The project implementation report is the most underestimated compliance duty in an FDI enterprise — until the first penalty decision arrives. This article sets out the exact sanction frame in Article 15 of Decree 122/2021/ND-CP for reporting acts, how liability accumulates when several periods are missed, and answers plainly the two questions investors fear most: can the Investment Registration Certificate be revoked, and does filing late afterwards “erase” the violation?
The specific fines under Article 15 of Decree 122/2021/ND-CP
Article 15 (breaches of the information and investment activity reporting regime in Vietnam) has two bands. Clause 2 — VND 30–50 million for organisations (individuals at half) covers the investment activity reporting group: (a) failing to implement the investment activity reporting regime or reporting late — the act attaching to the quarterly report (Form I.3.1, due the 10th of the next quarter’s first month) and the annual report (Form I.3.2, due 31 March) under the regime in topic FDI-LC-2071; (b) untruthful or inaccurate reporting on investment activities. The same clause 2 also covers project life-cycle notifications: failing to notify closure of a BCC executive office within 07 working days, failing to notify project suspension within 05 working days (see topic FDI-LC-2076), and failing to notify project termination within 15 days. Clause 1 — VND 20–30 million covers the investment monitoring and evaluation reporting group (late, incomplete or non-periodic reports — see topic FDI-LC-2077). Alongside the fine sits the remedial measure in clause 3: being compelled to implement the reporting regime (file all missing periods) and to supplement missing content — the fine does not buy exemption; after paying, the reports are still owed. The limitation period for sanctions in the investment field is one year, and for acts whose band maximum is VND 30 million or more, the enterprise has the right to submit a written explanation within 05 working days of the violation record.
Several missed periods: how does liability accumulate?
The governing principle of administrative sanctions is that each violating act is sanctioned once — and each reporting period (each quarter, each year) is an independent obligation, so missing four quarters and one annual report means five separate acts, recorded and handled accordingly, with no mechanism to “bundle them into one for the year”. In addition, repeated administrative violations are an aggravating circumstance under the Law on Handling of Administrative Violations, pushing the fine within the band toward its upper end; conversely, voluntarily filing all missing periods before detection is remedial conduct that is recognised in consideration. One further distinction: a period already sanctioned is not fined again for that same period (the rule against double sanctioning of one act), but unhandled periods remain fully exposed within the limitation period. Beyond the penalty decision there is a practical consequence: the record of overdue reports shows on the investment management system and is reviewed when the enterprise files project adjustments — many enterprises first discover their “report debt” precisely when a capital increase or extension file is halted pending completion of the outstanding duty (the compliance review framework under Decree 96/2026/ND-CP).
Can the Investment Certificate be revoked? Does late filing erase the violation?
On revocation/termination: late or missing reports do not by themselves ground revocation of the Investment Registration Certificate or project termination — no rule converts one late report into automatic termination. The full picture, however, has two higher risk rungs: (1) an investor who fails to implement the contents of the investment policy approval/Investment Registration Certificate and, having already been sanctioned or notified in writing, continues to violate, may face a decision by the state investment authority to suspend or terminate the project’s operation — a persistent chain of skipped reports fits this description exactly where the authority has reminded and sanctioned without remedy; (2) where a project has actually ceased operating and the registration authority cannot contact the investor, after the notification process and 12 months the authority may decide to terminate the project (Article 67 of Decree 96/2026/ND-CP) — this is the risk of an “abandoned” project, not of an operating project that merely files late. On late filing after a fine: supplementary filing performs the compulsory remedial measure, but it does not erase the sanctioned violation — the penalty decision and violation history remain in the compliance file; the value of filing lies in ending the continuing violation, earning mitigation credit for later considerations, and reopening the path for project adjustment procedures.
Frequently asked questions
How much is the fine for late project implementation reports?
Under clause 2 of Article 15 of Decree 122/2021/ND-CP: VND 30–50 million for organisations (individuals half) for failing to implement the investment activity reporting regime or reporting late; untruthful reporting is in the same band. Plus the remedial measure of filing all missing periods.
How are fines accumulated when several periods were missed?
Each reporting period is a separate act — missing 4 quarters and 1 year is 5 acts handled separately, not bundled. Repeated violations are an aggravating circumstance; a period already sanctioned is not fined again for that period. Voluntary supplementary filing before detection counts as remediation.
Can the Investment Registration Certificate be revoked for not reporting?
Not automatically — late reporting is not a revocation ground. But continuing to violate after sanction/notification can lead to suspension or termination of the project; and a project that has ceased operating and is uncontactable for over 12 months may be terminated under Article 67 of Decree 96/2026/ND-CP.
Does filing supplementarily after a fine erase the violation?
No — the penalty decision and violation history stay in the compliance record. Supplementary filing is the compulsory remedy: it ends the continuing violation, earns future mitigation credit and reopens project adjustment procedures.
This article has been quality-reviewed by the FLAW AI Legal Council
