Which investment projects do not require investment registration certificates in Vietnam? Who has the power to issue, adjust and revoke investment registration certificates in Vietnam?
Which investment projects do not require investment registration certificates in Vietnam?
According to Clause 2, Article 37 of the 2020 Law on Investment in Vietnam, cases in which the investment registration certificate is not required include:
- Investment projects of domestic investors;
- Investment projects of the business entities mentioned in Clause 2 Article 23 of the 2020 Law on Investment in Vietnam;
- Investment in the form of capital contribution, purchase of shares or stakes in a business entity.
Which investment projects do not require investment registration certificates in Vietnam? Who has the power to issue, adjust and revoke investment registration certificates in Vietnam?
What are the cases in which the investment registration certificate is required?
Pursuant to Clause 1, Article 37 of the 2020 Law on Investment in Vietnam on cases in which the investment registration certificate is required as follows:
- Investment projects of foreign investors;
- Investment projects of the business entities mentioned in Clause 1 Article 23 of the 2020 Law on Investment in Vietnam.
When establishing a new business entity, making investment by contributing capital, purchasing shares or stakes of a business entity, or making investment under a BCC contract, a business entity must satisfy the same conditions and follow the same investment procedures as foreign investors if:
+ Over 50% of its charter capital is held by a foreign investor(s) or, in case of a partnership, the majority of its general partners are foreigners;
+ Over 50% of its charter capital is held by a business entity(s) mentioned in Point a Clause 1 Article 23 of the 2020 Law on Investment in Vietnam;
+ Over 50% of its charter capital is held by a foreign investor(s) and a business entity(s) mentioned in Point a Clause 1 Article 23 of the 2020 Law on Investment in Vietnam.
Who has the power to issue, adjust and revoke investment registration certificates in Vietnam?
The competence to grant, amend and revoke the investment registration certificate is specified in Article 39 of the 2020 Law on Investment in Vietnam as follows:
The power to issue, adjust and revoke investment registration certificates
1. Management boards of industrial parks, export-processing zones, hi-tech zones and economic zone shall issue, adjust and revoke investment registration certificates with regard to the investment projects located therein, except for the case specified in Clause 3 of this Article.
2. Provincial Departments of Planning and Investment shall issue, adjust and revoke investment registration certificates with respect to the investment projects outside industrial parks, export-processing zones, hi-tech zones and economic zones, except for the case in Clause 3 of this Article.
3. The investment registration authority of the administrative division where the investor executes the investment project, places or intends to place the head office or operating office to execute the investment project shall issue, adjust and revoke investment registration certificates with respect to the following investment projects:
a) Investment projects that are executed in at least 02 provinces;
b) Investment projects that are executed both inside and outside industrial parks, export processing zones, hi-tech zones and economic zones;
c) Investment projects which are executed inside industrial parks, export processing zones, hi-tech zones or economic zones where the industrial park, export processing zone, hi-tech zone or economic zone management boards have not yet been established or which are not under the management of the industrial park, export processing zone, hi-tech zone or economic zone management boards.
4. The authority that receives investment project dossiers is the one that has the power to issue investment registration certificates, except for the cases specified in Articles 34 and 35 of this Law.
Thus, the following entities have the power to issue, adjust and revoke investment registration certificates:
- Management boards of industrial parks, export-processing zones, hi-tech zones and economic zone shall issue, adjust and revoke investment registration certificates with regard to the investment projects located therein, except for the case specified in Clause 3 Article 39 of the 2020 Law on Investment in Vietnam.
- Provincial Departments of Planning and Investment shall issue, adjust and revoke investment registration certificates with respect to the investment projects outside industrial parks, export-processing zones, hi-tech zones and economic zones, except for the case in Clause 3 Article 39 of the 2020 Law on Investment in Vietnam.
- The investment registration authority of the administrative division where the investor executes the investment project, places or intends to place the head office or operating office to execute the investment project shall issue, adjust and revoke investment registration certificates with respect to the following investment projects:
+ Investment projects that are executed in at least 02 provinces;
+ Investment projects that are executed both inside and outside industrial parks, export processing zones, hi-tech zones and economic zones;
+ Investment projects which are executed inside industrial parks, export processing zones, hi-tech zones or economic zones where the industrial park, export processing zone, hi-tech zone or economic zone management boards have not yet been established or which are not under the management of the industrial park, export processing zone, hi-tech zone or economic zone management boards.
- The authority that receives investment project dossiers is the one that has the power to issue investment registration certificates, except for the cases specified in Articles 34 and 35 of the 2020 Law on Investment in Vietnam.
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