Vietnam: What does National Investment Information System consists of?

Vietnam: What does National Investment Information System consists of? (Internet image)

Regarding this issue, LawNet would like to answer as follows:

1. What does National Investment Information System consists of?

Specifically, in Clause 1, Article 71 of the Law on Investment 2020, the National Investment Information System consists of:

- National information system for domestic investment;

- National information system for foreign investment in Vietnam;

- National information system for outward investment from Vietnam;

- National information system for investment promotion;

- National information system for industrial parks and economic zones.

2. Reports on investment activities in Vietnam

Pursuant to Article 72 of the Law on Investment 2020, the reports on investment activities in Vietnam are as follows:

-  Reporting entities:

+ Ministries, ministerial agencies and provincial People’s Committees;

+ Investment registration authorities;

+ Investors and business organizations executing investment projects as prescribed in the Law on Investment 2020.

- Periodic reporting:

+ Investors and business organizations executing investment projects shall submit quarterly and annual reports to investment registration authorities and local statistical agencies on the investment project execution, which specify: investment capital, investment results, employees, payment to government budget, investment in R&D, environmental protection, and other professional indicators;

+ Investment shall submit quarterly and annual reports to the Ministry of Planning and Investment and provincial People’s Committees on receipt of applications, issuance, adjustment and revocation of investment registration certificates and the operation of investment projects under their management;

+ Provincial People’s Committees shall submit quarterly and annual consolidated reports on local investment to the Ministry of Planning and Investment;

+ Ministries and ministerial agencies shall submit quarterly and annual reports on issuance, adjustment and revocation of investment registration certificates and equivalent papers (if any) under their management; and on investment activities under their management to the Ministry of Planning and Investment, which submit a consolidated report to the Prime Minister;

+ The Ministry of Planning and Investment shall submit an annual report to the Prime Minister on investment nationwide and adherence to regulations on investment reporting by the entities mentioned in Clause 1 of Article 72 of the Law on Investment 2020.

- Agencies, investors and business organizations shall make reports in writing via the National Investment Information System.

- Agencies, investors and business organizations mentioned in Clause 1 of Article 72 of the Law on Investment 2020 shall make ad hoc reports at the request of competent authorities.

- If a project is exempt from the investment registration certificate, the investor shall submit a report to the investment registration authority before commencement of the project execution.

3. Reporting of outward investment activities in Vietnam

According to Article 73 of the Law on Investment 2020, the reporting of outward investment activities is as follows:

- Reporting entities:

+ Ministries and ministerial agencies shall manage outward investment activities in accordance with regulations of law, and agencies representing the state capital in enterprises;

+ Investors executing outward investment projects as prescribed in the Law on Investment 2020.

- Regulations on reporting applied to the entities specified in Point a Clause 1 of Article 73 of the Law on Investment 2020:

+ Such entities shall submit an annual report on management of outward investment within their jurisdiction to the Ministry of Planning and Investment, which will submit consolidated reports to the Prime Minister;

+ The Ministry of Planning and Investment shall submit an annual report on outward investment to the Prime Minister.

- Reporting regulations applied to investors:

+ Within 60 days from the day on which the project is approved or licensed as prescribed by law of the host country, the investor shall send a written notification of outward investment enclosed with a copy of the written approval for the investment project or a document proving the right to make investment in the host country to the Ministry of Planning and Investment, the State Bank of Vietnam, and a representative mission of Vietnam in the host country;

+ Investors shall submit quarterly and annual reports on operation of their investment projects to the Ministry of Planning and Investment, the State Bank of Vietnam, and a representative mission of Vietnam in the host country;

+ Within 06 months from the day on which the tax declaration or an equivalent document is available as prescribed by the host country’s law, the investor shall submit a report on the operation of the investment project enclosed with the financial statement, tax declaration, or an equivalent document prescribed by the host country’s law to the Ministry of Planning and Investment, the State Bank of Vietnam, the Ministry of Finance, a representative mission of Vietnam in the host country, and a competent authority prescribed in the Law on Investment 2020 and relevant regulations of law;

+ If the outward investment project is funded by the state capital, apart from complying with the regulations in Points a, b and c of Clause 3 Article 73 of the Law on Investment 2020, the investor shall make reports in accordance with regulations of law on management and use of state capital invested in manufacturing and business activities of enterprises.

- The reports mentioned in Clause 2 and Clause 3 of Article 73 of the Law on Investment 2020 shall be made in writing and via the National Investment Information System.

- The agencies and investors in Clause 1 of Article 73 of the Law on Investment 2020 shall make ad hoc reports at the request of competent authorities to meet state management requirements or settle issues arising in relation to investment projects.

Ho Quoc Tuan

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