From January 01, 2021, policies on reporting overseas investment activities

Foreign Investment Activity Reporting Regime - Illustrative Image.

Article 73 of the Investment Law 2020 stipulates the policies for reporting foreign investment activities as detailed below:

Entities required to report include:

- Ministries, ministerial-level agencies tasked with managing foreign investment activities per legal regulations, and state capital representative agencies in enterprises;

- Investors implementing foreign investment projects in accordance with the Investment Law 2020.

Reporting regime for ministries, ministerial-level agencies tasked with managing foreign investment activities per legal regulations, and state capital representative agencies in enterprises is as follows:

- Annually, report on the management of foreign investment activities according to their functions and tasks to the Ministry of Planning and Investment for consolidation, and submit it to the Prime Minister of the Government of Vietnam;

- Annually, the Ministry of Planning and Investment reports to the Prime Minister of the Government of Vietnam on foreign investment activities.

Investors’ reporting regime is as follows:

- Within 60 days from the date the investment project is approved or licensed according to the laws of the host country, the investor must send a written notification of the foreign investment activities accompanied by a copy of the investment project approval document or a document proving the investment activity right in the host country to the Ministry of Planning and Investment, State Bank of Vietnam, and the Vietnamese representative agency in the host country;

- Quarterly and annually, investors must send activity reports on the investment project to the Ministry of Planning and Investment, State Bank of Vietnam, and the Vietnamese representative agency in the host country;

- Within 06 months from the date of the tax finalization report or an equivalent legal document according to the laws of the host country, the investor must report the activity of the investment project accompanied by the financial report, tax finalization report, or an equivalent legal document according to the laws of the host country to the Ministry of Planning and Investment, State Bank of Vietnam, Ministry of Finance, the Vietnamese representative agency in the host country, and the competent state management agency as prescribed by the Investment Law 2020 and other relevant legal regulations;

- For foreign investment projects using state capital, besides the aforementioned reporting policies, investors must adhere to the state capital investment reporting guidelines as prescribed by laws on management and use of state capital invested in production and business in enterprises.

Additionally, Clause 4, Article 73 of the Investment Law 2020 also stipulates that the above reports must be in writing and submitted through the National Investment Information System. Ministries, ministerial-level agencies tasked with managing foreign investment activities per legal regulations, and state capital representative agencies in enterprises must also provide ad-hoc reports upon request from competent state agencies for state management tasks or issues arising related to the investment project.

For details, see Investment Law 2020, effective January 1, 2021.

Le Vy

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