Guarantees on Investment Incentives in the Event of Changes in Law: Latest Rights and Procedures

I. Guarantees on Investment Incentives in the Event of Changes in Law

1. In the event that newly promulgated normative legal documents contain provisions that alter the investment incentives currently applicable to an investor prior to the effective date of such documents, the investor shall be guaranteed the enjoyment of those investment incentives in accordance with Article 12 of the Law on Investment.

2. Investment incentives guaranteed under Clause 1 of this Article include:

a) Investment incentives specified in the Investment License, Business License, Investment Incentive Certificate, Investment Certificate, Investment Registration Certificate, written decision on investment policies, Decision on approval of investment policies, or other documents issued by competent authorities or competent State agencies pursuant to the provisions of law;

b) Investment incentives to which the investor is entitled under the provisions of law outside the scope specified in Point a of this Clause.

3. Upon requesting the application of investment guarantee measures as prescribed in Clause 4, Article 12 of the Law on Investment, the investor shall submit a written request to the investment registration authority, accompanied by one of the following documents (if any) that specifies the investment incentives: Investment License, Business License, Investment Incentive Certificate, Investment Certificate, Investment Registration Certificate, written decision on investment policies, Decision on approval of investment policies, or other documents issued by competent State agencies or competent persons. The written request must include the following contents:

a) Name and address of the investor;

b) Investment incentives applicable under the previous legal documents prior to the effective date of the new legal documents, including: type of incentive, conditions for eligibility, and the incentive rate/level (if applicable);

c) Content of the newly promulgated, amended, or supplemented normative legal documents that alter the investment incentives previously applied to the investor as specified in Point b of this Clause;

d) The investor's proposal on the application of investment guarantee measures as prescribed in Clause 4, Article 12 of the Law on Investment.

4. The investment registration authority shall review and decide on the application of investment guarantee measures based on the investor's proposal within thirty (30) days from the date of receipt of a valid dossier as prescribed in Clause 3 of this Article. In cases that fall beyond its competence, the investment registration authority shall submit the matter to the competent State authority for consideration and decision.

II. State Guarantees for the Execution of Investment Projects

1. Based on the socio-economic development conditions and investment attraction demands in each period, as well as the objectives, scale, and nature of the investment project, the Prime Minister shall consider and decide on the forms and contents of State guarantees for the execution of investment projects that fall under the authority of investment policy approval of the National Assembly or the Prime Minister, as well as other important infrastructure development investment projects, upon the proposal of ministries, ministerial-level agencies, or the People's Committees of provinces and centrally-run cities.

2. State guarantees for the execution of investment projects as prescribed in Clause 1 of this Article shall be considered for application under the following forms:

a) Partial assistance in foreign currency balancing based on foreign exchange management policies and foreign currency balancing capacity in each period;

b) Other forms of State guarantees as decided by the Prime Minister.

3. Investors and project enterprises executing investment projects under the Public-Private Partnership (PPP) framework shall be considered for the application of investment guarantee measures in accordance with Chapter II of the Law on Investment and the legislation governing public-private partnership investments.