State management agencies would inspect foreign-invested projects periodically or unexpectedly so as to assure their compliance with laws as well as economic and social benefits, according to a draft circular newly released by the Ministry of Planning and Investment.
The circular was designed to guide the Government Decree No. 113/2009/ND-CP of December 15, 2009, on investment supervision and assessment.
Accordingly, authorities would check foreign-invested projects’ compliance with their investment licenses or business registration certificates as well as regulations on fund raising, land use, ground clearance and compensation. They would also inspect such matters as project implementation schedule, fulfillment of financial obligations, environmental protection work and observance of labor, wage and social insurance policies.
Based on the level of their conformity with relevant regulations, foreign-invested projects would be classified into three classes.
Class-A projects, including those that fully and properly observe laws, strictly comply with their investment licenses and make great contributions to localities, would be praised and rewarded by state agencies. Besides, their plans to expand existing projects or launch new ones could easily win a nod from competent authorities.
Class-B projects which fail to meet set requirements for objective causes would receive support from state management agencies to solve their difficulties.