I. Termination of investment projects (Article 48 of the 2014 Investment Law)
An investor terminates an investment project in the following cases:
– The investor decides to terminate the project’s operation;
– Under the conditions for termination of operation specified in the contract, the charter of the enterprise;
– The operation duration of the investment project expires;
Investment registration agencies shall terminate investment projects in the following cases:
– An investment project falls into one of the cases specified in Clauses 2 and 3, Article 47 of this Law and the investor is incapable of overcoming the conditions of cessation of operation;
– Investors whose land is recovered by the State to execute investment projects or not allowed to continue using investment locations and not carrying out procedures for adjusting investment locations within 06 months from the date of issuance of the decision. land acquisition or not allowed to continue using the investment location;
– The investment project has ceased operation and expires within 12 months from the date of cessation of operation, the investment registration agency cannot contact the investor or the investor’s legal representative;
– After 12 months, if the investor fails to implement or is unable to execute the project according to the schedule registered with the investment registration agency and does not fall into the case of delaying the execution of the investment project according to regulations. in Article 46 of this Law;
– According to a judgment or decision of a Court or Arbitration.
II. Stretch the project implementation schedule, make investment
a) Conditions for extension of schedule: For projects that are granted investment registration certificates or investment policy decisions, investors must propose in writing to investment registration agencies when extending the real schedule. present investment capital, construction schedule and putting the main work into operation (if any); implementation progress of operational objectives of the investment project.
b) Proposed extension schedule:
– Operation of investment projects and the fulfillment of financial obligations to the State from the time of being granted investment registration certificates or investment policy decisions up to the time of extension;
– Explanation of the reason and duration of extension of project implementation schedule;
– Plan to continue the project, including capital contribution plan, capital construction schedule and putting the project into operation;
– Commitment of the investor to continue implementing the project.
c) The total time for extending investment schedule does not exceed 24 months. In case of force majeure, the time to overcome force majeure consequences is not included in the time for extending the investment schedule.
III. Renew the certificate of investment registration
– Pursuant to Article 43 of the 2014 Law on Investment , the duration of operation of investment projects is as follows
– The operation duration of an investment project in an economic zone shall not exceed 70 years.
– The operation duration of an investment project outside an economic zone shall not exceed 50 years. Investment projects implemented in geographical areas with difficult socio-economic conditions, areas with exceptionally difficult socio-economic conditions or projects with large investment capital, but with slow capital recovery, the term longer but not more than 70 years.
– For investment projects that are assigned or leased land by the State but investors are late in handing over land, the time for delayed hand-over of land shall not be included in the operation duration of investment projects.
– Time to submit an application for renewal of the Investment Registration Certificate: It is best to wait for 06 months before the expiry of the license time limit for investors to carry out the procedures for renewing the investment projects. Investment registration certificate.
Dossier of extension of investment registration certificate
– Written request for adjusting the content of Investment Certificate (according to the set form);
– Valid copy of the Investment Certificate; Business registration certificate
– To export investment projects
– Audited main financial report of the latest year
– Legal documents related to the head office address and project location;
– Report on project implementation status to the time of project adjustment;
– Some other legal documents.
IV. Changing, updating and supplementing investor information
Enterprises wishing to change, update or supplement information about investors carry out procedures for adjusting investment registration certificates. If changing information about phone numbers, emails, faxes, the address of the investor is an enterprise, only need to follow the procedures for updating information at the investment registration agency.
4.1. Establishment of business locations for foreign-invested enterprises
Foreign-invested enterprises set up business locations according to the Enterprise Law
4.2. Open an investment capital account before establishing the project
(Article 8 of Circular 06/2019/TT-NHNN guiding the management of foreign exchange for foreign direct investment activities in Vietnam)
– Before being granted the certificate of investment registration by the competent authority, Notice of satisfaction of conditions for capital contribution, share purchase, redemption of foreign investor’s capital contribution, establishment license and operating under specialized laws, signing PPP contracts, foreign investors are allowed to transfer money from abroad or from payment accounts in foreign currencies or Vietnam dong opened by foreign investors at banks allowed in Vietnam to pay lawful expenses during the stage of carrying out investment preparation activities in Vietnam.
– After being granted the investment registration certificate by the competent agency, the Notice of satisfaction of conditions for capital contribution, share purchase, redemption of foreign investor’s capital contribution, establishment license and Operating under specialized laws, signing PPP contracts, the amount of money that foreign investors have transferred to Vietnam to carry out investment preparation activities is used to:
a) Converting a part or the whole into contributed capital;
b) Partial or total conversion into foreign loans of enterprises with foreign direct investment. In case of conversion into a foreign loan, an enterprise with foreign direct investment complies with the law on foreign borrowing and repayment of the enterprise. The term of a foreign loan is counted from the date the project is granted the investment registration certificate, the license for establishment and operation under specialized laws, the signing of PPP contracts or the date that the parties sign foreign loan agreements (whichever is later) until the last repayment date;
c) To return to foreign investors in foreign currencies or Vietnam dong the amount of money transferred into Vietnam for investment preparation activities after deducting lawful expenses related to the preparation activities Invest in Vietnam.
