean water (domestic water)
trading
103
Architectural services
104
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105
Construction survey services
106
Construction design and
construction design assessment services
107
Construction supervision services
108
Construction services
109
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110
Construction cost management
services
111
Construction inspection services
112
Construction experiment services
113
Apartment building operation and
management services
114
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115
Construction planning formulation
services
116
Trading in white asbestos of the
serpentine group
117
Postal services
118
Telecommunications services
119[16]
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120
Publishers' activities
121
Printing services excluding
package printing
122
Publication release services
123
Social network services
124
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125
Pay radio and television services
126
General news website development
services
127
Processing, recycling, repair and
refurbishment of used IT products on the list of used IT products banned from
import for foreign partners
128
Provision of information and IT
services on mobile network or the Internet
129
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130
Data center services
131
Electronic authentication
services[17]
132
Network information security
products and services
132a[18]
Trading in cybersecurity products
and services (excluding trading in cybersecurity products and services and
trading in civil cryptographic products and services)
133
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134
Trading in civil cryptography
products and services
135
Trading in mobile phone jammers
136
Operation of pre-school
institutions
137
Operation of general education
institutions
138
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139
Operation of foreign-invested
educational institutions, representative offices of foreign educational
institutions in Vietnam, branches of foreign-invested educational
institutions
140
Operation of continuing education
institutions
141
Operation of specialized schools
142
Educational cooperation with
foreign partners
143
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144
Overseas study consultancy
services
145
Fishing
146
Trading in fishery products
147
Trading in aquaculture feeds and
animal feeds
148
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149
Trading in biological
preparations, microorganisms, chemicals, environmental remediation agents
serving aquaculture and husbandry
150
Fishing vessel building and
modification
151
Fishing vessel registration
152
Training and retraining crew
members of fishing vessels
153
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154
Breeding and raising normal wild
animals
155
Import, export, re-export,
transit, and introduction from the sea of natural specimens of species
prescribed in the CITES appendices and lists of endangered, precious and rare
forest plant and animal species and aquatic species
156
Import, export and re-export of
bred, reared or artificially propagated specimens of species prescribed in
the CITES appendices and lists of endangered, precious and rare forest plant
and animal species and aquatic species
157
Processing, trading,
transporting, advertising displaying and storing specimens of plant and
animal species prescribed in the CITES appendices and lists of endangered,
precious and rare forest plant and animal species and aquatic species
158
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159
Processing of items required to
undergo plant quarantine
160
Agrochemical testing services
161
Plant protection services
162
Trading in veterinary drugs, vaccines,
biological preparations, microorganisms and chemicals serving veterinary
medicine
163
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164
Animal testing and surgery
services
165
Vaccination, diagnosis,
prescription, treatment and healthcare services for animals
166
Veterinary drug testing and
experimenting services (including veterinary drugs, aquatic veterinary drugs,
vaccines, biological preparations, microorganisms and chemicals serving
veterinary medicine and aquaculture veterinary medicine)
167
Farm breeding services
168
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169
Trading in foods under the
management of the Ministry of Agriculture and Rural Development
170
Animals and animal product
quarantine services
171
Trading in fertilizers
172
Fertilizer testing services
173
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174
Trading in aquatic breeds
175
Plant variety and animal breed
testing services
176
Aquatic breed testing services
177
Testing biological preparations,
microorganism, chemicals, environmental remediation agents serving
aquaculture and husbandry
178
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179
Medical examination and treatment
services
180
Cosmetic surgery services
181
Pharmacy business
182
Cosmetics production
183
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184
Trading in medical equipment
185
Industrial property assessment
services (comprising assessment of copyright and related rights, assessment
of industrial property ownership and assessment of plant variety rights)
186
Radiological work services
187
Atomic energy application
ancillary services
188
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189
Verification, calibration and
testing of measuring instruments and measurement standards
190
Technology assessment, valuation
and examination services
191
Intellectual property right
representation services (comprising industrial property representation
services and plant variety right representation services)
192[19]
Film dissemination services
193
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194
Site/monument protection,
renovation and restoration project planning, execution, supervision services
195
Karaoke and dance club business
196
Travel services
197
Sports business by sports
enterprises and professional sports clubs
198
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199
Trading audios and videos of
dance, music and stage performances
200
Accommodation services
201
Trading in relics, antiques and
national treasures
202
Export of relics, antiques other
than those under the ownership of the state, political organizations,
socio-political organizations; import of cultural commodities under the
management of the Ministry of Culture, Sports and Tourism
203
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204
Trading in electronic games
(except for prize-winning electronic games for foreigners and online
electronic prize-winning electronic games)
205
Land survey and assessment
consultancy services
206
Land planning and plan
formulation services
207
IT infrastructure and software
infrastructure development services for land information systems
208
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209
Land pricing services
210
Measurement and mapping services
211
Hydro-meteorological forecasting
and warning services
212
Underground water drilling and
survey services
213[20]
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214[21]
Water resource regulation and
distribution decision support services; reservoir and inter-reservoir
operation decision support services
215
Mineral exploration services
216
Mineral mining
217
Hazardous waste transport and
treatment services
218
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219
Environmental monitoring services
220
Business operation of commercial
banks
221
Business operation of non-bank
credit institutions
222
Business operation of
cooperatives, people's credit funds, microfinance institutions
223
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224
Credit information services
225
Business operation and foreign
exchange activities by organizations which are not credit institutions
226
Gold trading
227
Money printing and minting
228[22]
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229[23]
Archiving services
[1] The effective date of the Law on Land No.
