Investment Law 2020

THE LAW

INVEST

Based on the Constitution of the Socialist Republic of Vietnam;

The National Assembly enacted the Investment Law.

Chapter I

GENERAL PROVISIONS

Article 1. Scope

This law regulates investment and business activities in Vietnam and investment and business activities from Vietnam to foreign countries.

Article 2. Subject of application

This law applies to investors and agencies, organizations, and individuals involved in investment and business activities.

Article 3. Explain words

In this Law, the terms below are construed as follows:

1. Approval of investment policy This refers to the approval by competent state agencies regarding the objectives, location, scale, progress, and timeframe of the project; the investor or method of investor selection; and any special mechanisms and policies (if applicable) for the implementation of the investment project.

2. Investment registration authority It is the competent state agency authorized to issue, amend, and revoke Investment Registration Certificates.

3. National Investment Database It is a collection of data on investment projects nationwide, connected to the database systems of relevant agencies.

4. Investment It is a collection of proposals for medium-term or long-term capital investment to carry out business investment activities in a specific area, within a defined period of time.

5. Expansion investment project An investment project is an investment project that develops an existing investment project by expanding its scale, increasing capacity, innovating technology, reducing pollution, or improving the environment.

6. New investment project This refers to an initial investment project or an investment project independent of an existing investment project.

7. Innovative startup investment project An investment project is an investment project that implements an idea based on the exploitation of intellectual property, technology, new business models, and has the potential for rapid growth.

8. Business investment It is when an investor invests capital to carry out business activities.

9. Business investment conditions These are conditions that individuals and organizations must meet when conducting investment and business activities in industries or professions subject to conditional investment and business regulations.

10. Market access conditions for foreign investors This is a condition that foreign investors must meet to invest in sectors and professions listed in the List of sectors and professions with restricted market access for foreign investors as stipulated in Clause 2, Article 9 of this Law.

11. Investment registration certificate It is a document, in paper or electronic form, that records the investor's registration information regarding the investment project.

12. National Investment Information System It is a specialized business information system for monitoring, evaluating, and analyzing investment trends nationwide to serve state management and support investors in carrying out investment and business activities.

13. Overseas investment activities This refers to the process by which investors transfer investment capital from Vietnam to overseas, using the profits generated from this investment to conduct business activities abroad.

14. Business cooperation agreement (hereinafter referred to as BCC contract) is a contract signed between investors to cooperate in business, share profits, and share products in accordance with the law without establishing an economic organization.

15. Export processing zone It is an industrial zone specializing in the production of goods for export, providing services for the production of export goods, and engaging in export activities.

16. industrial area It is a geographically defined area specializing in the production of industrial goods and the provision of services for industrial production.

17. Economic zone It is a geographically defined area comprising various functional zones, established to achieve the goals of attracting investment, developing socio-economic activities, and protecting national defense and security.

18. Investors These are organizations and individuals engaged in investment and business activities, including domestic investors, foreign investors, and economic organizations with foreign investment capital.

19. Foreign investors This refers to individuals of foreign nationality or organizations established under foreign law that conduct investment and business activities in Vietnam.

20. Domestic investors This refers to individuals with Vietnamese nationality, or economic organizations that do not have foreign investors as members or shareholders.

21. Economic organization An organization is an entity established and operating in accordance with Vietnamese law, including enterprises, cooperatives, cooperative unions, and other organizations engaged in investment and business activities.

22. Foreign-invested economic organizations It is an economic organization in which foreign investors are members or shareholders.

23. Investment This refers to money and other assets as stipulated by civil law and international treaties to which the Socialist Republic of Vietnam is a party, used for investment and business activities.

Article 4. Application of the Investment Law and related laws

1. Investment and business activities in Vietnam are conducted in accordance with the Law on Investment and other relevant laws.

2. In cases where there are differing provisions between the Investment Law and other laws enacted before the effective date of the Investment Law regarding prohibited or conditionally permitted investment and business sectors, the provisions of the Investment Law shall prevail.

Regulations regarding the names of sectors and professions prohibited from investment and business activities, and sectors and professions subject to conditional investment and business activities in other laws must be consistent with Article 6 and the Appendices of the Investment Law.

3. In cases where there are differing provisions between the Investment Law and other laws enacted before the effective date of the Investment Law regarding the procedures for investment and business, and investment guarantees, the provisions of the Investment Law shall prevail, except for the following cases:

a) The investment, management, and use of state investment capital in enterprises shall be carried out in accordance with the provisions of the Law on Management and Use of State Capital Invested in Production and Business in Enterprises;

b) The authority, procedures, and processes for public investment and the management and use of public investment capital shall be implemented in accordance with the provisions of the Law on Public Investment;

c) The authority, procedures, and processes for investment and project implementation; the laws governing project contracts; investment guarantees; and the mechanisms for managing state capital directly applicable to investment projects under the public-private partnership method shall be implemented in accordance with the Law on Investment under the Public-Private Partnership Method;

d) The implementation of investment projects for construction, housing, and urban areas shall be carried out in accordance with the provisions of the Construction Law, the Housing Law, and the Real Estate Business Law after the competent authority has approved the investment policy or approved the adjustment of the investment policy as prescribed in the Investment Law;

d) Authority, procedures, and conditions for investment and business activities as stipulated in the Law on Credit Institutions, the Law on Insurance Business, and the Law on Oil and Gas;

e) The authority, procedures, conditions for investment and business activities related to securities and the securities market in the Vietnamese securities market shall be implemented in accordance with the provisions of the Securities Law.

4. In cases where other laws enacted after the effective date of the Investment Law require specific investment regulations different from those of the Investment Law, it is necessary to specifically determine which provisions of the Investment Law shall be implemented or not implemented, and which provisions of the other law shall be implemented.

5. For contracts in which at least one party is a foreign investor or an economic organization as stipulated in Clause 1, Article 23 of the Investment Law, the parties may agree in the contract to apply foreign law or international investment practices if such agreement does not contravene the provisions of Vietnamese law.

Article 5. Investment and Business Policy

1. Investors have the right to conduct investment and business activities in sectors and professions that are not prohibited by this Law. For sectors and professions subject to conditional investment and business, investors must meet the investment and business conditions as prescribed by law.

2. Investors have the right to make their own decisions and bear full responsibility for their investment and business activities in accordance with this Law and other relevant laws; they have the right to access and utilize credit sources, support funds, land, and other resources in accordance with the law.

3. An investor's investment and business activities may be suspended, stopped, or terminated if these activities harm or pose a risk of harming national defense and security.

4. The State recognizes and protects the ownership rights of investors regarding property, investment capital, income, and other legitimate rights and interests.

5. The State treats all investors equally; it has policies to encourage and facilitate investors in carrying out investment and business activities, and in the sustainable development of economic sectors.

6. The State respects and implements international investment treaties to which the Socialist Republic of Vietnam is a party.

Article 6. Prohibited sectors and business activities.

1. The following investment and business activities are prohibited:

a) Trading in narcotic substances as specified in Appendix I of this Law;

b) Trading in chemicals and minerals specified in Appendix II of this Law;

c) Trading in specimens of wild plants and animals originating from natural exploitation as stipulated in Appendix I of the Convention on International Trade in Endangered Species of Wild Plants and Animals; specimens of endangered, rare, and precious forest plants, forest animals, and aquatic species of Group I originating from natural exploitation as stipulated in Appendix III of this Law;

d) Engaging in prostitution;

d) Buying and selling people, tissues, corpses, human body parts, and human fetuses;

e) Business activities related to human cloning;

g) Trading in firecrackers;

h) Debt collection services business.

2. The production and use of products specified in points a, b, and c of Clause 1 of this Article in analysis, testing, scientific research, medicine, pharmaceutical production, criminal investigation, national defense, and security shall be carried out in accordance with the regulations of the Government.

Article 7. Conditional investment and business sectors

1. Conditional investment and business sectors are those in which investment and business activities must meet necessary conditions for reasons of national defense, national security, social order and safety, social morality, and public health.

2. The list of conditional investment and business sectors and professions is stipulated in Appendix IV of this Law.

3. The investment and business conditions for the sectors and professions specified in Clause 2 of this Article shall be stipulated in laws, resolutions of the National Assembly, ordinances, 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 party. Ministries, ministerial-level agencies, People's Councils, People's Committees at all levels, and other agencies, organizations, and individuals are not permitted to issue regulations on investment and business conditions.

4. Investment and business conditions must be stipulated in accordance with the reasons specified in Clause 1 of this Article and must ensure openness, transparency, objectivity, and cost savings for investors.

5. Regulations on investment and business conditions must include the following contents:

a) Subjects and scope of application of investment and business conditions;

b) Forms of application of investment and business conditions;

c) Content of investment and business conditions;

d) Documents, procedures, and administrative processes for complying with investment and business conditions (if any);

d) State management agencies and competent authorities responsible for handling administrative procedures related to investment and business conditions;

e) The validity period of the license, certificate, or other confirmation or approval document (if any).

6. Investment and business conditions are applied in the following forms:

a) License;

b) Certificate;

c) Certificates;

d) Confirmation or approval documents;

d) Other requirements that individuals and economic organizations must meet to carry out investment and business activities without needing written confirmation from a competent authority.

7. Conditional investment and business sectors and the investment and business conditions for those sectors must be published on the National Business Registration Portal.

8. The government shall provide detailed regulations on the publication and control of investment and business conditions.

Article 8. Amendments and additions to the list of prohibited investment and business sectors, the list of conditional investment and business sectors, and investment and business conditions.

1. Based on socio-economic conditions and state management requirements in each period, the Government shall review the sectors and professions prohibited from investment and business, the List of sectors and professions subject to conditional investment and business, and submit to the National Assembly for amendment and supplementation of Articles 6, 7 and the Appendices of this Law according to the simplified procedures.

2. Amendments and additions to conditional investment and business sectors or investment and business conditions must comply with the provisions of Clauses 1, 3, 4, 5 and 6 of Article 7 of this Law.

Article 9. Sectors, occupations and market access conditions for foreign investors

1. Foreign investors are subject to the same market access conditions as domestic investors, except as provided in Clause 2 of this Article.

2. Based on 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 party, the Government announces the List of sectors and professions with restricted market access for foreign investors, including:

a) Industries and occupations that have not yet accessed the market;

b) Industries and occupations that have conditional market access.

3. Market access conditions for foreign investors, as stipulated in the List of sectors and professions with restricted market access for foreign investors, include:

a) The percentage of charter capital owned by foreign investors in economic organizations;

b) Form of investment;

c) Scope of investment activities;

d) The capacity of the investor; and partners participating in the investment activity;

d) Other conditions as prescribed by laws, resolutions of the National Assembly, ordinances, 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 party.

4. The Government shall detail this Article.

Chapter II

INVESTMENT GUARANTEE

Article 10. Guarantee of property rights

1. The investor's legally owned assets are not nationalized or confiscated by administrative means.

2. In cases where the State requisitions or appropriates assets for reasons of national defense, security, or national interest, or in emergency situations or for disaster prevention and control, the investor shall be compensated in accordance with the law on requisition and appropriatement of assets and other relevant laws.

Article 11. Ensuring investment and business activities

1. The State does not require investors to fulfill the following requirements:

a) Prioritize purchasing and using domestic goods and services, or be required to purchase and use goods and services from domestic manufacturers or service providers;

b) Exporting goods or services at a certain rate; restricting the quantity, value, and types of goods and services exported or produced and supplied domestically;

c) Importing goods in quantities and values ​​corresponding to the quantities and values ​​of exported goods, or having to balance foreign currency from export sources to meet import needs;

d) Achieving the localization rate for domestically produced goods;

d) Achieving a certain level or value in research and development activities within the country;

e) Providing goods or services at a specific location domestically or internationally;

g) Establish the head office at a location as required by the competent state authority.

2. Based on socio-economic development conditions and investment attraction needs in each period, the Prime Minister decides on the application of state guarantees to implement investment projects under the authority of the National Assembly and the Prime Minister to approve investment policies, as well as other important infrastructure development investment projects.

The government will provide detailed regulations for this provision.

Article 12. Guaranteeing the right of foreign investors to transfer assets abroad.

After fulfilling all financial obligations to the Vietnamese State as stipulated by law, foreign investors are allowed to transfer the following assets abroad:

1. Investment capital, investment liquidation proceeds;

2. Income from investment and business activities;

3. Money and other assets legally owned by the investor.

Article 13. Guaranteeing investment and business in case of changes in the law.

1. In cases where a newly enacted legal document stipulates new or higher investment incentives, investors shall enjoy the investment incentives as prescribed by the new legal document for the remaining incentive period of the investment project, except for special investment incentives for investment projects falling under the cases specified in point a, clause 5, Article 20 of this Law.

