Ha Noi restricts transferability of projects, land-use rights

10/10/2007 -- 11:48 AM

Ha Noi (VNA) – The Ha Noi People’s Committee issued Directive No. 3628/UBND-DCNN in July ordering city departments to deny permits to transfer investment projects or land-use rights. The committee’s rationale was that a licensed investor was already committed to carry out a project or to use land for a certain purpose over a certain period of time and therefore could not be permitted to transfer projects or land to another investor. The rule is also applicable to Vietnamese parties who contributed land to a joint venture and now wished to transfer projects or land to joint venture to a foreign party. The legality of the People’s Committee’s move remains in question, given that the Law on Investment and the Land Law allow investors to transfer projects and land-use rights and the Law on Enterprises allows a company shareholder to transfer its shares to others.-Enditem
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