31/2024/QH15 is now August 01, 2024 (previously January 01, 2025) according to
clause 2 Article 1 of the Law No. 43/2024/QH15 dated June 29, 2024 on
amendments to certain Articles of Law on Land No. 31/2024/QH15, Law on Housing
No. 27/2023/QH15, Law on Real Estate Business No. 29/2023/QH15 and Law on Credit
Institutions No. 32/2024/QH15, which has been effective since August 01, 2024.
[2] Preludes to the Law on Environmental Protection No.
72/2020/QH14:
“The Constitution of the
Socialist Republic of Vietnam;
The National Assembly hereby
promulgates the Law on Environmental Protection.”.
Preludes to the Law No.
03/2022/QH15 on amendments to certain articles of the Law on Public Investment,
the Law on Public-Private Partnership Investment, the Law on Investment, the
Law on Housing, the Law on Bidding, the Law on Electricity, the Law on
Enterprises, the Law on Special Excise Duties and the Law on Civil Judgment
Enforcement:
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The National Assembly
promulgates the Law on amendments to certain articles of the Law on Public
Investment No. 39/2019/QH14, which is amended by the Law No. 64/2020/QH14 and
the Law No. 72/2020/QH14; the Law on Public-Private Partnership Investment No.
64/2020/QH14; the Law on Investment No. 61/2020/QH14, which is amended by the
Law No. 72/2020/QH14; the Law on Housing No. 65/2014/QH13, which is amended by
the Law No. 40/2019/QH14, Law No. 61/2020/QH14, Law No. 62/2020/QH14 and the
Law No. 64/2020/QH14; the Law on Bidding No. 43/2013/QH13, which is amended by the
Law No. 03/2016/QH14, the Law No. 04/2017/QH14, the Law No. 40/2019/QH14 and
the Law No. 64/2020/QH14; the Law on Electricity No. 28/2004/QH11, which
is amended by Law No. 24/2012/QH13 and the Law No. 28/2018/QH14; the Law on
Enterprises No. 59/2020/QH14; the Law on Special Excise Duties No.
27/2008/QH12, which is amended by the Law No. 70/2014/QH13, Law No.
71/2014/QH13 and the Law No. 106/2016/QH13; the Law on Civil Judgment
Enforcement No. 26/2008/QH12, which is amended by the Law No. 64/2014/QH13, Law
No. 23/2018/QH14 and the Law No. 67/2020/QH14.
Preludes to the Law on
Cinematography No. 05/2022/QH15:
“The Constitution of the
Socialist Republic of Vietnam;
The National Assembly hereby
promulgates the Law on Cinematography.”.
Preludes to the Law on Insurance
Business No. 08/2022/QH15:
“The Constitution of the
Socialist Republic of Vietnam;
The National Assembly hereby
promulgates the Law on Insurance Business.”.
Preludes to the Law No.
09/2022/QH15 on Amendments to Some Articles of the Law on Radio Frequencies:
“The Constitution of the
Socialist Republic of Vietnam;
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Preludes to the Law on Electronic
Transactions No. 20/2023/QH15:
“The Constitution of the
Socialist Republic of Vietnam;
The National Assembly hereby
promulgates the Law on Electronic Transactions.”.
Preludes to the Law on
Identification No. 26/2023/QH15:
“The Constitution of the
Socialist Republic of Vietnam;
The National Assembly hereby
promulgates the Law on Identification.”.
Preludes to the Law on Housing No.
27/2023/QH15:
“The Constitution of the
Socialist Republic of Vietnam;
The National Assembly hereby
promulgates the Law on Housing.”.
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“The Constitution of the
Socialist Republic of Vietnam;
The National Assembly hereby
promulgates the Law on Water Resources.”.
Preludes to the Law on Land No.
31/2024/QH15:
“The Constitution of the
Socialist Republic of Vietnam;
The National Assembly hereby
promulgates the Law on Land.”.
Preludes to the Law on Archives No.
33/2024/QH15:
“The Constitution of the
Socialist Republic of Vietnam;
The National Assembly hereby
promulgates the Law on Archives.”.
Preludes to the Law No.
43/2024/QH15 on amendments to certain Articles of Law on Land No. 31/2024/QH15,
Law on Housing No. 27/2023/QH15, Law on Real Estate Business No. 29/2023/QH15
and Law on Credit Institutions No. 32/2024/QH15:
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The National Assembly hereby
promulgates the Law on amendments to certain Articles of Law on Land No.
31/2024/QH15, Law on Housing No. 27/2023/QH15, Law on Real Estate Business No.
29/2023/QH15 and Law on Credit Institutions No. 32/2024/QH15.”.
[3] This point is amended by point a clause 3 Article
84 of Law on Water Resources No. 28/2023/QH15, which comes into force from July
01, 2024.
[4] This clause is amended by clause 1 Article 196 of
the Law on Housing No. 27/2023/QH15, which comes into force from January 01,
2025.
[5] This clause is amended by Article 250 of the Law on
Land No. 31/2024/QH15 coming into force from August 01, 2024 according to clause
2 Article 1 of the Law No. 43/2024/QH15 dated June 29, 2024 on amendments to
certain Articles of Law on Land No. 31/2024/QH15, Law on Housing No.