2. If a newly enacted legal document stipulates lower investment incentives than those previously enjoyed by the investor, the investor may continue to apply the previously stipulated investment incentives for the remaining incentive period of the investment project.

3. The provisions of Clause 2 of this Article do not apply in cases where the provisions of a legal document are changed for reasons of national defense, national security, public order, social safety, social morality, public health, or environmental protection.

4. In cases where an investor is no longer eligible for investment incentives as stipulated in Clause 3 of this Article, the matter may be considered and resolved through one or more of the following measures:

a) Deduct the investor's actual losses from taxable income.

b) Adjusting the operational objectives of the investment project;

c) Assisting investors in recovering from losses.

5. For investment guarantee measures stipulated in Clause 4 of this Article, the investor must submit a written request within 03 years from the date the new legal document comes into effect.

Article 14. Dispute Resolution in Investment and Business Activities

1. Disputes related to investment and business activities in Vietnam shall be resolved through negotiation and mediation. If negotiation and mediation fail, the dispute shall be resolved by arbitration or by court in accordance with the provisions of Clauses 2, 3 and 4 of this Article.

2. Disputes between domestic investors, foreign-invested economic organizations, or between domestic investors, foreign-invested economic organizations, and competent state agencies related to investment and business activities in Vietnam shall be resolved through Vietnamese arbitration or Vietnamese courts, except as provided in Clause 3 of this Article.

3. Disputes between investors, in which at least one party is a foreign investor or economic organization as stipulated in points a, b, and c of Clause 1, Article 23 of this Law, shall be resolved through one of the following agencies or organizations:

a) Vietnamese courts;

b) Vietnamese referees;

c) Foreign arbitrators;

d) International arbitration;

d) Arbitration established by agreement between the disputing parties.

4. Disputes between foreign investors and competent state agencies related to investment and business activities in Vietnam shall be resolved through Vietnamese arbitration or Vietnamese courts, unless otherwise agreed in the contract or international treaty to which the Socialist Republic of Vietnam is a party.

Chapter III

INVESTMENT OFFERS AND SUPPORT

Article 15. Forms and subjects of investment incentives

1. Investment incentives include:

a) Corporate income tax incentives, including applying a corporate income tax rate lower than the normal rate for a limited period or for the entire duration of the investment project; tax exemptions, tax reductions, and other incentives as prescribed by the law on corporate income tax;

b) Exemption from import duties for goods imported to create fixed assets; raw materials, supplies, and components imported for production in accordance with the law on export and import taxes;

c) Exemption from or reduction of land use fees, land rent, and land use tax;

d) Accelerated depreciation increases the amount of deductible expenses when calculating taxable income.

2. The entities eligible for investment incentives include:

a) Investment projects belonging to industries and professions eligible for investment incentives as stipulated in Clause 1, Article 16 of this Law;

b) Investment projects in areas eligible for investment incentives as stipulated in Clause 2, Article 16 of this Law;

c) Investment projects with a capital scale of VND 6.000 billion or more, with a minimum disbursement of VND 6.000 billion within 03 years from the date of issuance of the Investment Registration Certificate or approval of the investment policy, and simultaneously meeting one of the following criteria: having total revenue of at least VND 10.000 billion per year within a maximum of 03 years from the year of revenue generation or employing more than 3.000 workers;

d) Investment projects for the construction of social housing; investment projects in rural areas employing 500 or more workers; investment projects employing people with disabilities as defined by the law on people with disabilities;

d) High-tech enterprises, science and technology enterprises, science and technology organizations; projects involving technology transfer included in the List of Technologies Encouraged for Transfer as prescribed by the law on technology transfer; technology incubation centers, science and technology enterprise incubation centers as prescribed by the law on high technology, the law on science and technology; enterprises producing and supplying technology, equipment, products and services serving environmental protection requirements as prescribed by the law on environmental protection;

e) Investment projects for innovative startups, innovation centers, and research and development centers;

g) Investing in and operating product distribution chains for small and medium-sized enterprises (SMEs); investing in and operating technical facilities to support SMEs, and SME incubation centers; investing in and operating co-working spaces to support innovative start-up SMEs in accordance with the law on supporting SMEs.

3. Investment incentives apply to new investment projects and expansion investment projects.

4. The specific incentive levels for each type of investment incentive are applied according to the provisions of the law on taxation, accounting, and land.

5. Investment incentives stipulated in points b, c, and d of Clause 2 of this Article do not apply to the following investment projects:

a) Mineral exploitation investment projects;

b) Investment projects for the production and business of goods and services subject to excise tax as prescribed by the Law on Excise Tax, excluding projects for the production of automobiles, aircraft, and yachts;

c) Investment projects for the construction of commercial housing in accordance with the law on housing.

6. Investment incentives are applied for a limited period and based on the investor's project performance. Investors must meet the eligibility requirements for incentives as stipulated by law during the incentive period.

7. Investment projects that meet the conditions for enjoying different levels of investment incentives, including those stipulated in Article 20 of this Law, shall be applied the highest level of investment incentive.

8. The Government shall detail this Article.

Article 16. Investment-incentive sectors and geographical areas.

1. Industries and professions eligible for investment incentives include:

a) High-tech activities, high-tech supporting industrial products, research and development activities, and production of products resulting from scientific and technological achievements as prescribed by the law on science and technology;

b) Production of new materials, new energy, clean energy, renewable energy; production of products with added value of 30% or more, and energy-saving products;

c) Manufacturing of electronic products, key mechanical products, agricultural machinery, automobiles, automobile parts; shipbuilding;

d) Manufacturing products included in the List of Priority Industrial Support Products;

d) Production of information technology products, software, and digital content;

e) Cultivating and processing agricultural, forestry, and aquatic products; planting and protecting forests; salt production; exploiting marine resources and providing logistics services for the fishing industry; producing plant and animal breeds, and biotechnology products;

g) Collecting, treating, recycling, or reusing waste;

h) Investing in the development, operation, and management of infrastructure projects; developing public passenger transport in urban areas;

i) Preschool education, general education, vocational education, higher education;

k) Medical examination and treatment; production of medicines, pharmaceutical raw materials, and drug preservation; scientific research on pharmaceutical technology and biotechnology for the production of new drugs; production of medical equipment;

l) Investing in training and competition facilities for physical education and sports for people with disabilities or professionals; protecting and promoting the value of cultural heritage;

m) Investing in centers for geriatrics, psychiatry, and treatment of patients affected by Agent Orange; centers for the care of the elderly, people with disabilities, orphans, and homeless children;

n) People's credit funds, microfinance institutions;

o) Producing goods and providing services that create or participate in value chains and industry clusters.

2. Investment incentive areas include:

a) Areas with difficult socio-economic conditions, areas with particularly difficult socio-economic conditions;

b) Industrial parks, export processing zones, high-tech zones, economic zones.

3. Based on the investment-incentive sectors, occupations, and geographical areas specified in Clauses 1 and 2 of this Article, the Government shall issue, amend, and supplement the List of Investment-Incentive Sectors and Occupations and the List of Investment-Incentive Geographical Areas; and identify sectors and occupations with special investment incentives within the List of Investment-Incentive Sectors and Occupations.

Article 17. Procedures for applying investment incentives

Based on the subjects specified in Clause 2, Article 15 of this Law, the investment policy approval document (if any), the Investment Registration Certificate (if any), and other relevant legal provisions, investors shall determine investment incentives themselves and carry out the procedures for enjoying investment incentives at the tax authority, finance authority, customs authority, and other competent authorities corresponding to each type of investment incentive.

Article 18. Forms of investment support

1. Forms of investment support include:

a) Support the development of technical and social infrastructure systems inside and outside the boundaries of investment projects;

b) Support for training and human resource development;

c) Credit support;

d) Support in accessing production and business premises; support for production and business establishments to relocate according to decisions of state agencies;

d) Support for science, technology, and technology transfer;

e) Support market development and provide information;

g) Support for research and development.

2. Based on the socio-economic development orientation and the ability to balance the state budget in each period, the Government shall specify in detail the forms of investment support stipulated in Clause 1 of this Article for high-tech enterprises, science and technology enterprises, science and technology organizations, enterprises investing in agriculture and rural areas, enterprises investing in education, legal dissemination, and other entities.

Article 19. Support for the development of infrastructure systems in industrial parks, export processing zones, high-tech zones, and economic zones.

1. Based on the planning that has been decided or approved in accordance with the law on planning, Ministries, ministerial-level agencies, and provincial People's Committees shall develop investment development plans and organize the construction of technical and social infrastructure systems outside the boundaries of industrial parks, export processing zones, high-tech zones, and functional zones within economic zones.

2. The State provides partial investment capital from the state budget and preferential credit to develop a comprehensive system of technical and social infrastructure inside and outside industrial parks in areas with difficult or particularly difficult socio-economic conditions.

3. The State provides partial investment capital from the state budget, preferential credit, and applies other capital mobilization methods to build technical and social infrastructure systems in economic zones and high-tech zones.

Article 20. Special investment incentives and support

1. The government decides on the application of special investment incentives and support to encourage the development of certain investment projects that have a significant impact on socio-economic development.

2. The subjects eligible for special investment incentives and support as stipulated in Clause 1 of this Article include:

a) Investment projects for the establishment of new (including the expansion of such projects) innovation centers and research and development centers with a total investment capital of VND 3.000 billion or more, with a minimum disbursement of VND 1.000 billion within 03 years from the date of issuance of the Investment Registration Certificate or approval of the investment policy; national innovation centers established by decision of the Prime Minister;

b) Investment projects in sectors and professions with special investment incentives and an investment capital of VND 30.000 billion or more must disburse at least VND 10.000 billion within 03 years from the date of issuance of the Investment Registration Certificate or approval of the investment policy.

3. The level and duration of special incentives shall be implemented in accordance with the provisions of the Corporate Income Tax Law and the land law.

4. Special investment support shall be provided in the forms prescribed in Clause 1, Article 18 of this Law.

5. The special investment incentives and support stipulated in this Article do not apply to the following cases:

a) Investment projects that have been granted Investment Certificates, Investment Registration Certificates, or Investment Policy Decisions before the effective date of this Law;

b) Investment projects as stipulated in Clause 5, Article 15 of this Law.

6. The Government shall submit to the National Assembly for decision the application of investment incentives other than those stipulated in this Law and other laws in cases where it is necessary to encourage the development of a particularly important investment project or a special administrative-economic unit.

7. The Government shall detail this Article.

Chapter IV

INVESTMENT ACTIVITIES IN VIETNAM

Section 1. FORMS OF INVESTMENT

Article 21. Forms of Investment

1. Investing in the establishment of economic organizations.

2. Investment through capital contribution, purchase of shares, or purchase of equity stakes.

3. Implement the investment project.

4. Investment in the form of BCC contracts.

5. New forms of investment and types of economic organizations as stipulated by the Government.

Article 22. Investment in establishing economic organizations

1. Investors establish economic organizations in accordance with the following regulations:

a) Domestic investors establish economic organizations in accordance with the law on enterprises and the relevant laws for each type of economic organization;

b) Foreign investors establishing economic organizations must meet the market access conditions for foreign investors as stipulated in Article 9 of this Law;

c) Before establishing an economic organization, foreign investors must have an investment project and complete the procedures for issuing or amending the Investment Registration Certificate, except in the case of establishing innovative start-up small and medium-sized enterprises and innovative start-up investment funds as prescribed by the law on supporting small and medium-sized enterprises.

2. From the date of issuance of the Business Registration Certificate or other legally equivalent documents, the economic organization established by the foreign investor is the investor implementing the investment project as stipulated in the Investment Registration Certificate.

Article 23. Implementation of investment activities by economic organizations with foreign investment capital.

1. Economic organizations must meet the conditions and follow the investment procedures prescribed for foreign investors when investing in the establishment of other economic organizations; investing in capital contributions, purchasing shares, or purchasing capital contributions of other economic organizations; or investing in the form of a BCC contract if the economic organization falls into one of the following cases:

a) In the case of a partnership company, there are foreign investors holding more than 50% of the charter capital or the majority of the partners are foreign individuals;

b) An economic organization as stipulated in point a of this clause holds more than 50% of the charter capital;

c) Foreign investors and economic organizations specified in point a of this clause hold more than 50% of the charter capital.

2. Economic organizations not falling under the cases specified in points a, b, and c of Clause 1 of this Article shall comply with the investment conditions and procedures prescribed for domestic investors when investing in the establishment of other economic organizations; investing in the form of capital contribution, share purchase, or purchase of capital contributions of other economic organizations; and investing in the form of BCC contracts.

