Those who use public investment capital for improper purposes or improper subjects or in excess of approved standards and norms would be subject to a fine of VND 50-70 million (USD 2,160-3,030), according to a draft decree recently released by the Ministry of Planning and Investment (MPI).
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| Almost VND 1.7 trillion to be poured in upgrading National Highway No. 1 running through Hau Giang and Soc Trang provinces__Photo: VNA |
Compared to Decree 50 of 2016, which it would supersede once approved, the draft proposes raising penalties for most of violations in management and use of public investment.
Accordingly, a fine of VND 50-70 million would also be imposed on investors making investment in sectors and trades banned from business investment.
Meanwhile, those contributing capital, purchasing shares or contributed capital amounts of economic organizations or transferring investment projects while failing to meet the law-specified conditions would be fined VND 30-40 million (USD 1,300-1,730).
A fine of VND 20-30 million (USD 860-1,300) would be levied on investors making investment in sectors or trades subject to conditional business investment but failing to satisfy the law-specified conditions or failing to maintain conditions in the course of operation. Foreign investors that establish economic institutions without formulating investment projects or carrying out procedures for granting or modifying investment registration certificates, or failing to meet the required market access conditions applicable to foreign investors would also face the same fine level.
Regarding violations of regulations on investment incentives, the MPI proposes a fine of VND 30-40 million for investors making inaccurate or dishonest declarations to enjoy investment incentives. Additionally, violators would be forced to return the incentives they have received.- (VLLF)
