According to a comprehensive report of the Ministry of Planning and Investment: In 2023, Vietnam’s total new and adjusted investment capital abroad will reach more than 420.9 million USD. Of these, 124 projects were granted new investment registration certificates, with a total registered capital of more than 282.68 million USD; There were 25 adjusted projects with a total investment capital increase of more than 138.21 million USD.
In 2023, Vietnamese investors invested abroad in 16 industries (wholesale, retail, information and communication, production, electricity distribution, healthcare, and social assistance activities; agriculture, forestry, fisheries;…) in 26 countries and territories (Canada, Singapore, Laos, Cuba, Australia,…). Accumulated as of December 20, 2023, Vietnam had 1,701 valid offshore investment projects with a total Vietnamese investment capital of nearly 22.1 billion USD.
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Steps to perform the service of applying for a foreign investment license
To make investments abroad, Vietnamese investors need to follow the following order:
Step 1: Apply for an Offshore Investment Certificate;
Step 2: Register for foreign exchange transactions related to Offshore investment activities;
Granting Offshore Investment Certificate in Vietnam
Forms of investment abroad
Investors carry out investment activities abroad in the following forms:
a) Establish an economic organization according to the laws of the investment receiving country;
b) Investing in the form of contracts abroad;
c) Contribute capital, buy shares, purchase capital contributions from economic organizations abroad to participate in the management of that economic organization;
d) Buy and sell securities and other valuable papers or invest through securities investment funds and other intermediary financial institutions abroad;
d) Other forms of investment according to the laws of the receiving country.
Dossier components
Document for registration of investment abroad;
Documents on the investor’s legal status;
Deciding to invest abroad;
Written commitment to self-balance foreign currency sources or written commitment to arrange foreign currency for investors of the credit institution. In case the investor submits a written commitment to self-balance foreign currency sources, it must be accompanied by a document from a credit institution confirming the investor’s foreign currency account balance.
For Offshore investment projects in conditional Offshore investment industries and professions, the investor must submit written approval from a competent state agency on meeting the conditions for Offshore investment. according to relevant laws (if any);
Document from the tax authority confirming the investor’s fulfillment of tax payment obligations;
Documents confirming the location of the investment project abroad;
Documents determining the form of investment abroad;
Number of documents: 03 sets of documents (including 01 original set of documents);
Receiving and processing agency: Ministry of Planning and Investment;
Procedure for granting the Offshore Investment Certificate in Vietnam
The investor declares information in the application for an Offshore Investment Registration Certificate on the National Investment Information System and submits it to the Ministry of Planning and Investment within the next 15 days. Dossiers are received by the Ministry of Planning and Investment when there are enough documents and quantities according to regulations;
The Ministry of Planning and Investment checks the validity of the dossier. In case the dossier is invalid or has content that needs to be clarified, the Ministry of Planning and Investment shall notify the investor in writing within 05 working days from the date of receipt of the dossier;
Within 15 days from the date of receipt of valid documents, the Ministry of Planning and Investment shall issue a Certificate of Offshore Investment registration, which records the investment project code according to regulations and send copies to the State Bank of Vietnam, Ministry of Finance, Ministry of Foreign Affairs, Ministry of Labor, War Invalids and Social Affairs, industry management ministries, People’s Committees of provinces where the investor is headquartered main or permanent residence registration, the tax authority where the investor’s tax payment obligation is confirmed, and the investor’s owner representative agency (if any);
In case the application is invalid or does not meet the conditions for issuance of the Offshore Investment Registration Certificate, the Ministry of Planning and Investment shall issue a written notice of refusal to issue the Offshore Investment Registration Certificate and clearly state the reason to investors.
