Adjusting the investment project is a procedure that investors must implement to record the change, implementation of the project on the Investment Registration Certificate. In the course of implementing the investment project, an investor has the right to adjust the objectives, size, location, type, capital, duration, transfer of part or all of the investment project, or other information.
Procedures for adjustment of investment projects
Procedures for adjusting investment projects, investors follow the following steps:
Step 1: Prepare the application for adjustment of investment certificate
Investors prepare documents for the project. Investors can contact Viet An Law Firm for instructions on preparing documents quickly and accurately.
The usual investment project adjustment dossier includes:
- A written request for adjustment of the Investment Certificate;
- Report on the implementation of investment projects up to the time of adjustment;
- Decisions and valid copies of meeting minutes of the Members’ Council/General Meeting of Shareholders/owners of the Economic Organization implementing the investment project on the adjustment of the investment project;
- Explain the reasons for adjusting the investment project;
- A copy of the Decision on approval (adjustment) of the investment policy or the decision on approval (adjustment) of the investor or the decision on approval (adjustment) of the investment policy simultaneously with the investor approval or the Investment Registration Certificate/Investment Certificate/Investment License/ Business License.
- Accountability or provision of documentation related to adjustments.
Step 2: Apply adjustment of investment projects
Investors need to declare the adjustment dossier through the national information system on foreign investment www. fdi.gov.vn before applying in person or online through the system.
Time for investment registration agencies to process dossiers of project adjustment:
- In case of adjustment of investment project related to the change of the name of the investment project, the investor name in the Investment Registration Certificate. Within 03 working days from the date of receipt of the written request for adjustment of the Investment Registration Certificate, the Investment Registration Agency adjusts the Investment Registration Certificate for investors.
- In case of adjustment of other contents of the project name and investor name. Within 10 days from the date of receipt of valid dossiers, the Investment Registration Authority adjusts the Investment Registration Certificate for investors.
Step 3: Get the results
Investors receive results directly at the investment registration agency.
Results received: Investment registration certificates recognize the content of adjusting new projects.
Changes to investment projects need to adjust investment projects to grant investment registration certificates:
- The name of the investment project.
- Location of an investment project, area of land used.
- Objectives, the scale of investment projects.
- Investment capital of the investment project (including the investor’s contribution and the mobilized capital).
- Duration of operation of the investment project.
- Progress of investment projects, including:
- Progress of capital contribution and mobilization of capital sources;
- The progress of the implementation of the main operational objectives of the investment project, in case the investment project is divided into each phase, must specify the progress of each phase.
Note when adjusting investment projects
- When enterprises carry out procedures for adjusting investment certificates, enterprises need to change the relevant information on the Business Registration Certificate, Business License (if any).
- For enterprises with investment licenses, investment certificates (licensed for investment before July 1, 2015) need to be changed to investment registration certificates.
- If the enterprise changes with new investors contributing new capital, it should be noted that the new investor must contribute investment capital to the direct investment capital account of the enterprise and note the contribution on schedule according to the committed time limit according to the adjusted investment registration certificate. In case the investor does not contribute capital on the schedule committed on the investment registration certificate, the enterprise must carry out procedures for extension of capital contribution and be fined by law.
Investment project adjustment service of Viet An Law Firm
- Viet An Law advises clients on conditions, dossiers, and procedures for adjusting investment projects;
- Drafting legal documents for enterprises related to the contents of adjustments by the provisions of law and information provided by enterprises;
- Representatives authorized by clients shall carry out procedures for adjusting investment projects at competent state agencies;
- Monitoring the process of receiving dossiers of competent state agencies, explaining to state agencies on issues related to dossiers to be adjusted investment projects;
- Guide enterprises in implementing legal procedures arising after adjusting investment certificates;
- Advising on granting and adjusting relevant sub-licenses after adjusting investment certificates for enterprises;
- Advising on the issuance of changes to the enterprise registration certificate after adjusting the investment certificate;
- Supporting legal issues arising in the course of business activities for investors in Vietnam;
- Advising on tax and accounting law procedures for foreign-invested enterprises.
Some questions related to the adjustment of investment projects
Is it mandatory to adjust the investment project when changing the information of the investment project?
The investor shall carry out procedures for adjustment of the Investment Registration Certificate in case the adjustment of the investment project changes the information of the Investment Registration Certificate. Therefore, when changing the information of the investment project, it is required to adjust the Investment Registration Certificate. If the investment project is not adjusted, a fine of from 20,000,000 VND to 30,000,000 VND shall be imposed (Decree No.50/2016/ND-CP)
How long must customers submit an investment project adjustment application from the time of the change?
The Law on Investment 2020 and the guiding documents do not stipulate the time limit for adjusting investment certificates from the time of change. However, companies should do early procedures to avoid cases of being examined by state agencies where the project information is not by the project information recorded on the Investment Registration Certificate.
Which agency has the authority to regulate investment projects?
According to the Law on Investment 2020, the competent agencies adjusting the Investment Certificate include:
Management Board of industrial parks, export processing zones, high-tech parks, economic zones shall receive and adjust investment registration certificates for investment projects in industrial parks, export processing zones, high-tech parks, and economic zones.
The Department of Planning and Investment where the investor is located or is expected to set up its head office or executive office to implement the investment project to receive and adjust the Investment Registration Certificate.
Customers interested in adjusting investment projects please contact Viet An Law Firm directly for detailed advice.