Foreign invested enterprises (FIEs) registered in Vietnam are required to submit reports on investment activities to the relevant investment registration authorities on periodic basis in accordance with the Law on Investment of Vietnam and other laws and regulations. The details are as follows:
Report on Implementation of Investment Project
According to Article 72 of the Law on Investment and Decree No. 31/2021/ND-CP issued on 26 March 2021, FIEs shall submit online reports on implementation of investment project through the National Investment Information System (https://fdi.gov.vn), which including:
(1)
Quarterly Reports: shall be submitted by the 10th of the first month of the quarter succeeding the reporting quarter, which shall specify the capital, net revenue, export, import, employees, taxes, amounts payable to state budget, use of land and water surface, etc.
(2)
Annual Report: shall be submitted by 31st March of the following year, which shall specify the information on the quarterly reports, profit, income of employees, expenditures on and investment in scientific research and technology development, environmental protection, environmental issues resolution, origins of technologies used, etc.
Report on Supervision and Assessment of Investment Project
According to Decree No. 29/2021/ND-CP issued on 26 March 2021, FIEs shall submit the following reports on supervision and assessment of investment project in paper form directly to the provincial investment registration authorities and agencies in charge of investment supervision and assessment.
(1)
Semi-annual Report: shall be submitted by 10th July of the reporting year.
(2)
Annual Report: shall be submitted by 10th February of the following year.
(3)
A supervision and assessment report shall be submitted prior to adjustment of investment project.
FIEs may be subject to administrative fines ranging from VND20 million to VND50 million if they fail to submit reports on implementation of investment project and reports on supervision and assessment of investment project in accordance with the relevant laws and regulations.
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Disclaimer
All information in this article is only for the purpose of information sharing, instead of professional suggestion. Kaizen will not assume any responsibility for loss or damage.
Foreign invested enterprises (FIEs) registered in Vietnam are required to submit reports on investment activities to the relevant investment registration authorities on periodic basis in accordance with the Law on Investment of Vietnam and other laws and regulations.
A foreign invested company shall be dissolved under the following circumstances:The operation period specified in the company's charter expires without a decision on extension;The dissolution is decided by the shareholders of the company;The company fails to maintain statutory minimum number of members for six consecutive months without conversion;
A Foreigner has to apply for and obtain a valid work permit in order to work legally in the territory of Vietnam, except for the specific circumstances of work permit exemption as indicated by law. The foreigner is required to apply for a work visa or a temporary residence card to reside in Vietnam legally after obtaining a work permit. Foreigners with a temporary residence card can enter and exit Vietnam without a visa within the valid terms of their temporary residence card.
Foreign investors may enter the Vietnam market through an equity acquisition of an existing Vietnamese enterprise (hereinafter referred to as “foreign equity acquisition”) in addition to setting up a foreign invested enterprise in Vietnam directly. Currently, Vietnam has not yet enacted any special laws or regulations on foreign equity acquisition.
