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Digg Originally published 7 January 2011
Keywords: Vietnam, new regulations, enterprise statistical reporting, foreign invested capital
On 30 November 2010, the Prime Minister of the Vietnamese Government (PM) issued Decision No.77/2010/QD-TTg promulgating the basic statistical reporting regime applicable to State enterprises (including State groups and State corporations), and to enterprises and projects with foreign direct invested capital (Decision 77).
Depending on their sectors of operation, the above enterprises or projects must submit monthly reports (for those engaged the industries of mining, electricity, gases, garbage disposal, water treatment, information and communications, real estate, transportation, warehousing, trading and services), or quarterly reports (applicable to construction industry) or both quarterly and half yearly reports (for those making investments in the sectors of agriculture, forestry and fishery). They are further required to report on labour status and income of employees every six months and to make annual reports on their activities and business in the current year.
Decision 77 provides for a specific date to submit each type of report. All of the reports must be prepared in accordance with the standard forms promulgated by the Ministry of Planning and Investment (MPI).
Entities Required to Report:
- State enterprises (enterprises in which the State owns above 50% of the charter capital), comprising:
-
- Enterprises with 100% State owned capital
- Offices of State groups and of State corporations (reports will be required from operational sections of offices of State groups and of State corporations and from their dependent accounting units)
- Shareholding companies and limited liability companies in which the State owns above 50% of the charter capital
- Enterprises and projects with foreign direct invested capital, comprising:
-
- Enterprises in which capital of foreign investor(s) accounts for 10% or more of the charter capital
- Projects in which capital of foreign investor(s) accounts for 10% or more of the investment capital
Contents of Reports and Reporting Periods
There are four types of report:
- Monthly reports
- Quarterly reports
- Half-yearly reports
- Annual reports
For details on the entities required to report, the contents and timing of these reports, please see the table "Periodical Reporting by State Enterprises and Enterprises with Foreign Direct Invested Capital".
Recipients of Reports
- The General Department of Statistics (GDS), via Statistics Departments of provinces or cities under central authority, will receive reports from all State enterprises and all enterprises and projects with foreign direct invested capital within the locality.
- The State administrative body for foreign direct investment in the province or city under central authority (namely the Department of Planning and Investment) will receive reports from enterprises and projects with foreign direct invested capital within the locality.
Responsibilities of the MPI
The MPI will be responsible for providing specific regulations on a system of standard forms for reports and explanations of the basic statistical reporting regime, and for activating, checking and inspecting implementation of this regime, and will report to the PM on implementation of Decision 77.
Effectiveness
Decision 77 will take effect as from 15 January 2011, and repeals the following legal instruments:
- Decision 62/2003/QD-BKH of the MPI dated 27 January 2003 promulgating the periodical statistical reporting regime applicable to State enterprises
- Decision 373/2003/QD-BKH of the Director General of the GDS dated 10 September 1996 promulgating the statistical reporting regime applicable to corporations established pursuant to a decision of the PM and to corporations established pursuant to a decision of a minister (abbreviated as Corporations 90 and 91 respectively) and to corporations established pursuant to a decision of the chairman of a provincial people's committee
- Joint Circular 01/LB-TCTK-BKHDT of the GDS and the MPI dated 31 March 1997 promulgating the statistical reporting regime applicable to enterprises with foreign invested capital.
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