Procedures​ for invalidation of outward investment registration certificates in Vietnam

Applications for invalidation of outward investment registration certificates in Vietnam

Pursuant to the provisions of Clause 1, Article 87 of Decree 31/2021/ND-CP, the investor shall submit 02 sets of the application for invalidation of the outward investment registration certificate (including 01 original dossier). An application includes:

- An application form for invalidation of the outward investment registration certificate;

- Originals of issued investment registration certificates;

- Decision on termination of outward investment project corresponding to the regulations set out in Article 59 of the Law on Investment;

- Documents proving that the investor has completed the project termination and liquidation, and repatriation of proceeds from the project termination and liquidation as prescribed in Article 85 of Decree 31/2021/ND-CP;

- Document about the investor’s legal status.

Procedures​ for invalidation of outward investment registration certificates in Vietnam (Internet image)

Procedures for invalidation of outward investment registration certificates in Vietnam

Procedures for invalidation of outward investment registration certificates in Vietnam are carried out according to the instructions in Article 87 of Decree 31/2021/ND-CP as follows:

The Ministry of Planning and Investment shall inspect the validity of the application. If the application is invalid or has to be clarified, the Ministry of Planning and Investment shall request the investor in writing to complete it.

The Ministry of Planning and Investment shall send a written request for opinions to the State Bank of Vietnam about the investor’s foreign exchange transactions; compliance with regulations of law on foreign exchange by the investor, violations and imposition of penalties therefor within its power (if any);

Within 15 days from the receipt of the valid application, the Ministry of Planning and Investment shall issue an invalidation decision and revoke the outward investment registration certificate and send a copy of the decision to the State Bank of Vietnam, Ministry of Finance, Ministry of Foreign Affairs, Ministry of Labor, War Invalids and Social Affairs, relevant ministry, People’s Committee of the central-affiliated city or province where investor's headquarters is located or investor’s permanent residence is registered, tax authority certifying the investor’s fulfillment of the tax payment obligation and investor’s state ownership representative agency (if any).

If the outward investment project is terminated as prescribed in Point d Clause 1 Article 64 of the Law on Investment 2010, prior to the transfer of entire outward investment capital to the foreign investor and the project termination, the investor must notify the State Bank of Vietnam.

If the outward investment project is terminated as prescribed in Point dd Clause 1 Article 64 of the Law on Investment 2010 but the investor fails to follow procedures for invalidating the outward investment registration certificate, the Ministry of Planning and Investment shall, according to the Law on Investment 2010 and Decree 31/2021/ND-CP, decide to invalidate the outward investment registration certificate and send the invalidation decision to the investor and regulatory bodies concerned.

After the outward investment registration certificate is invalidated, if the investor wishes to continue to execute the outward investment project, such investor shall follow procedures for issuance of the outward investment registration certificate as prescribed by the Law on Investment 2010 and Decree 31/2021/ND-CP.

For a project subject to approval for its outward investment guidelines, the investor and authority deciding the outward investment shall terminate it and notify the authority or person that has the power to approve outward investment guidelines.

Mai Thanh Loi

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