Procedures for investment guideline approval by The National Assembly

I.  Projects under the National Assembly’s power to approve investment guideline

1.  Investment projects that exert great effects or potentially serious effects on the environment, including:

a)  Nuclear power plants;

b)  Projects that require repurposing of special-use forests, headwater protection forests or border protection forests of at least 50 hectares; of sand-fixing and windbreak coastal forests or protection forests for wave prevention of at least 500 hectares; or 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.

II.  Records for the procedure for approval of investment guideline of project proposed by the investor

1.  An application form for implementation of the investment project, including a commitment to incur all costs and risks if the project is not approved;

2.  A document concerning the legal status of the investor;

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.  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 the law on environment 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;

5.  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;

6.  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;

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

8.  Other documents relating to the investment project, and requirements on the eligibility and capacity of the investor in accordance with law (if any);

9.  Explanatory documents for the proposal for method of investor selection specified in Clauses 1 and 2 Article 33 of Law on Investment 2020;

10.  Regarding a project on investment in construction, the project investment proposal includes:

a)  The contents specified in Point d Clause 1 or Point b Clause 2 Article 33 of Law on Investment 2020; description of fulfillment of objectives and orientations for urban development, residential housing development program or plan; expected division of component projects (if any); preliminary plan for phasing of investment with a view to synchronism assurance; preliminary structure of residential housing products and provision of land for social housing development; preliminary plan for investment in construction and management of urban infrastructure inside and outside the project, including a proposal for preliminary part of the urban infrastructure retained by the investor for business operation and part of the urban infrastructure to be transferred or proposed by the investor to the local government with respect to the project on investment in residential housing or urban area construction;

b)  For an urban area project, if the law on construction requires formulation of a pre-feasibility study report, the investor or competent authority is entitled to submit or use the pre-feasibility study report instead of the investment project proposal, including a proposal for preliminary part of the urban infrastructure retained by the investor for business operation and part of the urban infrastructure to be transferred or proposed by the investor to the local government;

c)  The contents specified in Point d Clause 1 or Point b Clause 2 Article 33 of Law on Investment 2020, expected division of component projects (if any) with respect to the project on investment in construction other than that specified in Point a of this Clause.

III.  Legal basis

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

2.  Decree No. 29/2021/ND-CP on provisions on the order, procedures for assessment of national important projects and investment supervision and evaluation;

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

4.  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.