3. Economic organizations with foreign investment capital already established in Vietnam, if they have a new investment project, may proceed with the procedures for implementing that investment project without necessarily establishing a new economic organization.

4. The Government shall provide detailed regulations on the procedures for establishing economic organizations and on the implementation of investment activities by foreign investors and economic organizations with foreign investment capital.

Article 24. Investment in the form of capital contribution, share purchase, or purchase of capital contributions.

1. Investors have the right to contribute capital, purchase shares, or acquire capital contributions in economic organizations.

2. Foreign investors contributing capital, purchasing shares, or acquiring capital contributions in economic organizations must meet the following regulations and conditions:

a) Market access conditions for foreign investors are stipulated in Article 9 of this Law;

b) Ensuring national defense and security as prescribed by this Law;

c) Legal regulations on land regarding the conditions for receiving land use rights and the conditions for land use in islands, border communes, wards, and towns, and coastal communes, wards, and towns.

Article 25. Forms of capital contribution, share purchase, and equity purchase.

1. Investors may contribute capital to economic organizations in the following forms:

a) Purchasing shares issued in an initial public offering or additional shares issued by a joint-stock company;

b) Contributing capital to a limited liability company or a partnership;

c) Contributing capital to other economic organizations not falling under the cases specified in points a and b of this clause.

2. Investors may purchase shares or capital contributions of economic organizations in the following forms:

a) Purchase shares of a joint-stock company from the company or its shareholders;

b) Purchasing the capital contribution of a member of a limited liability company to become a member of the limited liability company;

c) Purchase the capital contribution of a contributing member in a partnership company to become a contributing member of the partnership company;

d) Purchasing capital contributions from members of other economic organizations not falling under the cases specified in points a, b, and c of this clause.

Article 26. Procedures for investment in the form of capital contribution, share purchase, and equity purchase.

1. Investors contributing capital, purchasing shares, or acquiring capital contributions of economic organizations must meet the conditions and follow the procedures for changing members and shareholders as prescribed by law for each type of economic organization.

2. Foreign investors must register their capital contribution, share purchase, or acquisition of capital contributions in an economic organization before any change in members or shareholders if they fall under one of the following cases:

a) Contributing capital, purchasing shares, or acquiring equity stakes that increase the ownership percentage of foreign investors in economic organizations operating in sectors or professions subject to conditional market access for foreign investors;

b) Capital contributions, share purchases, or equity purchases resulting in foreign investors or economic organizations specified in points a, b, and c of Clause 1, Article 23 of this Law holding more than 50% of the charter capital of an economic organization in the following cases: increasing the percentage of charter capital ownership by foreign investors from less than or equal to 50% to more than 50%; increasing the percentage of charter capital ownership by foreign investors when foreign investors already own more than 50% of the charter capital in an economic organization;

c) Foreign investors contributing capital, purchasing shares, or acquiring capital contributions of economic organizations holding land use right certificates in islands and border communes, wards, and towns; coastal communes, wards, and towns; and other areas affecting national defense and security.

3. Investors not falling under the cases specified in Clause 2 of this Article shall follow the procedures for changing shareholders and members as prescribed by relevant laws when contributing capital, purchasing shares, or purchasing capital contributions of economic organizations. If there is a need to register the capital contribution, purchase of shares, or purchase of capital contributions of an economic organization, the investor shall follow the provisions of Clause 2 of this Article.

4. The Government shall prescribe in detail the documents, procedures, and processes for contributing capital, purchasing shares, and purchasing capital contributions of economic organizations as stipulated in this Article.

Article 27. Investment in the form of BCC contracts

1. BCC contracts signed between domestic investors are governed by the provisions of civil law.

2. BCC contracts signed between domestic and foreign investors, or between foreign investors, shall follow the procedures for issuing Investment Registration Certificates as prescribed in Article 38 of this Law.

3. The parties to the BCC contract shall establish a coordinating committee to implement the BCC contract. The functions, duties, and powers of the coordinating committee shall be agreed upon by the parties.

Article 28. Contents of the BCC contract

1. A BCC contract includes the following main contents:

a) Names, addresses, and authorized representatives of the parties involved in the contract; transaction address or location of the investment project;

b) Objectives and scope of investment and business activities;

c) Contributions of the parties to the contract and the distribution of investment and business results among the parties;

d) Contract progress and deadlines;

d) Rights and obligations of the parties involved in the contract;

e) Modification, assignment, and termination of contracts;

g) Liability for breach of contract, dispute resolution methods.

2. During the execution of a BCC contract, the parties to the contract may agree to use assets generated from the business cooperation to establish a business in accordance with the law on enterprises.

3. The parties to a BCC contract have the right to agree on other terms that do not contravene the provisions of the law.

Section 2. APPROVAL OF INVESTMENT POLICY AND SELECTION OF INVESTORS

Article 29. Selection of investors to implement investment projects

1. The selection of investors is conducted through one of the following methods:

a) Auctioning the right to use land in accordance with the provisions of the law on land;

b) Selecting investors through bidding procedures in accordance with the law on bidding;

c) Approve the investor in accordance with Clauses 3 and 4 of this Article.

2. The selection of investors to implement investment projects as stipulated in points a and b of Clause 1 of this Article shall be carried out after the approval of the investment policy, except in cases where the investment project does not require approval of the investment policy.

3. In cases where an auction for land use rights is held and only one person registers to participate, or the auction fails according to the provisions of land law, or in cases where a tender is held to select an investor and only one investor registers according to the provisions of tender law, the competent authority shall carry out the procedure to approve the investor when the investor meets the conditions as prescribed by relevant laws.

4. For investment projects subject to investment policy approval, the competent authority approving the investment policy shall simultaneously approve the investor without auctioning land use rights or bidding for investor selection in the following cases:

a) Investors have the right to use the land, except in cases where the State reclaims the land for national defense and security purposes, or reclaims land for socio-economic development for national and public benefit in accordance with the law and land regulations;

b) Investors who receive the transfer, capital contribution, or lease of agricultural land use rights to implement non-agricultural production and business investment projects are not subject to land reclamation by the State as stipulated in the land law;

c) Investors implementing investment projects in industrial parks and high-tech zones;

d) Other cases not subject to auction or bidding procedures as prescribed by law.

5. The Government shall detail this Article.

Article 30. Authority of the National Assembly to approve investment policies

The National Assembly approves the investment policy for the following investment projects:

1. Investment projects that have a significant impact on the environment or have the potential to cause serious environmental damage, including:

a) Nuclear power plant;

b) Investment projects requiring the conversion of land use from special-use forests, watershed protection forests, border protection forests of 50 hectares or more; windbreak and sand dune protection forests and wave-breaking and land reclamation protection forests of 500 hectares or more; and production forests of 1.000 hectares or more;

2. Investment projects that require the conversion of land use from paddy rice cultivation (two or more crops per year) on a scale of 500 hectares or more;

3. Investment projects requiring the relocation and resettlement of 20.000 or more people in mountainous areas, or 50.000 or more people in other regions;

4. Investment projects requiring the application of special mechanisms and policies need to be decided by the National Assembly.

Article 31. Authority of the Prime Minister to approve investment policies

Except for investment projects stipulated in Article 30 of this Law, the Prime Minister approves the investment policy for the following investment projects:

1. Investment projects, regardless of the source of capital, fall into one of the following categories:

a) Investment projects requiring the relocation and resettlement of 10.000 or more people in mountainous areas, or 20.000 or more people in other regions;

b) New construction investment projects: airports; airport runways; passenger terminals of international airports; cargo terminals of airports with a capacity of 01 million tons/year or more;

c) New investment projects for passenger transportation business by air;

d) New construction investment projects: wharves and wharve areas belonging to special seaports; wharves and wharve areas with an investment capital of VND 2.300 billion or more belonging to Type I seaports;

d) Oil and gas processing investment projects;

e) Investment projects involving betting and casino businesses, excluding the business of electronic games with prizes for foreigners;

g) Investment projects for the construction of housing (for sale, lease, lease-purchase), and urban areas in the following cases: investment projects with a land use scale of 50 hectares or more, or with a scale of less than 50 hectares but a population of 15.000 people or more in urban areas; investment projects with a land use scale of 100 hectares or more, or with a scale of less than 100 hectares but a population of 10.000 people or more in non-urban areas; investment projects, regardless of land area or population size, within the protected area of ​​a monument recognized by competent authorities as a national monument or a special national monument;

h) Investment projects for the construction and operation of infrastructure in industrial parks and export processing zones;

2. Investment projects by foreign investors in the fields of telecommunications services with network infrastructure, afforestation, publishing, and journalism;

3. Investment projects that simultaneously fall under the authority of two or more provincial People's Committees to approve investment policies;

4. Other investment projects that fall under the authority of the Prime Minister to approve investment policies or investment decisions as prescribed by law.

Article 32. Authority of the Provincial People's Committee to approve investment policies

1. Except for investment projects stipulated in Articles 30 and 31 of this Law, the Provincial People's Committee shall approve the investment policy for the following investment projects:

a) Investment projects that request the State to allocate or lease land without auction or bidding, or to receive land through transfer; investment projects that request permission to change land use purposes, except for land allocation, land leasing, or permission to change land use purposes for households and individuals that do not require written approval from the provincial People's Committee as stipulated by land law;

b) Investment projects for the construction of housing (for sale, lease, lease-purchase), and urban areas in the following cases: investment projects with a land use scale of less than 50 hectares and a population scale of less than 15.000 people in urban areas; investment projects with a land use scale of less than 100 hectares and a population scale of less than 10.000 people in non-urban areas; investment projects, regardless of land area or population size, located in restricted development areas or historical inner-city areas (as defined in the urban planning scheme) of special-class cities;

c) Investment projects for the construction and operation of golf courses;

d) Investment projects by foreign investors and economic organizations with foreign investment capital implemented in islands and border communes, wards, and towns; coastal communes, wards, and towns; and other areas affecting national defense and security.

2. For investment projects stipulated in points a, b, and d of Clause 1 of this Article, implemented in industrial parks, export processing zones, high-tech zones, and economic zones in accordance with the planning approved by competent authorities, the Management Board of the industrial park, export processing zone, high-tech zone, or economic zone shall approve the investment policy.

3. The Government shall detail this Article.

Article 33. Documents and content for appraisal of proposals for approval of investment policies.

1. The application dossier for approval of the investment policy for the proposed investment project includes:

a) A written proposal for the investment project, including a commitment to bear all costs and risks if the project is not approved;

b) Documents proving the legal status of the investor;

c) Documents proving the investor's financial capacity must include at least one of the following: the investor's financial statements for the two most recent years; a commitment of financial support from the parent company; a commitment of financial support from a financial institution; a guarantee of the investor's financial capacity; or other documents proving the investor's financial capacity;

d) The investment project proposal shall include the following main contents: investor or form of investor selection, investment objectives, investment scale, investment capital and capital mobilization plan, location, duration, implementation schedule, information on the current land use status at the project site and proposed land use requirements (if any), labor requirements, proposed investment incentives, impact and socio-economic effectiveness of the project, preliminary environmental impact assessment (if any) in accordance with the law on environmental protection.

In cases where construction laws stipulate the preparation of a pre-feasibility study report, investors may submit a pre-feasibility study report instead of an investment project proposal.

d) In cases where the investment project does not request the State to allocate land, lease land, or permit the change of land use purpose, a copy of the land use right certificate or other documents identifying the right to use the location for the investment project must be submitted;

e) Explanation of the technology used in the investment project for projects subject to technology assessment and consultation as prescribed by law on technology transfer;

g) BCC contract for investment projects in the form of a BCC contract;

h) Other documents related to the investment project, requirements regarding the conditions and capacity of the investor as prescribed by law (if any).

2. The application dossier for approval of the investment policy for an investment project, prepared by the competent state agency, includes:

a) Proposal for approval of investment policy;

b) The investment project proposal shall include the following main contents: investment objectives, investment scale, investment capital, location, duration, implementation schedule, impact, and socio-economic effectiveness of the project; information on the current land use status at the project site, land acquisition conditions for projects subject to land acquisition, projected land use needs (if any); preliminary environmental impact assessment (if any) in accordance with the law on environmental protection; proposed investor selection method and conditions for investors (if any); special mechanisms and policies (if any).

In cases where construction laws stipulate the preparation of a pre-feasibility study report, the competent state agency may use the pre-feasibility study report instead of an investment project proposal.

