The 2026 framework increases reporting frequency, changes the DICA ownership threshold and requires a fresh assessment of tax incentives under the global minimum tax.
About this article
Information updated to August 2026. The content is provided for general information purposes only and does not replace legal advice for any specific case.
Most attention goes to market entry procedures, but in 2026 three groups of post-establishment obligations also changed significantly, with little notice: reporting, the direct investment capital account, and tax incentives under the global minimum tax. An enterprise that misses these changes may file too few reports and lose incentives it is entitled to.
1. Reporting: the monitoring report group increases from 2 to 6 periods each year
This is the change with the most direct operational impact. Enterprises must now also prepare quarterly investment monitoring and evaluation reports under Decree No. 96/2026/ND-CP. This group of reports alone increases from 2 periods each year (6 months and the year) to 6 periods each year.
With the existing investment activity reports (4 quarterly and 1 annual), an FDI enterprise now files about 11 periodic reports a year. An enterprise that keeps to the old reporting calendar may fall short as early as the first quarter.
a) Investment activity reports are filed quarterly and annually
| Type | Filing deadline |
|---|---|
| Quarterly report | Before the 10th day of the first month of the following quarter |
| Annual report | Before 31 March of the following year |
Content of the report. The enterprise reports on investment capital disbursed, business results, labour, payments to the state budget, investment in research and development, environmental protection and sector specific indicators.
Method of filing. Reports are filed through the National Investment Information System (fdi.gov.vn).
Forms. Enterprises use the forms in Circular No. 55/2026/TT-BTC, which replaces the former Ministry of Planning and Investment Circulars No. 03/2021, No. 25/2023 and No. 06/2025. Enterprises still using the old forms A.III.1 and A.III.2 need to switch to the new forms.
b) Investment monitoring and evaluation reports rise to 6 periods a year
From 14 January 2026, this obligation follows Decree No. 19/2026/ND-CP (as amended), using the forms in Circular No. 44/2026/TT-BTC.
| Reporting period | Filing deadline (investor / project owner) |
|---|---|
| Quarter | Before the 10th day of the first month of the following quarter |
| 6 months | Before 10 July |
| Year | Before 10 February of the following year |
Method of filing. Reports are filed through nghiepvugiamsatdautu.mof.gov.vn. Some localities, such as Hanoi and Ho Chi Minh City, run their own portals under the provincial Department of Finance, so enterprises should check with their local authority.
c) Each type of report has its own fine range
| Conduct | Fine (organisation) |
|---|---|
| Late or incomplete investment monitoring and evaluation reports; failure to file periodic reports | VND 20 million to VND 30 million |
| Failure to file, or late filing of, investment activity reports; untruthful or inaccurate reports | VND 30 million to VND 50 million |
Individuals are fined half the amount for organisations. Remedial measures: the enterprise must supply the missing content and comply with the reporting regime.
The two fine ranges apply to two different reports, so they do not conflict.
Decree No. 288/2026/ND-CP (signed on 21 July 2026) also raises fines for enterprise registration breaches. An untruthful declaration in an application carries a fine of VND 30 million to VND 70 million. Late registration of a change is fined according to the delay: 1 to 10 days, a warning; 11 to 30 days, VND 10 to 20 million; 31 to 90 days, VND 30 to 40 million; over 90 days, VND 50 to 60 million.
2. The direct investment capital account follows new rules from 18 August 2026
Circular No. 06/2019/TT-NHNN has been replaced. From 18 August 2026, the foreign exchange management regime applicable to foreign investment into Vietnam is governed by Circular No. 38/2026/TT-NHNN (issued on 31 July 2026).
The threshold for application is lowered from 51% to over 50%
Previously, an enterprise had to open a direct investment capital account if foreign investors held 51% or more of its charter capital. Circular No. 38/2026 lowers this threshold to over 50%.
The difference is small but matters in practice. An enterprise with foreign ownership above 50% but below 51% was previously outside the rule but now must open a direct investment capital account. Enterprises in this range should review their obligations under the new rules.
The new Circular makes five other changes
- The Circular uses the term "economic organisation with foreign invested capital" consistently, in line with the Law on Investment, in place of "enterprise with foreign direct invested capital".
- A separate capital account is opened for each BCC contract, each PPP project and each petroleum contract; the account may be opened in foreign currency and/or in Vietnamese dong at one licensed bank.
- Where capital is contributed in several currencies, the enterprise may open one account for each type of foreign currency at the same bank.
- Investors may transfer contributed capital before the enterprise registers the capital increase, consistent with the "establish the enterprise first, obtain the investment certificate later" mechanism of the Law on Investment 2025.
- The Circular clarifies that "self-owned foreign currency" does not include foreign currency purchased or borrowed from credit institutions.
Enterprises have 12 months to close accounts that are no longer needed
An enterprise must close its investment capital account within 12 months from 18 August 2026 if it no longer has a foreign investor or does not obtain an investment certificate.
Indirect investment accounts are a different regime. Circular No. 03/2025/TT-NHNN governs VND indirect investment accounts, not direct investment capital accounts. The two are often cited in place of each other by mistake.
