Moreover, under Article 22 of Decree 118/2015/ND-CP, the procedure on land and construction (factory) of GE shall be executed after establishing economic organization, that means at any time after establishment of an economic organization (must ensure to comply with the progress of the Project), GE will make procedures on land. Therefore, on the date of obtaining the IRC, GE will not need to make procedure on land or construction. Because on the dated of being granted the IRC, GE is officially allowed to invest in this project so that after this date, GE is eligible for acquiring the transfer of the factory from Doosan Vina and signing the land lease agreement with the State. After this date, Doosan Vina also has its legal ground for returning land to the State and GE has the right to lease the land and the period of time for the sale of the factory of Doosan Vina refered to within 12 months from the date that GE does not conduct the project otherwise the new project is terminated its activities.After completion of transferring factory, the transaction between GE and Doosan Vina is considered as completion.
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