Apply to adjust IRC directly in Vietnam

Adjusting an investment registration certificate (IRC) is an important administrative procedure for enterprises. To save time and make the process more convenient, many enterprises have chosen to submit their applications directly. Through this article, Viet An Law will clarify for you about applying for adjusting IRC directly in Vietnam according to current regulations of the Investment Law 2020.

Apply to adjust IRC directly in Vietnam

Components of application for adjusting IRC

• Document requesting adjustment of the investment project;
• Report on the implementation of the investment project up to the time of adjustment;
• Decision of investor on adjusting investment project;
• Explanation of reasons for adjusting investment project;
• Copy of Investment Registration Certificate/ Decision approving investment policy/ Decision adjusting investment policy that has been granted;
• Documents related to the adjustment of contents include:

• • In case of a change of investor: Documents on the legal status of the investor;
  • In case of change in investment capital: Documents proving the financial capacity of the investor include at least one of the following documents: financial statements of the investor for the last 2 years; commitment to financial support from the parent company; commitment to financial support from a financial institution; guarantee of the financial capacity of the investor; other documents proving the financial capacity of the investor;
  • In case of changing the location of the investment project: for locations where the State does not request land allocation, land lease, or permission to change land use purpose, submit copies of documents on land use rights and the new headquarters lease contract;
• The investment project proposal includes the following main contents: investor or form of investor selection, investment objectives, investment scale, investment capital, and capital mobilization plan, location, duration, implementation progress, information on current land use status at the project implementation location and proposed land use demand (if any), labor demand, proposed investment incentives, impact, socio-economic efficiency of the project, preliminary assessment of environmental impact (if any) according to regulations of law on environmental protection;
• BCC contract for investment projects in the form of BCC contract;
• Other documents related to the investment project, requirements on conditions, and capacity of investors according to the provisions of law (if any).

Notes on direct submission

• Prepare sufficient paper documents
• Quantity: 02 sets
• Foreign documents must be translated into Vietnamese and consular legalized according to regulations
• The applicant must have a power of attorney/ letter of introduction from the investor
• Documents for payment of fees/charges (if any) must be submitted directly.

Procedures for adjusting Investment Registration Certificate

Adjustment of Investment Registration Certificate in case of non-approval of investment policy

Adjustment of Investment Registration Certificate in case of investment policy approval

Step 1:  Investors carry out procedures to approve investment policy adjustments

Investors apply investment policy adjustments as follows:

• Investors submit 08 sets of dossiers in case the investment project is under the approval authority of the Prime Minister to the Ministry of Planning and Investment.
• Investors submit 04 sets of dossiers in case the investment project is under the authority of the provincial People’s Committee to approve the investment policy to the Department of Planning and Investment.
• Investors submit 04 sets of dossiers in case the investment project is under the authority of the Management Board of industrial parks, export processing zones, high-tech zones, and economic zones to the Management Board of industrial parks, export processing zones, high-tech zones, and economic zones.

Step 2: Receive a Decision approving investment policy adjustment

Valid applications will be received and processed as follows:

• Investment projects under the approval authority of the Prime Minister: within 40 working days from the date the investor submits a valid dossier, the Prime Minister shall issue a decision approving the adjustment of the investment policy.
• Investment projects under the authority of the provincial People’s Committee to approve investment policies: within 32 working days from the date the investor submits a valid dossier, the provincial People’s Committee shall decide to approve the adjustment of investment policies.
• Investment projects under the authority of the Management Board of Industrial Parks, export processing zones, high-tech zones, and economic zones to approve investment policies: within 25 days from the date of receipt of valid documents, the Management Board of Industrial Parks, export processing zones, high-tech zones, and economic zones shall decide to approve adjustments to investment policies.

Step 3: Investment registration authority adjusts IRC

The investment registration agency shall, based on the Decision approving the adjustment of the investment policy, adjust the Investment Registration Certificate within 05 working days from the date of receipt of the Decision.

In case the Investment Registration Certificate must be adjusted

Pursuant to Article 41 of the Investment Law 2020, cases requiring adjustment of the Investment Registration Certificate include:

• Adjusting investment projects changes the content of the Investment Registration Certificate
• Changing the objectives specified in the investment policy approval document; adding objectives subject to investment policy approval;
• Changing the scale of land use area by more than 10% or more than 30 hectares, changing investment location;
• Changing total investment capital by 20% or more changes the scale of the investment project;
• Extending the progress of investment project implementation by more than 12 months compared to the progress of investment project implementation specified in the document approving the first investment policy;
• Adjusting the duration of investment projects;
• Changing the technology has been assessed and consulted during the investment policy approval process;
• Changing the investor of an investment project approved in principle at the same time as approving the investor before the project is put into operation or changing the conditions for the investor (if any).

Notes when applying for adjusting IRC directly in Vietnam

Prepare complete application:

• Original and notarized photocopy: Current investment certificate, adjustment decision, documents related to adjustment content (if any).
• Application form: Complete all information according to the form prescribed by the competent state agency.
• Other documents: These may include financial reports, related contracts, business licenses, etc. depending on the content of the adjustment.

Check the application carefully:

• Ensure accuracy: Carefully check all information on the application to avoid errors.
• Complete procedures: Make sure to prepare all required documents.

Apply for the appropriate place:

• Competent authority: Usually the Department of Planning and Investment or the investment management agency where the enterprise registers its business.
• Working time: Apply during office hours.

Progress tracking:

• Keep the receipt: Receive a receipt for your application for easy tracking.
• Contact directly: If you have any questions, please contact the agency receiving the application directly for answers.

Above is the advice of Viet An Law on the way to apply to adjust IRC directly in Vietnam. If there are any other legal problems related to adjusting the investment project, please contact Viet An Law for more specific and detailed advice. Sincerely thank you!

Update: 9/2024