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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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