VI According to regulations, how do investors implement the reporting regime on investment activities abroad? How are investment promotion activities regulated? How are foreign investment reports implemented? Through today’s article, let’s find out with Pham Consult!
How do investors implement the reporting regime on investment activities abroad?
Pursuant to Clause 3, Article 73 of the Investment Law 2020, the reporting regime on overseas investment activities is stipulated as follows:
Accordingly, the reporting regime on overseas investment activities of investors will be implemented as follows:
(1) Within 60 days from the date the investment project is approved or licensed in accordance with the laws of the investment-receiving country, the investor must send a written notice on the implementation of overseas investment activities, together with a copy of the investment project approval document or documents proving the right to conduct investment activities in the investment-receiving country to the Ministry of Planning and Investment, the State Bank of Vietnam, and the Vietnamese representative agency in the investment-receiving country;
(2) Periodically every quarter and every year, the investor shall send a report on the operation status of the investment project to the Ministry of Planning and Investment, the State Bank of Vietnam, and the Vietnamese representative agency in the investment-receiving country;
(3) Within 06 months from the date of the tax settlement report or a document of equivalent legal value as prescribed by the law of the investment-receiving country, the investor shall report on the operation of the investment project together with the financial report, tax settlement report or a document of equivalent legal value as prescribed by the law of the investment-receiving country to the Ministry of Planning and Investment, the State Bank of Vietnam, the Ministry of Finance, the Vietnamese representative agency in the investment-receiving country and the competent state management agency as prescribed by the Investment Law 2020 and other relevant legal provisions;
(4) For overseas investment projects using state capital, in addition to implementing the reporting regime prescribed in items (1), (2), (3), the investor must implement the investment reporting regime as prescribed by the law on management and use of state capital invested in production and business at enterprises.
In what form is the reporting of foreign investment activities carried out?
Pursuant to the provisions of Article 73 of the Investment Law 2020, there are provisions on the reporting regime of foreign investment activities as follows:
Regulation on reporting of foreign investment activities
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4. The reports prescribed in Clauses 2 and 3 of this Article shall be made in writing and through the National Investment Information System.
5. The agencies and investors prescribed in Clause 1 of this Article shall make ad hoc reports at the request of competent state agencies when there are requests related to state management or issues arising in relation to investment projects.
Thus, the reporting regime of foreign investment activities of investors shall be made in writing and through the National Investment Information System.
How are investment promotion activities regulated?
Pursuant to the provisions of Article 74 of the Investment Law 2020, investment promotion activities are regulated as follows:
Accordingly, investment promotion activities are regulated by law with the following specific contents:
(1) The Government directs the development and implementation of policies and orientations for investment promotion to promote and facilitate investment activities by sector, region and partner in accordance with strategies, planning, plans and socio-economic development goals in each period; ensuring the implementation of inter-regional and inter-sectoral investment promotion programs and activities, linked with trade promotion and tourism promotion.
(2) The Ministry of Planning and Investment develops and organizes the implementation of national investment promotion plans and programs; coordinates inter-regional and inter-provincial investment promotion activities; monitors, supervises and evaluates the effectiveness of investment promotion nationwide.
(3) Ministries, ministerial-level agencies, and provincial People’s Committees, within the scope of their tasks and powers, shall develop and organize the implementation of investment promotion plans and programs in the fields and areas under their management in accordance with the strategies, planning, and socio-economic development plans and the National Investment Promotion Program. (4) Funding for the development and implementation of investment promotion programs shall be allocated from the state budget and other legal sources of support.
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