27/2023/QH15, Law on Real Estate Business No. 29/2023/QH15 and Law on Credit
Institutions No. 32/2024/QH15.
[6] This point is amended by clause 1 Article 3 of the
Law No. 03/2022/QH15 on amendments to certain articles of the Law on Public
Investment, the Law on Public-Private Partnership Investment, the Law on
Investment, the Law on Housing, the Law on Bidding, the Law on Electricity, the
Law on Enterprises, the Law on Special Excise Duties and the Law on Civil
Judgment Enforcement, which has been effective since March 01, 2022.
[7] This point is added by clause 1 Article 3 of the
Law No. 03/2022/QH15 on amendments to certain articles of the Law on Public
Investment, the Law on Public-Private Partnership Investment, the Law on
Investment, the Law on Housing, the Law on Bidding, the Law on Electricity, the
Law on Enterprises, the Law on Special Excise Duties and the Law on Civil
Judgment Enforcement, which has been effective since March 01, 2022.
[8] This point is amended by clause 2 Article 3 of the
Law No. 03/2022/QH15 on amendments to certain articles of the Law on Public
Investment, the Law on Public-Private Partnership Investment, the Law on
Investment, the Law on Housing, the Law on Bidding, the Law on Electricity, the
Law on Enterprises, the Law on Special Excise Duties and the Law on Civil
Judgment Enforcement, which has been effective since March 01, 2022.
[9] This point is added by clause 2 Article 3 of the
Law No. 03/2022/QH15 on amendments to certain articles of the Law on Public
Investment, the Law on Public-Private Partnership Investment, the Law on
Investment, the Law on Housing, the Law on Bidding, the Law on Electricity, the
Law on Enterprises, the Law on Special Excise Duties and the Law on Civil
Judgment Enforcement, which has been effective since March 01, 2022.
[10] This point is added by clause 3 Article 3 of the
Law No. 03/2022/QH15 on amendments to certain articles of the Law on Public
Investment, the Law on Public-Private Partnership Investment, the Law on
Investment, the Law on Housing, the Law on Bidding, the Law on Electricity, the
Law on Enterprises, the Law on Special Excise Duties and the Law on Civil
Judgment Enforcement, which has been effective since March 01, 2022.
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“Article 170. Effect
1. This
Law comes into force from January 01, 2022, except for the case in Clause 2 of
this Article.
2. Clause
3 Article 29 of this Law comes into force from February 01, 2021.
3. The
Law on Environmental Protection No. 55/2014/QH13 amended by the Law No.
35/2018/QH14, Law No. 39/2019/QH14 and Law No. 61/2020/QH14 shall cease to have
effect from the effective date of this Law.
Article 171. Grandfather
clauses
1. Sufficient
and valid documents received by competent regulatory bodies to be processed
according to administrative procedures concerning the environment before the
effective date of this Law shall be processed in accordance with the law at the
time of receipt, unless the organization or individual wishes to apply this
Law.
2. The
decisions to approve environmental impact assessment reports, preliminary
environmental impact assessment reports, detailed environmental impact
assessment reports, additional environmental impact assessment reports,
re-prepared environmental impact assessment reports and detailed environmental
protection projects, written confirmations of simple environmental protection
projects, certificates of registration of satisfaction of environmental
standards, environmental protection commitments and environmental protection
plans which were promulgated by competent authorities before the effective date
of this Law are equivalent to the decision to approve EIAR appraisal result
upon considering issuing the environmental license.
3. The
decisions to approve projects on deposit payment, environmental improvement and
remediation; environmental improvement and remediation projects; environmental
improvement and remediation schemes; additional environmental improvement and
remediation schemes which were promulgated by competent authorities before the
effective date of this Law are part of the approval decisions and written confirmations
specified in Clause 2 of this Article with respect to mineral mining projects
upon considering issuing the environmental license.
4. Environmental
certificates and conformations which were promulgated by competent authorities
before the effective date of this Law, except for the case in Point d Clause 2
Article 42 of this Law, may be used until their expiry.
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6. The
Government shall elaborate this Article.”.
Articles 10 and 11
of the Law No. 03/2022/QH15 on amendments to certain articles of the Law on
Public Investment, the Law on Public-Private Partnership Investment, the Law on
Investment, the Law on Housing, the Law on Bidding, the Law on Electricity, the
Law on Enterprises, the Law on Special Excise Duties and the Law on Civil
Judgment Enforcement, which has been effective since March 01, 2022, stipulate
that:
“Article
10. Entry in force
This Law comes
into force as of March 01, 2022.
Article 11. Transitional
provision
1. Regarding
public projects of group B, group C using ODA funds and other preferential
borrowings from foreign sponsors that the Prime Minister approves the
investment policy before the date of entry into force of this Law and the case
in clause 2 of this Article, the agency or person accorded authority to make
decisions on investment policy specified in Article 1 of this Law is also
accorded authority to adjust the investment policy.
2. Regarding
public projects of group B, group C using ODA funds and other preferential
borrowings from foreign sponsors that complete procedures for preparation,
appraisal and obtain a written appraisal that forms the basis for decision on
investment policy or adjustment to investment policy as prescribed in Article
25 and Article 34 of the Law on Public Investment No. 39/2019/QH14 amended
by Law No. 64/2020/QH14 and Law No. 72/2020/QH14 before the date of entry into
force of this Law, they will continue to seek decision from the Prime Minister
as per the Law on Public Investment No. 39/2019/QH14 amended by Law No.
