Investment policy approval (chấp thuận chủ trương đầu tư) is the first — and often hardest — gate for many projects in Vietnam, and the dossier appraisal stage is where files live or die. So which authority appraises, and what exactly do they appraise? This article unpacks the appraisal process across three levels of authority, with a matrix of “appraisal content × consulted agency” — updated to the latest legal framework as of October 2026.
1. The new legal framework: no gaps
From 1 March 2026, the Investment Law 143/2025/QH15 fully replaces Investment Law 61/2020/QH14, governing the approval authority of the National Assembly, the Prime Minister, provincial People’s Committee chairpersons, and industrial/economic zone management boards.
What investors must know: Resolution 10/2026/NQ-CP (10 March 2026) allows the old guiding instruments — Decree 31/2021/ND-CP, Decree 19/2025, Decree 182/2024, Decision 29/2021 — to continue to apply in part until new instruments are issued. There is no legal vacuum: inherited appraisal contents remain usable to the extent consistent with Law 143/2025. In addition, Decree 19/2026/ND-CP governs appraisal of nationally important projects as well as investment supervision and evaluation.
Citation warning: do not cite Law 61/2020 or Decree 31/2021 as fully effective instruments — Law 61/2020 expired on 1 March 2026, and Decree 31/2021 applies only partially under Resolution 10/2026.
2. Appraisal across three levels of authority
Level 1: National Assembly projects — the State Appraisal Council
For nationally important projects whose policy is approved by the National Assembly, the State Appraisal Council conducts the appraisal. The appraisal period is up to 90 days — the most thorough level, examining everything from national planning and national security to socio-economic efficiency. Decree 19/2026/ND-CP details the appraisal of such projects.
Level 2: Prime Minister projects — Ministry of Finance leads
For projects approved by the Prime Minister, the Ministry of Finance leads the appraisal, consulting relevant ministries and sectors. The dossier focuses on: planning consistency, land-use demand, technology, investment capital and fund-raising capacity, investment incentives, and environmental impact.
Level 3: Provincial projects — Department of Finance consults line departments
The most common level for investors. The Department of Finance leads, collecting written opinions from line departments — natural resources and environment, construction, industry and trade, and others depending on the project. Timelines are shorter than the two higher levels — in practice investors should plan for a 5/60/90-day rhythm (5 days to finalize explanations, 60 days at provincial/PM level, 90 days at National Assembly level).
3. Matrix: appraisal content × consulted agency
The table below summarizes the inherited appraisal contents (Article 33 of the 2020 Investment Law, Decrees 31/2021 and 239/2025 — applied as consistent with Law 143/2025) and the agencies typically consulted:
| Appraisal content | Main consulted agency |
|---|---|
| Consistency with planning (provincial and national sectoral plans) | Department/Ministry of Finance; planning authorities |
| Land-use demand; land allocation/lease conditions | Natural resources and environment authority |
| Environmental impact assessment | Natural resources and environment authority |
| Technology used and technology transfer | Science and technology authority |
| Schedule, investment capital, fund-raising capacity | Department/Ministry of Finance |
| Investment incentives and support | Department/Ministry of Finance |
| Socio-economic efficiency | Department/Ministry of Finance |
| National defense and security (sensitive locations) | Defense and public security authorities |
| Fire safety, construction | Fire police; construction authority |
4. Four common failure points — and how to prepare
- Failure to prove planning consistency: the proposed sector does not match the provincial plan or land-use plan — rejected at the first round. Avoid by: checking approved plans before drafting the dossier and obtaining written planning-consistency confirmation.
- Thin financial plan: inability to demonstrate fund-raising capacity or viable cash flows. Avoid by: preparing financial statements, bank credit commitments, and a detailed fund-raising plan.
- Perfunctory environmental assessment: a thin EIA for an environmentally sensitive project. Avoid by: engaging a qualified environmental consultant from day one.
- Filing without prior alignment: submitting before informal discussions with the Department of Finance and line departments — leading to prolonged supplementation rounds. Avoid by: pre-consultation with the lead agency before formal filing.
5. Frequently asked questions
How long does policy-approval appraisal take?
Depending on the level: around 60 days at provincial/Prime Minister level and up to 90 days at National Assembly level (State Appraisal Council). Actual time depends on dossier quality and supplementation rounds.
Is Decree 31/2021 still effective?
Not in full. Under Resolution 10/2026/NQ-CP, Decree 31/2021 (with Decrees 19/2025, 182/2024 and Decision 29/2021) applies only partially, as consistent with the new framework, until new instruments arrive.
Do projects inside industrial zones need policy approval?
It depends on scale and sector: many projects in industrial zones fall under the zone management board’s approval or are exempt per the Law 143/2025 lists — each case must be checked individually.
6. Legal bases (as of 14 October 2026)
- Investment Law 143/2025/QH15 — effective 1 March 2026 (replacing Law 61/2020/QH14).
- Resolution 10/2026/NQ-CP (10 March 2026) — partial continued application of old guiding instruments.
- Decree 19/2026/ND-CP — appraisal of nationally important projects; investment supervision and evaluation.
- Decree 31/2021/ND-CP, Decree 239/2025/ND-CP — inherited appraisal contents as applicable.
Note: the detailed decree replacing Decree 31/2021 is being finalized — this article is current to 14 October 2026; investors should verify the newest instruments before preparing dossiers.
Contact us
FLAT Law Firm assists domestic and foreign investors in preparing investment policy approval dossiers, working with appraisal authorities at all levels, and handling supplementation rounds. Reach us via our contact page.
Transparency note — FLAW AI Legal Council: This article was prepared by the FLAW AI Legal Council and has not been reviewed by a human lawyer. It is general information and does not replace legal advice for specific projects.
This article is awaiting review by the QA Council.
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