Investment activities report, Investment supervision and assessment report
Currently, the Department of Planning and Investment of provinces/cities is taking strict measures to control the reporting compliance regime of foreign investors in Vietnam. In which, there are two reporting modes that investors need to pay attention to:
- Investment activities report specified in Articles 101 and 102 of Decree 31/2021/ND-CP dated March 26, 2021 guiding the Law on Investment;
- Investment supervision and assessment report specified in Decree 29/2021/ND-CP dated March 26, 2021 on order and procedures for appraising national important projects, investment supervision and assessment.
THE FINES FOR VIOLATIONS OF REPORTING REGIMES:
On December 28th, 2021, the Government issued Decree No. 122/2021/ND-CP stipulating penalties for administrative violations of reporting regims. Specifically:
Investment activities report
Investment supervision and evaluation report
|I. Main penalties:|
|Failure to comply with the reporting regimes of investment activities reports||From VND 30,000,000 to VND 50,000,000||From VND 20,000,000 to VND 30,000,000|
|Report is not on time as prescribed.||From VND 30,000,000 to VND 50,000,000||From VND 20,000,000 to VND 30,000,000|
|Dishonest report||From VND 30,000,000 to VND 50,000,000||From VND 20,000,000 to VND 30,000,000|
|Inaccurate report||From VND 30,000,000 to VND 50,000,000|
|II. Additional penalties:|
|1. Forcible implementation of reporting regimes in case of failure to comply with the reporting regimes of invesment activities reports;
2. Forcible update of reports;
3. Forcible supplement of missing content in case of inadequate report;
In addition, fully complying with the FDI reporting regime is one of the important contents so that enterprises can smoothly carry out relevant procedures when working with licensing units such as increasing/decreasing capital, extending the capital investment term, adding a business line/business field or changing the company’s address.
This can also mean that when there is a need of change the contents on the Investment Registration Certificate (IRC), it will be difficult for enterprises to do so without implementing and submitting reports in accordance with regulations.
Therefore, in order to avoid losing time and costs, enterprises also need to pay attention to this issue.
Above are some contents about the reporting regime that Vinascgroup would like to share with you. If you have any questions about the above content, please reply to this Email for more detailed information.
Investment supervision and assessment report