Mr. N.V.N is a Vietnamese citizen but has lived and worked abroad for many years. He wants to establish a company abroad using funds from overseas (not transferred from Vietnam). Does he need to apply for an Investment Registration Certificate? Regarding this matter, the Ministry of Finance has the following opinion: Based on the 2020 Investment Law and Decree No. 31/2021/ND-CP, the obligation to apply for an Overseas Investment Registration Certificate only arises when an investor transfers capital from Vietnam to overseas for investment, or uses profits from a previously licensed investment project for reinvestment abroad. According to Clause 13, Article 3 of the Investment Law: "Overseas investment activity is the transfer of investment capital from Vietnam to overseas by an investor, using profits obtained from this investment capital to carry out investment and business activities abroad." According to Article 69 of Decree No. 31/2021/ND-CP, overseas investment capital is the legal money and assets of investors, including equity capital, loans in Vietnam transferred abroad, and profits from overseas investment projects retained for reinvestment. Vietnamese investors residing abroad who wish to establish businesses overseas using funds available abroad, without transferring money or assets from Vietnam, are not subject to the Investment Law and do not need to follow overseas investment procedures.