Requirement For Report On Investment Activities Applicable To Foreign Invested Company In Vietnam
Dear Valued Clients,
Global Vietnam Lawyers (“GV Lawyers”) would like to send you our respectful greetings and the best wishes for health and safety. We always appreciate and feel grateful for your trust and companionship so far.
As you may already know, foreign investors or economic organizations implementing foreign investors’ projects are responsible for preparing and submitting periodical reports on investment activities in Vietnam to the relevant investment registration authorities and the state statistics management authorities in charge. The reports to be submitted include (i) quarterly reports to be submitted before 10 January 2022 (ie. the 10th day of the first month of the quarter following the reporting quarter); and (i) annual reports to be submitted by 31st March 2022.
The companies shall submit those reports onto the National Foreign Investment Information System.
Failure or late submission of periodical reports on investment activities may cause the company to be imposed an administrative fine from VND 5 to 10 million for each act of violation (Article 13.2(a). Decree 50/2016/ND-CP dated 1 June 2016). In addition, the licensing authority may reject to handle the licensing requests/applications lodged by the investors or the company.
Given that, you are highly recommended to pay due attention to this compliance requirement in order to mitigate risks and ensure that any ongoing licensing processes (which may directly related to the business activities) shall not be affected or delayed.
Hope the above updates have been clear and useful. If you have any queries relating to the abovementioned, please do not hesitate to contact us.
Best regards,
The post Legal Alert Issue No.02 – December 2021 appeared first on Global Vietnam Lawyers.
source https://gvlawyers.com.vn/legal-alert-issue-no-02-december-2021/
