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Policy decision by Prime Minister for offshore investment project

01. Conditions for application

The Prime Minister shall have the right to issue policy decision on the following offshore investment projects:
1. Projects in the banking, insurance, securities, press, broadcasting, television or telecommunications sector having offshore investment capital of 400 billion Dong or more;
2. Investment projects not covered by paragraph (a) of this clause and having offshore investment capital of 800 billion Dong or more.

02. Applicable laws

1. 2014 Investment Law
2. Decree No. 83/2015/NĐ-CP
3. Circular No. 03/2018/TT-BKHĐT

03. Procedure

Step 1: Prepare 08 sets of applications, including 01 original set, and 07 copy ones certified by the investor

1. Written registration for offshore investment;
2. Copy of the people’s identity card, ID card or passport in the case of investors being an individual; copy of the incorporation certificate or other equivalent document certifying the legal status in the case of investors being an organization;
3. Proposal for the investment project comprising the following items: objectives, scale, form and investment location, preliminary calculation of investment capital, method of raising capital, structure of sources of capital; implementation schedule of the project, investment phases (if any); preliminary analysis of investment efficiency of the project;

4. Copy of any one of the following documents proving the financial capability of the investor: financial statements for the last two years of the investor; undertaking of the parent company to provide financial support; undertaking of a financial institution(s) to provide financial support; guarantee for the financial capability of the investor; or other documents proving the financial capability of the investor

5. Undertaking to balance itself sources of foreign currency or written undertaking of an authorized credit institution to arrange foreign currency for the investor;
6. Decision on offshore investment;
7. With respect to offshore investment projects in the banking, securities, insurance or science and technology sector, the investor shall submit a written approval of the competent State agency regarding satisfaction of the conditions for offshore investment in accordance with the Law on Credit Institutions, the Law on Securities, the Law on Science and Technology or the Law on Insurance Business.

Step 2: Submit applications to the Ministry of Planning and Investment (“MPI”)

Step 3: Asking opinions for appraisal

The MPI shall, within 03 working days from the date of receipt of the file, file, forward the file to the relevant State agencies to ask for their opinions on appraisal.

Step 4: Giving opinions for appraisal

The agency which is asked for an opinion shall provide its opinion on the appraisal of the items under its authority for management within a time-limit of fifteen (15) days from the date of receipt of the file.

Step 5: Appraisal

The MPI shall, within 39 days from the date of receipt of the file, organize appraisal and prepare an appraisal report for submission to the Prime Minister of the Government.

Step 6: The Prime Minister shall consider issuing a policy decision on the offshore investment project.

04. Processing Time 50 days

05. Service fee USD 3500

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