VI Which agency is under the authority to establish and operate the National Investment Information System? When changing the form of investment, do investors have to update the National Investment Information System? Through today’s article, let’s find out about this issue with Pham Consult!
Which agency is under the authority to establish and operate the National Investment Information System?
Pursuant to Clause 2, Article 71 of the Investment Law 2020, it is stipulated as follows:
National Investment Information System
1. The National Investment Information System includes:
a) National Information System on domestic investment;
b) National Information System on foreign investment in Vietnam;
c) National information system on Vietnam’s overseas investment;
d) National information system on investment promotion;
dd) National information system on industrial parks and economic zones.
2. The Ministry of Planning and Investment shall preside over and coordinate with relevant agencies to build and operate the National Information System on investment; build a national database on investment; evaluate the operation of the system by state management agencies on investment at the central and local levels.
3. State management agencies on investment and investors shall be responsible for fully, promptly and accurately updating relevant information into the National Information System on investment.
4. Information on investment projects stored in the National Information System on investment has legal value as original information on investment projects.
Thus, the Ministry of Planning and Investment is the competent authority to preside over and coordinate with relevant agencies to build and operate the National Investment Information System.
In addition, the Ministry of Planning and Investment builds a national investment database; evaluates the operation of the system of state management agencies on investment at the central and local levels.
When changing the form of investment, do investors have to update the National Investment Information System?
According to Clause 2, Article 63 of the Investment Law 2020, the following provisions are provided:
Adjusting the Certificate of Registration of Overseas Investment
1. Investors shall carry out procedures to adjust the Certificate of Registration of Overseas Investment in the following cases:
a) Changing the Vietnamese investor;
b) Changing the form of investment;
c) Changing the capital for overseas investment; investment capital source, form of investment capital;
d) Changing the location of investment activities for investment projects requiring an investment location;
dd) Changing the main objective of overseas investment activities;
e) Using overseas investment profits as prescribed in Points a and b, Clause 1, Article 67 of this Law.
2. Investors must update the National Investment Information System when changing contents other than those prescribed in Clause 1 of this Article.
Thus, if in case of changing the investment form, investors are responsible for updating the National Investment Information System as prescribed.
Are provincial People’s Committees responsible for maintaining and updating the National Investment Information System?
Pursuant to Point e, Clause 4, Article 69 of the 2020 Investment Law, it is stipulated as follows:
State management responsibility for investment
…
4. Provincial People’s Committees and investment registration agencies, within the scope of their tasks and powers, are responsible for performing the state management task of investment activities in Vietnam and investment from Vietnam abroad, including:
a) Coordinating with ministries and ministerial-level agencies to establish and publish the List of projects attracting investment in the locality;
b) Presiding over or participating in the appraisal of investment projects subject to investment policy approval in accordance with the provisions of this Law and being responsible for the appraisal content within their functions and tasks; presiding over the procedures for granting, adjusting and revoking Investment Registration Certificates;
c) Performing the state management function for investment projects in the locality;
d) Resolve according to authority or submit to competent authorities to resolve difficulties and problems of investors;
dd) Periodically evaluate the effectiveness of investment activities in the area and report to the Ministry of Planning and Investment;
e) Provide relevant information to build a national database on investment; maintain and update the National Investment Information System;
g) Direct the organization, supervision and assessment of the implementation of the investment reporting regime.
5. Vietnamese representative agencies abroad are responsible for monitoring, supporting investment activities and protecting the legitimate rights and interests of Vietnamese investors in the investment-receiving country.
Accordingly, the People’s Committees at the provincial level and investment registration agencies, within the scope of their tasks and powers, are responsible for performing the task of state management of investment activities in Vietnam and investment from Vietnam to foreign countries.
Therefore, the Provincial People’s Committee is the agency responsible for updating the National Investment Information System according to regulations.
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