The investor is entitled to transfer part or all of the project to another investor when the following conditions are satisfied
1. The investor is entitled to transfer part or all of the project to another investor when the following conditions are satisfied:
a) The project is not terminated in the cases as prescribed in Clause 1 Article 48 of this Law;
b) Investment conditions applied to foreign investors are satisfied in case the foreign investor receives a project of investment in conditional business lines;
c) Regulations of law on law, real estate trading is complied with if the project transfer is associated with transfer of land;
d) Conditions in the Certificate of investment registration or relevant regulations of law are complied with.
2. Where transferring a project subject to issuance of the Certificate of investment registration, the investor shall submit the documents mentioned in Clause 1 Article 33 of this Law and the project transfer contract in order to change the investor.
Article 46. Extension of project schedule
1. If the Certificate of investment registration or decision on investment policies has been issued, the investor shall submit written proposals to the registry office when extending the capital contribution schedule, construction schedule, and inauguration schedule (if any); schedule for target achievements.
2. Contents of the proposal:
a) The progress of the project and fulfillment of financial obligation to the State since the issuance of the Certificate of investment registration or decision on investment policies up to the extension date;
b) Explanation and length of extension;
c) Plan for carrying on the project, including capital contribution plan, infrastructural development schedule, and inauguration schedule;
d) The investor’s commitment to carry on the project.
3. The extension shall not exceed 24 months. In force majeure events, the time for recovery shall not be included in the extension.
4. Within 15 days from the receipt of the proposal, the registry office shall offer its opinions in writing.
Article 47. Project suspension and termination
1. When suspending the project, the investor must notify the registry office in writing. If the project has to be suspended in a force majeure event, the investor shall be exempt from paying land rents for the suspension period, which is necessary for recovery from the event.
2. The investment authority shall decide to suspend part or all of the project in the following cases:
a) For protection of historical remains, relics, antiques, national treasures according to the Law on Cultural heritage;
b) For environmental recovery at the request of a environment authority;
c) For implementation of occupational safety measures at the request of an labor authority;
d) The project is suspended under the decision or judgment of the court or arbitral tribunal;
dd) The investor fails to adhere to the Certificate of investment registration and recommits administrative violations after incurring penalties.
3. The Prime Minister shall decide to suspend part or all of a project if the project execution threatens to affect national security at the request of the Ministry of Planning and Investment.
Article 48. Project termination
1. A project shall be terminated in the following cases:
a) The investor decides to terminate the project;
b) The project has to be terminated according to the regulations of the contract or company’s charter;
c) The project duration is over;
d) The investor fails to overcome the difficulties that lead to project suspension in the cases mentioned in Clause 2 and Clause 3 Article 47 of this Law;
dd) The land of the project is withdrawn by the State, or the investor is not permitted to keep using the premises and fails to complete procedures for change of project location within 06 months from the day on which the decision on land/premises withdrawal is issued;
e) The registry office cannot contact the investor or the investor’s legal representative after 12 months from the date of suspension of the project;
g) The investor fails to execute or is not able to execute the project after 12 months according to the schedule registered with the registry office and is not permitted to extend the project execution schedule as prescribed in Article 46 of this Law;
h) The project is terminated under a decision of the Court or arbitral tribunal.
2. The registry office shall decide project termination in the cases mentioned in Points d, dd, e, g, and h Clause 1 of this Article.
3. The investor shall liquidate the project in accordance with regulations of law on asset liquidation when terminating the project.
4. In case the project land is withdrawn by the State but the investor fails to liquidate assets on land within 12 months from the withdrawal date, the agency that issues the decision on land withdrawal shall liquidate such assets.
Tin liên quan
The duration of authorization of each representative, including the beginning date;
Responsibilities of the enterprise’s legal representative
Reporting changes to information about the enterprise’s manager
Criteria, rights and obligations of social enterprises
Do accounting, make and submit truthful financial statements in a timely manner according to regulations of law on accounting and statistics.
State assurance about enterprises and owners of enterprises
Subsidiaries are related person of the parent company in the same group
Application of the Law on Enterprises and specialized laws
Acceptance of leased goods
Pass of risks incurred to leased goods