64/2020/QH14 and Law No. 72/2020/QH14.
3. From
the date of entry into force of this Law, with regard to valid applications for
approval for or adjustment to investment guidelines regarding investment
projects on construction of residential housing (for sale, lease or lease
purchase) and urban areas subject to approval for investment guidelines of the
Prime Minister as prescribed in Article 31 of the Law on Investment No. 61/2020/QH14,
amended by the Law No. 72/2020/QH14, now subject to approval for investment
guidelines of the People’s Committee of province as established in Article 3 of
this Law, if any application mentioned above has been received but the
processing result has not been received though the processing time goes beyond
the time limit as prescribed in the Law on Investment No. 61/2020/QH14, amended
by the Law No. 72/2020/QH14, then further comply with the Law on Investment No.
61/2020/QH14, amended by the Law No. 72/2020/QH14.
4. With regard to valid
applications for approval for investment guidelines and approval for investor
and adjustments to investment guidelines regarding investment projects on
commercial housing in case the investor has the right to use the residential
land or residential land and other types of land, if any application mentioned
above has been received before the date of entry into force of this Law but it
remains incompletely processed, then further comply with Article 4 of this Law
and relevant laws.
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Articles 49 and 50 of the Law on
Cinematography No.05/2022/QH15, which has been effective since January 01,
2023, stipulate that:
“Article 49. Entry into
force
1. This Law comes into force as
of January 01, 2023.
2. The Law on Cinematography No.
62/2006/QH11 amended by Law No. 31/2009/QH12, Law No. 35/2018/QH14 and Law No.
61/2020/QH14 will expire when this Law comes into force.
Article 50. Transitional
provisions
1. Film Dissemination Licenses
and Broadcast Decisions issued according to the Law on Cinematography of
Vietnam No. 62/2006/QH11 amended by Law No. 31/2009/QH12, Law No. 35/2018/QH14,
and Law No. 61/2020/QH14 may continue to comply with regulations prescribed
thereof.
Any license for cooperation in
film production or film production under joint venture or provision of film
production services to a foreign organization or individual issued according to
the Law on Cinematography No. 62/2006/QH11 amended by Law No. 31/2009/QH12, Law
No. 35/2018/QH14, and Law No. 61/2020/QH14 shall remain effective until its
expiry.
2. In case a film has been
issued with the Film Dissemination License or Broadcast Decision but no warning
is provided and film rating has yet to be displayed to viewers according to
regulations stipulated by the Minister of Culture, Sports, and Tourism of
Vietnam, within 01 year from the effective date of this Law, provide warning
and display film rating to viewers if it continues to be disseminated.”.
Articles 156
and 157 of Law on Insurance Business No. 08/2022/QH15, which has been effective
since January 01, 2023, stipulate that:
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1. This Law is entering into
force as from January 01, 2023, unless otherwise prescribed in clause 2 of this
Article.
2. Clause 3 of Article 86;
clause 4 and 5 of Article 94; Article 95; clause 3 and 4 of Article 99; Article
109, 110, 111, 112, 113, 114 and 116 herein shall take effect as of January 1,
2028.
3. Law on Insurance Business No.
24/2000/QH10 amended and supplemented according to the Law No. 61/2010/QH12 and
Law No. 42/2019/QH14 shall be expired after the entry into force of this Law,
except in the following cases:
a) Clause 1 of Article 157
herein;
b) Articles 77, 78, 79, 80, 81,
83, 94 and 98 of the Law on Insurance Business No. 24/2000/QH10 that have been
amended and supplemented according to Law No. 61/2010/QH12 and Law No.
42/2019/QH14 shall be abolished by end of December 31, 2027.
Article 157. Transitional
clauses
1. Insurance contracts that have
been entered into before the effective date of this Law and remain valid can
continue to apply in accordance with legislation at the time of conclusion of
insurance contracts, except when contracting parties are agreed on amendments
and supplements thereto to make them aligned with this Law and apply
regulations of this Law.
2. Insurance agent practicing
certificates issued before the entry into force of this Law can continue to be
used till end of December 31, 2025. Minister of Finance shall impose detailed
regulations on transformation from insurance agent practicing certificates
issued before the entry into force of this Law into new ones referred to in
this Law.
3. Insurance practicing
certificates, insurance agent practicing certificates and certificates of
practicing in insurance ancillary services that have been issued before the
entry into force of this Law shall continue to be used.
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5. Disposal and management of
balance of the Fund for protection of insured persons stipulated in Article 97
in the Law on Insurance Business No. 24/2000/QH10 amended and supplemented by
the Law No. 61/2010/QH12 and the Law No. 42/2019/QH14 shall be subject to the
following regulations:
a) All balance existing in the
Fund for protection of insured persons shall be in the custody of the Ministry
of Finance to serve the purposes of protecting insured persons' interests when
insurance companies are declared insolvent or bankrupt;
b) The Government shall impose
detailed regulations on management and use of balance of the Fund for
protection of insured persons.”.
Articles 3 and 4 of the Law No.
09/2022/QH15 on Amendments to Some Articles of the Law on Radio Frequencies,
which has been effective since July 01, 2023, stipulate that:
“Article 3. Effect
1. This Law comes into force
from July 01, 2023, except for the case specified in clause 2 of this Article.
