Contents of state management of investment

Article 67. Contents of state management of investment

bookkeeping-vinasc31. Promulgate, disseminate, and organize implementation of legislative documents on investment.

2. Develop and organize implementation of strategies, plannings, plans, and policies for investments in Vietnam and outward investments.

3. Assess the developments and macroeconomic effects of investment activities.

4. Develop, manage, and operate National Investment Information System.

5. Issue, adjust, revoke Certificates of investment registration, Certificates of outward investment registration, decisions on investment policies, and decisions on outward investment policies in accordance with this Law.

6. Perform state management tasks pertaining to industrial parks, export-processing zones, hi-tech zones, and economic zones.

7. Organize and implement investment promotion.

8. Inspect and supervise investment activities; coordinate investment management tasks.

9. Instruct, support investors and resolve their difficulties in making investment; resolve complaints, denunciations; decide commendation and disciplinary actions.

10. Negotiate and conclude international agreements on investments.

Article 68. Responsibilities of regulatory bodies for investment management

1. The government shall promulgate uniform regulations on management of investments in Vietnam and outward investments.

2. The Ministry of Planning and Investment shall assist the Government in promulgating uniform regulations on management of investments in Vietnam and outward investments.

3. The Ministry of Planning and Investment has the following responsibilities and rights:

a) Request the Government and the Prime Minister to consider approving strategies, plannings, plans, and policies for investments in Vietnam and outward investments;

b) Promulgate or request competent authorities to promulgate legislative documents on investments in Vietnam and outward investments;

c) Provide forms of documents serving procedures for investments in Vietnam and outward investments;

d) Provide instruction, organize, supervise, inspect, and assess the implementation of legislative documents on investments;

dd) Assess and report the developments of investments in Vietnam and outward investments;

e) Develop, manage, and operate National Investment Information System;

g) Take charge and cooperate with relevant agencies in supervising, assessing, and inspecting investments in Vietnam and outward investments;

h) Request competent authorities to decide the suspension of projects that are approved or adjusted ultra vires or against regulations of law on investment;

i) Perform state management tasks pertaining to Industrial parks, export-processing zones, economic zones;

k) Perform state management tasks pertaining to investment promotion in Vietnam and overseas;

l) Negotiate and conclude international agreements on investments;

m) Other responsibilities and rights pertaining to investment management given by the Government and the Prime Minister.

4. Responsibilities, rights of other Ministries and ministerial agencies:

a) Cooperate with the Ministry of Planning and Investment, other Ministries and ministerial agencies in formulating laws and policies on investments;

b) Take charge and cooperate with other Ministries and ministerial agencies in formulating laws, policies, standards, technical regulations, and instructions;

c) Impose and request Government to promulgate conditions for making investment in the business lines mentioned in Article 7 of this Law;

d) Take charge and cooperate with the Ministry of Planning and Investment in formulating planning and compiling a list of projects attracting investments; carry out investment promotion;

dd) Participating in appraisal of projects subject to issuance of decisions on investment policies as prescribed in this Law;

bookkeeping-vinasc1e) Carry out supervision, assessment, and inspection of the fulfillment of investment conditions of the projects under their management;

g) Take charge and cooperate with the People’s Committees of provinces, other Ministries and ministerial agencies in resolving difficulties of investment projects in state management; provide guidance on distribution of powers and authorize management boards of industrial parks, export-processing zones, hi-tech zones, and economic zones to perform state management tasks therein;

h) Carry out periodic assessments of socio-economic effects of projects under their management and send reports to the Ministry of Planning and Investment;

i) Maintain and update management information systems under their management; integrate them into the National Investment Information System.

5. Responsibilities and rights of the People’s Committees of provinces, the Services of Planning and Investment, management boards of industrial parks, export-processing zones, hi-tech zones, economic zones:

a) Cooperate with Ministries, ministerial agencies in compiling and issuing Lists of local projects attracting investments;

b) Follow procedures issuance, adjustment, and revocation of Certificates of investment registration;

c) Exercise the rights of regulatory bodies to projects under their management;

d) Resolve investors’ difficulties or request competent authorities to do so;

dd) Carry out periodic assessments of effectiveness of local projects and send reports to the Ministry of Planning and Investment;

e) Maintain, update National Investment Information System within their competence;

g) Provide instructions on organization, supervisions, and assessment of reporting.

6. Vietnam’s representative bodies overseas are responsible for monitoring, providing support, protecting the lawful rights and interests of Vietnamese investors in the host countries.