Cases of termination of validity of the Certificate of Overseas Investment Registration

In what cases does the certificate of overseas investment registration cease to be valid?What is the order and procedures for adjusting the Certificate of Overseas Investment Registration for projects under the approval authority of the Prime Minister?

1. In what cases does the certificate of overseas investment registration cease to be valid?

Pursuant to the provisions of Clause 1, Article 64 of the Law on Investment 2020, the Outward Investment Registration Certificate will terminate in the following cases:

– The investor decides to terminate the operation of the investment project;

– The operating term of the investment project expires according to the laws of the receiving country;

– According to the conditions for termination of operations specified in the contract and charter of the enterprise;

– The investor transfers all investment capital abroad to foreign investors;

– After 24 months from the date of issuance of the Certificate of overseas investment registration, the investor fails to implement or is unable to implement the investment project according to the schedule registered with the state management agency and does not carry out procedures to adjust the progress of the investment project;

– Overseas economic organizations are dissolved or go bankrupt according to the laws of the investment receiving country;

– According to court judgments, decisions, and arbitration awards.

2. What is the order and procedures for adjusting the Certificate of Outward Investment Registration for projects under the approval authority of the Prime Minister?

The order and procedures for adjusting the Certificate of Outward Investment Registration for projects under the Prime Minister’s approval of policies or approval of policy adjustments are carried out according to the instructions in Clause 3, Article 77 of Decree 31/2021/ND-CP as follows:

1. – The investor declares information in the dossier requesting adjustment of the Certificate of investment registration abroad on the National Investment Information System and submits 08 sets of documents (including 01 original set of documents) 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;
2. – Within 03 working days from the date of receiving the dossier, the Ministry of Planning and Investment sends the dossier to get opinions from the State Bank of Vietnam, the Ministry of Finance, the Ministry of Foreign Affairs, the Ministry of Labor, War Invalids and Social Affairs, the industry management ministries and the People’s Committee of the province or centrally run city where the investor is headquartered or has permanent residence;
3. – Within 15 days from the date of receiving the written opinion and documents, the consulted agency must provide written opinions on the contents within the scope of its state management or assigned contents to the Ministry of Planning and Investment;
4. – Within 30 days from the date of receiving the dossier, the Ministry of Planning and Investment organizes the appraisal, prepares an appraisal report including the contents the investor requests to adjust corresponding to the provisions of Clause 3, Article 57 of the Law on Investment 2020, and submits it to the Prime Minister for consideration and approval of the policy of investing abroad or approving the adjustment of the policy of investing abroad;
5. – During the application appraisal process, if there is any content that needs clarification, the Ministry of Planning and Investment shall notify the investor in writing. In case, after explanation and supplementation, the project does not meet the conditions to submit to the Prime Minister for consideration of approval of the outward investment policy or approval of adjustment of the outward investment policy, the Ministry of Planning and Investment shall notify the investor in writing of the refusal to adjust the Certificate of outward investment registration;
6. – Within 10 days from the date of receiving the appraisal report from the Ministry of Planning and Investment, the Prime Minister approves the policy of investing abroad or approves adjusting the policy of investing abroad according to the contents specified in Clause 8, Article 57 of the Law on Investment 2020;
7. – For overseas investment projects of state-owned enterprises, after obtaining a Decision approving the policy of investing abroad or a Decision approving the adjustment of investment policy abroad by the Prime Minister, the competent agency and organization according to the provisions of law on management and use of state capital invested in production and business at the enterprise shall decide to adjust investment activities abroad. abroad;
8. – Within 05 working days from the date of receiving the Decision approving the policy of investing abroad or the Decision approving the adjustment of investment policy abroad from the Prime Minister according to the provisions of Point e of this Clause and the decision to adjust investment activities abroad according to the provisions of Point g of this Clause, the Ministry of Planning and Investment shall adjust the Certificate of registration of investment abroad, and send a copy 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 and centrally run cities where the investor is headquartered or registered for permanent residence, tax authority where the investor’s tax payment obligation is confirmed, the investor’s owner representative agency (if any);
9. – In case the Prime Minister does not approve the policy of investing abroad or does not approve the adjustment of ownership investment policy abroad, within 03 working days from the date of receiving the document stating the Prime Minister’s opinion, the Ministry of Planning and Investment shall send a written notice of refusal to adjust the Certificate of investment registration abroad and clearly stating the reason to the investor.