I. Procedures need to implement when carrying out the investment project

• According to Clause 4 Article 4 of the Law on Investment 2020, Investment project means a collection of proposals for the expenditure of mid-term or long-term capital to carry out investment activities in a particular administrative division over a certain period of time.
• Depending on the nature, scale and conditions of each project, investment project must comply with one or several of the following procedures:
  • Applying for appoval on investment policy, issue of the investment registration certificate in accordance with regulations of laws;
  • Establishing of a economic organization in accordance with regulations to foreign investors investing in the form of establishing economic organizations;
  • Carrying out the procedures for allocation, re-allocation, lease, sublease or permission for repurposing of land in accordance with regulations of Laws on Land (if any).
  • Carrying out the procedures for construction in accordance with regulations of laws on construction (if any).
  • Investors who won the land use right auction or won the bidding for an investment project using land must carry out their investment project in accordance with the corresponding regulations in the decision on approving the auction winning result, the written approval on investor selection results and regulations on  investment, construction and relevant laws that do not need to carry out procedures for applying for investment policy approval.

II. Forms of selection of investor

• According to Clause 1 Article 29 of the Law on Investment 2020, selecting foreign investors shall be carried out by the following forms:
  • Holding land use right auction in accordance with regulations on land;

• Bidding to select an investor in accordance with regulations of law on bidding;

• Approving an investor.

• In the process of selecting investors to execute the investment project, it should be noted that:

• The selection of investor to execute the investment project in the form of holding land use right auction and bidding to select an investor shall be followed by the approval for investment policy were granted, except for the investment projects not subject to approval for investment policy.

• If a land use right auction is held but only one person registers for participation in the auction or the auction is unsuccessful in accordance with regulations of law on land or if bidding is conducted to select investors but only one investor registers for participation in the bidding in accordance with regulations of law on bidding, the competent authority shall carry out the procedures for approving an investor if the investor satisfies the requirements prescribed by relevant law.

• For an investment project subjects to approval for its investment policy, the competent authority shall grant approval for both investment policy and investor without holding a land use right auction or bidding to select investor in the following cases:

• The investor has the land use rights, except for the case where the State expropriates land for national defense and security purposes or for socio-economic development in the national or public interest in accordance with regulations on land;

• The investor receive transfer, capital contribution, or lease of the agricultural land use rights to execute an investment project on non-agricultural production or business that are not subject to land recovery by the State in accordance with regulations on land;

• The investor executes the investment project in industrial parks or hi-tech zones;

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

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