Procedure for investor approval

I.  Case of investor approval

1.  Investor approval through land use right auction, investor selection bidding in the special case

-   An auction of land use rights has been held but only one investor has registered to participate or has been held unsuccessfully at least twice in accordance with the law on land;

-   The list of projects has been posted in accordance with the law on bidding, but only one investor registers and meets the preliminary requirements for capacity and experience, or many investors register but only one investor who meets the preliminary requirements on capacity and experience in accordance with the law on bidding;

In this case, the competent authority shall carry out procedures for investor approval when the investor meets the conditions prescribed by relevant laws.

2.  Investor approval not through land use right auction, investor selection bidding

-   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;

-   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;

-   The investor implements the investment project in an industrial park or hi-tech zone;

-   Other cases not subject to an auction or bidding in accordance with the law.

II.  Records for the procedure

1.  An application form for investor approval;

2.  A document about the investor’s legal status;

3.  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;

4.  Contents of the explanation for the technology to be used in the investment project if the project requires appraisal and collection of opinions on the technology in accordance with the Law on Technology Transfer;

5.  The business cooperation contract if the investment project is executed under a business cooperation contract;

6.  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).

III.  Legal basis

1.  Law on Investment No. 61/2020/QH14 on 17 June 2020;

2.  Decree No. 31/2021/ND-CP on 26 March 2021 detailing and guiding the implementation of a number of articles of the Investment Law;

3.  Circular No. 03/2021/ND-CP on 09 April 2021 prescribing templates for documents and reports related to investment activities in Vietnam, outward investment activities and investment promotion activities.