Note for some special records
In case the capital in foreign currency transferred abroad is equivalent to 20 billion VND or more, the Ministry of Planning and Investment will consult the State Bank of Vietnam in writing. Within 07 working days from the date of receiving the written opinion, the State Bank of Vietnam shall respond in writing to the Ministry of Planning and Investment on the situation of capital transferred abroad before being granted the Certificate. receive investment registration abroad; the investor’s satisfaction with the money transfer conditions as prescribed by law; issues of borrowing capital, lending to economic organizations abroad, guarantees for economic organizations abroad, and other related issues;
In case an offshore investment project has the content of the investor lending to a foreign economic organization to carry out investment activities, after being granted the Offshore Investment Certificate registration, the investor must carry out procedures to obtain approval for lending abroad according to the provisions of foreign exchange law;
In case an Offshore investment project involves journalism, radio, or television, the Ministry of Planning and Investment shall seek written opinions from the Ministry of Information and Communications. Within 07 working days from the date of receiving the written opinion, the Ministry of Information and Communications shall have a written response to the Ministry of Planning and Investment;
Foreign exchange transaction registration related to offshore investment activities
Time to register for foreign exchange trading
Investors must register foreign exchange transactions related to Offshore investment activities with the State Bank at the following times:
After the competent authority has issued the Certificate of Offshore investment registration and the investor’s certificate of Offshore investment registration is still valid according to the provisions of law;
After the investment activity has been approved or licensed by the competent authority of the investment-receiving country or after the investor has been issued documents proving the right to invest in the appropriate regulations of the investment receiving country;
After opening an investment capital account at an authorized credit institution according to regulations and before transferring investment capital abroad.
Dossier components
Foreign exchange transaction registration documents related to Offshore investment activities include:
Application for registration of foreign exchange transactions related to Offshore investment activities (according to form);
A copy issued from the shock book or a certified copy or a copy accompanied by the presentation of the original for comparison of the Investment License or Certificate of Investment Abroad or Certificate of Registration of Investment Abroad issued by competent Vietnamese authorities.
Foreign language copy, Vietnamese translation (with confirmation from the investor on the accuracy of the copy and translation) of investment approval or licensing document issued by the competent authority of the investment-receiving country issued or documents proving the right to invest in the investment-receiving country by the provisions of the law of the investment-receiving country.
Original written confirmation from an authorized credit institution regarding the opening of the investor’s investment capital account, clearly stating the account number and type of foreign currency.
Original written confirmation from an authorized credit institution on the amount of money the investor has transferred abroad before being granted the Certificate of Offshore Investment registration to meet costs for project formation activities. Offshore investment projects according to the provisions of the law in cases where investment capital has been transferred abroad before being granted an Offshore Investment Registration Certificate.
Document explaining the need to transfer investment capital abroad in Vietnam Dong in case of transferring investment capital abroad in Vietnam Dong.
Number of documents: 01 set;
Receiving and processing agency: State Bank branch in the province/city where the investor is headquartered (for organizations) or where the investor has permanent residence (for individuals).
Form of submission:
Submit online via the National Public Service Portal or on the State Bank’s Public Service Portal;
Submit directly at the State Bank’s One-Stop Department (for investors who are credit institutions) or at the State Bank’s One-Stop Department at provincial or city branches;
Sent via postal service.
Procedures for confirming foreign exchange transactions related to investment activities abroad
The investor submits 01 (one) set of foreign exchange transaction registration documents related to Offshore investment activities according to regulations to the State Bank branch in the competent province/city.
In case the dossier is not complete and valid, within 05 (five) working days from the date of receiving the dossier, the State Bank will send a document requesting the investor to supplement the dossier.
The State Bank is responsible for confirming or refusing to confirm foreign exchange transaction registration related to Offshore investment activities within 10 (ten) working days from the date of receipt of complete and valid documents of the investor.
In case of refusal to confirm foreign exchange transaction registration related to the investor’s Offshore investment activities, the State Bank shall notify in writing and clearly state the reason.
Consulting services of Viet An Law Firm
Consulting on documents, conditions, and procedures for granting Offshore Investment Certificates to businesses and organizations in Vietnam, foreign-invested companies in Vietnam wishing to invest abroad;
Prepare documents, advise and support the explanation of investment conditions abroad according to the provisions of law;
Representing businesses to work with state agencies to obtain an Offshore Investment Certificate;
Consulting on conditions and procedures for registering foreign exchange transactions and transferring investment money abroad;
Consulting and registering to use foreign currency accounts abroad;
Clients need to use the service of applying for an investment license abroad in Vietnam, please contact Viet An Law for efficient advice.
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