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In the course of business operations and investments in Vietnam, adjusting the Investment Registration Certificate (IRC) is a common requirement for foreign investors and enterprises with foreign-invested capital. This typically arises due to changes in the project scale, business sectors, investment capital, or other factors related to the registered project.
To ensure that these changes are legally and properly executed in accordance with current regulations, businesses need to prepare comprehensive and accurate documentation for adjusting the Investment Registration Certificate.
When is an IRC Adjustment Needed?
According to the 2020 Investment Law and its guiding documents, investors are required to perform an IRC adjustment procedure when there is a change in:
- Investor’s Information: Changes in the name, nationality, or contact details of the investor.
- Business Sectors: Changes or additions to business sectors.
- Scale and Investment Capital: Increase or decrease in investment capital, changes to the project’s scale.
- Project Location: Change or addition of new project locations.
- Project Duration: Extending the project duration or ending the project early.
- Other Forms and Contents: Any other changes affecting the contents of the IRC.
Required Documents for IRC Adjustment
The documentation for adjusting the IRC must be fully prepared according to the provisions in Article 44 of Decree No. 31/2021/ND-CP, including:
- Written request for IRC adjustment: Clearly specifying the content to be adjusted and the reasons for the adjustment.
- Revised or supplementary investment project report: In cases of changes to the scale, location, or investment capital.
- Decision and meeting minutes: For investment organizations, a decision and meeting minutes from the board of directors, members’ council, or owner regarding the adjustment.
- Report on project implementation: Showing the progress of the project up to the time of submission.
- Other documents:
- Copy of the current IRC.
- Financial capacity proof (if increasing investment capital).
- Documents related to changes in business sectors, locations, or project duration.
Adjustment Procedure
- Submit documents: The documents are submitted to the investment registration authority (Department of Planning and Investment or Management Boards of Industrial Parks, Export Processing Zones, Economic Zones, depending on the authority).
- Review: The investment registration authority will review the documents and may request additional materials if necessary.
- Issuance of adjusted IRC: If the documents are valid, the investment registration authority will issue the adjusted IRC within 10 to 25 working days, depending on the content of the adjustment.
Important Notes
Businesses should note that the above information is for reference only. The documentation required for adjusting the IRC in Vietnam may vary by case, and there is no standardized template for all situations. To ensure a high success rate, companies should consider contacting experienced legal consulting firms specializing in IRC adjustments in Vietnam for detailed assistance.
ASL Law is a leading full-service and independent Vietnamese law firm made up of experienced and talented lawyers. ASL Law is ranked as the top tier Law Firm in Vietnam by Legal500, Asia Law, WTR, and Asia Business Law Journal. Based in both Hanoi and Ho Chi Minh City in Vietnam, the firm’s main purpose is to provide the most practical, efficient and lawful advice to its domestic and international clients. If we can be of assistance, please email to [email protected].
ASL LAW is the top-tier Vietnam law firm for Investment Services. If you need any advice, please contact us for further information or collaboration.
