Recently, the Ministry of Planning and Investment has announced the 3rd Draft Decree on administrative sanctions for violations in the field of planning and investment, replacing Decree No. 122/2021/ND-CP to resolve issues arising in practice, contributing to ensuring the conformity, consistency, and synchronization of the legal system, and improving the effectiveness of administrative sanctions in the field of planning and investment. The Draft was developed with the view of inheriting the relevant provisions of Decree No. 122/2021/ND-CP, amending and supplementing a number of provisions to overcome difficulties and problems arising in practice.
Accordingly, some notable amendments and supplements of the Draft Decree are as follows:
1. Regarding overseas investment: Increase the fine from 70-100 million VND to 100-200 million VND for acts of not complying with the contents of overseas investment activities stated in the Overseas Investment Registration Certificate to ensure deterrence against this act.
2. Regarding the investment sector in Vietnam (investment reporting): Reduce the penalty for acts related to investment reporting, for example:
- Act of preparing investment monitoring and evaluation reports not on time or with incomplete content: reduced from 20 - 30 million VND to 10 - 20 million VND
- Act of not submitting reports, reporting dishonestly or inaccurately on investment activities: reduced from 30 - 50 million VND to 20 - 30 million VND
3. Regarding business registration: Add the act of dishonestly and inaccurately declaring the contents of the registration dossier and dossiers of changes to the registration contents of branches, representative offices, and business locations; Eliminate administrative penalties for violations of publishing business registration contents.
The Draft Decree on administrative sanctions for violations in the field of planning and investment is still in the process of collecting opinions, building and finalizing the content. Therefore, we will continue to update the latest information in the following newsletters.
