Legal basis

• Investment Law 2020
• Decree 31/2021/ND-CP guiding the Law on Investment
• Circular 03/2021/TT-BKHDT regulating the form of documents and reports related to investment activities in Vietnam

Condition

During the project implementation, the investor cannot avoid various impacts that affect the implementation of the investment project’s activities, the investor may perform improperly with the contents, investment progress as registered. To overcome this situation, the Law on Investment 2014 stipulated that investors can choose to propose the extension of the investment project schedule with the investment registration agency.

However, the Investment Law 2020 promulgated on June 17, 2020 and came into force from January 1, 2021 has abolished the regulation on investment schedule extension. Although according to the provisions of the Investment Law 2020, the provision on extending the investment schedule has been abolished, it can be seen that the content of the extension of the investment schedule is still prescribed in a number of other articles of the Investment Law 2020, specifically as follows:

At Point d, Clause 3, Article 41 of the 2020 Investment Law on Adjustment of Investment Projects, investors whose investment projects have already been approved for investment guidelines must carry out procedures for approval of adjustment of investment guidelines. if it falls into one of the cases: “Extension of the project execution schedule results in the total duration of the project being extended by more than 12 months compared to that stated in the first written approval for investment guidelines”.

In Addition to  Clause 4, Article 41 of the 2020 Investment Law also stipulated that: “With respect to the investment project whose investment guidelines are approved, the investor is not allowed to extend the investment execution schedule by more than 24 months compared to that stated in the first written approval for investment guidelines, except for one of the following cases:

a) It is necessary to remedy the consequences of an event of force majeure in accordance with the civil law and the land law;

b) The project execution schedule is adjusted because the State delays allocating or leasing out land to the investor or allowing the investor to repurpose land.

c) The project execution schedule is adjusted at the request of a regulatory agency or the regulatory agency delays in performing administrative procedures;

d) The investment project is adjusted because the regulatory agency changes the planning;

dd) Any objective specified in the written approval for investment guidelines is changed; any objective that is subject to approval for investment guidelines is added;

e) The total investment capital is increased or reduced by 20% or more, thereby changing the scale of the investment project”.

Thus, there will be two (02) time periods for extending the implementation schedule of an approved investment project:

• Firstly, to adjust the implementation schedule of investment projects not exceeding 24 months:

Specifically, if the total project investment period exceeds 12 months compared with the implementation schedule of the investment project specified in the initial investment policy approval document, the investor may (i) carry out the following procedures: continue to adjust the project implementation schedule, and (ii) the time to adjust the project implementation schedule is not more than 24 months compared with the investment project implementation schedule specified in the first investment policy approval document. head.

• Second, adjusting the progress of investment projects beyond 24 months:

During the implementation of the project, the investor will inevitably encounter situations that are beyond his initial expectations, leading to the project not being implemented as committed on schedule. If the delay comes from (i) the reasons specified in Clause 4, Article 41 of the Law on Investment 2020, the investor will be entitled to (ii) adjust the progress of the investment project beyond 24 months. .

Procedure for prolonging the implementation schedule of investment projects that have been approved with investment policies

As for investment projects under the authority to approve investment guidelines of the Prime Minister

• Investors submit 08 sets of documents to the Ministry of Planning and Investment. Profile include:

• • A written request for adjustment of the investment project;
  • Report on the implementation of investment projects up to the time of adjustment;
  • Investor’s decision on adjustment of investment project for institutional investors;
  • Explain or provide documents related to the adjustment of the contents specified at Points b, c, d, dd, e, g and h, Clause 1, Article 33 of the Law on Investment (if any).

• Procedures for adjusting investment projects:

• • Within 03 working days from the day on which the valid application is received, the Ministry of Planning and Investment shall send the dossier to the competent state agency for opinions on the contents of adjustment of the investment project;
  • Within 15 days from the day on which the valid dossier is received, the agencies are entitled to give opinions on the content of project adjustment under the scope of state management of such agency;
  • Within 35 days from the date of receipt of valid dossiers, the Ministry of Planning and Investment shall make a report on appraisal of adjustment contents of investment projects to submit to the Prime Minister;
  • Within 5 working days after receiving the appraisal report from the Ministry of Planning and Investment, the Prime Minister shall decide to approve the adjustment of investment policies. The decision approving the adjustment of investment policies shall be sent to the Ministry of Planning and Investment, the investment registration agency and investors, the ministries and agencies involved in the implementation of the investment project, the investment Investor approval (if any).

As for investment projects under the authority of the People’s Committee to approve the investment guideline of the province

• Investors submit 04 sets of documents, including:

• • A written request for adjustment of the investment project;
  • Report on the implementation of investment projects up to the time of adjustment;
  • Investor’s decision on adjustment of investment project for institutional investors;
  • Explain or provide documents related to the adjustment of the contents specified at Points b, c, d, dd, e, g and h, Clause 1, Article 33 of the Law on Investment (if any).

• Procedures for adjusting investment projects:

• • Within 03 working days from the day on which the valid application is received, the investment registration agency shall send the dossier to the competent state agency for opinions on the contents of adjustment of the investment project;
  • Within 15 days from the day on which the valid dossier is received, the agencies are entitled to give opinions on the content of project adjustment under the scope of state management of such agency;
  • Within 25 days from the day on which the valid application is received, the investment registration authority shall make an appraisal report on the adjusted contents of the investment project to submit to the provincial People’s Committee;
  • Within 07 working days after receiving the application and appraisal report from the Investment Registration Authority, the People’s Committee of the province shall decide to approve the adjustment of investment policies. The decision on approval of adjustment of investment policies shall be sent to the Investment Registration Authority and the investor, the Investor Approval Agency in case of approval of the investor, the relevant departments and agencies in the implementation of the investment policy. current investment project.

As for investment projects under the authority to approve investment guideline of the Management Board of industrial parks, export processing zones, high-tech zones and economic zones

• • The investor shall submit 04 sets of dossiers specified in Clause 1, Article 44 of Decree 31/2021 to the Management Board of industrial parks, export processing zones, hi-tech parks and economic zones;
  • Within 03 working days from the day on which the valid application is received, the Management Board of the industrial park, export processing zone, high-tech zone or economic zone shall send the dossier to the competent state agency for opinions. opinions on the contents of adjustment of investment projects;
  • Within 15 days from the day on which the valid dossier is received, the agencies are entitled to give opinions on the content of project adjustment under the scope of state management of such agency;
  • Within 25 days from the date of receipt of a valid dossier, the Management Board of industrial parks, export processing zones, hi-tech zones and economic zones shall decide to approve the adjustment of investment policies. The decision approving the adjustment of investment policy shall be sent to the investor and the agency related to the implementation of the investment project.

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