Year-End Reports Submission By Vietnamese Representative Offices Of Foreign Traders
We are in the very last weeks of the calendar year 2021 and the year 2022 is coming. After an unsecured year with the complicated impacts of the SARS CoV-2 (Covid 19) pandemic, this is the time when the Vietnamese Representative offices of foreign traders (“RO(s)”) can have time to pay due attention to compliance matters. The ROs shall also need to mind and get prepared for the other required reports to be submitted to some local competent State authorities as giving updates on their operation (hereinafter collectively referred to as the “Reports”).
For your reference and compliance purpose, we would like to indicate below the standard statutory reports which the ROs may need to submit:
It is important to note that failure of submission of late submission of the afore said Reports may result in various administrative fines to be imposed on the RO as the case may be, e.g. failure to submit Annual report on operation is subject to a fine of VND40,000,000 according to Articles 4.4 and 67.2(b) of Decree 98/2020/ND-CP dated 26 August 2020.
In addition to the Reports, we would like to also remind you to arrange the schedule for annual employee conference of this year and the following year (if you have 10 or more employees) as prescribed by law. Our experience shows that, Valued Clients should retain a Grassroots Democracy Regulations at the workplace (“Regulations”)that specifically stipulates the form of conference organization, content, participants, time, place, process, responsibility for organizing the implementation and form of disseminating results as facilitating a better organization of the employee conference.
We are more than happy to assist Valued Clients in preparing/ submitting the required Reports and the Regulations where required upon your request.
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We hope that you will find GV Lawyers’ Legal Alert useful and timely, enabling you to capture important and necessary information for your reference. Should you be further interested in or need legal advice related to Decree 41 and other current legal regulations, please contact us at info@gvlawyers.com.vn or by phone at 028 3622 355, we will assist and advise you on these matters as quickly as practicable.
