Procedure for suspension of investment projects
Author: Admin Test Updated: 14/07/2021 Views: 10

1. Some general provisions on suspension of investment projects

1.1 When suspending an investment project, the investor must notify the investment registration authority in writing.

If the project has to be suspended in a force majeure event, the government shall allow the investor to be exempt from paying land rents or reduce land levies for the suspension period with a view to remedy consequences caused by the force majeure event.

1.2. The investment authority shall decide to suspend an investment project in part or in full in the following cases:

a) To protect sites/monuments, relics, antiques or national treasures in accordance with the Law on Cultural Heritage;

b) To rectify a violation of the law on environmental protection at the request of the environment authority;

c) To take measures to ensure occupational safety at the request of the labor authority;

d) Pursuant to a judgment or decision of a court or an arbitral award;

e) The investor fails to adhere to the written approval for investment guidelines or the investment registration certificate and recommits administrative violations after incurring penalties.

1.3. The Prime Minister shall decide to suspend a project in part or in full if the project execution is detrimental or potentially detrimental to national defense and security at the request of the Ministry of Planning and Investment.

1.4. The total suspension time of an investment project must not exceed 12 months.

In case the investment project is suspended under a court's judgment or decision, an effective arbitration award or a decision of a governmental management agency in charge of investment, the duration of the project's suspension shall be determined according to court judgments, decisions, arbitral awards or decisions of governmental management agencies in charge of investment. If these documents do not specify the period of suspension of the investment project, the total time of suspension shall not exceed 12 months.

 

2. Procedures for investors to suspend operation of investment projects

- Document composition:

+ The investor's written notice of the suspension of the investment project (according to the form A.I.13 of Circular No. 03/2021/TT-BKHDT).

+ A copy of the decision approving (adjusting) the investment policy (if available), the decision approving (adjusting) the investor (if available), the decision approving (adjusting) the investment policy at the same time with investor approval (if available), Investment Registration Certificate/Investment Certificate/Investment License/Business License (if available).

+ Decision of the investor on the suspension of the investment project (Decision and a valid copy of the minutes of the meeting of the Members' Council/General Meeting of Shareholders/partnership members/the owner of the economic organization implementing the investment project or other legal documents as prescribed by law).

- Number of dossiers: 01 set.

- Processing time: 05 working days from the date of receipt of valid dossiers.

- Competent agency: Department of Planning and Investment.

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