On February 14th, 2022, the Ministry of Planning and Investment released Circular No 02/2022/TT-BLHDT guiding the investment supervision and assessment for foreign investment activities in Vietnam (“Circular 02”). This Circular will replace Circular No.09/2016/TT-BKHDT on June 30th, 2016 of the Ministry of Planning and Investment about investment monitoring, inspection, and evaluation of foreign investment activities in Vietnam (“Circular 09”). There are some new regulations compared with Circular 09 hereafter:
1. Definition “Foreign-invested project”
Under Circular 02, a Foreign-invested project shall be:
– Project that economic organizations with foreign investment, economic organizations regulate in Clause 1, Article 23, Investment Law 2020 conduct and get Investment Registration Certificate following by law.
– Projects invested following by Business Corporation Contract have the attendance of foreign investors or economic organizations.
Compared with regulations in Circular 09, Circular 02 supplements “Projects that economic organization regulate in Clause 1, Article 23 Investment Law” into the definition of “Foreign-invested project”.
2. Inspection method
Circular 02 removes the inspection methods that through preliminary and final reviews; meetings, briefings, and working with agencies, units inspected and only regulate 03 inspection method, including:
– Through the National portal on investment
– Through reports
– Organize inspection team
3. Inspecting through reports
Circular 02 shall regulate the time for inspected agencies, units to prepare reports at least 20 days from the day receiving documents required to prepare a document from competent persons or agencies assigned to inspected instead of 07 working days in Circular 09.
The report form that needs to be prepared to serve the inspection is issued in Form No. 2 attached to Circular 02 for application by the agency or unit in charge of inspecting.
Circular No. 02/2022/TT-BKHDT takes effect on April 1st, 2022.
