Duration, suspension and termination of investment projects

1. Duration of investment projects
(i) The duration of an investment project inside an economic zone shall not exceed 70 years.
(ii) The duration of an investment project outside an economic zone shall not exceed 50 years. The duration of an investment projects in an area with difficult socio-economic conditions or area with extremely difficult socio-economic conditions or a project with large investment capital but slow capital recovery may be longer but shall not exceed 70 years.
(iii) If an investment project uses land allocated or leased out by the State, but the transfer of land is delayed, the delay shall not be included in the project duration or execution schedule.
(iv) Upon expiry of the duration of an investment project, if the investor wishes to keep executing the investment project and satisfies the conditions as prescribed by law, the duration of the investment project may be extended but shall not exceed the maximum specified in sections (i) and (ii) above, except for the following investment projects:
a) Investment projects using obsolete, environment threatening or resource-intensive technologies;
b) Investment projects in which the investors must transfer assets without reimbursement to the State of Vietnam or the     Vietnamese side.

2. Suspension of investment projects
(i) When suspending an investment project, the investor must notify the investment registration authority in writing. If the project has to be suspended in a force majeure event, the State shall allow the investor to be exempt from paying land rents or reduce land levies for the suspension period with a view to remedy consequences caused by the force majeure event.
(ii) The investment authority shall decide to suspend an investment project in part or in full in the following cases:
a) To protect sites/monuments, relics, antiques or national treasures in accordance with the Law on Cultural Heritage;
b) To rectify a violation of the law on environmental protection at the request of the environment authority;
c) To take measures to ensure occupational safety at the request of the labor authority;
d) Pursuant to a judgment or decision of a court or an arbitral award;
e) The investor of the project fails to comply with the approval of its investment policy and investment registration                       certificate and recommits administrative violations after incurring penalties.
(iii) The Prime Minister shall decide to suspend a project in part or in full if the project execution is detrimental or potentially detrimental to national defense and security at the request of the Ministry of Planning and Investment.  

3. Termination of investment projects
(i) Investors shall terminate their investment activities and/or investment projects in the following cases:
a) The investors decide to terminate the project;
b) The projects have to be terminated according to the conditions specified in the contracts and charters of the related     enterprises;
c) The projects’ durations are over.
(ii) The investment registration authority shall terminate an investment project in part or in full in the following cases:
a) The project is suspended subject to a decision of a competent authority and the investor is unable to overcome the problem which leads to such suspension;
b) The investor is no longer permitted to keep using the investment location and fails to complete the procedures for change of investment location within 6 months from the date on which the investor is no longer permitted to use the investment location;
c) The investment registration authority cannot contact the investor or the investor’s legal representative after 12 months from the date of suspension of the project;
d) The land reserved for the investment project is expropriated by the State for the reason that the land is not used or the land use is delayed in accordance with legal regulations on land;
dd) The investor fails to pay the deposit or obtain a bank guarantee as prescribed by law if project execution security is required;
e) The investor conducted the investment activities on the basis of a sham civil transaction in accordance with the civil law;
g) Pursuant to a judgment or decision of a court or an arbitral award.
(iii) For a project subject to investment policy approval, the investment registration authority shall terminate its operation after obtaining the opinion of the authority approving the investment policy.
(iv) The investor shall liquidates the project himself in accordance with the law on asset liquidation upon its termination, except for the cases specified in Clause 5 of this Article.
(v) The settlement of the land use right and properties land upon the termination of the project shall comply with the law on land and other relevant laws.
(vi) The investment registration authority shall decide to revoke the investment registration certificate if the project is terminated, except for the case of partial termination.