Documents and procedures for National Assembly to issue decisions on outward investment policies

Article 56. Documents and procedures for National Assembly to issue decisions on outward investment policies

bookkeeping-vinasc31. The investor shall submit the documents mentioned in Clause 1 Article 55 of this Law to the Ministry of Planning and Investment.

2. Within 05 working days from the day on which the satisfactory dossier is received, the Ministry of Planning and Investment shall request the Prime Minister to establish an Appraisal Council.

3. Within 90 days from its establishment, the Appraisal Council shall carry out an appraisal and make a report in accordance with Clause 4 Article 55 of this Law.

4. At least 60 days before the opening of the General Meeting of the National Assembly, the Government shall submit the decision on outward investment policies to the agency in charge of appraisal of the National Assembly. The dossier consists of:

a) The Government’s report;

b) The project dossier prescribed in Clause 1 Article 55 of this Law;

c) The appraisal report made by the Appraisal Council;

d) Relevant documents.

5. The National Assembly shall consider passing a Resolution on outward investment policies, the contents of which are specified in Clause 5 Article 55 of this Law.

Section 3: PROCEDURES FOR ISSUANCE, ADJUSTMENT, AND REVOCATION OF CERTIFICATE OF OUTWARD INVESTMENT REGISTRATION

Article 57. Competence to decide outward investment

1. State-owned companies shall decide outward investments in accordance with regulations of law on management and investment of state capital in other businesses.

2. Outward investment in cases other than those specified in Clause 1 of this Article shall be decided by investors in accordance with this Law, Company law, and relevant regulations of law.

3. The investor and the agency that represents state capital at other businesses mentioned in Clause 1 and Clause 2 of this Article shall be responsible for the decision on outward investment.

Article 58. Requirements for issuance of Certificate of registration of outward investment

1. The outward investment must comply with the rules in Article 51 of this Law.

2. The outward investment is not made in the banned business lines as prescribed in Article 6 of this Law.

3. The investor or a permitted credit institution has made a commitment to prepare foreign currencies or outward investment; if a capital in foreign currency of at least VND 20 billion is transferred overseas and does not belong to the project as prescribed in Article 54 of this Law, the Ministry of Planning and Investment shall request the State bank of Vietnam to provide opinions in writing.

4. There is a decision on outward investment as prescribed in Clause 1 and Clause 2 Article 57 of this Law.

5. There is a certification of the investor’s fulfillment of tax obligation up to the date of submission of the project dossier.

Article 59. Procedures for issuance of Certificate of registration of outward investment

1. If the project is subject to the issuance of a decision on outward investment policies, the Ministry of Planning and Investment shall issue the Certificate of outward investment registration to the investor within 05 working days from the day on which the decision on investment policies is received.

2. If cases other than the case in Clause 1 of this Article, the investor shall submit an application for Certificate of investment registration to the Ministry of Planning and Investment. The application consists of:

a) An outward investment registration form;

bookkeeping-vinasc1b) A copy of the ID card or passport (if the investor is an individual); a copy of the Certificate of establishment or an equivalent paper that certifies the legal status of the investor (if the investor is an organization).

c) The decision on outward investment as prescribed in Clause 1 and Clause 2 Article 57 of this Law;

d) A commitment to balance foreign currency sources, or a commitment of a permitted credit institution to provide foreign currencies for the investor as prescribed in Clause 3 Article 58 of this Law;

dd) With regard to a project of outward investment in banking, securities, science and technology, the investor shall submit a written certification of the investor’s fulfillment of conditions outward investment issued by a competent authority in accordance with the Law on credit institutions, the Law on Securities, the Law on science and technology, and the Law on Insurance Business.

3. Within 15 working days from the receipt of the application prescribed in Clause 2 of this Article, the Ministry of Planning and Investment shall issue the Certificate of outward investment registration. If the application is rejected, the investor must be notified in writing and provided with explanation.

4. The government shall elaborate the procedures for appraisal of outward investment projects; issuance, adjustment, invalidation of the Certificate of outward investment registration.