Proposed new policy on granting Investment Registration Certificates

(Chinhphu.vn) - The Ministry of Finance is drafting the Investment Law (replacement). In which, the Ministry proposes policies to improve and simplify investment and business procedures, and continue to strengthen the decentralization of authority to approve investment policies.

Ministry of Finance proposes new policy on procedures for approving investment policies and granting Investment Registration Certificates

The Ministry of Finance said that the development and promulgation of the Investment Law (replacement) is aimed at institutionalizing the Party's Resolutions on perfecting the socialist-oriented market economic institutions and developing the private economy; promptly removing difficulties and obstacles in institutions and laws, unblocking and promoting resources for socio-economic development; cutting and simplifying procedures in investment and business, creating favorable conditions for people and businesses. Completing regulations on conditional investment and business sectors and conditions, and cutting down on some unnecessary and unreasonable sectors and professions in order to continue to ensure the full and consistent implementation of the freedom of business of people and businesses in sectors and professions that the Law does not prohibit or stipulate conditions for. In addition, perfecting the management decentralization mechanism between central and local agencies on the basis of ensuring the effectiveness and efficiency of state management of investment and business activities, creating a legal corridor, promptly handling practical issues, and removing institutional "bottlenecks".

One of the policies proposed by the Ministry of Finance is the policy of perfecting and simplifying investment and business procedures, and continuing to strengthen the decentralization of authority to approve investment policies. Specifically:

Regarding the procedures for approving investment policies and granting investment registration certificates , the Ministry of Finance said that the policy's goal is to create a new step forward in reforming administrative procedures in implementing investment activities, associated with innovation and improving the effectiveness and efficiency of state management of investment activities; perfecting the investment management decentralization mechanism, contributing to removing difficulties and creating conditions for investors to carry out investment activities with simpler procedures and lower costs.

Content of the policy: Amend, complete, and simplify investment and business procedures including: procedures for approving investment policies, selecting investors, procedures for granting investment registration certificates, investment procedures in the form of establishing economic organizations by foreign investors to simplify administrative procedures, remove "bottlenecks", and speed up the process of putting projects into implementation and operation. Continue to promote decentralization of the National Assembly and the Prime Minister's authority to approve investment policies, implementing the policy of "locality decides, locality acts, locality is responsible."

Ministry of Finance proposes 3 options

Option 1

Regarding the investment policy approval procedure, the Ministry of Finance proposed to stipulate that the investment policy approval procedure only applies to projects that have a major impact on the environment or have the potential to have a serious impact on the environment, projects that affect national defense and security, projects that use the country's resources such as land, forests, seas, minerals, etc., large investment projects in important areas such as seaports, airports, etc.

Simplifying the implementation of this procedure aims to resolve and overcome the current problems and shortcomings of the investment policy approval procedure, speed up the implementation of this procedure, and unlock investment resources for socio-economic development in the following directions:

Promote decentralization and delegation of authority to approve investment policies, and narrow down the scope of projects requiring investment policy approval. Accordingly:

The National Assembly only approves investment policies for projects requiring the application of special mechanisms and policies that need to be decided by the National Assembly. For the remaining projects under the authority of the National Assembly's Investment Promotion Program, the authority is decentralized to the Prime Minister, including: Investment projects requiring the conversion of land use purposes of special-use forests, upstream protection forests, and border protection forests of 50 hectares or more; windbreak, sand-blocking, and wave-blocking and sea-encroachment protection forests of 500 hectares or more; production forests of 1,000 hectares or more; Investment projects requiring the conversion of land use purposes of wet rice cultivation of 02 crops or more with a scale of 500 hectares or more; Investment projects requiring the resettlement of 20,000 or more people in mountainous areas, and 50,000 or more people in other areas.

Continue to decentralize the Prime Minister's authority to approve investment policies to the provincial People's Committees for: Investment projects of foreign investors in the field of afforestation; Investment projects with betting and casino businesses; Offshore wind power projects according to the provisions of the law on electricity.

Narrowing down the scope of projects that must carry out procedures for approving investment policies of the Provincial People's Committee for projects that have been announced to select investors in the form of auctioning land use rights, bidding to select investors (such as housing construction projects, urban areas, social housing, projects carrying out procedures to determine the number of interested investors according to the provisions of bidding law and specialized laws such as market projects, construction of water supply works, construction of solid waste treatment works, etc.). Accordingly, the Provincial People's Committee approves investment policies for the following projects:

The project proposes to use resources such as land, forests, seas, and minerals (except for projects that have been announced to select investors in the form of land use rights auctions and investor selection bidding).

Projects using land and sea areas in islands and border communes, wards and towns; coastal communes, wards and towns; other areas affecting national defense and security.

The project is large-scale and important in the fields of seaports, airports, electricity, industrial parks, etc.

Eliminate and simplify some contents of investment policy approval appraisal that are broad in scope, overlap with appraisal contents in project implementation steps or are not really necessary to be considered immediately at the investment policy approval stage such as appraisal contents related to technology, housing progress, etc.; determine the contents of assessing the project's conformity with planning directly related to the project implementation proposal (such as industry planning, provincial planning, etc.) to simplify the contents of investment policy approval appraisal.

In addition, supplement regulations on the form of investor selection in case of investor designation or investor selection in special cases according to the provisions of the law on bidding.

Regarding the procedures for granting Investment Registration Certificates, the Ministry of Finance proposes to regulate the procedures for granting Investment Registration Certificates for projects not subject to investment policy approval in which foreign investors and economic organizations with foreign investment capital holding more than 50% of the charter capital.

Continue to revise and complete regulations on determining the suitability of investment projects with planning, determining the satisfaction of conditions on investment rate per land area, number of employees used, etc. in the guiding Decree.

Regarding the management of projects not subject to investment policy approval and issuance of Investment Registration Certificates, the Ministry of Finance proposes to manage projects not subject to investment policy approval and issuance of Investment Registration Certificates in accordance with the provisions of law on planning, land, environment, construction, labor, fire prevention and fighting, and other relevant legal provisions during the implementation of investment projects.

Regarding procedures for establishing economic organizations by foreign investors, the Ministry of Finance proposes to allow foreign investors to establish economic organizations without requiring an investment project prior to establishment.

Option 2

In this plan, the Ministry of Finance proposes to abolish the investment policy approval procedure in the Investment Law; to implement investment project management according to the provisions of specialized laws.

Amending and supplementing regulations on granting Investment Registration Certificates in the direction of simplifying and eliminating some conditions when granting Investment Registration Certificates related to planning, investment rate, etc.

Allows foreign investors to establish economic organizations without requiring an investment project or carrying out procedures for granting or adjusting an Investment Registration Certificate.

Option 3

The Ministry of Finance proposes to maintain current regulations.

The Ministry of Finance recommends choosing Option 1.

The Ministry of Finance is seeking comments on the policy of the Investment Law (replacement) at the Ministry's Electronic Information Portal./.

Source: https://baochinhphu.vn/de-xuat-chinh-sach-moi-ve-cap-giay-chung-nhan-dang-ky-dau-tu-102250819165227332.htm