3. Profit remittance abroad still follows the existing rules
Profits are still remitted abroad under Circular No. 186/2010/TT-BTC, which has not been replaced.
| Item | Rule |
|---|---|
| Conditions | Financial obligations to Vietnam paid; audited financial statements and corporate income tax finalisation filed |
| Timing | Each year, after the financial year ends and financial obligations are paid; or when direct investment in Vietnam ends |
| Procedure | Notify the managing tax authority at least 7 working days before the remittance, on the form issued with the Circular |
| Carrying out the remittance | Through the direct investment capital account in accordance with Circular No. 38/2026/TT-NHNN |
4. The global minimum tax reduces the value of tax incentives
Corporate income tax under Law No. 67/2025/QH15 (from 1 October 2025)
| Case | Tax rate |
|---|---|
| Standard | 20% |
| Annual revenue up to VND 3 billion | 15% |
| Annual revenue over VND 3 billion up to VND 50 billion | 17% |
| New investment project in an incentivised field | 10% for 15 years, exemption for 4 years and a 50% reduction for the following 9 years |
| Lower incentive group | 17% for 10 years, exemption for 2 years and a 50% reduction for 4 years |
The most generously incentivised fields include high technology, digital technology products, electronic equipment, semiconductor chip research, design, manufacture, packaging and testing, AI data centres, renewable energy and the environment. The 15-year incentive period starts from the first year with revenue.
To qualify, the enterprise must account separately for the revenue of the incentivised activity and fully comply with accounting, invoicing and tax declaration rules.
Tax incentives lose most of their value for groups within scope
In practice, many enterprises have not yet factored this into their tax planning.
| Item | Rule |
|---|---|
| Legal basis | Resolution No. 107/2023/QH15 and Decree No. 236/2025/ND-CP (effective 15 October 2025) |
| Applicable from | Financial year 2024 |
| Scope | Constituent entities of a multinational group with consolidated revenue of EUR 750 million or more in at least 2 of the 4 immediately preceding years |
| Minimum tax rate | 15% (effective tax rate) |
| Notification time limit | 30 days after the end of the financial year |
| Time limit for filing the dossier | 18 months (first year), 15 months (subsequent years) after the end of the financial year. The domestic minimum top-up tax return: 12 months |
| Transitional relief | Until the end of 2026, the top-up tax may be reduced to zero if the safe harbour conditions relating to revenue, profit or the effective tax rate are met |
Any shortfall below 15% is collected as top-up tax. For groups within scope, the 10% preferential rate and tax exemptions or reductions lose most of their economic value, because any shortfall below 15% is collected as top-up tax, in Vietnam or in the parent's jurisdiction.
This is also why Vietnam set up the Investment Support Fund: to move from tax incentives to cash support based on actual costs, which the global minimum tax does not cancel out.
5. The Investment Support Fund: an instrument replacing tax incentives
Decree No. 182/2024/ND-CP governs the Investment Support Fund, which applies from financial year 2024.
Projects must reach minimum investment thresholds
- AI data centre, chip and semiconductor projects: VND 6,000 billion
- Other high technology projects: VND 12,000 billion
- Application projects: VND 3,000 billion
- Annual revenue requirement: VND 10,000 billion to VND 20,000 billion depending on the field
Levels of support
| Type of cost | Level of support |
|---|---|
| Training and human resource development | Up to 50% of actual costs |
| Research and development (R&D) | 1% to 30% depending on the scale of expenditure |
| Fixed assets | 1% to 10% of the cost of new assets |
| Manufacture of high technology products | 1% to 3% by reference to revenue |
| Social infrastructure systems | Up to 25% of total costs |
| Initial investment costs for semiconductor and AI R&D centres | Up to 50% of total initial investment costs |
Applications pass through several levels. The enterprise files its application before 10 July each year, with independently audited financial statements. The locality consolidates the applications and sends them to the Fund's managing authority before 1 October, and the Government gives final approval.
For an eligible enterprise, this support is worth far more than a tax incentive cancelled out by the global minimum tax. The 10 July deadline is strict: an enterprise that misses it may have to wait for the next year's review round.
What FDI enterprises should review
- Update the reporting calendar: investment monitoring and evaluation reports now run to 6 periods a year. Switch to the new forms under Circular No. 55/2026 and Circular No. 44/2026.
- Check the foreign ownership ratio. If it is above 50% but below 51%, the enterprise must now open a direct investment capital account.
- Review existing capital accounts against the 12-month transitional rule of Circular No. 38/2026.
- If the enterprise belongs to a group with consolidated revenue of EUR 750 million or more, recalculate the real value of its current tax incentives and assess whether it can access the Investment Support Fund.
- Diarise the 10 July deadline each year if the project qualifies for Fund support.
- Plan profit remittances early, and remember to notify the tax authority at least 7 working days in advance.
- Check the beneficial owner declaration: an enterprise established before 1 July 2025 that has not yet supplied this information may be fined up to VND 100 million.