3. The content of the appraisal for the proposed investment policy approval includes:

a) Assess the conformity of the investment project with national-level planning, regional planning, provincial planning, urban planning, and planning for special administrative-economic units (if any);

b) Assessing land use needs;

c) Preliminary assessment of the socio-economic effectiveness of the investment project; preliminary assessment of environmental impact (if any) in accordance with the law on environmental protection;

d) Assessment of investment incentives and conditions for enjoying investment incentives (if any);

d) Assessment of the technology used in the investment project for projects subject to technology appraisal or consultation as prescribed by law on technology transfer;

e) Assessment of the project's suitability with urban development goals and orientations, housing development programs and plans; preliminary phased investment plan ensuring synchronization; preliminary housing product structure and allocation of land for social housing development; preliminary investment plan for construction and management of urban infrastructure within and outside the project area for housing and urban development projects.

4. The content of the appraisal for the proposed investment policy approval, simultaneously with the investor approval, includes:

a) The assessment contents stipulated in Clause 3 of this Article;

b) The ability to meet the conditions for land allocation and land lease in cases where land allocation and land lease are not conducted through auction of land use rights or bidding for investor selection; the ability to meet the conditions for land use conversion for projects requiring land use conversion;

c) Assess whether foreign investors meet market access requirements (if any);

d) Other conditions for investors as prescribed by relevant laws.

5. The Government shall detail this Article.

Article 34. Procedures for the National Assembly's approval of investment policies.

1. The dossiers as prescribed in Clauses 1 and 2 of Article 33 of this Law shall be submitted to the Ministry of Planning and Investment.

2. Within 15 days of receiving all the necessary documents, the Ministry of Planning and Investment shall report to the Prime Minister on the establishment of the State Appraisal Council.

3. Within 90 days from the date of its establishment, the State Appraisal Council shall organize the appraisal of the dossiers and prepare an appraisal report including the appraisal contents stipulated in Article 33 of this Law to submit to the Government.

4. At least 60 days before the opening of the National Assembly session, the Government shall prepare and submit the dossier requesting approval of the investment policy to the National Assembly's lead agency for review.

5. The application dossier for approval of investment policy includes:

a) Government's submission;

b) Documents as prescribed in Clause 1 of this Article;

c) Assessment report of the State Appraisal Council;

d) Other relevant documents.

6. The content of the review of the proposal for approval of the investment policy includes:

a) Meeting the criteria for identifying investment projects that fall under the authority of the National Assembly to approve investment policies;

b) The necessity of implementing the investment project;

c) The conformity of the investment project with national strategies and plans, regional plans, provincial plans, urban plans, and plans for special administrative-economic units (if any);

d) Objectives, scale, location, time, implementation schedule of the investment project, land use requirements, land clearance plan, resettlement plan, main technology selection plan, environmental protection solutions;

d) Total investment capital, sources of funding;

e) Assessing the socio-economic effectiveness, national defense and security, and sustainable development of the investment project;

g) Special mechanisms, policies, incentives, investment support, and conditions for application (if any).

7. The Government and relevant agencies, organizations, and individuals are responsible for providing complete information and documents for the verification process; and for explaining issues related to the investment project when requested by the National Assembly's verification agency.

8. The National Assembly shall consider and adopt a resolution on approving the investment policy, including the contents stipulated in Clause 1, Article 3 of this Law.

9. The Government shall prescribe in detail the procedures for conducting the appraisal by the State Appraisal Council.

Article 35. Procedures for the Prime Minister's approval of investment policies.

1. The documents stipulated in Clauses 1 and 2 of Article 33 of this Law shall be submitted to the Ministry of Planning and Investment.

2. Within 03 working days from the date of receiving complete documents, the Ministry of Planning and Investment shall send the documents to relevant state agencies for appraisal regarding the appraisal content stipulated in Article 33 of this Law.

3. Within 15 days of receiving the dossier, the consulted agency shall provide its assessment of the content within its scope of state management and send it to the Ministry of Planning and Investment.

4. Within 40 days from the date of receiving the dossier, the Ministry of Planning and Investment shall organize the appraisal of the dossier and prepare an appraisal report including the appraisal contents stipulated in Article 33 of this Law, and submit it to the Prime Minister for approval of the investment policy.

5. The Prime Minister shall consider and approve the investment policy, including the contents stipulated in Clause 1, Article 3 of this Law.

6. For investment projects stipulated in Clause 3, Article 31 of this Law, the Prime Minister shall designate the investment registration agency of a province or centrally-administered city to issue the Investment Registration Certificate for the entire project.

7. The Government shall prescribe in detail the procedures for appraising investment projects whose investment policies have been approved by the Prime Minister.

Article 36. Procedures for approving investment policies by the Provincial People's Committee.

1. The documents stipulated in Clauses 1 and 2 of Article 33 of this Law shall be submitted to the investment registration authority.

Within 35 days of receiving the application, the investment registration authority must notify the investor of the results.

2. Within 03 working days from the date of receiving complete documents, the investment registration authority shall send the documents to relevant state agencies for appraisal regarding the appraisal content stipulated in Article 33 of this Law.

3. Within 15 days of receiving the dossier, the consulted agency shall provide its assessment of the content within its scope of state management and send it to the investment registration agency.

4. Within 25 days from the date of receiving the dossier, the investment registration agency shall prepare an appraisal report including the appraisal contents stipulated in Article 33 of this Law, and submit it to the Provincial People's Committee.

5. Within 07 working days from the date of receiving the dossier and appraisal report, the Provincial People's Committee shall approve the investment policy; in case of refusal, it must notify in writing and clearly state the reasons.

6. The provincial People's Committee shall consider and approve the investment policy, including the contents stipulated in Clause 1, Article 3 of this Law.

Section 3. PROCEDURES FOR ISSUING, AMENDING, AND REVOKING INVESTMENT REGISTRATION CERTIFICATES

Article 37. Cases for carrying out procedures for issuing Investment Registration Certificates

1. Cases requiring the issuance of an Investment Registration Certificate include:

a) Investment projects by foreign investors;

b) Investment projects of economic organizations as stipulated in Clause 1, Article 23 of this Law.

2. Cases that do not require the issuance of an Investment Registration Certificate include:

a) Investment projects by domestic investors;

b) Investment projects of economic organizations as stipulated in Clause 2, Article 23 of this Law;

c) Investment in the form of capital contribution, purchase of shares, or purchase of capital contributions of economic organizations.

3. For investment projects stipulated in Articles 30, 31, and 32 of this Law, domestic investors and economic organizations specified in Clause 2, Article 23 of this Law shall implement the investment project after obtaining approval of the investment policy.

4. In cases where investors require an Investment Registration Certificate for investment projects specified in points a and b of Clause 2 of this Article, the investor shall follow the procedures for issuing an Investment Registration Certificate as stipulated in Article 38 of this Law.

Article 38. Procedures for issuing Investment Registration Certificates

1. The investment registration authority shall issue an Investment Registration Certificate for investment projects subject to investment policy approval as stipulated in Articles 30, 31, and 32 of this Law within the following timeframes:

a) 05 working days from the date of receipt of the document approving the investment policy simultaneously with the approval of the investor for investment projects subject to the issuance of an Investment Registration Certificate;

b) 15 days from the date of receipt of the investor's request for an Investment Registration Certificate for investment projects not falling under the cases specified in point a of this clause.

2. For investment projects not subject to investment policy approval as stipulated in Articles 30, 31, and 32 of this Law, investors shall be granted an Investment Registration Certificate if they meet the following conditions:

a) The investment project does not fall under any prohibited investment or business sectors;

b) There is a location for implementing the investment project;

c) The investment project conforms to the planning regulations specified in point a, clause 3, Article 33 of this Law;

d) Meeting the conditions regarding investment per unit of land area and the number of laborers employed (if any);

d) Meeting market access requirements for foreign investors.

3. The Government shall specify in detail the conditions, documents, procedures, and formalities for issuing Investment Registration Certificates.

Article 39. Authority to issue, amend, and revoke Investment Registration Certificates

1. The Management Board of industrial parks, export processing zones, high-tech zones, and economic zones shall issue, amend, and revoke investment registration certificates for investment projects within industrial parks, export processing zones, high-tech zones, and economic zones, except as stipulated in Clause 3 of this Article.

2. The Department of Planning and Investment shall issue, amend, and revoke Investment Registration Certificates for investment projects outside industrial parks, export processing zones, high-tech zones, and economic zones, except as stipulated in Clause 3 of this Article.

3. The investment registration authority where the investor implements the investment project, or establishes or plans to establish an operating office to implement the investment project, shall issue, amend, or revoke the Investment Registration Certificate for the following investment projects:

a) Investment projects implemented in two or more provincial-level administrative units;

b) Investment projects implemented inside and outside industrial parks, export processing zones, high-tech zones, and economic zones;

c) Investment projects in industrial parks, export processing zones, high-tech zones, and economic zones where no Management Board for industrial parks, export processing zones, high-tech zones, or economic zones has been established, or which are not within the scope of management of such a Management Board.

4. The agency receiving investment project dossiers is the agency competent to issue Investment Registration Certificates, except as stipulated in Articles 34 and 35 of this Law.

Article 40. Contents of the Investment Registration Certificate

1. Name of the investment project.

2. Investors.

3. Investment project code.

4. Location of the investment project and area of ​​land used.

5. Objectives and scope of the investment project.

6. Investment capital of the investment project (including capital contributed by the investor and capital raised).

7. Duration of the investment project.

8. Progress of investment project implementation, including:

a) Progress of capital contribution and mobilization of funding sources;

b) The progress of achieving the main operational objectives of the investment project; if the investment project is divided into phases, the progress of each phase must be specified.

9. Forms of investment incentives and support, and the basis and conditions for their application (if any).

10. Conditions for investors to implement the investment project (if any).

Article 41. Adjustment of investment projects

1. During the implementation of an investment project, the investor has the right to adjust the objectives, transfer part or all of the investment project, merge projects or divide a project into multiple projects, use land use rights and assets on the land belonging to the investment project to contribute capital to establish a business, cooperate in business or other activities, provided that these are in accordance with the provisions of the law.

2. Investors shall carry out the procedure for amending the Investment Registration Certificate in cases where the amendment of the investment project changes the content of the Investment Registration Certificate.

3. Investors whose investment projects have received approval in principle must carry out the procedure for approving adjustments to the investment policy if they fall into one of the following cases:

a) Changes to the objectives stipulated in the investment policy approval document; additions to objectives subject to investment policy approval;

b) Changes in the scale of land use exceeding 10% or 30 hectares, or changes in the investment location;

c) Changes in total investment capital of 20% or more that alter the scale of the investment project;

d) Extending the implementation schedule of an investment project so that the total investment time exceeds 12 months compared to the implementation schedule stipulated in the initial investment policy approval document;

d) Adjusting the operating period of the investment project;

e) Technological changes that have been assessed and discussed during the investment policy approval process;

g) Changes to the investor of an investment project that received approval in principle simultaneously with the approval of the investor before the project commences operation or exploitation, or changes to the conditions for the investor (if any).

4. For investment projects that have received approval in principle, investors are not allowed to adjust the project implementation schedule by more than 24 months compared to the schedule stipulated in the initial approval document, except in one of the following cases:

a) To remedy the consequences in cases of force majeure as stipulated by civil law and land law;

b) Adjusting the implementation schedule of investment projects due to delays by investors in receiving land allocation, land lease, or permission to change land use purposes from the State;

c) Adjusting the implementation schedule of investment projects at the request of state management agencies or when state agencies are slow in carrying out administrative procedures;

d) Adjustment of investment projects due to changes in planning by state agencies;

d) Changing the objectives stipulated in the investment policy approval document; adding objectives that require investment policy approval;

e) Increasing the total investment capital by 20% or more changes the scale of the investment project.

5. The state agency that has the authority to approve the investment policy also has the authority to approve adjustments to the investment policy.

If a proposed adjustment to an investment project results in the project falling under the authority of a higher level to approve the investment policy, that higher level shall have the authority to approve the adjustment of the investment policy as stipulated in this Article.

6. The procedures for adjusting investment policies shall be carried out in accordance with the corresponding provisions of Articles 34, 35, and 36 of this Law for the adjusted contents.

7. If a proposed adjustment to an investment project results in the project requiring approval of the investment policy, the investor must complete the procedure for obtaining approval of the investment policy before adjusting the investment project.

8. The Government shall detail this Article.

Section 4. IMPLEMENTATION OF INVESTMENT PROJECTS

Article 42. Principles for implementing investment projects

1. For investment projects subject to investment policy approval, the approval must be granted before the investor implements the investment project.

2. For investment projects requiring an Investment Registration Certificate, the investor is responsible for completing the procedures for obtaining the Investment Registration Certificate before implementing the investment project.

