Update on the investment report in Vietnam from 2024

Sample documents and reports related to investment activities in Vietnam, investment from Vietnam to foreign countries, and investment promotion are applied according to Circular 03/2021/TT-BKHDT from April 2021 show many inadequacies and are not consistent with other legal documents. Therefore, Circular 25/2023/TT-BKHDT was issued to overcome those shortcomings. Promulgated at the end of 2023, but it will not take effect until the middle of the first quarter of 2024. In the article below, Viet An Law will present some update on the investment report in Vietnam from 2024 according to the new regulations of Circular 25/2023/TT-BKHDT for investors to proactively conduct.

Legal basis

• Law on Investment 2020;
• Decree 31/2021/ND-CP guiding the Investment Law;
• Circular 25/2023/TT-BKHDT amending Circular 03/2021/TT-BKHDT regulating document and report templates related to investment activities in Vietnam, outward investment activities, and investment promotion activities.

Updated sample documents and reports related to investment activities

Circular 25/2023/TT-BKHDT only amends some document samples in three activities:

• Investment activities in Vietnam;
• Investment activities from Vietnam to foreign countries;
• Investment promotion activities.

Among them, the revised forms applicable to investors include:

A detailed update on the investment report in Vietnam from 2024

The main content in the amendment and supplementation is the unification of the attached documents with the regulations in Decree 31/2021/ND-CP, avoiding the spread of listing regulations that easily lead to conflicts in implementation. Besides, the new Circular is amended as follows:

Form of information declaration

In the following forms:

• Form A.I.1, A.I.5, A.I.6, A.I.7;
• Form A.I.8, A.I.9, A.I.10;
• Form A.I.11a, A.I.11b;
• Form A.I.11c;
• Form A.I.11đ, A.I.11e, A.I.11g, A.I.11h, A.I.13, A.I.14;
• Form A.I.21.

Accordingly, regarding the form of declaration, the new Circular stipulates:

• For individual investors and legal representatives who are citizens of Vietnamese nationality or Vietnamese citizens who also have foreign nationality but choose to use Vietnamese nationality, only declare the following information: Full name, personal identification code, contact address, phone, and email.
• For individual investors and legal representatives who are citizens with foreign nationality or Vietnamese citizens who also have foreign nationality but choose to use foreign nationality, declare the following information: prescribed form.

Documents related to applying for investment licenses in Vietnam

During the process of applying for an Investment Registration Certificate, the investor must submit a set of licensing documents, including the Application for Investment Project Implementation (Form A.I.1) and the Application for a Registration Certificate. investment (Form A.I.6), instead of listing attached documents, the new Circular stipulates that it is linked to the corresponding provisions of Decree No. 31/2021/ND-CP. This amendment creates high consistency with Decree 31/2021/ND-CP and in document declaration implementation.

For investment forms in the form of capital contribution/share purchase/capital contribution purchase, BCC business cooperation contract form, and registration application forms (Form A.I.7, Form A.I.8), there are similar changes with the above registration dossier to establish a new economic organization to create consistency in implementation practices between the Decree and the guiding Circular.

Documents related to investment project adjustments

The written request for adjustment of the investment project (Form AI11.đ) has the following modifications:

• The subject who declares and signs the written request is the Economic Organization formed after reorganization, not the Economic Organization that was reorganized as before to be consistent with the practice regulating reorganization and Handling of related assets has been completed before requesting project adjustment according to Article 51 of Decree No. 31/2021/ND-CP.
• The opening part of the proposed document is rewritten in a way that clearly states the form of reorganization, includes information about the reorganized organization, and the name of the successor economic organization, and continues to exercise the rights and obligations as follows: subject requests adjustment.
• Omit declaration information about reorganized economic organizations and add detailed declaration items for economic organizations formed based on reorganization to meet the management of the new organization, not Need detailed information of the old organization like the previous form.
• Adding a commitment to “fulfill financial obligations to the state and related parties, ensuring rights for workers; There are no disputes or complaints” with investors.
• Omit “Documents proving satisfaction of conditions for the cases specified in Clause 6, Article 51 of Decree No. 31/2021/ND-CP” in the Attached documents section.

In case of other adjustments (Form A.I.11.h), the attached documents are also uniformly recorded as “Attached documents specified in Clause 1, Article 44 of Decree No. 31/2021/ND-CP”, not listed as the previous form.

Documents related to investment activities from Vietnam to foreign countries

Individual investor information in documents related to investment activities from Vietnam to foreign countries is combined into an integrated Personal Identification Code to minimize the amount of information that must be declared in the application.

The written request for invalidation of the Certificate of Outward Investment Registration (Form B.I.14) is amended as follows:

• Add the Field of Operation and Operational Results in terms of profit, revenue, and purpose of capital use during operations when explaining the project’s operating situation.
• Investors need to clearly state the reason for project termination and submit additional documents along with other documents specified in Article 87 of Decree 31/2021/ND-CP.

Periodic reporting documents add details about the number of employees working on the project at the time of reporting, business results, and pre-tax profits.

Consulting services related to investment in Vietnam of Viet An Law

• Consulting on investment conditions and procedures in Vietnam and outward from Vietnam;
• Drafting documents for clients to fulfill registration, notification, and reporting obligations to investment management agencies in Vietnam;
• Representing clients to submit and monitor the progress of administrative procedures in the investment field;
• Regularly advise clients during investment project implementation.

Above is the consulting content of Viet An Law regarding some update on the investment report in Vietnam from 2024. If Clients need advice on legal issues related to investment activities in Vietnam, please contact Viet An Law for the best support.