2. Regulations on provision of
training to radio operators and issuance of radio operator certificates laid
down in this Law come into force as of July 01, 2024.
Article 4. Grandfather
clauses
1. Any license to use radio
frequencies issued before the effective date of this Law may be used until its
expiry. Any radio operator certificate issued before July 01, 2024 may be used
until its expiry. Any radio operator certificate issued before July 01, 2024
may be used until its expiry.
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3. Any holder of the license to
use frequency bands which is issued to establish public land mobile
communication network but expires before September 16, 2024 is not required to
pay the fee for processing of application for the rights to use radio
frequencies until the expiry date written on such license and shall not have
its license extended, except for the case specified in clause 2 of this
Article.
4. The Ministry of Information
and Communications shall notify the frequency band planning with respect to the
frequency bands allocated to the organizations specified in clauses 2 and 3 of
this Article before August 01, 2023. The number of frequency bands considered
being re-allocated but sharing the same radio frequencies according to the
license to use frequency bands issued before the effective date of this Law may
be re-allocated depending on their current use.
5. The provision of training to
radio operators and issuance of radio operator certificates shall continue to
be carried out under the Law on Radio Frequencies No. 42/2009/QH12 until June
30, 2024.
Articles 52 and 53 of the Law on
Electronic Transactions No. 20/2023/QH15, which comes into force from July 01,
2024, stipulate that:
“Article 52. Effect
1. This Law comes into force
from July 01, 2024.
2. Law on Electronic
Transactions No. 51/2005/QH11 shall be no longer valid from the date on which
this Law comes into force, except for the case specified in Article 53 of this
Law.
Article 53. Transitional
provisions
1. E-transactions established
before the effective date of this Law and not yet implemented by the effective
date of this Law shall continue to comply with the regulations of the Law on
Electronic Transactions No. 51/2005/QH11 and legislative documents elaborating
the Law on Electronic Transactions No. 51/2005/QH11, unless the parties agree
to apply the regulations of this Law.
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Licenses for provision of public
digital signature authentication services, licenses for using foreign digital
certificates in Vietnam, operation registration certificates of special-use
digital signature authentication service providers, certificates of safety of
special-use digital signatures issued before the effective date of this Law and
still in effect until the effective date of this Law, they may continue to be
used until the expiry dates of such licenses or certificates.
The issuance of digital
certificates under licenses and certificates specified in this Clause shall
comply with the regulations of Law on Electronic Transactions No. 51/2005/QH11
and legislative documents elaborating Law on Electronic Transactions No.
51/2005/QH11.
4. For applications for licenses
for provision of public digital signature authentication services, licenses for
using foreign digital certificates in Vietnam, operation registration
certificates of special-use digital signature authentication service providers,
certificates of safety of special-use digital signatures which have been
submitted to competent regulatory agencies but have not been granted by the
effective date of this Law, the regulations of Law on Electronic Transactions
No. 51/2005/QH11 and legislative documents elaborating Law on Electronic
Transactions No. 51/2005/QH11 shall continue to apply.
5. Acknowledgements of registration
for provision of e-contract authentication services in commercial transaction
issued before the effective date of this Law shall continue to be used until
June 30, 2027.
6. For applications for
provision of e-contract authentication services in commercial transactions
which have been submitted to competent regulatory agencies but have not yet
acknowledged by the effective date of this Law, regulations of law on
e-commerce may continue to apply.
7. The Government shall
elaborate this Article.”.
Articles 45 and 46 of the Law on
Identification No.26/2023/QH15, which comes into force from July 01, 2024,
stipulate that:
“Article 45. Effect
1. This Law comes into force
from July 01, 2024, except for the case specified in Clause 2 of this Article.
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3. The Law on Citizen
Identification No. 59/2014/QH13 amended by the Law No. 68/2020/QH14 ceases to
be effective from the effective date of this Law.
Article
46. Transitional provisions
1.
Citizen ID cards issued before the effective date hereof shall be valid until
the expiry date specified in such cards, except for the case specified in
Clause 3 of this Article. Citizen ID cards will be replaced by ID cards at the
request of citizens.
2.
9-digit ID cards with expiration dates after December 31, 2024 are only
valid until the end of December 31, 2024. Issued legal documents which contain
information of 9-digit ID cards and citizen ID cards shall remain valid; state
agencies must not request citizens to change or adjust information of their
9-digit ID cards or citizen ID cards on the issued documents.
3.
9-digit ID cards and citizen ID cards that expire from January 15, 2024 to
before June 30, 2024 may remain valid until the end of June 30, 2024.
4. Regulations on use of 9-digit
ID cards and citizen ID cards in legislative documents issued before the
effective date of this Law may be applied to ID cards specified in this Law
until they are amended or replaced.”.
Articles 197 and 198 of the Law on
Housing No. 27/2023/QH15, which comes into force from January 01, 2025,
stipulate that:
“Article 197. Entry
into force
1. This Law comes into force
from January 01, 2025.
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3. Housing under the State
ownership as prescribed in legislative documents on housing promulgated before
the effective date of this Law shall be considered as public housing.
Article 198. Transitional
clauses
1. Provincial housing
development programs and plans which have been approved before the effective
date of this Law shall be subject to the following regulations:
a) The implementation of such
approved provincial housing development programs and plans shall be continued;
any amendments to such programs and plans are deemed necessary, they must be
made in accordance with the provisions of this Law, except the cases prescribed
in point b of this clause.
