New regulations on handling of administrative violations in the field of business planning and investment
On 28 December 2021, the Government issued Decree No. 122/2021/ND-CP (“Decree 122”), effective from 01 January 2022, detailing penalties for violations in the field of planning and investment. Some notable penalties are summarized below:
- Over-stated the chartered capital amount: A fine ranging from VND 20 million to VND 100 million depending on the value of overstatement (from VND 10 billion to over VND 100 billion);
- Violation of regulations on investment activities information and reporting: A fine of between VND 20 million and VND 30 million shall be imposed for acts such as making reports on supervision and investment evaluation that are not timely or incomplete or not in accordance with the prevailing regulations, not complying with the requirement for periodic investment monitoring and evaluation reports as prescribed. A fine ranging from VND 30 million to VND 50 million for acts such as not complying with the regime of reporting investment activities or not complying in a timely manner as prescribed, or reporting dishonestly or inaccurately on investment activities, etc.;
- Violations on investment incentives: A fine of between VND 50 million and VND 70 million shall be imposed for making inaccurate or dishonest declarations of necessary information to enjoy investment incentives.
In addition, Decree 122 also stipulates sanctions for other violations in the fields of bidding, business registration, and planning.