Government clarifies conditions for overseas investment

The government has clarified conditions for overseas investment

This decree consists of five chapters and 45 articles, detailing several provisions of the Law on Investment and measures to organise and guide the implementation of the Law on Investment regarding overseas investment activities for business purposes, overseas investment procedures, and state management of overseas investment activities.

The following activities are not covered by this decree, including overseas investment activities in the form of buying and selling securities, other valuable papers, or investing through securities, investment funds, and other intermediary financial institutions abroad, as stipulated in point d, clause 1, Article 39 of the Law on Investment, and overseas investment activities in the oil and gas sector.

This decree applies to investors and competent state agencies, organisations and individuals involved in overseas investment activities.

Regarding the authority to issue, amend, and terminate the validity of certificates of registration for overseas investment, the decree stipulates that the Ministry of Finance (MoF) will issue, amend, and terminate the validity of certificates of registration for overseas investment for projects with overseas investment capital of VND7 billion ($266,000) or more, or projects in sectors subject to conditional overseas investment as stipulated in clause 1, article 41 of the Law on Investment, except for projects specified in Article 18 of this Decree.

For projects with overseas investment capital of $64 million or more, or projects proposing the application of special support policies, the MoF will report to the prime minister for approval before issuing or amending the certificate of registration for overseas investment.

For projects already approved, no further report to the prime minister for consideration and approval is required when making adjustments to the project.

The decree also specifies the dossier, procedures, and process for issuing investment registration certificates for projects not requiring the prime minister's approval, and guides the procedures for issuing investment certificates for overseas investment.

The consideration and issuance of investment certificates for overseas investment do not replace the approval of overseas lending activities or guarantees for loans to foreign economic organisations, as stipulated by the law on foreign exchange management.

In cases where an overseas investment project involves a sector or profession subject to conditional overseas investment, the MoF will seek opinions from relevant agencies. Within seven working days of receiving the request for opinions, the consulted agency shall provide a written response to the ministry.

Within 15 working days from the date of receiving a valid application, the MoF shall issue a certificate of registration for overseas investment to the investor, and simultaneously send copies to the State Bank of Vietnam, the Ministry of Foreign Affairs, the Ministry of Interior, the relevant ministries, the people's committees of provinces and centrally governed cities where the investor's head office or permanent residence is located, the tax authority confirming the investor's tax payment obligations, and the representative agency of the investor's owner (if any).

If the application is invalid or does not meet the conditions for issuing a certificate of registration for overseas investment, the MoF will issue a written notice refusing to issue the certificate, clearly stating the reasons.

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