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Law on amendments and supplements on articles of the Law on public-private partnership Investment and the Law on Investment

Law No. 03/2022/QH15 promulgated by the National Assembly on 11 January 2022 (“Law on Amendments and Supplements”) takes effect from 01 March 2022, amending and supplementing articles of the Law on Investment No. 61/2020/QH14 promulgated by the National Assembly on 17 June 2020 (“Law on Investment”) takes effect from 1 January 2021 and Law on public-private partnership investment No. 64/2020/QH14 promulgated by the National Assembly on18 June 2020 (“PPP Law”) takes effect from 1 January 2021.

The PPP Law is amended with notable points as follows:

  • Adjustment of criteria for PPP projects granted decision on investment policy by the Prime Minister. PPP project must have a total investment equivalent to group A project in accordance with the Law on Public Investment using one or more of the following capital sources: (i) central budget capital managed by the Ministry or Central Authority; (ii) ODA loans; (iii) concessional loans from foreign donors according to Article 2 of the Law on Amendments and Supplements, except for PPP projects under the authority of the National Assembly as per Article 12.1 of the PPP Law.

The Law on Investment is amended with notable points as follows:

  • Adjustment of projects under the authority of the Prime Minister to approve investment policy. (i) Investment projects on construction of houses (for sale, rent, lease-purchase), urban areas with a land-use scale of 300 hectares or more or a population size of 50,000 people or more; (ii) Investment project in accordance with the provisions of the law on cultural heritage regardless of the size of the land area and population within the protection zone I of a relic recognized by the competent authority as a national relic, special national relic; and (iii) Projects within the protection zone II of the relic recognized by the competent authority as a special national relic on the World Heritage List according to Article 3.1 of the Law on Amendments and Supplements, except for investment projects under the authority of the National Assembly as per Article 30 of the Law on Investment.
  • Adjustment of projects under the authority of the Provincial People’s Committee to approve investment policy. (i) Investment projects on construction of houses (for sale, rent, lease-purchase), urban areas with a land-use scale of less than 300 hectares and a population size of less than 50,000 people; (ii) Investment projects in accordance with the provisions of the law on cultural heritage, regardless of the size of the land area, the population within the protection zone II of the relic recognized by the competent authority as a national relic, a special national relic, except for special national relics on the list of world heritage; and (iii) Investment projects regardless of the size of the land area, the population in the development-limited areas or the inner historic city (defined in the urban planning project) of the special-class urban area according to Article 3.2 of the Law on amendments and supplements, except for investment projects under the authority of the National Assembly and the Prime Minister according to Articles 30 and Article 31 of the Law on Investment.
  • Adjustment of the appraisal for approval of investment policy. The appraisal for approval of investment policy includes the assessment of the suitability of the investment project with the requirements of protecting and promoting the value of the cultural heritage and the conditions prescribed by the law on cultural heritage under Article 3.3 of the Law on amendments and supplements.
  • Adjustment of the form of land use to implement investment projects of constructing commercial houses. Removing the form of land use in the form of lawful residential land use rights and other types of land permitted by a competent authority to change the land use purpose to residential land for implementation of investment projects of constructing commercial houses according to Article 3.4 of the Law on Amendments and Supplements.

Reported by Pham Tran Bao Khanh/Nguyen Tuan Phat (Legal Department PECC3)

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