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LAW ON FOREIGN INVESTMENT IN VIETNAM

 

CHAPTER V

 

State Management of Foreign Investment

Article 54

The scope of State management of foreign investment includes:

1. Developing strategies, master plans, plans and policies on foreign investment;

2. Promulgating law and regulations on foreign investment activities;

3. Providing guidance to ministries and local authorities with respect to the performance of activities relating to foreign investment;

4. Issuing and revoking investment licenses;

5. Determining the co-ordination between State bodies in relation to managing foreign investment activities;

6. Inspecting, monitoring and supervising foreign investment activities.

Article 55

The Government shall uniformly carry out State management of foreign investment in Vietnam.

The Government shall make provisions on the issuance of investment licences by the Ministry of Planning and Investment; decide on the delegation of investment licence issuing authority to qualified people's committees of provinces or cities under central authority, based on the master plans and plans for socio-economic development, the investment sector, the nature of the investment, and the scale of the investment project; and make provisions on the issuance of investment licences with respect to investment projects in industrial zones and export processing zones.

Article 56

The Ministry of Planning and Investment shall be the body in charge of State management of foreign investment and shall assist the Government in managing foreign investment activities in Vietnam.

The Ministry of Planning and Investment shall have the following duties and powers:

1. Preside over the preparation and submission to the Government of strategies and plans to attract foreign investment; draft laws, regulations and policies on foreign investment; co-ordinate with ministries, ministerial level bodies and Government bodies in relation to the State management of foreign investment; provide guidance to people's committees of provinces and cities under central authority on the implementation of laws, regulations and policies on foreign investment;

2. Prepare and co-ordinate list(s) of investment projects; provide guidance on investment procedures; carry out State management of investment promotion and consultancy activities;

3. Receive investment applications and preside over the evaluation of investment projects; issue investment licences within its authority;

4. Act as a co-ordinating body to deal with problems arising during the formation, commencement and implementation of foreign investment projects;

5. Evaluate social and economic effects of foreign investment activities;

6. Inspect and supervise the implementation of foreign investment activities in Vietnam in accordance with the law.

Article 57

Ministries, ministerial level bodies, and Government bodies shall carry out State management of foreign investment within their authority and in accordance with the following powers and functions:

1. Co-ordinate with the Ministry of Planning and Investment to prepare laws and regulations, policies, master plans and plans for foreign investment;

2. Prepare plans and lists of investment projects calling for foreign investment within their respective industries; and organize the promotion and encouragement of investment;

3. Participate in the evaluation of investment projects;

4. Guide and resolve procedures relating to the commencement and implementation of investment projects;

5. Inspect and supervise the operations of enterprises with foreign owned capital and of parties to business co-operation contracts within their respective scopes of responsibility;

6. Perform other duties within their authority in accordance with the provisions of the law.

Article 58

People's committees of provinces and cities under central authority shall carry out State management of foreign investment in their respective localities in accordance with the following powers and functions:

1. On the basis of approved socio-economic development master plans, prepare and publish a list of local projects calling for foreign investment; organize the promotion and encouragement of investment;

2. Participate in the evaluation of foreign investment projects in their respective localities;

3. Receive investment applications, evaluate investment projects and issue investment licences to foreign investment projects in their localities in accordance with the authority delegated by the Government;

4. Resolve all administrative procedures relating to the formation, commencement and implementation of investment projects within their respective authority;

5. Carry out State management in their localities with respect to the business production activities of enterprises with foreign owned capital and parties to business co-operation contracts;

6. Inspect and supervise the operations of enterprises with foreign owned capital and parties to business co-operation contracts.

Article 59

Parties or one of the parties or the foreign investor shall send to

the investment licence issuing body an application file for an investment licence, comprising an application for an investment licence, a copy of the business co-operation contract or the joint venture contract, the charter of the enterprise, a technical-economic explanatory statement and other relevant documentation.

Article 60

The investment licence issuing body shall consider the application and notify the investor of its decision no later than sixty (60) days as from the date of receipt of a proper application file. The approval decision shall be notified in the form of an investment licence.

An investment licence shall be the certificate of business registration.

Article 61

The joint venture contract, the business co-operation contract,

the charter of the enterprise, and any changes to the business objectives, the scale of production or the contribution ratio of the legal capital must be approved by the body in charge of State management of foreign investment.

Article 62

Ministries, ministerial level bodies, Government bodies and people's committees of provinces and cities under central authority shall be responsible for the settlement of procedures relating to the implementation of investment projects within thirty (30) days as from the receipt of the proper documents.

Article 63

Any foreign investor, enterprise with foreign owned capital, party to a business co-operation contract, individual, organization, State officer or body breaching the provisions of the law on foreign investment shall, depending on the seriousness of the breach, be dealt with in accordance with the provisions of the law.

Article 64

Any foreign investor, enterprise with foreign owned capital, party to a business co-operation contract, organization or individual shall have the right to lodge a complaint or to take legal action against an illegal decision or conduct of State officers or bodies which is illegal or which causes difficulties, or any inconveniences. The complaint or legal action and the resolution of complaints or legal actions shall be in accordance with the provisions of the law.

 

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