Tiếng Việt
中文Short answer: The selection of an investor to implement an investment project is conducted through one of three methods: (1) auction of land-use rights; (2) bidding for investor selection; (3) approval of the investor (without auction or bidding) — under Article 23 of the Law on Investment 2025 (143/2025/QH15, effective from 01/03/2026). The investor approval procedure is guided by Article 31 of Decree 96/2026/ND-CP (effective 31/3/2026, replacing Decree 31/2021/ND-CP).
Legal basis
- Law on Investment 2025 (143/2025/QH15, effective from 01/03/2026) — Article 23: selection of investors to implement investment projects;
- Decree 96/2026/ND-CP (effective 31/3/2026) — Article 31: investor approval procedure.
The three methods of investor selection (Clause 1, Article 23)
- Auction of land-use rights under land law;
- Bidding for investor selection under bidding law;
- Approval of the investor under Clauses 3 and 4 of Article 23 (without auction or bidding).
Cases of direct investor approval
For projects subject to investment policy approval, the competent authority approves the investment policy and simultaneously approves the investor without auction of land-use rights or bidding for investor selection in the following cases (Clause 4, Article 23):
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- The investor already holds land-use rights, except where the State recovers land for national defense, security purposes, or for socio-economic development in the national or public interest under land law;
- The investor receives a transfer, capital contribution, or leases agricultural land-use rights to implement non-agricultural production or business projects not subject to State land recovery under land law;
- The project is implemented in an industrial park, high-tech park, or concentrated digital technology park;
- The project is allocated or leased land by the State without land-use right auction or investor selection bidding as prescribed by law.
The competent authority carries out the investor approval procedure (without auction or bidding) in the following cases (Clause 3, Article 23; Article 31 of Decree 96/2026/ND-CP): land-use right auction fails twice under the Law on Land; or only one investor meets the conditions for invitation of interest where sectoral law requires determining the number of interested investors during investor selection. In these cases, the investor carries out the investor approval procedure under Article 31 of Decree 96/2026/ND-CP without having to carry out the investment policy approval procedure.
Notes on the sequence
Investor selection by auction or bidding is conducted after investment policy approval, except where the project is not subject to investment policy approval (Clause 2, Article 23 of the Law on Investment 2025).
To select the right method and carry out the investment procedures appropriate to your project, please contact ANT Legal’s lawyers at 0966.475.966 for review and advice before proceeding.
This article was reviewed by ANT Legal’s AI Legal Council under its internal 7-step process (cross-checked against current law — Decree 96/2026/ND-CP and the Law on Investment 2025, effective from 31/3/2026 and 01/3/2026). This is not confirmation that a human lawyer has reviewed your specific matter.
