Annually, representative offices and branches of foreign traders in Vietnam must send written reports on activities in the year to the licensing agency. Specifically, 03 basic notes on the report on activities of representative offices and branches of foreign traders in Vietnam are as follows:
Article table of contents
1. Time limit for submitting operation reports of representative offices and branches of foreign traders in Vietnam
According to Article 32 of the Decree No. 07/2016 NĐ-CP of the Vietnam’s Government on detailed regulations on establishment of representative offices or branches of foreign traders in Vietnam under laws on commerce, reporting is as following:
- By January 30th of each year, every representative office and branch shall submit operation status reports using the form stipulated by the Ministry of Industry and Trade to the licensing agency by post.
- Representative offices and branches shall submit reports, documents and explanations for their operation upon the request of competent state regulatory authorities.
Thus, January 30, 2021 is the deadline for representative offices and branches of foreign traders to submit annual reports on operations.
2. Where to submit operation reports of representative offices, branches of foreign traders in Vietnam
After completion, depending on the locality, representative offices and branches of foreign traders can submit directly at the Department of Industry and Trade or online through the official website of the Department of Industry and Trade of the provinces and cities.
Note: Representative offices, branches of foreign traders in Vietnam complete annual operation reports according to Forms BC-1 and BC-2 (download files below) issued together with the Circular No. 11/2016/TT-BCT of the Ministry of Industry and Trade stipulating the form for implementing the Decree No. 07/2016 NĐ-CP.
3. Fines for failure to submit operation reports of representative offices and branches of foreign traders in Vietnam
In case the representative office or branch of a foreign trader fails to submit the annual operation report, it will be administratively sanctioned according to regulations, specifically as follows:
- According to Point b Clause 2 Article 67 of the Decree No. 98/2020/NĐ-CP, failing to submit periodical reports or submitting false reports on operation of the representative office to the competent licensing authority shall be imposed a fine ranging from VND 10.000.000 to VND 20.000.000;
- According to Point b Clause 2 Article 69 of the Decree No. 98/2020/NĐ-CP, failing to submit periodical reports or submitting false reports on the branch’s operation to the competent licensing authority shall be imposed a fine ranging from VND 20.000.000 to VND 30.000.000.
Le Vy
- Key word:
- Commercial Law in Vietnam
