Unlike Vietnamese enterprises, foreign-owned enterprises, when operating in Vietnam, must have an investment project specified in Article 22 of the 2014 Law on Investment. The duration of an investment project is the basic content in Certificate of investment project. Therefore, when an investor wants to change the duration of an investment project, it is necessary to carry out the procedures for amending the investment project certificate in accordance with the investment law. For customers to better understand the processes and procedures for adjusting the duration of operation of investment projects, Thanh Do Law firm would like to introduce the article Profile adjusting the period of investment projects.

I. LEGAL BASIS

– Law on Investment 2014;

– Decree 118/2015/ND-CP guiding the Law on Investment.

II. PROCESS AND PROCEDURES FOR REGISTRATION OF AMENDMENTS TO INVESTMENT REGISTRATION CERTIFICATES

Step 1: Prepare adjustment registration documents

In order to modify an Investment Certificate, the investor must submit 01 application for modification of the Investment Certificate to the agency that issued the Investment Certificate. An application for registration of an adjustment to an Investment Certificate includes the following documents:

(1) Proposal for investment project adjustment;

(2) A report on the project execution situation and a report on the implementation of the investment project up to the time of requesting the investment project adjustment;

(3) Investor’s decision on the investment project adjustment (Decision and valid copy of meeting minutes of the Members’ Council/General Meeting of Shareholders/general partners/owners of the Organization economic performance of an investment project regarding the adjustment of an investment project or other legal documents in accordance with the law);

(4) The notarized copy of the audited financial statements closest to the time of adjustment;

(5) Proposal of investment project on contents of implementation of investment project;

(6) Notarized passport and confirmation of temporary residence (temporary residence card) of the legal representative;

(7) Copies of the issued Investment Registration Certificate/Investment Certificate/Investment License/Business License (for projects not subject to investment policy decision); Or Copy of Decision on investment policy and Investment registration certificate/Investment certificate/Investment license/Business license issued (if any) (In case of an investment project belongs to category of decision on investment policy);

(8) Copy of Tax Registration Certificate (for the case the company has not separated the Investment Registration Certificate and the Enterprise Registration Certificate);

(9) Power of attorney in case the investor does not directly submit the dossier.

Step 2: Submit the adjustment registration document

After preparing the dossier, the investor submits the application to the competent authority. Investors can choose one of the two following forms of submission:

– Submit directly to the competent investment registration agency;

– Declaring information about investment projects online at the National Foreign Investment Information System (dautunuocngoai.gov.vn or fdi.gov.vn). Within 15 working days from the date of online declaration, the investor must submit 03 sets of dossier (01 original and 02 copies) for the adjustment of the Investment Project Certificate to the Investment Registration Authority.

Step 3: Resolve the application and receive the results

The Department of Planning and Investment receives and checks the application. If the application is complete and valid, it will receive the application and issue a certificate of receipt to the Investor; If the composition of the dossier is not complete, the receiving/guiding specialist will explain for the investor to supplement and complete the dossier.

Within 3 – 5 working days from the date of receipt of a complete application, the investment registration agency shall adjust the investment registration certificate; in case of refusing to modify an investment registration certificate, it must notify the investor in writing, clearly stating the reason.

Investor based on the appointment date on the Receipt Paper to receive the settlement result at.

III. SOME ISSUES TO NOTE

The execution duration of an investment project must not exceed the time limit prescribed by law: For an investment project in an economic zone: The duration of its operation shall not exceed 70 years; For an investment project outside an economic zone: The duration of its operation does not exceed 50 years; For investment projects implemented in geographical areas with difficult socio-economic conditions, areas with extremely difficult socio-economic conditions or projects with large investment capital but slow capital recovery the time limit is extended but not exceeding 70 years;

For an investment project that is allocated or leased land by the State but the investor is slow to hand over the land, the time for which the State is late in handover of land is not counted into the operation duration of the investment project;

Any agency that grants an investment registration certificate is competent to modify the Investment Registration Certificate to the investor;

Enterprises are only allowed to extend the term of investment projects if they have fully contributed capital according to the current provisions of law.