In brief
The New Bidding Law1 took effect on 1 January 2024. To facilitate the implementation of this New Bidding Law, effective from 27 February 2024, the Government of Vietnam issued Decree No. 23/2024/ND-CP elaborating on the regulations of the New Bidding Law in terms of bidding for the selection of investors for projects that are subject to the bidding process under the regulations of specialized sectors (“Decree No. 23“).
With the objective of enhancing competitiveness and transparency in the process of selecting investors, this new Decree No. 23 sets out new rules for the competitive bidding process for selecting investors for projects in a number of specialized sectors and industries, from waste treatment, seaports, airports and roads to water supply, which may be expanded in future.
Key takeaways
Decree No. 23 sets out a number of new and notable regulations in terms of the competitive bidding process for the selection of investors for projects in those relevant sectors, specifically as follows:
- Setting out specific groups and sectors for projects, and respective circumstances where a competitive bidding process for investor selection is required under the relevant regulations of specialized sectors (“Specialized Regulations“), and also providing for certain exceptions
- Imposing a list of compulsory conditions regarding land status of the target project to be eligible to conduct a bidding process for selecting investors
- Classifying and detailing specific bidding methods and procedures for selecting investors for those projects
- Providing sets of conditions, criteria and measures used for assessing submitted bids
- Requirements for setting up a project company to implement the awarded project
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