If a provincial housing development
program has been approved by the Provincial-level People’s Council before the
effective date of this Law but has not yet been approved by the
Provincial-level People’s Committee by the effective date of this Law, the
Provincial-level People’s Committee shall consider approving that program on
the basis of the approval given by the Provincial-level People’s Council. If
provincial-level People’s Committees have approved provincial housing
development programs but have not yet approved housing development plans, the
formulation and approval of such housing development plans shall be subject to
the provisions of this Law. In case a provincial housing development plan is
not conformable with an approved provincial housing development program, the provincial
housing development program shall be modified in accordance with the provisions
of this Law;
) If any provincial housing
development program or plan which has been approved before the effective date
of this Law needs to be modified due to an increase in the housing demand for
the entities mentioned in clause 7 Article 76 of this Law at the request of the
Ministry of National Defense of Vietnam or the Ministry of Public Security of
Vietnam, such program or plan shall be modified once in accordance with
regulations of law on housing before the effective date of this Law.
2. Housing development shall be
subject to the following regulations:
a) Regarding housing or urban
area construction projects, documents issued by provincial-level People’s
Committees to identify land areas or locations over which land use rights shall
be transferred to people for construction of their own houses in accordance
with regulations of law shall be observed;
b) Regarding housing or urban
area construction projects in which the project owner selection is occurring
but there is no document on project owner selection results issued by a
competent authority by the effective date of this Law, such project owner
selection shall be carried out in accordance with the provision of this Law,
except the cases prescribed in point a clause 3 and point d clause 5 of this
Article;
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d) If multiple investors that
have been granted investment policy approval and investor approval are
following procedures for project owner acknowledge but no document on project
owner acknowledge, as prescribed by regulations of law on housing, is issued by
a competent authority before the effective date of this Law, the provisions of this
Law shall apply;
dd) Official housing
construction projects for which investment decisions have been issued before
the effective date of this Law shall be implemented in accordance with such
issued decisions;
e) Projects on construction of
housing serving relocation for which investment policy decisions or approval,
project approvals or decisions on project approval have been issued before the
effective date of this Law shall be implemented in accordance with such
decisions or approvals;
g) If each flat of a
single-family detached house as prescribed in clause 2 Article 46 of the
Housing Law No. 65/2014/QH13, as amended by the Law No. 40/2019/QH14, the Law
No. 61/2020/QH14, the Law No. 62/2020/QH14, the Law No. 64/2020/QH14 and the
Law No. 03/2022/QH15, has been granted a Certificate, this flat owner shall
perform rights and obligations of a house owner in accordance with regulations
of law on housing before the effective date of this Law.
If the house mentioned in this
clause meets the requirements laid down in regulations of law on housing and
other regulations of relevant laws before the effective date of this Law but
has not yet granted any Certificate by the effective date of this Law, the
household or individual building this house may apply for a Certificate in
accordance with regulations of law on housing before the effective date of this
Law and the land law at their discretion.
If the house mentioned in this
clause does not meet the requirements laid down in regulations of law on
housing and other regulations of relevant laws before the effective date of
this Law, this violation shall be put into consideration in accordance with
regulations of law on housing, law on construction, law on fire fighting and
prevention, and other relevant laws in force at the time of occurrence of the
violation; issuance of a separate Certificate for each flat in this house shall
not be allowed; transactions involving this house shall comply with provisions
of the Civil Code.
3. Renovation and reconstruction
of apartment buildings shall be subject to the following regulations:
a) Regarding projects on
renovation or reconstruction of apartment buildings in which the project owner
selection is occurring but there is no document on project owner selection
results issued by a competent authority by the effective date of this Law, such
project owner selection shall be carried out in accordance with regulations of
law on housing before the effective date of this Law. These projects shall be
implemented in accordance with provisions of this Law and relevant laws;
b) Valid applications for
approval of investment policy and approval of project owners of projects on
renovation or reconstruction of apartment buildings, and valid applications for
approval of policies for investment in projects on renovation or reconstruction
of apartment buildings which have been received by competent authorities before
the effective date of this Law but have not yet been processed shall continue
to be processed in accordance with regulations of law on housing before the
effective date of this Law;
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d) Regarding old apartment
buildings to which the provincial People's Committee has promulgated K factor
used for flat area compensation in apartment building renovation and
reconstruction projects in accordance with regulations of the housing law
before the effective date of this Law, the K factor shall be used for
determining compensation, support and relocation for apartment building owners.
4. Management and use of
apartment buildings shall be subject to the following regulations:
a) Regarding apartment buildings
which have been commissioned and put into use before the effective date of this
Law and for which the decision or written approval of investment policy or another
document of equivalent validity as prescribed by law does not require the
transfer of technical infrastructure facilities, the project owner shall
maintain, repair, operate and ensure that these technical infrastructure
facilities are used for proper purposes and functions. In case the transfer of
technical infrastructure facilities is specified in such a document but has not
yet been completed, these technical infrastructure facilities must be
transferred for management and use in accordance with this Law;
b) Regarding technical
infrastructure facilities in the vicinity of the apartment buildings which have
been commissioned and put into use before the effective date of this Law and
for which the decision or written approval of investment policy or another
document of equivalent validity as prescribed by law does not require the
transfer of technical infrastructure facilities, the project owner shall
maintain, repair, operate and ensure that these technical infrastructure
facilities are used for proper purposes and functions. In case the transfer of
technical infrastructure facilities is specified in such a document but has not
yet been completed, these technical infrastructure facilities must be
transferred for management and use in accordance with this Law.
