Reporting obligation of foreign invested companiesStarting from 15 January 2011, State owned enterprises and foreign invested enterprises and projects must submit regular reports to the competent authorities of statistics and investment management. This is the new regulations promulgated by Decision No.77/2010/QD-TTg dated 30 November 2010 of the Prime Minister.
According to Decision 77, all foreign invested enterprises and projects with 10 per cent or more foreign equity must comply with the reporting requirement.
Subject to the areas of operation, the enterprises or projects must submit the monthly reports (mining, electricity, gases, garbage disposal, water treatment, information and communications, trading and services), or quarterly (construction industry) and both quarterly and bi-annual reports for investments in the field of agriculture, forestry and fishery. They are further required to report on labour status and income of employees every 6 months and annually report on its activities and business in the year.
Decision 77 provides for a specific date to submit reports. All of the report statements will be prepared as per the statutory forms promulgated by the Ministry of Planning and Investment.
by Lawyers of Bizconsult Law Firm