Managing Investment Application Bottlenecks in the Transitional Phase of the 2025 Investment Law

The Ho Chi Minh City Department of Finance has submitted an official report to the City People’s Committee regarding the implementation of the 2025 Investment Law, which took effect on 1 March 2026. The report highlights several transitional challenges arising from the absence of guiding regulations from the central government and proposes interim measures to ensure continuity in administrative procedures for investors.

Delayed Guiding Regulations Create Transitional Gaps

According to the Department of Finance, although the National Assembly passed the 2025 Investment Law (Law No. 143/2025/QH15) on 11 December 2025, the Government has not yet issued the implementing Decree, nor has the Ministry of Finance released the required Circulars. This regulatory gap has created uncertainty for both investors and administrative agencies at the local level.

The Department cites Clause 14 and Clause 17 of Article 52 of the new law, which provide transitional rules for handling investment applications submitted before the law’s effective date. These provisions allow competent authorities to continue processing valid applications under the 2020 Investment Law, except for certain cases involving the Prime Minister’s approval authority.

Status of Applications Submitted Before 1 March 2026

The Department reports that most investment registration applications submitted before 1 March 2026 have already been processed:

• New and amended Investment Registration Certificates and notifications of capital contribution, share purchase, or equity acquisition have largely been completed for valid applications.
• For new or amended investment policy decisions, the Department has completed appraisal reports and submitted them to the City People’s Committee for consideration.
• Applications that were valid but not yet ready for submission—due to missing clarifications, pending opinions from other agencies, or incomplete documentation—will continue to be processed under the 2020 Investment Law, in accordance with the transitional provisions.

Handling Applications Submitted From 1 March 2026 Onward

Because the guiding Decree and Circulars for the 2025 Investment Law have not been issued, the Department notes that the existing application forms under Circular 03/2021/TT‑BKHĐT and Circular 25/2023/TT‑BKHĐT (issued under the 2020 Investment Law) are no longer legally appropriate.

To avoid disrupting the investment environment, the Department proposes two options for investors:

1. Wait for the new Decree and Circulars before preparing and submitting applications under the 2025 Investment Law; or
2. Submit applications using the existing forms under the 2020 Investment Law, with the understanding that:

• The Department will receive but not process the applications until the new regulations are issued.
• If the forthcoming regulations differ from the submitted documents, investors will be required to resubmit applications using the updated forms.

Recommendations for Investors and Contact Information

• Given the regulatory uncertainty during the transition to the 2025 Investment Law, investors are encouraged to carefully assess their filing strategy. Those with urgent investment timelines may consider submitting applications using the existing 2020‑based templates, with the understanding that resubmission may be required once the new Decree and Circulars are issued. Investors without immediate deadlines may benefit from waiting for the forthcoming guidance to avoid duplication of effort and potential delays.

For organizations or individuals seeking clarification on how these transitional rules may affect their investment procedures, or for assistance in preparing compliant application dossiers, our team remains available to provide tailored advisory support. Please feel free to contact us for further guidance or case‑specific consultation.

Contact us at: lawyers@ardens.com.vn