This is one of the most important issues to investors when they have a project in Vietnam. T2H Lawyers, being an expert in this field, would give you a detailed answer.
Pursuant to Clause 1 Article 48 of Law on Investment, a project shall be terminated in the following cases:
a) The investor decides to terminate the project;
b) The project has to be terminated according to the regulations of the contract or company’s charter;
c) The project duration is over;
d) The investor fails to overcome the difficulties that lead to project suspension in the cases mentioned below:
– For protection of historical remains, relics, antiques, national treasures according to the Law on Cultural heritage;
– For environmental recovery at the request of an environment authority;
– For implementation of occupational safety measures at the request of a labor authority;
– The project is suspended under the decision or judgment of the court or arbitral tribunal;
– The investor fails to adhere to the Certificate of investment registration and recommits administrative violations after incurring penalties.
– The Prime Minister shall decide to suspend part or all of a project if the project execution threatens to affect national security at the request of the Ministry of Planning and Investment.
dd)The land of the project is withdrawn by the State, or the investor is not permitted to keep using the premises and fails to complete procedures for change of project location within 06 months from the day on which the decision on land/premises withdrawal is issued;
e)The registry office cannot contact the investor or the investor’s legal representative after 12 months from the date of suspension of the project;
g)The investor fails to execute or is not able to execute the project after 12 months according to the schedule registered with the registry office and is not permitted to extend the project execution schedule including the capital contribution schedule, construction schedule, and inauguration schedule (if any); schedule for target achievements;
h)The project is terminated under a decision of the Court or arbitral tribunal.
Please contact us for detailed advice.
T2H Law Liability limited company
Head office: G4-4A, Dormitory 708, Lien Ninh, Thanh Tri, Hanoi
Branch office: 20N7A Nguyen Thi Thap, Nhan Chinh Ward, Thanh Xuan District, Hanoi.
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