The Vietnam Space Centre project at the Hòa Lạc High-Tech Park. — Photo vnsc.org.vn

 

A draft decree detailing special investment procedures outlines the commitments investors must make to comply with legal requirements and planning standards. These include obligations related to construction, environmental protection, and fire safety. Investors are required to commit in writing to meet these conditions, ensuring their projects align with regulatory standards.

 

The commitments include three main elements. First, investors must comply with all legal requirements and technical standards relevant to construction, environmental protection and fire safety. Second, a preliminary assessment must be conducted to evaluate the project’s compliance with these standards. Finally, investors are required to make a formal written commitment to meet these requirements, avoid prohibited actions and take full responsibility for any violations. These commitments must be included in the investment registration dossier.

 

In cases of non-compliance, penalties may include administrative sanctions, project suspension, or termination, as stipulated by the Law on Investment.

 

For projects under special investment procedures that require environmental impact assessments (EIA), the draft decree exempts them from preparing EIA reports. However, for projects requiring environmental permits, these must be obtained before construction.

 

Special investment procedures apply to projects in industrial zones, export processing zones, high-tech zones, IT hubs, free trade zones and functional areas within economic zones. These procedures focus on key sectors, such as innovation centres, research and development (R&D), and semiconductor production. Projects located in high-tech zones must also meet the Government’s criteria for high-tech activities.

 

The decree also sets rules for deposit requirements to ensure project implementation. Investors must provide a deposit or a bank guarantee after obtaining the Investment Registration Certificate. The timing of the deposit depends on the project’s status. If compensation and resettlement funds have not been advanced, the deposit must be made before the approved compensation plan is implemented.

 

If funds have already been advanced, the deposit is required before land lease or land-use conversion decisions are issued. For projects carried out on land that has already been compensated and reclaimed, the deposit must be completed within 30 days of receiving the Investment Registration Certificate.

 

Investors may reclaim 50 per cent of the deposit, or reduce the bank guarantee obligation by the same amount, upon notifying the Management Board of project commencement. The remaining deposit and accrued interest will be refunded once the investor submits a certificate confirming project completion and readiness for operation. — VNS

 

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