Legal basis:

– Decree 31/2021/ND-CP.

– Investment Law 2020.

Investment incentives are policies that the State promulgates to encourage domestic and foreign investors to invest in fields and areas that the State prioritizes. However, during project implementation, changes may occur that make the initial conditions of investment incentives no longer suitable. Therefore, adjusting investment incentives is necessary.

1. Subjects eligible for investment incentives

Subjects eligible for investment incentives specified in Clause 2, Article 15 of the Investment Law 2020 include:

• Investment projects in sectors and occupations eligible for investment incentives specified in Clause 1, Article 16 of the Investment Law 2020;
• Investment projects in investment incentive areas specified in Clause 2, Article 16 of the Investment Law 2020;
• Investment projects with capital of 6,000 billion VND or more, with a minimum disbursement of 6,000 billion VND within 03 years from the date of issuance of the Investment Registration Certificate or approval of investment policy, At the same time, have one of the following criteria: have a minimum total revenue of 10,000 billion VND per year within 3 years at the latest from the year of revenue or employ more than 3,000 workers. dynamic;
• Social housing construction investment project; Investment projects in rural areas employing 500 workers or more; Investment projects that employ disabled people according to the provisions of law on disabled people;
• High-tech enterprises, science and technology enterprises, science and technology organizations; Projects with technology transfer are on the List of technologies encouraged for transfer according to the provisions of law on technology transfer; technology incubators, science and technology business incubators according to the provisions of the law on high technology and the law on science and technology; Enterprises that produce and provide technology, equipment, products and services to serve environmental protection requirements in accordance with the law on environmental protection;
• Creative startup investment projects, innovation centers, research and development centers;
• Investment and business in product distribution chains of small and medium-sized enterprises; investment in technical facilities to support small and medium-sized enterprises, small and medium-sized business incubators; Investing in the business of a common working area to support small and medium-sized enterprises to start creative businesses according to the provisions of law on supporting small and medium-sized enterprises.

2. In case of adjusting investment incentives on the Investment Registration Certificate

Investment incentives on the Investment Registration Certificate will be adjusted in the following cases:

• Investment projects that are currently receiving investment incentives and meet the conditions for receiving incentives at a higher level or receive additional incentives in the form of new incentives will be entitled to receive incentives at a higher level or enjoy additional incentives. new promotion form for the remaining promotion period.
• Investors are not entitled to incentives as prescribed in the Investment Registration Certificate, Investment Policy Approval Decision or incentives determined by the investor in case the investment project does not meet the conditions. Conditions for enjoying investment incentives specified in the Investment Registration Certificate, Investment Policy Approval Decision, Investment Policy Approval Decision concurrent with investor approval, Investor Approval Decision or do not meet the conditions for self-determined investment incentives. In case the investment project meets the conditions for other investment incentives, the investor will enjoy incentives according to those conditions.
• During the incentive period, in case the investment project has a period of time that does not meet the conditions for investment incentives, the investor is not entitled to receive investment incentives for the period of time that does not meet the conditions for investment incentives. private.

So, yes 03 cases Adjusting investment incentives:

• Investors are entitled to higher incentives or additional incentives.
• Investors are not entitled to incentives as prescribed in the Investment Registration Certificate.
• Other incentives apply in the Investment Registration Certificate.

3. Do investors have to determine the investment incentives they are entitled to?

If the investor is eligible for investment incentives, the investor shall determine the investment incentives themselves and carry out procedures to enjoy investment incentives at the tax authority, financial authority, customs authority and Other competent agencies corresponding to each type of investment incentives.

4. Procedures for adjusting investment incentives

Procedures for adjusting investment incentives are often specifically stipulated in legal documents related to investment. Investors need to take the following steps:

• Make an application to adjust incentives: The application must clearly state the reason, grounds and contents that need to be adjusted.
• Provide relevant documents: Documents proving changes in the project or investment environment.
• Competent authority reviews and decides: The competent authority will review the application and related documents, then decide whether to approve the incentive adjustment or not.

5. About Us, Hankuk Law Firm

■ Hankuk Law Firm – Introduction

The goal of the legal services provided by HANKUK LAW FIRM is to support businesses, investors, and people. Our organization employs skilled Korean lawyers, partners, and professionals to provide legal services to businesses related to corporations and litigation.

To support the startup process, our lawyers and staff provide a wide range of services, including business law consulting, tax and immigration law consulting, real estate services, business consulting, marketing and communications, human resources, product distribution, franchise options, etc. We provide expert advice on every aspect of your business needs.

To protect the legitimate rights and interests of our clients and achieve the best results, we provide legal advice and participate in civil lawsuits related to business, labor, marriage, family, and inheritance.

■ Contact us now

For reliable and effective legal advice, please contact HANKUK LAW FIRM now. We are committed to providing you with the best possible answers and our team of experienced lawyers has extensive knowledge in many legal fields. We are always here to provide the most competent and dedicated support, whether you are dealing with contractual issues, commercial disputes or need guidance on foreign investment. HANKUK LAW FIRM is honored to have assisted hundreds of domestic and international clients in skillfully resolving complex legal issues as their trusted legal partner. Do not let legal issues hinder your success. Let us accompany you towards legal achievement and comfort. For prompt guidance and support to ensure your rights are always maintained at the highest standards, contact HANKUK LAW FIRM now.

■ Contact Hankuk Law Firm:

Website: http://hankuklawfirm.com/en/  Facebook: https://www.facebook.com/hankuk.lawfirm  Tiktok: https://www.tiktok.com/@opineslang  Youtube: https://www.youtube.com/@hankuklawfirm6375 Email:  info@hankuklawfirm.com   Telephone: (English) 0369.77.11.46