5. Implementation of Chapter VI
of this Law:
a) Social housing investment and
construction projects for which investment policy decision or approval,
investment decision, project approval decision and project owner selection
document has been issued before the effective date of this Law shall continue
to be implemented according to such decision or approval, unless the investment
policy or project contents must be modified in accordance with regulations of
the investment law;
b) Regarding commercial housing
or urban area construction projects for which investment policy approval,
investment decision, project approval decision or investment approval decision
has been issued before the effective date of this Law, the project owner shall
provide a part of residential land of the project in which technical
infrastructure facilities have been constructed for building social housing
according to such decision or approval;
c) If the owner of an
in-progress commercial housing or urban area construction project has not yet
fulfill the obligation to provide a part of residential land in the project in
which technical infrastructure facilities have been constructed for building
social housing by the effective date of this Law, the project owner shall
fulfill this obligation in accordance with regulations of the housing law in
force before the effective date of this Law;
d) Regarding social housing
construction projects in which the project owner selection is occurring but
there is no document on project owner selection results issued by the effective
date of this Law, such project owner selection shall be carried out in
accordance with regulations of the housing law in force before the effective
date of this Law;
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e) Registration, approval,
valuation, contract conclusion, purchase, sale, lease purchase, lease or
transfer of social housing which has been carried out in accordance with
regulations of the housing law in force before the effective date of this Law but
has not yet completed by the effective date of this Law shall continue to be
processed in accordance with regulations of the housing law in force before the
effective date of this Law;
g) If the social housing area
which is included in a social housing construction project and used for leasing
by the project owner in accordance with clause 3 Article 54 of the Housing Law
No. 65/2014/QH13, as amended by the Law No. 40/2019/QH14, the Law No.
61/2020/QH14, the Law No. 62/2020/QH14, the Law No. 64/2020/QH14 and the Law
No.03/2022/QH15 is still not yet leased out by the effective date of this Law,
this social housing area may be sold or provided for lease purchase in
accordance with provisions of this Law.
6. Entities in charge of
managing and operating apartment buildings whose information has been published
in accordance with regulations of the housing law before the effective date of
this Law must not follow procedures for obtaining certificate of eligibility to
manage and operate apartment buildings under this Law, unless there are changes
in their information or services provided or they fail to meet the requirements
set forth in this Law.
7. As of the effective date of
this Law, households owning houses before the effective date of this Law shall
participate in housing-related legal relationships in capacity of individuals
who are household members; and have rights and obligations as house owners
defined in this Law.”.
Articles 85 and 86 of the Law on
Water Resources No. 28/2023/QH15, which comes into force from July 01, 2024,
stipulate that:
“Article 85. Effect
1. This Law comes into force
from July 01, 2024, except for the case specified in clauses 3 and 4 of this
Article.
2. The Law on Natural Resources
No. 17/2012/QH13 amended by the Law No. 08/2017/QH14, Law No. 35/2018/QH14 and
Law No. 72/2020/QH14 (hereinafter referred to as “the Law No. 17/2012/QH13”)
shall cease to have effect from the effective date of this Law, except for the
case specified in clauses 1, 3 and 5 Article 86 of this Law.
3. The fee for right to exploit
water resources to be supplied for domestic activities as prescribed in point b
clause 1 Article 69 of this Law shall be charged from July 01, 2025.
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Article 86. Transitional
clauses
1. Any organization or
individual in the case mentioned in point b clause 1 Article 69 of this Law
that is granted a water resource license for supply to domestic activities
prior to the effective date of this Law shall pay the fee for right to exploit
water resources for domestic activities as prescribed by this Law and complete
declaration serving calculation of the fee for water resource exploitation
right by December 31, 2025 at the latest.
2. Any organization or
individual in the case mentioned in point b clause 1 Article 69 of this Law
that is granted a water resource license for supply to domestic activities
prior to the effective date of this Law shall pay the fee for right to exploit
water resources for domestic activities as prescribed by this Law and complete
declaration serving calculation of the fee for water resource exploitation
right by December 31, 2025 at the latest.
3. Any organization or
individual in the case mentioned in point b clause 1 Article 69 of this Law
that is granted a water resource license for supply to agriculture prior to the
effective date of this Law but is not required to pay the fee for water
resource exploitation right as per the Law No. 17/2012/QH13 is not required to
pay the fee for water resource exploitation right for the amount of water
supplied to agriculture until the expiry date written on the water resource
license.
4. Any organization or
individual in the case mentioned in point b clause 1 Article 69 of this Law
that has their permit for exploiting surface water for supply to agriculture
issued or extended as prescribed by this Law shall pay the fee for water
resource exploitation right as per this Law at the same time the fee for using
irrigation products or services is collected if the State does not provide
financial support for use of public irrigation products or utilities under
regulations of law on irrigation and law on prices.
5. Any application for issuance,
extension, adjustment or re-issuance of the license to practice groundwater
drilling or the water resource license that is submitted before the effective
date of this Law but has yet to be processed may be processed as per the Law
No. 17/2012/QH13, except for the case of applying for issuance of the license
as per this Law.
