Project adjustment procedures need to be followed
While implementing investment project adjustments, it is essential for investors to determine the cases where they need to carry out registration or examination procedures in accordance with the law.
The adjustment of investment projects is effected in the form of amending and supplementing the contents of the investment certificates. Enterprises are required to implement the procedure of investment certificate adjustment, while modifying the content related to the objective, scale, location and form, as well as capital and duration of a project.
There are several investment projects, for which adjustment registration or examination procedures are not required, such as:
Domestic investment projects which, after adjustment, are capitalised at less than VND15 billion (US$714,285) and are not subject to conditional investment sectors;
Domestic investment projects which, after adjustment, are capitalised at less than VND300 billion ($14.28 million) and make no changes to the objective and location of investment.
There are a number of projects that need to do registration for investment project adjustment, such as:
Foreign investment projects which, after adjustment, are capitalised at less than VND300 billion and are not subject to conditional investment sectors;
Domestic investment projects which, after adjustment, are not subject to any conditional investment sectors, except projects for which adjustment registration or examination procedures are not required;
Domestic investment projects subject to conditional investment sectors which, after adjustment, make no changes to their objectives and still satisfy the investment conditions specified for them, except projects for which adjustment registration or examination procedures are not required;
The investors shall register the contents to be adjusted with provincial-level state agencies in charge of investment within 10 days of deciding on adjustment.
Investment projects that are subject to adjustment examination include projects which, after adjustment, fall into the following cases:
Foreign investment projects which, after adjustment, are subject to examination for grant of investment certificates; domestic investment projects which, after adjustment, are subject to conditional investment sectors, except cases in which they are subject to registration for investment project adjustment.
The investors shall submit a written request for adjustment of the project, which covers the contents on the project’s progress, reasons for adjustment and changes compared with the examined content, to state agencies in charge of investment according to their competence.
In addition, investors may be fined VND20 million to VND30 million ($952-1,428) if they fail to implement the procedures of investment project adjustment in accordance with the law, and will be forced to implement such procedures as prescribed by law.
Source: http://bizhub.vn/