– In cases where the investment registration certificate is not granted by a competent agency, a notice of satisfaction of conditions for capital contribution, share purchase or redemption of foreign investor’s capital contribution or establishment license and operating under specialized laws, signing PPP contracts or not continuing to implement direct investment projects in Vietnam, foreign investors may remit abroad the remaining amount in foreign currencies or to buy foreign currencies for remittance abroad for the amount of money already transferred into Vietnam and the arising interests (if any) after subtracting lawful expenses related to investment preparation activities in Vietnam.
– Transactions specified in Clauses 1, 2 and 3 of this Article shall be carried out on the basis of agreement between related parties, presenting valid documents and vouchers proving the amount of money transferred into Vietnam and legal expenses related to investment preparation activities in Vietnam, to ensure compliance with the regulations on foreign exchange management, the provisions of the law on investment, the law on accounting and legal provisions related.
4.3. Transfer profits from Vietnam to foreign countries
(Article 9 of Circular 06/2019/TT-NHNN guiding the management of foreign exchange for foreign direct investment activities in Vietnam)
– Foreign investors must transfer abroad via direct investment capital accounts:
a) Direct investment upon reduction of investment capital; transfer of investment projects (except for the case specified at Point a, Clause 1, Article 10 of this Circular); termination, liquidation or termination of operation of investment projects, BCC contracts, PPP contracts in accordance with the law on investment;
b) Principals, interests and expenses of foreign loans (except for the case specified in Clause 3, Article 5 of this Circular), profits and lawful revenue sources related to activities of direct investment in Vietnam.
– In case an enterprise with foreign direct investment capital must close its direct investment account due to dissolution, bankruptcy, termination of the enterprise’s existence or due to transfer of an investment project, thus changing the legal entity posted initial signature of the foreign-invested enterprise, foreign investors may use payment accounts in foreign currencies, payment accounts in Vietnam Dong of such foreign investors opened at banks allowed to carry out foreign currency purchases, transfer of direct investment capital and lawful revenue sources abroad.
4.4. Conditions for granting temporary residence cards from 2 years to 10 years for individual foreign investors (According to the Immigration Law amended and supplemented in 2019).
– Temporary residence card with the symbol DT1 is valid for not more than 10 years: DT1 – Issued to foreign investors in Vietnam and the representative of foreign organizations investing in Vietnam with a contributed capital of VND 100 billion. e oh ng tr in post or e ầ investment in lines of investment incentives and geographical investment incentives by the Government decision
– Temporary residence cards with symbols NG3, LV1, LV2, LS, DT2 and DH are valid for not more than 05 years.
+ NG3 – Issued to members of diplomatic missions, consular offices, representative offices of international organizations affiliated to the UN, representative offices of intergovernmental organizations and their spouses, children under 18 years of age, maids accompany tenure.
+ DT2 – Issued to foreign investors in Vietnam and representatives of foreign organizations investing in Vietnam with a contributed capital of from VND 50 billion to under VND 100 billion or invested in incentive industries and trades. Development investment is decided by the Government.
+ LV1 – Issued to people who come to work with departments, agencies and units directly under the Central Committee of the Communist Party of Vietnam; The National Assembly, the Government, the Central Committee of the Vietnam Fatherland Front, the Supreme People’s Court, the Supreme People’s Procuracy, the State Audit, ministries, ministerial-level agencies and government-attached agencies; provincial party committee, city party committee, People’s Council, People’s Committee of province or city under central authority.
+ LV2 – Issued to people who come to work with socio-political organizations, social organizations, Vietnam Chamber of Commerce and Industry.
+ DH – Issued to those people who come to practice or study.
+ LS- Issued to foreign lawyers practicing in Vietnam.
– Temporary residence cards with symbols NN1, NN2, ĐT3, TT are valid for not more than 03 years.
+ NN1 – Issued to people who are Chiefs of representative offices and projects of international organizations and foreign non-governmental organizations in Vietnam.
+ NN2 – Issued to heads of representative offices, branches of foreign traders, representative offices of foreign economic, cultural , and other professional organizations in Vietnam.
– ĐT3 – Issued to foreign investors in Vietnam and representatives of foreign organizations investing in Vietnam with the contributed capital of from VND 3 billion to less than VND 50 billion.
– TT – Issued to foreigners who are spouses, children under 18 years of age of the foreigners issued with LV1, LV2, LS, DT1, DT2, DT3, NN1, NN2, DH, PV1, LD1, LD2 visas or foreigners are fathers, mothers, spouses, children of Vietnamese citizens
– Temporary residence cards with symbols LD1, LD2 have validity not exceeding 02 years.
+ LD1 – granted to foreigners working in Vietnam have confirmed not subject to labor license, except where international treaties to which Vietnam l à members have different provisions.
+ LD2 – Issued to foreigners who work in Vietnam who are required to have a work permit.
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