Chapter III
EXECUTION OF INVESTMENT PROJECTS
Article 20.- Notification on execution of investment projects
1. Within 60 days after an investment project is approved under legal provisions of the investment-receiving country, the concerned investor shall send a written notice on the execution of the investment project together with the written approval of such investment project or the legal document of equal validity as prescribed by law of the investment-receiving country to the Ministry of Planning and Investment, the Ministry of Finance, the Ministry of Trade, the econo-technical branch-managing ministry, the Ministry of Foreign Affairs, the State Bank of Vietnam and the provincial-level People’s Committee of the locality where the investor is headquartered.
2. A written notice on execution of an investment project shall have the following contents:
a/ The name and address of the head office of the overseas economic organization; the name and address of its branch or representative office (if any);
b/ The investment objectives and investment domain(s);
c/ The investment capital of the overseas economic organization; the investor’s capital portion;
d/ The information on the investor’s representative and the representative of the overseas economic organization, including their full names, permanent residence addresses (in Vietnam and in the foreign country), positions, people’s identity card or passport numbers.
3. In case of changes in the contents specified in Clause 2 of this Article, within 30 days after making such changes, the investor shall send a written notice thereon to the Ministry of Planning and Investment.
Article 21.- Time limit for execution of investment projects
1. If past 12 months after it is granted an investment certificate, an investment project is not approved by the investment-receiving country or past six months after it is approved by the competent agency of the investment-receiving country, the investment project has not yet been executed, the concerned investor must send a notice to the Ministry of Planning and Investment, clearly stating the reasons therefor and requesting the prolongation of the project execution term or the termination of the project.
2. Within 15 working days after receiving a written request for the prolongation of the investment project execution term or the termination of the investment project, the Ministry of Planning and Investment shall issue written approval or disapproval thereof and send it to the Ministry of Finance, the Ministry of Trade, the State Bank of Vietnam, the econo-technical branch-managing ministry, the Ministry of Foreign Affairs and the provincial-level People’s Committee of the locality where the investor is headquartered.
3. The prolongation of the investment project-execution term may be effected no more than twice for not more than 6 months each time.
Article 22.- Reporting on the operation of investment projects
Annually, within six months after obtaining tax finalization reports or documents of equal validity under laws of the investment-receiving countries, investors shall send reports on the situation of operation of their investment projects, enclosed with such reports or documents of equivalent legal value to the Ministry of Planning and Investment, the Ministry of Finance, the Ministry of Trade, the State Bank of Vietnam, the econo-technical managing ministries and the provincial-level People’s Committees of the localities where the investors are headquartered.
Article 23.- Transfer of investment capital abroad
1. Investors may transfer investment capital abroad in order to carry out investment activities after fully satisfying the following conditions:
a/ They have been granted investment certificates;
b/ Their investment projects have been approved by competent state agencies of the investment-receiving countries according to laws of such countries.
2. The transfer of foreign currencies abroad before the grant of investment certificates for research into, and preparation of, investment projects shall comply with the provisions of law on foreign exchange management and relevant provisions of law.
3. The transfer of investment capital abroad must comply with the provisions of law on foreign exchange management, export, technology transfer and other relevant provisions of law.
Article 24.- Accounts for execution of investment projects
All transactions on the transfer of foreign currencies from Vietnam abroad or vice versa, which are related to investment projects, shall be conducted via a foreign currency account opened at a credit institution licensed to conduct foreign exchange activities in Vietnam and be registered with the State Bank of Vietnam.
Article 25.- Remittance of profits back to Vietnam
1. Within six months after obtaining tax finalization reports or documents of equal validity under laws of the investment-receiving countries, investors must remit all profits and other incomes generated from their investment projects back to Vietnam.
2. If wishing to prolong the term defined in Clause 1 of this Article, investors must send written requests to the State Bank of Vietnam for consideration and decision, clearly stating the reasons therefor. The prolongation may be effected no more than twice for not more than six months each time.
Article 26.- Liquidation of investment projects
1. Right after the termination of investment projects, investors shall liquidate such projects according to laws of the investment-receiving countries.
2. Within six months after completing the liquidation of investment projects, investors shall remit back to Vietnam all proceeds from the liquidation.
3. If wishing to prolong the term defined in Clause 2 of this Article, investors shall send written requests to the Ministry of Planning and Investment for consideration and decision, clearly stating the reasons therefor. The prolongation may be effected no more than twice for not more than six months each time.
Article 27.- Financial obligations
1. Investors shall fulfill all financial obligations towards the State of Vietnam in accordance with the provisions of law.
2. Where investment projects fall in the domains eligible for investment preferences, the levels of Vietnam’s enterprise income tax imposed on the profits transferred back to Vietnam shall be the same as those applicable to domestic investment projects in the same investment domains.
3. Where the investment- receiving countries are countries or territories which have signed double taxation avoidance agreements with Vietnam, the investors’ tax obligations towards the State of Vietnam shall comply with the provisions of such agreements.
4. Where the investment- receiving countries are countries or territories which have not yet signed double taxation avoidance agreements with Vietnam, the enterprise income tax amounts already paid in such countries shall be deducted upon the calculation of enterprise income tax in Vietnam.
5. The exemption of export tax for property brought to foreign countries for execution of investment projects shall comply with the provisions of law on import and export duties.
Article 28.- Responsibilities of investors towards laborers
1. Investors may directly or via job-placing organizations recruit Vietnamese laborers according to the provisions of the labor laws of Vietnam and the investment-receiving countries.
2. Investors shall fill in all procedures prescribed by law for the sending of Vietnamese laborers abroad to work for investment projects; and concurrently guarantee the laborers’ legitimate interests; be responsible for solving all problems arising from the contracts on sending of Vietnamese laborers to work abroad for investment projects and relevant provisions of law.
Article 29.- Invalidation of investment certificates
An investment certificate shall be invalidated in the following cases:
1. Upon the expiration of the term stated in the certificate or of the investment term according to law of the investment-receiving country.
2. The investment project has not yet been executed past the time limit specified in Article 21 of this Decree.
3. The overseas economic organization is dissolved or bankrupt according to law of the investment-receiving country.
4. The investor is bankrupt or dissolved, which leads to the dissolution of the overseas economic organization or the assignment of the whole offshore investment capital to foreign organizations or individuals.
5. Past 12 months after obtaining tax settlement reports or documents of equal validity under law of the investment-receiving country, the investor still fails to make a report on the operation of the investment project according to the provisions of Article 22 of this Decree.
6. The investor violates the provisions of Vietnamese law or the law of the investment-receiving country, which leads to the invalidation of the investment certificate.
7. The investor requests in writing the termination of the investment project, which is approved by the Ministry of Planning and Investment.
Tìm kiếm
Nghị định 78/2006/NĐ-CP (Bản Word)