3. Investors are responsible for complying with the provisions of this Law, laws on planning, land, environment, construction, labor, fire prevention and fighting, other relevant laws, investment policy approval documents (if any), and Investment Registration Certificates (if any) during the implementation of the investment project.

Article 43. Guaranteeing the implementation of investment projects

1. Investors must deposit a security deposit or provide a bank guarantee for the security deposit obligation to ensure the implementation of investment projects that request the State to allocate land, lease land, or permit the change of land use purpose, except in the following cases:

a) Investors who win the auction for land use rights to implement investment projects are allocated land by the State with payment of land use fees, or leased land with a one-time payment of rent for the entire lease period;

b) The investor who wins the bidding process implements the investment project involving land use;

c) Investors who are allocated or leased land by the State based on the transfer of investment projects that have made deposits or completed capital contributions and fundraising according to the schedule stipulated in the investment policy approval document or the Investment Registration Certificate;

d) Investors are allocated or leased land by the State to implement investment projects based on the transfer of land use rights and assets attached to the land from other land users.

2. Based on the scale, nature, and implementation schedule of each investment project, the deposit amount to guarantee the implementation of the investment project ranges from 01% to 03% of the investment capital. If the investment project comprises multiple investment phases, the deposit amount will be paid and refunded according to each phase of the investment project, except in cases where it is non-refundable.

3. The Government shall detail this Article.

Article 44. Duration of investment projects

1. The operating period of investment projects in economic zones shall not exceed 70 years.

2. The operating period of investment projects outside economic zones shall not exceed 50 years. For investment projects implemented in areas with difficult socio-economic conditions, areas with particularly difficult socio-economic conditions, or investment projects with large investment capital but slow capital recovery, the operating period of the investment project may be longer, but not exceeding 70 years.

3. For investment projects where the State allocates or leases land but the investor is slow to receive the land, the period of delay in land handover by the State shall not be included in the operating period or implementation schedule of the investment project.

4. Upon the expiration of the investment project's operating period, if the investor wishes to continue implementing the investment project and meets the conditions stipulated by law, an extension of the investment project's operating period may be considered, but not exceeding the maximum period specified in Clauses 1 and 2 of this Article, except for the following investment projects:

a) Investment projects that use outdated technology, pose a risk of environmental pollution, and are resource-intensive;

b) Investment projects where the investor is required to transfer assets to the Vietnamese State or a Vietnamese party without compensation.

5. The Government shall detail this Article.

Article 45. Determining the value of investment capital; appraising the value of investment capital; appraising machinery, equipment, and technological lines.

1. Investors are responsible for ensuring the quality of machinery, equipment, and technological lines used in the investment project in accordance with the law.

2. Investors shall determine the investment capital value of the investment project themselves after the investment project is put into operation.

3. In cases where it is necessary to ensure the implementation of state management of science and technology or to determine the basis for tax calculation, the competent state management agency may request independent assessment of the investment capital value, quality and value of machinery, equipment, and technological lines after the investment project is put into operation.

4. Investors shall bear the costs of the appraisal if the appraisal results lead to an increase in their tax obligations to the State.

5. The Government shall detail this Article.

Article 46. Transfer of investment projects

1. Investors have the right to transfer all or part of an investment project to another investor when the following conditions are met:

a) The investment project or the transferred part of the investment project is not terminated in accordance with Clauses 1 and 2 of Article 48 of this Law;

b) Foreign investors receiving the transfer of an investment project or a part of an investment project must meet the conditions stipulated in Clause 2, Article 24 of this Law;

c) Conditions as prescribed by land law in the case of transferring investment projects associated with the transfer of land use rights and assets attached to the land;

d) Conditions as prescribed by the law on housing and the law on real estate business in the case of transferring a housing construction investment project or a real estate project;

d) Conditions stipulated in the investment policy approval document, the Investment Registration Certificate, or other relevant legal provisions (if any);

e) When transferring an investment project, in addition to complying with the provisions of this Article, state-owned enterprises are responsible for complying with the law on the management and use of state capital invested in production and business at enterprises before adjusting the investment project.

2. In cases where the conditions for transfer as stipulated in Clause 1 of this Article are met, the procedure for transferring all or part of the investment project shall be as follows:

a) For investment projects where the investor has been approved in accordance with Article 29 of this Law and the investment project has been granted an Investment Registration Certificate, the investor shall carry out the procedures for adjusting the investment project in accordance with Article 41 of this Law;

b) For investment projects not falling under the cases specified in point a of this clause, the transfer of the investment project or the transfer of ownership of assets to the investor receiving the investment project after the transfer shall be carried out in accordance with the provisions of the law on civil law, enterprise law, real estate business law, and other relevant laws.

Article 47. Cessation of investment project operations

1. Investors who cease operations of an investment project must notify the investment registration authority in writing. In cases where the cessation of an investment project is due to force majeure, the investor is exempted from land rent and granted a reduction in land use fees by the State during the period of cessation to remedy the consequences caused by force majeure.

2. The state investment management agency shall decide to suspend or partially suspend the operation of an investment project in the following cases:

a) To protect relics, artifacts, antiques, and national treasures in accordance with the Law on Cultural Heritage;

b) To remedy violations of environmental protection laws as requested by the state environmental management agency;

c) To implement occupational safety measures as requested by the state agency responsible for labor management;

d) According to judgments, decisions of the Court, and arbitration awards;

d) The investor fails to comply with the approved investment policy and the Investment Registration Certificate, and has been penalized for administrative violations but continues to violate the regulations.

3. The Prime Minister shall decide to suspend or partially suspend the operation of an investment project in cases where the implementation of the investment project harms or risks harming national defense and security, upon the proposal of the Ministry of Planning and Investment.

4. The Government shall specify in detail the conditions, procedures, and time limits for ceasing operations of investment projects stipulated in this Article.

Article 48. Termination of investment project activities

1. Investors terminate investment activities or investment projects in the following cases:

a) The investor decides to terminate the investment project;

b) In accordance with the conditions for termination of operations stipulated in the contract and the company's charter;

c) The investment project's operating period has expired.

2. The investment registration authority shall terminate or partially terminate the operation of an investment project in the following cases:

a) An investment project falls under one of the cases specified in Clauses 2 and 3 of Article 47 of this Law, where the investor is unable to remedy the conditions that cause the project to cease operations;

b) The investor is not allowed to continue using the investment location and does not carry out the procedure for adjusting the investment location within 06 months from the date of not being allowed to continue using the investment location, except in the case stipulated in point d of this clause;

c) The investment project has ceased operations and, after 12 months from the date of cessation, the investment registration authority is unable to contact the investor or their legal representative;

d) Investment projects that are subject to land revocation due to failure to put the land into use or delayed putting the land into use as stipulated by land law;

d) The investor fails to deposit or provide a guarantee for the deposit obligation as required by law for investment projects subject to project implementation guarantees;

e) The investor conducts investment activities based on fictitious civil transactions as defined by civil law;

g) Pursuant to judgments, decisions of the Court, and arbitration awards.

3. For investment projects subject to investment policy approval, the investment registration authority shall terminate the investment project's operations after receiving the opinion of the authority that approved the investment policy.

4. Investors shall liquidate their investment projects in accordance with the law on asset liquidation when the investment project ceases operation, except as stipulated in Clause 5 of this Article.

5. The handling of land use rights and assets attached to the land upon termination of an investment project shall be carried out in accordance with the provisions of the law on land and other relevant laws.

6. The investment registration authority shall decide to revoke the Investment Registration Certificate in cases where the investment project ceases operation as prescribed in Clause 2 of this Article, except in cases of partial termination of the investment project's operations.

7. The Government shall prescribe in detail the procedures for terminating the operation of investment projects as stipulated in this Article.

Article 49. Establishment of a representative office of a foreign investor in a BCC contract.

1. Foreign investors in BCC contracts may establish an operating office in Vietnam to implement the contract. The location of the operating office is determined by the foreign investor in the BCC contract according to the requirements of the contract.

2. The foreign investor's executive office in a BCC contract has a seal; it is authorized to open accounts, recruit employees, sign contracts, and conduct business activities within the scope of the rights and obligations stipulated in the BCC contract and the Certificate of Registration of the Executive Office.

3. Foreign investors in BCC contracts submit applications for the establishment of an operating office to the investment registration authority where the operating office is planned to be located.

4. The application dossier for establishing an executive office includes:

a) The registration document for establishing an executive office includes: the name and address of the foreign investor's representative office in Vietnam (if any) in the BCC contract; the name and address of the executive office; the content, duration, and scope of operation of the executive office; the full name, place of residence, and ID card number, Citizen Identification Card number, or Passport number of the head of the executive office;

b) The foreign investor's decision in the BCC contract regarding the establishment of an operating office;

c) A copy of the decision appointing the head of the executive office;

d) A copy of the BCC contract.

5. Within 15 days from the date of receiving the documents specified in Clause 4 of this Article, the investment registration authority shall issue a Certificate of Registration for the operation of the executive office to the foreign investor in the BCC contract.

Article 50. Termination of the operation of a foreign investor's executive office in a BCC contract.

1. Within 07 working days from the date of the decision to terminate the operation of the executive office, the foreign investor shall submit a notification dossier to the investment registration authority where the executive office is located.

2. The notification file for the termination of the executive office's operations includes:

a) Decision to terminate the operations of the executive office in the event that the executive office ceases operations before the scheduled date;

b) List of creditors and the amount of debt paid;

c) A list of employees, and their rights and benefits that have been addressed;

d) Confirmation from the tax authority that all tax obligations have been fulfilled;

d) Confirmation from the social insurance agency that social insurance obligations have been fulfilled;

e) Certificate of registration for the operation of the executive office;

g) A copy of the Investment Registration Certificate;

h) A copy of the BCC contract.

3. Within 15 days from the date of receiving the documents specified in Clause 2 of this Article, the investment registration authority shall decide to revoke the Certificate of Registration of the Executive Office.

Chapter V

OVERSEAS INVESTMENT ACTIVITIES

Section 1. GENERAL PROVISIONS

Article 51. Principles for conducting overseas investment activities

1. The State encourages overseas investment to exploit, develop, and expand markets; increase the export of goods and services, earn foreign currency; access modern technology, improve management capacity, and supplement resources for the socio-economic development of the country.

2. Investors conducting overseas investment activities must comply with the provisions of this Law, other relevant laws, the laws of the host country or territory (hereinafter referred to as the host country), and relevant international treaties; and are solely responsible for the effectiveness of their overseas investment activities.

Article 52. Forms of overseas investment

1. Investors carry out overseas investment activities in the following forms:

a) Establish an economic organization in accordance with the laws of the host country;

b) Investment in the form of overseas contracts;

c) Contributing capital, purchasing shares, or acquiring capital contributions of foreign economic organizations to participate in the management of those economic organizations;

d) Buying and selling securities, other valuable papers, or investing through securities investment funds or other intermediary financial institutions abroad;

d) Other forms of investment as prescribed by the laws of the host country.

2. The Government shall provide detailed regulations on the implementation of the investment forms stipulated in point d, clause 1 of this Article.

Article 53. Sectors and professions prohibited from overseas investment.

1. Sectors and professions prohibited from investment and business activities as stipulated in Article 6 of this Law and relevant international treaties.

2. Industries and professions whose technologies and products are subject to export restrictions as stipulated by the law on foreign trade management.

3. Sectors and business activities prohibited from investment and operation according to the laws of the host country.

Article 54. Sectors and professions subject to conditions for overseas investment.

1. Sectors and professions subject to conditional investment abroad include:

a) Bank;

b) Insurance;

c) Securities;

d) Newspapers, radio, and television;

d) Real estate business.

2. The conditions for overseas investment in the sectors and professions specified in Clause 1 of this Article are stipulated in laws, resolutions of the National Assembly, ordinances, resolutions of the Standing Committee of the National Assembly, decrees of the Government, and international investment treaties to which the Socialist Republic of Vietnam is a party.

Article 55. Sources of capital for overseas investment

1. Investors are responsible for contributing capital and raising funds to carry out investment activities abroad.

2. Borrowing and transferring investment capital in foreign currency must comply with the conditions and procedures stipulated by the law on banking, credit institutions, and foreign exchange management.

3. Based on the objectives of monetary policy and foreign exchange management policy in each period, the State Bank of Vietnam shall regulate the lending of foreign currency by credit institutions and branches of foreign banks in Vietnam to investors in accordance with Clause 2 of this Article for the purpose of carrying out overseas investment activities.

