Actions against violations

Article 73. Actions against violations

bookkeeping-vinasc31. Any entity that violates this Law shall face disciplinary actions, administrative penalties, or criminal prosecution depending on nature and severity of the violations, and pay compensation for any damage caused.

2. Any person that misuse his/her power to obstruct investment activities, harass investors, or fails to perform their duties as prescribed by law shall face disciplinary actions or criminal prosecution depending on nature and severity of the violations.

Article 74. Transition

1. Any investor granted the investment license or Certificate of investment before this Law takes effect may keep executing their investment project according to the investment license or Certificate of registration granted. The registry office shall replace it with the Certificate of investment registration if requested by the investor.

2. Any investor that has been executing a project before this Law takes effect, which is subject to issuance of a Certificate of investment registration or decision on investment policies as prescribed by this Law is not required to follow procedures for the Certificate of investment registration or decision on investment policies. Any investor that wishes to obtain a Certificate of investment registration shall follow the procedures in this Law.

3. Conditions for business investment in legislative documents promulgated before the effective date of this Law that contravene Clause 3 Article 7 of this Law are annulled form July 01, 2016.

4. The Government shall elaborate Clause 1 and Clause 2 of this Article.

Article 75. Amendments to Clause 1 Article 18 of the Law on High technology No. 21/2008/QH12

Clause 1 Article 18 of the Law on High technology No. 21/2008/QH12 is amended as follows:

“1. A high technology must satisfy the following criteria:

a) Producing hi-tech products on the List of hi-tech products given priority prescribed in Article 6 of this Law;

bookkeeping-vinasc1b) Applying eco-friendly, energy-saving solutions to manufacturing and quality control in accordance with Vietnam’s technical regulations and standards (or international standards if no Vietnam’s technical regulations and standards are available);

c) Other criteria established by the Prime Minister.”.

Article 76. Effect

1. This Law takes effect on July 01, 2015.

2. The Law on Investment No. 59/2005/QH11 and the National Assembly’s Resolution No. 49/2010/QH12 on projects and works of national importance subject to decision of the National Assembly are annulled from the effective date of this Law.

3. The Government and competent authorities shall elaborate the Articles and Clauses assigned.

This Law is passed by the 13th National Assembly of Socialist Republic of Vietnam on November 26, 2014 during the 8th session.