The Investment Support Fund is established from supplementary corporate income tax revenue as stipulated in the global tax base erosion prevention regulations and other legitimate sources to stabilize the investment environment, encourage and attract strategic investors and multinational corporations, and support domestic businesses in certain sectors requiring investment incentives.
On the afternoon of November 29th, with 444 out of 446 National Assembly delegates participating in the vote (equivalent to 92.69% of the total number of National Assembly delegates), National Assembly The Law amending and supplementing a number of articles of the Planning Law, the Investment Law, the Law on Investment under the Public-Private Partnership method, and the Bidding Law has been officially passed (1 law amends 4 laws).
Accordingly, regarding adjustments. planning According to the simplified procedure, the Law stipulates that adjusting the planning according to the simplified procedure does not change the viewpoint and objectives of the plan; ensuring the linkage, synchronization, inheritance, and stability between plans.
National, regional, and provincial planning schemes may be adjusted using a simplified procedure when one of the following grounds exists: the implementation of resolutions of the National Assembly, the Standing Committee of the National Assembly, or the Government on ensuring national defense and security; the rearrangement of administrative units and nationally important projects that change one or more aspects of the planning scheme; the planning scheme conflicts with higher-level planning schemes; the planning scheme conflicts with planning schemes at the same level; the implementation of urgent projects or pressing tasks that change one or more aspects of the planning scheme as prescribed by the Government.
About The Investment Support Fund, as stipulated by law, is established by the Government using supplementary corporate income tax revenue as required by global tax base erosion prevention regulations and other legitimate sources to stabilize the investment environment, encourage and attract strategic investors and multinational corporations, and support domestic businesses in certain sectors requiring investment incentives.
The Government shall specify in detail the operating model, legal status, annual and supplementary budget sources for the Fund, forms of support, support reimbursement mechanisms, and other specific policies of the Fund, and report to the Standing Committee of the National Assembly for comments before promulgation.
Supplementing regulations on special investment procedures.
Regarding special investment procedures, according to the Law, except for investment projects specified in Article 30 of this Law, investors have the right to choose to register investments in projects located in industrial parks, export processing zones, high-tech zones, concentrated information technology zones, free trade zones, and functional zones within economic zones in certain sectors.
Specifically, this includes investment in the construction of innovation centers and research and development centers; investment in the semiconductor integrated circuit industry, design and manufacturing technology of components, integrated electronic circuits, flexible electronics, chips, and semiconductor materials; and investment in high-tech fields prioritized for development and production of products included in the list of high-tech products encouraged for development as decided by the Prime Minister.
The application dossier is submitted to the Management Board of the industrial park, export processing zone, high-tech zone, or economic zone. Within 15 days of receiving the dossier, the Management Board of the industrial park, export processing zone, high-tech zone, or economic zone will evaluate the dossier and issue the Investment Registration Certificate.
The law also stipulates that investment projects under the PPP method are implemented in public investment sectors and fields for the purpose of investing in and constructing infrastructure works and systems, and providing public products and services, except for projects falling under the following cases: projects subject to state monopoly as prescribed by law; projects in the defense, security, and social order and safety sectors and fields as prescribed by the law on public investment.
According to this Law, a project with a total investment equivalent to a Group A project as defined by the law on public investment, using public investment capital of VND 10,000 billion or more, managed by a Ministry or central agency; or a project applying the BT contract type, paid for with state budget funds obtained after auctioning land and public assets under central management with an original book value of VND 500 billion or more.
Regarding the selection of investors in special cases, the Law stipulates that the selection of investors in special cases applies to business investment projects that have one or more specific requirements and conditions concerning investment procedures; procedures for land allocation, land lease, and allocation of sea areas; procedures, methods, and standards for selecting investors and the content of business investment project contracts; or requirements for ensuring national defense, security, foreign relations, territorial borders, national interests, and fulfilling national political tasks, where none of the investor selection methods specified in Clauses 1 and 2 of Article 34 of this Law can be applied.
The law also stipulates that the minimum time for preparing bid documents for open bidding and limited bidding is 18 days for domestic bidding and 35 days for international bidding, from the first day the invitation to bid is issued to the closing date of the bid.
For construction and mixed contracts with a contract value not exceeding VND 20 billion, and for procurement contracts for goods and non-consulting services with a contract value not exceeding VND 10 billion, the minimum time for preparing bid documents is 9 days for domestic bidding and 18 days for international bidding.
For simple consulting contracts, or consulting contracts with a value not exceeding VND 500 million, or urgent consulting contracts requiring immediate implementation due to schedule requirements, the minimum time for preparing bidding documents is 7 days for domestic bidding.
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