Section 2. PROCEDURES FOR APPROVING INVESTMENT POLICIES AND DECISIONS ON OVERSEAS INVESTMENT

Article 56. Authority to approve overseas investment policies

1. The National Assembly approves the policy of overseas investment for the following investment projects:

a) Investment projects with foreign investment capital of VND 20.000 billion or more;

b) Investment projects requiring the application of special mechanisms and policies need to be decided by the National Assembly.

2. Except for the investment projects specified in Clause 1 of this Article, the Prime Minister approves the investment policy for overseas investment projects as follows:

a) Investment projects in the fields of banking, insurance, securities, journalism, radio, television, and telecommunications with foreign investment capital of VND 400 billion or more;

b) Investment projects not falling under the cases specified in point a of this clause with foreign investment capital of VND 800 billion or more.

3. Investment projects not falling under the cases specified in Clauses 1 and 2 of this Article do not require approval of the investment policy for overseas investment.

Article 57. Dossier, procedures, and process for the National Assembly's approval of overseas investment policies.

1. Investors submit their overseas investment project dossiers to the Ministry of Planning and Investment. The dossiers include:

a) Documents for registering overseas investment;

b) Documents proving the legal status of the investor;

c) The investment project proposal shall include the following main contents: form, objectives, scale, and location of investment; preliminary determination of investment capital, capital mobilization plan, and capital structure; project implementation schedule and investment phases (if any); and preliminary analysis of the investment efficiency of the project.

d) Documents proving the investor's financial capacity must include at least one of the following: the investor's financial statements for the two most recent years; a commitment of financial support from the parent company; a commitment of financial support from a financial institution; a guarantee of the investor's financial capacity; or other documents proving the investor's financial capacity.

d) A commitment from an authorized credit institution to self-balance its foreign currency sources or a written commitment to arrange foreign currency for the investor;

e) A document from the owner's representative agency approving the investor's overseas investment activities and an internal appraisal report on the overseas investment proposal of the state-owned enterprise as stipulated in Clause 1, Article 59 of this Law, or a decision on overseas investment as stipulated in Clause 2, Article 59 of this Law;

g) For overseas investment projects in the sectors and professions specified in Clause 1, Article 54 of this Law, the investor shall submit a document from the competent state agency confirming that the conditions for overseas investment have been met as prescribed by relevant laws (if any).

2. Within 05 working days from the date of receiving complete documents, the Ministry of Planning and Investment shall submit to the Prime Minister a decision on the establishment of the State Appraisal Council.

3. Within 90 days of its establishment, the State Appraisal Council shall conduct the appraisal and prepare an appraisal report to be submitted to the Government. The appraisal report shall include the following contents:

a) Conditions for granting a Certificate of Registration for Overseas Investment are stipulated in Article 60 of this Law;

b) The legal status of the investor;

c) The necessity of undertaking investment activities abroad;

d) The conformity of the investment project with the provisions of Clause 1, Article 51 of this Law;

d) Form, scale, location and implementation schedule of the investment project, foreign investment capital, and sources of funding;

e) Assess the level of risk in the host country.

4. At least 60 days before the opening of the National Assembly session, the Government shall submit the dossier requesting approval of the overseas investment policy to the National Assembly's lead agency for review.

5. The application dossier for approval of overseas investment policy includes:

a) Government's submission;

b) Documents as prescribed in Clause 1 of this Article;

c) Assessment report of the State Appraisal Council;

d) Other relevant documents.

6. The content of the review for a proposal to approve overseas investment includes:

a) Meeting the criteria for identifying investment projects that fall under the authority of the National Assembly to approve investment policies;

b) The necessity of undertaking investment activities abroad;

c) The conformity of the investment project with the provisions of Clause 1, Article 51 of this Law;

d) Form, scale, location and implementation schedule of the investment project, foreign investment capital, and sources of funding;

d) Assessing the level of risk in the host country;

e) Special mechanisms, policies, incentives, investment support, and conditions for application (if any).

7. The Government and relevant agencies, organizations, and individuals are responsible for providing complete information and documents for the verification process; and for explaining issues related to the investment project when requested by the National Assembly's verification agency.

8. The National Assembly shall consider and adopt a resolution on approving the policy of overseas investment, including the following contents:

a) The investor implements the project;

b) Investment objectives and location;

c) Outbound investment capital, sources of outbound investment capital;

d) Special mechanisms, policies, incentives, investment support, and conditions for application (if any).

9. The Government shall prescribe in detail the procedures for the State Appraisal Council to appraise dossiers of overseas investment projects.

Article 58. Dossier, procedures, and process for the Prime Minister's approval of overseas investment policies.

1. Investment project dossiers shall be prepared in accordance with the provisions of Clause 1, Article 57 of this Law.

2. Investors submit investment project dossiers to the Ministry of Planning and Investment. Within 03 working days from the date of receiving complete dossiers, the Ministry of Planning and Investment sends the dossiers to relevant state agencies for appraisal.

3. Within 15 days of receiving the dossier, the consulted agency shall provide a written assessment on the contents within its management authority.

4. Within 30 days from the date of receiving the dossier, the Ministry of Planning and Investment shall organize the appraisal and prepare an appraisal report to be submitted to the Prime Minister. The appraisal report shall include the contents stipulated in Clause 3, Article 57 of this Law.

5. The Prime Minister shall consider and approve the policy on overseas investment in accordance with the provisions of Clause 8, Article 57 of this Law.

Article 59. Decisions on overseas investment

1. Decisions on overseas investment by state-owned enterprises shall be made in accordance with the law on the management and use of state capital invested in production and business at enterprises and other relevant legal provisions.

2. Foreign investment activities not covered by Clause 1 of this Article shall be decided by the investor in accordance with the provisions of the Enterprise Law.

3. Investors and agencies deciding on overseas investments as stipulated in Clauses 1 and 2 of this Article shall be responsible for their decisions regarding overseas investments.

Section 3. PROCEDURES FOR ISSUING, AMENDING, AND TERMINATING THE VALIDITY OF CERTIFICATES OF REGISTRATION OF OVERSEAS INVESTMENT

Article 60. Conditions for granting a Certificate of Registration for Overseas Investment

1. Overseas investment activities must comply with the principles stipulated in Article 51 of this Law.

2. Not belonging to the sectors prohibited from overseas investment as stipulated in Article 53 of this Law, and meeting the conditions for overseas investment for sectors subject to conditional overseas investment as stipulated in Article 54 of this Law.

3. Investors commit to arranging their own foreign currency or to having foreign currency arranged by an authorized credit institution to carry out overseas investment activities.

4. Having made a decision to invest abroad in accordance with Article 59 of this Law.

5. There must be a document from the tax authority confirming the investor's fulfillment of tax obligations. The tax authority's confirmation must be no more than 03 months prior to the date of submission of the investment project application.

Article 61. Procedures for issuing Certificates of Registration for Overseas Investment

1. For investment projects subject to approval of investment policy abroad, the Ministry of Planning and Investment shall issue a Certificate of Registration of Investment Abroad to the investor within 05 working days from the date of receiving the document approving the investment policy and the decision on investment abroad as prescribed in Article 59 of this Law.

2. For investment projects not falling under the cases specified in Clause 1 of this Article, the investor shall submit an application for a Certificate of Registration for Overseas Investment to the Ministry of Planning and Investment. The application dossier includes:

a) Documents for registering overseas investment;

b) Documents proving the legal status of the investor;

c) Decisions on overseas investment as stipulated in Article 59 of this Law;

d) A written commitment from an authorized credit institution to self-balance its foreign currency sources or a written commitment from an authorized credit institution to arrange foreign currency for the investor, as stipulated in Clause 3, Article 60 of this Law;

d) For overseas investment projects in the sectors and professions specified in Clause 1, Article 54 of this Law, the investor shall submit a written approval from the competent state agency confirming that the conditions for overseas investment are met according to relevant laws (if any).

3. In cases where the amount of foreign currency transferred abroad is equivalent to 20 billion VND or more, the Ministry of Planning and Investment shall seek written opinions from the State Bank of Vietnam.

4. Within 15 days from the date of receiving the dossier specified in Clause 2 of this Article, the Ministry of Planning and Investment shall issue a Certificate of Registration for Overseas Investment; in case of refusal to issue a Certificate of Registration for Overseas Investment, the investor must be notified in writing stating the reasons.

5. The Government shall prescribe in detail the procedures for appraising overseas investment projects; and for issuing, amending, and terminating the validity of Certificates of Registration for Overseas Investment.

Article 62. Contents of the Certificate of Registration for Overseas Investment

1. Investment project code.

2. Investors.

3. Name of the investment project, name of the foreign economic organization (if any).

4. Investment objectives and location.

5. Investment forms, investment capital, investment sources, forms of investment capital, and progress of overseas investment activities.

6. Rights and obligations of investors.

7. Investment incentives and support (if any).

Article 63. Amendment of the Certificate of Registration for Overseas Investment

1. Investors must carry out the procedure for amending the Certificate of Registration for Overseas Investment in the following cases:

a) Change of Vietnamese investor;

b) Change the form of investment;

c) Changes in overseas investment capital; sources of investment capital, forms of investment capital;

d) Changing the location of investment activities for investment projects that require a specific investment location;

d) Changes to the primary objectives of overseas investment activities;

e) Utilizing profits from overseas investments as prescribed in points a and b of Clause 1, Article 67 of this Law.

2. Investors must update the National Investment Information System when changes to information other than those stipulated in Clause 1 of this Article occur.

3. The application for amendment of the Certificate of Registration for Overseas Investment includes:

a) Request for amendment of the Certificate of Registration for Overseas Investment;

b) Documents proving the legal status of the investor;

c) Report on the operational status of the investment project up to the time of submitting the application for amendment of the Certificate of Registration for Overseas Investment;

d) Decisions to adjust overseas investment activities in accordance with Article 59 of this Law or the regulations specified in point e, clause 1, Article 57 of this Law;

d) A copy of the Certificate of Registration for Overseas Investment;

e) A document from the tax authority confirming the investor's fulfillment of tax obligations in the case of an increase in overseas investment capital. The tax authority's confirmation must be no more than 03 months prior to the date of application submission.

4. The Ministry of Planning and Investment shall amend the Certificate of Registration for Overseas Investment within 15 days from the date of receipt of the dossier specified in Clause 3 of this Article.

5. For investment projects currently under approval for overseas investment, when adjusting the contents stipulated in Clause 1 of this Article and Clause 8 of Article 57 of this Law, the Ministry of Planning and Investment shall carry out the procedure for approving the adjustment of the overseas investment policy before adjusting the Certificate of Registration for Overseas Investment.

6. In cases where a request to amend the Certificate of Registration for Overseas Investment results in the investment project falling under the category requiring approval of the investment policy for overseas investment, the procedure for approving the investment policy for overseas investment must be completed before amending the Certificate of Registration for Overseas Investment.

7. The agency or person authorized to approve the policy for overseas investment also has the authority to approve adjustments to the policy for overseas investment. The agency or person authorized to decide on overseas investment also has the authority to decide on adjustments to the content of the overseas investment decision.

8. If a proposed adjustment to an investment project results in the project falling under the authority of a higher level to approve overseas investment policies, that higher level shall have the authority to approve the adjustment to the overseas investment policy.

Article 64. Termination of the validity of the Certificate of Registration for Overseas Investment

1. The certificate of registration for overseas investment terminates in the following cases:

a) The investor decides to terminate the investment project;

b) The investment project's operating period expires as stipulated by the laws of the host country;

c) In accordance with the conditions for termination of operations stipulated in the contract and the company's charter;

d) The investor transfers all of their overseas investment capital to a foreign investor;

d) If, after 24 months from the date of issuance of the Certificate of Registration for Overseas Investment, the investor fails to implement or is unable to implement the investment project according to the schedule registered with the state management agency and fails to carry out the procedure for adjusting the project implementation schedule;

e) The foreign economic organization is dissolved or goes bankrupt in accordance with the laws of the host country;

g) Pursuant to judgments, decisions of the Court, and arbitration awards.

2. Investors are responsible for carrying out the procedures for terminating the investment project abroad in accordance with the laws of the host country and for carrying out the procedures for terminating the validity of the Certificate of Registration for Overseas Investment.

3. The Ministry of Planning and Investment shall terminate the validity of the Certificate of Registration for Overseas Investment.

Section 4. IMPLEMENTATION OF OVERSEAS INVESTMENT ACTIVITIES

Article 65. Opening an overseas investment capital account

1. Investors open an overseas investment capital account at a credit institution authorized in Vietnam in accordance with the law on foreign exchange management.

