AUTHORITY | Ministry of Planning and Investment - MPI. |
PROCEDURE |
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| Step 1: | The investor submits the application dossier for adjustment of the outward Investment Registration Certificate (IRC) at MPI; |
Step 2: | MPI reports to the Prime Minister to establish the State Appraisal Council; |
Step 3: | The State Appraisal Council shall organize the appraisal and make an appraisal report to submit to the Government; |
Step 4: | The Government shall send the application for adjustment and approval of the investment policy to the agency in charge of the verification of the National Assembly; |
Step 5: | The National Assembly considers and approves the Resolution on approving the adjustment of outward investment policies; |
Step 6: | After the National Assembly approves the adjustment in writing, the competent agency/individual in accordance with the Law on management and use of state capital invested in production and business at the enterprise shall decide to adjust the adjustment. Adjustment of outward investment activities (only for investment projects of State-owned enterprises); |
Step 7: | MPI returns results to individuals/organizations. |
SUBMISSION OF DOSSIER | Directly at the Ministry of Planning and Investment. |
DOSSIER |
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| Number: | 08 (eight) dossier sets, including 01 (one) original set. |
Elements: | 1. A written request for adjustment of the outward Investment Registration Certificate; |
2. Documentation of investor's legal status; |
3. Report on the operation of the investment project up to the time of submitting the adjustment dossier; |
4. Documents according to the provisions of the law on foreign exchange related to activities of lending to economic organizations abroad in the case of outward investment project is stated with this content; |
5. A copy of the certificate of registration of outward investment; |
6. A document of the tax authority certifying the fulfillment of tax payment obligation in case of adjustment to increase in outward investment capital. The time of certification by the tax authority is not more than 03 months from the date of submission of investment project dossiers; |
7. Investment project proposal; |
8. Documents proving the financial capacity of the investor include at least one of the following documents: financial statements of the last 2 years of the investor; commitment to financial support of the parent company; financial institution's commitment to financial support; guarantee on the financial capacity of the investor; other documents proving the financial capacity of the investor (in case of adjustment of relevant content); |
9. Commitment to self-balancing foreign currency sources or written commitment to arrange foreign currency for investors of an authorized credit institution; |
10. Decision on adjustment of outward investment of the investor or, in the case of a state-owned enterprise, the document of the agency representing the owner approving the State enterprise's adjustment of outward investment activities; |
11. For outward investment projects in the fields of banking, insurance, securities, press, radio and television, real estate business, investors shall submit documents from competent state agencies to satisfy the conditions for outward investment in accordance with relevant laws (if any) (in case of adjustment of relevant contents); |
12. Documents certifying the location of the outward investment project (if relevant content is adjusted); |
13. Documents identifying the form of outward investment (in case of adjustment of relevant contents); |
14. Other relevant documents. |
ADMINISTRATIVE FEES | None. |
DURATION | MPI reports to the Prime Minister to establish the State Appraisal Council; | 05 working days from the date of receiving complete dossiers; |
The State Appraisal Council shall organize the appraisal and make an appraisal report to submit to the Government; | 90 days from the date of establishment; |
The Government shall send the application file for approval of the outward investment policy to the agency in charge of the verification of the National Assembly; | At least 60 days before the opening of the National Assembly session; |
The National Assembly considers and approves the Resolution on investment policies; | - |
MPI adjusts the Certificate of outward investment registration (in case the National Assembly approves the policy); | 05 working days from the date of receipt of the National Assembly's written approval for adjustment of investment policies and the decision on adjustment of outward investment mentioned in Article 59 of the Investment Law; |
MPI refuses to amend the Certificate of Outward Investment Registration (in case the National Assembly does not approve the policy). | - |
SUBJECT | Investors investing in projects with outward investment capital of VND 20,000 billion or more; |
Investors investing in projects requiring the application of special mechanisms and policies need to be decided by the National Assembly. |
RESULT | Valid dossier: The outward Investment Registration has been adjusted; |
Invalid dossier: Notice of completion of application/rejection of IRC. |
LEGAL BASIS | Law on Investment 2020; |
Decree 31/2021/ND-CP detailing and guiding the implementation of a number of articles of the Law on Investment. |