This Circular provides for new regulation on inspection of foreign-invested enterprises and foreign-funded projects in Vietnam, applicable from April 1st, 2022.
Accordingly, with regard to foreign-invested enterprises and foreign-funded projects, the authorities shall inspect these matters through periodic inspection, irregular inspection or specialized inspection:
- Progress of contribution to charter capital, progress of disbursal of the registered investment capital; contribution to legal capital (if regulated); total capital actualized out of the registered amount.
- Progress of the project; implementation of the project's investment objectives; investors’ fulfillment of commitments and requirements for investment activities; requirements for investment incentives; transfer of technology, application of technologies;
- Payment of financial duties to the government.
- Implementation of legal regulations on labor, foreign exchange management, environment, land, construction, fire safety, etc.
- Financial position of foreign-invested enterprises (value of assets contributed; use of machinery and equipment that constituent fixed assets, materials and components imported for manufacturing which are exempt from import duty; transactions with the parent company abroad or associated enterprises; settlement of accounts payable, establishment and use of provisions, depreciation of fixed assets, etc.
- Other details of the implementation of investment projects (abidance by regulations on supervision and assessment of investments and reporting regulations, etc.)
Methods of inspection include inspection through the National system of investment information; inspection of information through reporting or inspection through inspection teams or delegations
This Circular takes effect from April 1st, 2022 and replaces Circular No. 09/2016/TT-BKHDT dated June 30th, 2016.
|Published||Vietlaw's Newsletter No. 554|