Law additions extend scope for fast-tracked high-tech projects

Investors will be allowed to opt for registration under a special process when they fund certain high-tech complexes, as per updates to the Law on Investment.

- By Oanh Nguyen

According to Article 28 of the law, scheduled to take effect on March 1, investors will be exempted from many procedures under what is commonly referred to as the “green channel” mechanism.

This will apply if funding is poured into high-tech industrial parks (IPs), high-tech export processing zones, concentrated digital tech parks, free trade areas, international financial centres, and functional zones within economic zones, excluding projects subject to investment policy approval as prescribed by the government.

“It is good news because many foreign backers with the intention to develop high-tech research centres, data centres, and strategic infrastructure asked us whether there is a fast-track policy for their projects,” Nguyen Hong Chung, chairman of law firm DVL Ventures, told VIR.

“The new law version extends the scope for such procedures, which is in line with current trends.

Many investors are interested in new IP models, such as concentrated digital technology parks, high-tech parks, and free trade zones, which are all models that the government encourages,” added Chung.