2. All money transfers from Vietnam to abroad and from abroad to Vietnam related to overseas investment activities must be conducted through the investment capital account specified in Clause 1 of this Article in accordance with the law on foreign exchange management.

Article 66. Transfer of investment capital abroad

1. Investors are permitted to transfer investment capital abroad to carry out investment activities when they meet the following conditions:

a) Having been granted a Certificate of Registration for Overseas Investment, except as stipulated in Clause 3 of this Article;

b) The investment activity has been approved or licensed by the competent authority of the host country. If the laws of the host country do not provide for investment licensing or approval, the investor must provide documentation proving the right to conduct investment activities in the host country;

c) Having a capital account as prescribed in Article 65 of this Law.

2. The transfer of investment capital abroad must comply with the regulations of the law on foreign exchange management, export, technology transfer, and other relevant legal provisions.

3. Investors are permitted to transfer foreign currency or goods, machinery, and equipment abroad to serve the purposes of surveying, researching, exploring markets, and carrying out other investment preparation activities as prescribed by the Government.

Article 67. Use of profits abroad

1. Investors are allowed to retain profits earned from overseas investments for reinvestment in the following cases:

a) Continue contributing capital to overseas investments if the registered capital has not yet been fully contributed;

b) Increase overseas investment;

c) Implementing new investment projects abroad.

2. Investors shall carry out the procedures for adjusting the Certificate of Registration for Overseas Investment as prescribed in Article 63 of this Law for the cases specified in points a and b of Clause 1 of this Article; and carry out the procedures for issuing the Certificate of Registration for Overseas Investment as prescribed in Article 61 of this Law for the case specified in point c of Clause 1 of this Article.

Article 68. Repatriation of profits

1. Except for retained profits as stipulated in Article 67 of this Law, within 06 months from the date of the tax settlement report or a legally equivalent document as prescribed by the laws of the host country, the investor must transfer all profits earned and other income from overseas investments back to Vietnam.

2. If, within the time limit specified in Clause 1 of this Article, the investor fails to transfer profits and other income back to Vietnam, the investor must notify the Ministry of Planning and Investment and the State Bank of Vietnam in writing in advance. The deadline for transferring profits back to Vietnam may be extended by no more than 12 months from the date of expiration of the time limit specified in Clause 1 of this Article.

3. If, after the deadline stipulated in Clause 1 of this Article, the profits have not been transferred back to the home country and no notification has been given, or if, after the extended deadline stipulated in Clause 2 of this Article, the investor has not transferred the profits back to the home country, the investor shall be dealt with according to the provisions of the law.

Chapter VI

STATE MANAGEMENT OF INVESTMENT

Article 69. State management responsibilities regarding investment

1. The government shall uniformly manage state affairs regarding investment in Vietnam and investment from Vietnam abroad.

2. The Ministry of Planning and Investment assists the Government in the unified management of state affairs regarding investment in Vietnam and investment from Vietnam abroad, and has the following duties and powers:

a) To submit to the Government and the Prime Minister for approval strategies, plans, and policies on investment in Vietnam and investment from Vietnam abroad;

b) To issue or submit to competent authorities for issuance of legal documents on investment in Vietnam and investment from Vietnam abroad;

c) Issuing forms for carrying out investment procedures in Vietnam and investment from Vietnam abroad;

d) Guiding, disseminating, organizing the implementation, monitoring, inspecting, and evaluating the implementation of legal documents on investment;

d) Develop and submit to competent authorities for promulgation mechanisms for resolving investor difficulties and preventing disputes between the State and investors;

e) To synthesize, evaluate, and report on the investment situation in Vietnam and investment from Vietnam abroad;

g) To build, manage, and operate the National Investment Information System and the National Investment Database;

h) Issuing, amending, and terminating the validity of Certificates of Registration for Overseas Investment;

i) State management of industrial parks, export processing zones, and economic zones;

k) State management of investment promotion and coordination of investment promotion activities in Vietnam and abroad;

l) Inspect, audit, supervise, and evaluate investment activities, and manage and coordinate investment activities within their authority;

m) Negotiating and signing international treaties related to investment within its jurisdiction;

n) Other duties and powers regarding state management of investment as assigned by the Government and the Prime Minister.

3. Ministries and ministerial-level agencies, within their respective duties and powers, are responsible for coordinating with the Ministry of Planning and Investment to perform the task of state management of investment in Vietnam and investment from Vietnam abroad, including:

a) Coordinate with the Ministry of Planning and Investment and other Ministries and ministerial-level agencies in developing laws and policies related to investment;

b) To chair and coordinate with ministries and ministerial-level agencies in the development and promulgation of laws, policies, standards, technical regulations, and implementation guidelines;

c) To submit to the Government, within its authority, the conditions for investment and business activities for the sectors and professions stipulated in Article 7 of this Law;

d) To chair and coordinate with the Ministry of Planning and Investment in developing plans, programs, and lists of projects to attract investment capital to the sector; to organize and promote investment in the sector;

d) Participate in the appraisal of investment projects that require approval of investment policy as stipulated in this Law and be responsible for the content of the appraisal within their functions and duties;

e) Monitoring, evaluating, and conducting specialized inspections of compliance with investment conditions and state management of investment projects under its jurisdiction;

g) To preside over and coordinate with provincial People's Committees and Ministries and ministerial-level agencies in resolving difficulties and obstacles of investment projects in the field of state management; to guide the decentralization and delegation of authority to the Management Boards of industrial parks, export processing zones, high-tech zones, and economic zones to perform state management tasks in industrial parks, export processing zones, high-tech zones, and economic zones;

h) Periodically assess the socio-economic effectiveness of investment projects under state management and submit the results to the Ministry of Planning and Investment;

i) Provide relevant information to build a national investment database; maintain and update the investment management information system for the assigned sector and integrate it into the National Investment Information System.

4. Provincial People's Committees and investment registration agencies, within their respective duties and powers, are responsible for performing state management tasks regarding investment activities in Vietnam and investment from Vietnam abroad, including:

a) Coordinate with ministries and ministerial-level agencies to compile and publish a list of investment attraction projects in the locality;

b) To preside over or participate in the appraisal of investment projects subject to approval of investment policy as prescribed by this Law and to be responsible for the content of the appraisal within their functions and duties; to preside over the procedures for granting, adjusting, and revoking Investment Registration Certificates;

c) To perform the function of state management over investment projects in the locality;

d) Resolving, within their authority, or submitting to the competent authority for resolution, difficulties and obstacles faced by investors;

d) Periodically evaluate the effectiveness of investment activities in the area and report to the Ministry of Planning and Investment;

e) Provide relevant information to build a national investment database; maintain and update the National Investment Information System;

g) Directing the organization, supervision, and evaluation of the implementation of the investment reporting system.

5. Vietnamese representative agencies abroad are responsible for monitoring and supporting investment activities and protecting the legitimate rights and interests of Vietnamese investors in the host country.

Article 70. Investment Monitoring and Evaluation

1. Investment monitoring and evaluation activities include:

a) Monitoring and evaluating investment projects;

b) Overall monitoring and evaluation of the investment.

2. Responsibilities for monitoring and evaluating investments include:

a) State management agencies for investment and specialized state management agencies shall conduct overall investment monitoring and evaluation, and monitor and evaluate investment projects within their scope of management;

b) The investment registration authority shall supervise and evaluate investment projects under its jurisdiction to issue investment registration certificates.

3. The content of investment project monitoring and evaluation includes:

a) For investment projects using state capital for business investment, the state management agency for investment and the specialized state management agencies shall supervise and evaluate the investment project according to the content and criteria approved in the investment decision;

b) For investment projects using other sources of capital, the state management agency for investment and the specialized state management agencies shall supervise and evaluate the objectives and conformity of the investment project with the approved planning and investment policies, the implementation progress, and the fulfillment of requirements regarding environmental protection, technology, land use, and other resources as prescribed by law;

c) The investment registration authority shall monitor and evaluate the contents stipulated in the Investment Registration Certificate and the investment policy approval document.

4. The overall investment monitoring and evaluation content includes:

a) The issuance of legal documents providing detailed regulations and guidance for implementation; the implementation of legal provisions on investment;

b) Status of implementation of investment projects;

c) Evaluating the results of investment implementation nationwide, at the ministerial level, in localities, and for investment projects according to the assigned responsibilities;

d) To propose to the state management agency at the same level and the higher-level state management agency for investment the results of the investment evaluation and measures to address obstacles and violations of investment laws.

5. Agencies and organizations conducting the evaluation may either perform the evaluation themselves or hire qualified experts or consulting organizations to conduct the investment evaluation.

6. The Government shall detail this Article.

Article 71. National Investment Information System

1. The national investment information system includes:

a) National information system on domestic investment;

b) National information system on foreign investment in Vietnam;

c) National information system on Vietnam's overseas investment;

d) National information system on investment promotion;

d) National information system on industrial parks and economic zones.

2. The Ministry of Planning and Investment shall preside over and coordinate with relevant agencies in building and operating the National Investment Information System; building a national investment database; and evaluating the operation of the system by state investment management agencies at the central and local levels.

3. State investment management agencies and investors are responsible for fully, promptly, and accurately updating relevant information into the National Investment Information System.

4. Information about investment projects stored in the National Investment Information System has legal validity as the original information about the investment project.

Article 72. Reporting regime for investment activities in Vietnam

1. The entities required to submit reports include:

a) Ministries, ministerial-level agencies, and provincial People's Committees;

b) Investment registration authority;

c) Investors and economic organizations implementing investment projects in accordance with the provisions of this Law.

2. The periodic reporting system is implemented as follows:

a) Quarterly and annually, investors and economic organizations implementing investment projects shall report to the investment registration agency and the statistical agency in the locality on the status of investment project implementation, including the following contents: implemented investment capital, investment and business results, information on labor, contributions to the state budget, investment in research and development, environmental treatment and protection, and specialized indicators according to the field of activity;

b) Quarterly and annually, the investment registration agency shall report to the Ministry of Planning and Investment and the People's Committee of the province on the situation of receiving, issuing, adjusting, and revoking investment registration certificates, and the operational status of investment projects under its management;

c) Quarterly and annually, the People's Committee of each province shall compile and report to the Ministry of Planning and Investment on the investment situation in the province;

d) Quarterly and annually, Ministries and ministerial-level agencies shall report on the issuance, adjustment, and revocation of Investment Registration Certificates or other legally equivalent documents within their scope of management (if any); report on investment activities related to the scope of management of their respective sectors and send them to the Ministry of Planning and Investment for compilation and reporting to the Prime Minister;

d) Annually, the Ministry of Planning and Investment reports to the Prime Minister on the investment situation nationwide and provides an assessment report on the implementation of the investment reporting regime by the agencies specified in Clause 1 of this Article.

3. Agencies, investors, and economic organizations shall submit reports in writing and through the National Investment Information System.

4. Agencies, investors, and economic organizations specified in Clause 1 of this Article shall submit ad hoc reports when requested by competent state agencies.

5. For investment projects that do not require an Investment Registration Certificate, investors must report to the investment registration authority before implementing the investment project.

Article 73. Reporting regime for overseas investment activities

1. Agencies, organizations, and individuals required to submit reports include:

a) Ministries and ministerial-level agencies are responsible for managing overseas investment activities in accordance with the law, and for representing state capital in enterprises;

b) Investors implementing overseas investment projects in accordance with the provisions of this Law.

2. The reporting regime for the entities specified in point a, clause 1 of this Article shall be implemented as follows:

a) Annually, they shall submit reports on the management of overseas investment activities in accordance with their functions and duties to the Ministry of Planning and Investment for compilation and reporting to the Prime Minister;

b) Annually, the Ministry of Planning and Investment reports to the Prime Minister on the situation of overseas investment.

3. The investor reporting regime is implemented as follows:

a) Within 60 days from the date the investment project is approved or licensed in accordance with the laws of the host country, the investor must send a written notification regarding the implementation of overseas investment activities, along with a copy of the investment project approval document or documents proving the right to conduct investment activities in the host country, to the Ministry of Planning and Investment, the State Bank of Vietnam, and the Vietnamese representative office in the host country;

b) On a quarterly and annual basis, investors shall submit reports on the operational status of the investment project to the Ministry of Planning and Investment, the State Bank of Vietnam, and the Vietnamese representative agency in the host country.

c) Within six months from the date of the tax settlement report or a legally equivalent document as prescribed by the laws of the host country, the investor shall report on the operational status of the investment project, along with the financial statements, tax settlement report, or legally equivalent document as prescribed by the laws of the host country, to the Ministry of Planning and Investment, the State Bank of Vietnam, the Ministry of Finance, the Vietnamese representative office in the host country, and the competent state management agency as prescribed by this Law and other relevant laws;

d) For overseas investment projects using state capital, in addition to complying with the reporting requirements stipulated in points a, b, and c of this clause, investors must comply with the investment reporting requirements as prescribed by law on the management and use of state capital invested in production and business at enterprises.

