The Ministry of Planning and Investment has issued Circular No.03/2011/TT-BKHDT to guide implementation of Government Decree No.108/2009/ND-CP of November 2009 on investments in the form of build-operate-transfer (BOT), build-transfer-operate (BTO), or build-transfer (BT) contracts.
Under the new regulation, an investor bidding on such a contract must: (i) have legal status or civil act capacity under the law, (ii) having sufficient capital for project implementation as required, (iii) certify in writing that are in sound financial condition and not in bankruptcy or in the process of dissolution.
Bidding will be either in the form of domestic or international open bidding or official designation of investors. The general process for selecting investors includes five stages: (i) formulating, evaluating and approving the plan for selection of investors; (ii) preparation for selection of investors; (iii) issuing tender invitations or requests for submissions, and receipt of tender and proposal documents; (iv) assessment of tender and proposal documents; and (v) verification, approval and notice of the results to the investors.
Circular No.03 takes effect on April 01.