6. For any hydraulic structure
which was built and operated before January 01, 2013 but has yet to have its
exploitation and use of water resources registered and licensed before the
effective date of this Law, it is required to complete the procedures for
registering and licensing exploitation of water resources as prescribed by this
Law by June 30, 2027 at the latest.
7. For the provincial planning
approved before the effective date of this Law, the plan to exploit, use,
protect water resources and recover damage caused by water under the provincial
planning may be implemented until the expiry of the provincial planning period
or until the plan under the provincial planning is modified.
8. Any organization or
individual in the cases specified in points e and g clause 5 Article 52 of this
Law that possesses a lake, pond, canal or ditch to create space for collection,
storage or conveyance of water or create landscapes and uses river, stream,
canal, ditch or reservoir water surface for aquaculture, business and service
provision before the effective date of this Law shall complete procedures for
registering their use of water as per this Law by June 30, 2026 at the
latest.”.
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“Article 252. Effect
1. This Law comes into force
from January 01, 2025, except for the cases specified in clauses 2 and 3 of
this Article.
2. Article 190 and Article 248
of this Law come into force from April 01, 2024.
3. The formulation and approval
of land use planning may continue complying with Resolution No. 61/2022/QH15
dated June 16, 2022 of the National Assembly on continuing to strengthen the effect
and efficiency of policies and laws on planning and a number of solutions to
remove difficulties, speed up the formulation and improve the quality of
planning for the 2021-2030 period.
Clause 9 Article 60 of this Law
comes into force from the date on which Resolution No. 61/2022/QH15 ceases to
have effect.
4. Land Law No. 45/2013/QH13
which was amended by Law No. 35/2018/QH14 (hereinafter referred to as “Land Law
No. 45/2013/QH13”) shall cease to have effect from the effective date of this
Law.
Article 253. Transitional
provisions on land use planning and plans when this Law comes into force
1. Land use planning and plans
that have been decided and approved by competent regulatory agencies before the
effective date of this Law may continue to be implemented and adjusted when
reviewing land use planning and plans according to Article 73 hereof.
2. A local authority that has
provincial planning for the period of 2021 - 2030 approved according to
planning laws before the effective date of this Law may continue adopting the
plan for land distribution and zoning in the provincial planning to perform
land management until the end of the planning period. The adjustment to the
provincial planning shall comply with Law on Planning No. 21/2017/QH14.”.
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“Article 64. Effect
1. This Law comes into force
from January 01, 2025.
2. The Law on Archives No.
01/2011/QH13 shall cease to have effect from the effective date of this Law,
except for the cases specified in points a, b, c and d clause 1, clause 5 and
clause 6 Article 65 of this Law.”.
Article 5 of the Law No.
43/2024/QH15 dated June 29, 2024 on amendments to certain Articles of Law on
Land No. 31/2024/QH15, Law on Housing No. 27/2023/QH15, Law on Real Estate
Business No. 29/2023/QH15 and Law on Credit Institutions No. 32/2024/QH15,
which has been effective since August 01, 2024, stipulates that:
“Article 5. Effect
This Law comes into force from
August 01, 2024.”.
[12] This point is repealed
by clause 4 Article 3 of the Law No. 03/2022/QH15 on amendments to certain
articles of the Law on Public Investment, the Law on Public-Private Partnership
Investment, the Law on Investment, the Law on Housing, the Law on Bidding, the
Law on Electricity, the Law on Enterprises, the Law on Special Excise Duties
and the Law on Civil Judgment Enforcement, which has been effective since March
01, 2022.
[13] This clause ceases to have effect from January 01,
2022 as prescribed in clause 3 Article 170 of the Law on Environmental
Protection No. 72/2020/QH14, which has been effective since January 01, 2022.
[14] This business line is amended by Article 155 of Law
on Insurance Business No. 08/2022/QH15, which has been effective since January
01, 2023.
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[16] This business line is amended by clause 1 Article
51 of Law on Electronic Transactions No.20/2023/QH15, which comes into force
from July 01, 2024.
[17] The phrase “kinh doanh dịch vụ định danh và xác
thực điện tử” (“electronic identification and authentication services”) is
replaced by the phrase “kinh doanh dịch vụ xác thực điện tử” (“electronic
authentication services”) according to Article 44 of the Law on Identification
No. 26/2023/QH15, which comes into force from July 01, 2024.
[18] This business line is added by clause 5 Article 3
of the Law No. 03/2022/QH15 on amendments to certain articles of the Law on
Public Investment, the Law on Public-Private Partnership Investment, the Law on
Investment, the Law on Housing, the Law on Bidding, the Law on Electricity, the
Law on Enterprises, the Law on Special Excise Duties and the Law on Civil
Judgment Enforcement, which has been effective since March 01, 2022.
[19] This business line is amended by Article 48 of the
Law on Cinematography No. 05/2022/QH15, which has been effective since January
01, 2023.
[20] This point is amended by point a clause 3 Article
84 of Law on Water Resources No. 28/2023/QH15, which comes into force from July
01, 2024.
[21] This point is amended by point a clause 3 Article
84 of Law on Water Resources No. 28/2023/QH15, which comes into force from July
01, 2024.
[22] This business line is added by clause 1 Article 2
of the Law No. 09/2022/QH15 on Amendments to Some Articles of the Law on Radio
Frequencies, which has been effective since July 01, 2023.
[23] This business line is added by clause 1 Article 63
of Law on Archives No. 33/2024/QH15, which comes into force from July 01, 2025.