4. The reports stipulated in paragraphs 2 and 3 of this Article shall be submitted in writing and through the National Investment Information System.

5. The agencies and investors specified in Clause 1 of this Article shall submit ad hoc reports as required by competent state agencies when requested in relation to state management or issues arising related to the investment project.

Article 74. Investment promotion activities

1. The Government directs the development and implementation of investment promotion policies and guidelines to promote and facilitate investment activities by sector, region, and partner, in accordance with the strategies, plans, and socio-economic development goals for each period; ensuring the implementation of investment promotion programs and activities that are inter-regional and inter-sectoral, linked with trade promotion and tourism promotion.

2. The Ministry of Planning and Investment shall develop and implement the national investment promotion plan and program; coordinate inter-regional and inter-provincial investment promotion activities; and monitor, supervise, and evaluate the effectiveness of investment promotion nationwide.

3. Ministries, ministerial-level agencies, and provincial People's Committees, within their respective duties and powers, shall develop and implement investment promotion plans and programs in the fields and areas under their management, in accordance with the socio-economic development strategy, planning, and plans, and the National Investment Promotion Program.

4. Funding for the development and implementation of investment promotion programs is allocated from the state budget and other legitimate sources of support.

5. The Government shall detail this Article.

Chapter VII

TERMS ENFORCEMENT

Article 75. Amendments and additions to certain articles of laws related to investment and business.

1. Amendments and additions to certain articles of the Housing Law No. 65/2014/QH13, which has been amended and supplemented by Law No. 40/2019/QH14, are as follows:

a) Amend and supplement Clause 2 of Article 21 as follows:

“2. There must be a deposit or bank guarantee for the deposit obligation to be fulfilled for each project as prescribed by investment law.”;

b) Amend and supplement point c, clause 2, Article 22 as follows:

“c) Approve the investor in accordance with the provisions of the Investment Law. In case multiple investors are approved, the determination of the investor shall be in accordance with the provisions of the Construction Law.

The government will provide detailed regulations on this point.”

c) Amend and supplement Clause 1 of Article 23 as follows:

“1. Having the legal right to use residential land and other types of land that are permitted by competent state agencies to be converted for residential use.”;

d) Amend and supplement Clause 2 of Article 170 as follows:

2. For other housing construction projects subject to investment approval under the provisions of the Investment Law, the provisions of the Investment Law shall apply.

d) Amend and supplement Clause 7 of Article 175 as follows:

7. Organize training and professional development courses on housing development and management; regulate the issuance of certificates of completion for training courses on the management and operation of apartment buildings; regulate and recognize the classification of apartment buildings.

e) Repeal Clause 3 of Article 22 and Article 171.

2. Amendments and additions to certain articles of the Law on Real Estate Business No. 66/2014/QH13 are as follows:

a) Amend and supplement Clause 1 of Article 10 as follows:

“1. Organizations and individuals engaged in real estate business must establish an enterprise or cooperative (hereinafter referred to as enterprise), except as stipulated in Clause 2 of this Article.”;

b) Amend and supplement Article 50 as follows:

Article 50. Authority to permit the transfer of all or part of a real estate project

1. For real estate projects that have been approved by the investor or granted an Investment Registration Certificate in accordance with the Investment Law, the authority and procedures for transferring all or part of the project shall be carried out in accordance with the provisions of the Investment Law.

2. For real estate projects not falling under the cases specified in Clause 1 of this Article, the authority to permit the transfer of all or part of the real estate project shall be exercised as follows:

a) The People's Committee of the province or centrally-administered city (hereinafter referred to as the Provincial People's Committee) decides whether to permit the transfer of all or part of a real estate project for projects whose investment was decided by the Provincial People's Committee;

b) The Prime Minister decides to permit the transfer of all or part of a real estate project for projects whose investment was decided by the Prime Minister.”;

c) Add the following introductory paragraph before Clause 1 of Article 51:

"The procedure for transferring all or part of a real estate project as stipulated in Clause 2, Article 50 of this Law shall be carried out as follows:".

3. Amend and supplement certain points of Clause 2, Article 25 of the Law on Environmental Protection No. 55/2014/QH13, which has been amended and supplemented by Law No. 35/2018/QH14 and Law No. 39/2019/QH14, as follows:

a) Amend and supplement point a, clause 2, Article 25 as follows:

“a) For the subjects specified in Article 18 of this Law, the competent authority shall base its approval of the investment policy on the preliminary environmental impact assessment; the investor may only implement the project after the environmental impact assessment report has been approved.

For public investment projects, the competent authority shall base its decision on the preliminary environmental impact assessment to determine the investment policy; and shall base its decision on the environmental impact assessment to determine investment for the subjects specified in Article 18 of this Law. The Government shall specify in detail the subjects and content of the preliminary environmental impact assessment;”;

b) Amend and supplement point d, clause 2, Article 25 as follows:

“d) For projects not covered by points a, b, c, and d of this clause, the competent authority shall base its decision on the preliminary environmental impact assessment to issue the Investment Registration Certificate, except in cases where the Investment Registration Certificate is issued at the request of the investor; the investor may only implement the project after the environmental impact assessment report has been approved.”

4. Amendments and additions to certain articles of the Corporate Income Tax Law No. 14/2008/QH12, which have been amended and supplemented by Law No. 32/2013/QH13 and Law No. 71/2014/QH13, are as follows:

a) Add clause 5a after clause 5 of Article 13 as follows:

“5a. For investment projects stipulated in Clause 2, Article 20 of the Investment Law, the Prime Minister shall decide to apply a preferential tax rate reduced by no more than 50% compared to the preferential tax rate stipulated in Clause 1 of this Article; the period of application of the preferential tax rate shall not exceed 1,5 times the period of application of the preferential tax rate stipulated in Clause 1 of this Article and may be extended for no more than 15 years and shall not exceed the term of the investment project.”;

b) Add clause 1a after clause 1 of Article 14 as follows:

“1a. For investment projects stipulated in Clause 2, Article 20 of the Investment Law, the Prime Minister shall decide to apply tax exemption for a maximum of 06 years and a 50% reduction in the tax payable for a maximum of 13 subsequent years.”;

5. Amendments and additions to certain articles of the Cinema Law No. 62/2006/QH11, which have been amended and supplemented by Law No. 31/2009/QH12 and Law No. 35/2018/QH14, are as follows:

a) Repeal Articles 14 and 15, and Clause 3 of Article 30;

b) Remove the number “14” and the comma immediately following the number “14” in Article 55.

6. Article 10 and point a of clause 2 of Article 43 of the Urban Planning Law No. 30/2009/QH12, as amended and supplemented by Law No. 77/2015/QH13, Law No. 35/2018/QH14 and Law No. 40/2019/QH14, are hereby repealed.

Article 76. Terms enforcement

1. This Law shall come into effect on January 1, 2021, except for the provisions in Clause 2 of this Article.

2. The provisions of Clause 3, Article 75 of this Law shall take effect from September 1, 2020.

3. The Investment Law No. 67/2014/QH14, which has been amended and supplemented by Law No. 90/2015/QH13, Law No. 03/2016/QH14, Law No. 04/2017/QH14, Law No. 28/2018/QH14, and Law No. 42/2019/QH14, shall cease to be effective from the date this Law comes into force, except for Article 75 of the Investment Law No. 67/2014/QH14.

4. Individuals who are Vietnamese citizens may use their personal identification number to replace copies of their Identity Card, Citizen Identification Card, Passport, and other personal identification documents when carrying out administrative procedures stipulated in the Investment Law and the Enterprise Law, in cases where the national population database is connected to the national investment registration and enterprise registration databases.

5. In cases where a legal document refers to regulations on project approval decisions or investment policy decisions as stipulated in the Investment Law, the regulations on investment policy approval as stipulated in this Law shall apply.

Article 77. Transitional provisions

1. Investors who have been granted Investment Licenses, Investment Incentive Certificates, Investment Certificates, or Investment Registration Certificates before the effective date of this Law may implement investment projects according to the Investment Licenses, Investment Incentive Certificates, Investment Certificates, or Investment Registration Certificates that have been granted.

2. Investors are not required to go through the investment policy approval procedure as stipulated in this Law for investment projects falling under one of the following cases:

a) Investors who have received investment policy decisions, investment policy approvals, or investment approvals from competent state agencies in accordance with laws on investment, housing, urban development, and construction before the effective date of this Law;

b) Investment projects that are not subject to approval of investment policy, decision on investment policy, approval of investment, or issuance of Investment Registration Certificates according to the laws on investment, housing, urban development, and construction, and where the investor has already implemented the investment project in accordance with the law before the effective date of this Law;

c) Investors who won the bidding process for investor selection or the land use rights auction before the effective date of this Law;

d) Projects that were granted Investment Incentive Certificates, Investment Licenses, Investment Certificates, or Investment Registration Certificates before the effective date of this Law.

3. In cases where an investment project is adjusted as stipulated in Clause 2 of this Article, and the adjusted content falls under the category requiring approval of investment policy as prescribed in this Law, the procedures for approving the investment policy or adjusting the investment policy must be carried out in accordance with the provisions of this Law.

4. Investment projects that have been implemented or approved in accordance with the law before July 1, 2015, and are subject to the provisions of this Law regarding project implementation guarantees, are not required to deposit or provide bank guarantees for the deposit obligation. However, if the investor adjusts the objectives or progress of the investment project, or changes the land use purpose after this Law comes into effect, they must deposit or provide a bank guarantee for the deposit obligation as prescribed by this Law.

5. Debt collection service contracts signed before the effective date of this Law shall terminate from the effective date of this Law; the parties to the contract may carry out activities to liquidate the debt collection service contract in accordance with the provisions of civil law and other relevant laws.

6. Economic organizations with foreign investment capital that are subject to more favorable market access conditions than those stipulated in the List issued under Article 9 of this Law may continue to apply the conditions stipulated in their issued Investment Registration Certificates.

7. The provisions of Clause 3, Article 44 of this Law apply to both investment projects for which land was allocated before the effective date of this Law and investment projects for which land has not yet been allocated.

8. In cases where the law stipulates that the dossier for carrying out administrative procedures must include an Investment Registration Certificate or an Investment Policy Approval document, but the investment project does not fall under the cases requiring the issuance of an Investment Registration Certificate or Investment Policy Approval document as prescribed by this Law, the investor is not required to submit the Investment Registration Certificate or the Investment Policy Approval document.

9. For localities facing difficulties in allocating land for the development of housing, service facilities, and public utilities for workers in industrial zones, the competent state agency may adjust the industrial zone construction plan (for industrial zones established before July 1, 2014) to reserve a portion of the land for the development of housing, service facilities, and public utilities for workers in the industrial zone.

The land area designated for housing development, service facilities, and public amenities for workers in the industrial park, after the planning adjustment, must be located outside the geographical boundaries of the industrial park and ensure safe environmental distances as prescribed by construction law and other relevant laws.

10. The transitional provisions for overseas investment activities shall apply as follows:

a) Regulations regarding the duration of overseas investment projects in licenses and certificates of overseas investment issued before July 1, 2015, are no longer valid;

b) Investors who have been granted a License, Certificate of Overseas Investment, or Certificate of Registration of Overseas Investment to carry out overseas investment in sectors or professions subject to conditions for overseas investment as prescribed by this Law may continue to operate under the License, Certificate of Overseas Investment, or Certificate of Registration of Overseas Investment that has been granted.

11. From the date this Law takes effect, valid dossiers that have been received and have exceeded the processing time limit but have not yet received results as prescribed by the Investment Law No. 67/2014/QH13, as amended and supplemented by Law No. 90/2015/QH13, Law No. 03/2016/QH14, Law No. 04/2017/QH14, Law No. 28/2018/QH14 and Law No. 42/2019/QH14, shall continue to be applied according to the provisions of the Investment Law No. 67/2014/QH13 as amended and supplemented by Law No. 90/2015/QH13, Law No. 03/2016/QH14, Law No. 04/2017/QH14, Law No. 28/2018/QH14 and Law No. 42/2019/QH14. 42/2019/QH14.

12. The Government shall detail this Article.

This law was passed by the 6th National Assembly of the Socialist Republic of Vietnam at its 9th session on June 17, 2020.

CHAIRMAN OF THE NATIONAL ASSEMBLY

 

 

Nguyen Thi Kim Ngan