On 14 February 2022, the Ministry of Planning and Investment issued Circular No. 02/2022/TT-BKHDT to guide investment supervision and assessment for foreign investment activities in Vietnam. Some notable contents are as follows:
- Foreign investors and foreign-invested economic organizations shall monitor and evaluate investment projects by themselves according to the provisions of Articles 70, 74, and 96 of Decree No. 29/2021/ND-CP.
- Foreign investment activities are monitored by the competent authority in two ways: Regular monitoring and planned monitoring.
- Foreign investment activities will be monitored by an officer assigned by the state management authority. Thematic monitoring will be carried out according to the plan of the state management authority on the investment.
- Contents of inspection of economic organizations and foreign-invested projects include:
- The schedule of charter capital contribution and disbursement of registered investment capital; the situation of legal capital contribution (for business lines and fields where legal capital is regulated); the total contributed investment capital and the ratio conpared to the total registered investment capital;
- Project deployment progress; the implementation of investment objectives of the project; the implementation of commitments and meeting investment conditions, market access conditions, conditions for enjoying investment incentives, investment support of investors when the project comes into operation.
- The fulfillment of financial obligations to the state.
- The implementation of regulations on labor, foreign exchange management, environment, land, construction, fire prevention and fighting, and other specialized regulations;
- Financial situation of foreign-invested economic organizations;
- The compliance of regulations on investment monitoring and evaluation conditions and reporting and statistical regimes as prescribed;
- The implementation of measures to handle detected violations; and
- Some other contents depending on specific cases stated in this Circular.
- The Circular will take effect on 01 April 2022.
For further information, please contact:
Minh Ngo Nhat, Managing Partner, BLawyers minh.ngo@blawyersvn.com
