Pursuant to the provisions of Decree No. 84/2015/ND-CP of the Government on investment supervision and assessment of investment, accordingly, foreign investors/ business organizations shall monitor and inspect their own projects in Vietnam, and report on the following matters:
- Performance of procedures for decision of investment policies, issuance of the investment registration certificate, and issuance of the certificate of business registration (if any).
- Progress of the project and achievement of its targets.
- Progress of contribution of capital, charter capital and legal capital (if required).
- Project operation: business outcomes, information about employments, payment to state budget, investment in research and development, financial status of the enterprise, and other indicators depending on the business lines.
- Adherence to regulations on enviromental projection, use of land and natual resources as represcribed.
- Implementation of the decision on investment poliies and investment registration certificate (if any).
- Fulfillment of conditions for investment (if the business lines of the project is subject to certain conditions).
- Investment incentives situation (if any).
Based on Circular No. 22/2015/TT-BKHDT of the Ministry of Planning and Investment regulating investment monitoring and evaluation report forms, investors should pay attention to using the correct report form and submit it on time as specified in Article 69 of Decree No. 84/2015/ND-CP, specifically:
- Submit a monitoring and evaluation report 15 days before starting the project (Form No. 11);
- Submit a monitoring and evaluation report 6 months before July 10 of the reporting year (Form No. 12 and Form No. 14);
- Submit the monitoring and evaluation report of the previous year on February 10 of the following year (Form No. 12 and Form No. 14);
- Submit monitoring and evaluation reports before exploitation and operation (for projects not subject to Investment Registration Certificate, Form No. 13).
Furthermore, according to the provisions of Decree 13/2021/ND-CP, for projects of foreign investors that need to carry out registration procedures for user accounts on the National Investment Information System (“NIIS”), after being granted an account, the business organization implementing the project sends online reports through NIIS, including:
- Quarterly reports have to submitted before the 10th day of the first month of the quarter following the quarterly report;
- Annual reports have to submitted before March 31 of the following year.
In case investors/ business organizations do not prepare reports on time or with incomplete content, they may be subject to administrative sanctions: (i) fine from 30.000.000 dong to 50.000.000 dong for failure to fulfill reporting obligations investment activities; or (ii) fine from 20.000.000 dong to 30.000.000 dong for non-compliance with project monitoring and evaluation reporting obligations. In addition, investors/ business organizations are obliged to fulfill reporting obligations as part of corrective measures (pursuant to Decree No.122/2021/ND-CP of the Government).
What can TTVN Legal support Clients?
Based on the specific needs of the clients, our lawyers at TTVN Legal will assist on:
- Consulting on legal regulations related to preparing monitoring and evaluation reports applicable to FDI enterprises.
- Collect data and prepare reports.
- Representing clients in contacting competent state agencies for submitting reports.
Contact us if you need further advice.
Note: This article is for informational purposes only and it is not legal advice. The content of the article represents its own TTVN Legal and it is subject to change without prior notice.