On February 14th, 2022, the Ministry of Planning and Investment enacted Circular No. 02/2022/TT-BKHĐT guiding the supervision and investment assessment of foreign investment activities in Vietnam (hereinafter referred to as “Circular 02/2022”) with some significant issues as follows:
a. Contents of inspection of economic organizations and foreign-invested projects
According to Circular 02/2022 stipulating the inspection contents of economic organizations and foreign-invested projects, including: charter capital contribution progress, disbursement progress of registered investment capital, legal capital contribution situation (for industries and fields with regulated capital); total investment capital used and ratio to total registered investment capital; project deployment progress; the implementation of the project’s investment objectives; the application of technology to projects subject to appraisal and opinions on technology (applied technology compared to technology already appraised or commented by a competent authority; installation of machinery, equipment and technological lines of the investment project); technology transfer, the projects involving technology transfer (objects, contents, methods of technology transfer, results of technology transfer as agreed between the parties); technology transfer, for projects involving technology transfer (objects, contents, methods of technology transfer, effects of technology transfer as agreed between the parties); the implementation of commitments and meeting investment conditions, market access conditions, conditions for enjoying investment incentives, investment support of investors when the operational projects.
In addition, it also examines the implementation of financial obligations towards the State; the execution of legal provisions on labour, foreign exchange control, environment, land, construction, fire prevention and fighting and other specialized legal regulations; the financial situation of the foreign-invested economic organization; other contents related to the implementation of investment projects.
b. Regarding the assessment of foreign investment activities
Circular 02/2022 stipulating the content of the final assessment, including the charter capital contribution progress of economic organizations with foreign investment capital, legal capital (for industries requiring legal capital), investment capital contribution of foreign-invested projects, the mobilization and use of mobilized capital following the provisions of law; the project implementation progress compared to the schedule specified in the Decision approving the investment policy or the Investment registration certificate; The use of land and labour of the project; Compliance with legal regulations on environmental protection; the fulfilment of financial obligations to the State; the results of the implementation of the objectives, the mobilized resources, the implementation progress, the project benefits.
Circular 02/2022 takes effect from April 1st, 2022.
Download the legal update as a PDF here.
