Investors may adjust construction investment projects by themselves in response to abnormal fluctuations in prices of materials, fuels, supplies or exchange rates for foreign-currency capital amounts, or when new regulations or policies permit such adjustment.
This is specified in a draft decree to replace Government Decrees No. 16/2005/ND-CP and No. 112/2006/ND-CP, on the management of construction investment projects.
Under the draft, comprising of 57 articles in five chapters, a construction investment project would be adjusted when occurs a natural disaster, enemy sabotage or another force majeure circumstance, arise new factors bringing higher efficiency for the project, or changes in a construction planning directly affect the project’s location, scale, character and objectives.
Particularly, investors may adjust projects by themselves if such adjustment does not result in any change in the investment scale and objectives or excess of the approved total investment capital.
In case the adjustment of a project results in changes in its initial architecture design, planning, scale or objectives or an excess of the approved total investment capital, the investor must submit such adjustment to the investment decider for consideration and decision. The proposed changes would be subject to re-evaluation.
The draft specifies more cases in which construction licenses would not be required, including works under projects on export-processing zones or hi-tech parks for which detailed construction plannings of a 1/500 scale have been approved.-