On September 16, 2024, the Government issued Decree 115/2024/ND-CP stipulating details for a number of articles and providing implementation measures for the Law on Bidding concerning the selection of investors to implement land-using investment projects (Decree 115). Decree 115 is issued to improve the legal framework for bidding in the selection of investors to implement investment projects in accordance with the new regulations of the Law on Bidding 2023 and the Law on Land 2024. Decree 115 takes effect from September 16, 2024, and contains several key highlights as follows:
(i) Stipulating the land-using investment projects that are subject to bidding for investor selection;
(ii) Providing conditions for transferring shares or capital contribution in economic organizations established by the successful bidding investors;
(iii) Regulating the handling of situations where fewer than three investors submit bids by the time of bid closing.
