Reports must be completed when making investments overseas

Vietnamese organizations/individuals when making investments abroad, need to comply and fully submit the following reports: 

1. Reporting Of Offshore Investment Activities 

1.1 Report on Investment Project Implementation Status 

The Investors are required to implement a reporting of offshore investment project implementation status, including: 

  • A written notification of offshore investment enclosed with a copy of the written approval for the investment project or a document proving the right to make investment Overseas within 60 days from the day on which the project is approved or licensed as prescribed by law of Overseas; 

 Report receiving agency: the MPI, the SBV, and the Vietnamese representative agency in the host country. 

  • Quarterly reports on the implementation of offshore projects (Form B.III.1 of Circular 03/2021/TT-BKHDT); 

Report receiving agency: the MPI, the SBV, and the Vietnamese representative agency in the host country. 

  • Annual reports on the implementation of offshore projects (Form B.III.2 of Circular 03/2021/TT-BKHDT); 

Report receiving agency: the MPI, the SBV, and the Vietnamese representative agency in the host country  

  • A report on the operation of the investment project enclosed with the financial statement, tax declaration, or an equivalent document prescribed by Overseas’s law (Form B.III.3 of Circular 03/2021/TT-BKHDT) within 06 months from the day on which the tax declaration or an equivalent document is available as prescribed by Overseas’s law;

Report receiving agency: the MPI, the SBV, the Ministry of Finance, and the Vietnamese representative agency in the host country.  

1.2 Report on the transfer of capital for offshore investment   

Vietnamese organizations and Vietnamese Individuals must make a report every quarter (no later than the 5th day of the first month of the quarter following the reporting quarter) on the transfer of capital for offshore investment (using the form stated in Annex 05 of Circular 12/2016/TT-NHNN). 

Report receiving agency: Branch of SBV in Ho Chi Minh City and Branch of SBVs in provinces and cities where Vietnamese Individuals are registered for permanent residence. 

1.3 Supervision and assessment investment reports   

Vietnamese organizations and Vietnamese Individuals must make and send the following reports:  

(i) Periodic supervision and assessment 6-month reports before July 10 of the reporting year; 

(ii) Periodic supervision and assessment annual reports before February 10 of the following year;

(iii) Supervision and assessment reports prior to adjustment of the project (if the adjustment of the project results in adjustment of the investment registration certificate);  

(iv) Terminal report.  

Report receiving agency: the MPI, the SBV, the Ministry of Finance, People’s Committees in Ho Chi Minh City and Departments of Planning and Investment in Ho Chi Minh City and the Vietnamese representative agency in the host country. 

2. Penalties for violations of the investment reporting on offshore investment activities  

2.1 Violation of the reporting on offshore investment project implementation: 

If the Investors fail to comply with the reporting regime for offshore investment activities, The Investors may be subject to administrative penalties, with fines ranging from 20,000,000 VND to 30,000,000 VND (Investor as an organization) or from 10,000,000 VND to 15,000,000 VND (Investor as an individual). Additionally, The Investors are obliged to comply with regulations on reporting or adding contents or documents to the report on offshore investment activities. 

2.2 Violation of the reporting on the transfer of capital for offshore investment:  

For the act of failing to submit required reports within the time limits prescribed by law, the Investors will be subject to fines ranging from 10,000,000 VND to 20,000,000 VND (for organizational investors) and from 5,000,000 VND to 10,000,000 VND (for individual investors). Additionally, Investors are obliged to enforce submission of sufficient and accurate reports. 

2.3 Violation of the supervision and assessment investment reports:   

For the act of failing to comply with regulations on reporting investment supervision/assessment on a periodic basis as prescribed, the investors will be subject to fines ranging from 20,000,000 VND to 30,000,000 VND (for organizational investors) and from 10,000,000 VND to 15,000,000 VND (for individual investors). Additionally, the investors are obliged to comply with regulations on reporting investment supervision/assessment on a periodic basis. 

The reports and responsibilities listed above are those that Vietnamese organizations/individuals must be aware of and fully comply with when conducting investment activities abroad in order to avoid administrative fines. 

  

Disclaimers:

This article is for general information purposes only and is not intended to provide any legal advice for any particular case. The legal provisions referenced in the content are in effect at the time of publication but may have expired at the time you read the content. We therefore advise that you always consult a professional consultant before applying any content.

For issues related to the content or intellectual property rights of the article, please email cs@apolatlegal.vn.

Apolat Legal is a law firm in Vietnam with experience and capacity to provide consulting services related to Business and Investment and contact our team of lawyers in Vietnam via email info@apolatlegal.com.

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