Establishing a Company in Vietnam as a Foreigner: A Comprehensive Guide by a Vietnamese Law Expert
Why Foreign Investors Should Consider
Establishing a Company in Vietnam
Vietnam offers a compelling environment for foreign investors
due to several key factors:
1.Rapid Economic Growth:
Vietnam's economy is characterized by robust GDP growth and a
favorable business climate. The government has implemented various
market-oriented reforms to attract foreign investment and foster a dynamic
entrepreneurial ecosystem.
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2.Strategic Geographical Location:
Vietnam serves as a gateway to the vibrant markets of Southeast
Asia. Its membership in regional trade agreements, such as the Comprehensive
and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the ASEAN
Economic Community (AEC), provides investors with access to a vast consumer
base and favorable trade conditions.
3.Competitive Workforce:
Vietnam offers a young, skilled workforce with competitive labor
costs, making it an attractive destination for manufacturing and service
industries.
4.Supportive Government Policies:
The Vietnamese government has taken steps to enhance
transparency, streamline administrative procedures, and improve investor
protection, demonstrating its commitment to facilitating business operations.
8 Essential Steps to Establish a Company in
Vietnam
1.Register the Investment Project
Submit an investment project registration file to the Business
Registration office of the province or city, or the management board of an
industrial zone, export processing zone, or high-tech zone for approval. The
process takes approximately 15 days.
2.Apply for a Certificate of Investment Registration
After project approval, submit a valid record to the Department
of Planning and Investment within 10 days to apply for a business registration
certificate.
3.Apply for the Certificate of Business Registration
After obtaining the investment registration certificate, submit
the application for an enterprise registration certificate to the enterprise
registration office within 3 days.
4.Publish the Content of the Business Registration
Disclose information about the enterprise on the national
enterprise registration portal within 30 days. This includes details such as
business lines and lists of founding shareholders for joint-stock companies.
5.Register Business Stamp
Decide on the form, quantity, and content of the enterprise's stamp,
which must include the company’s name and business code. Notify the business
registration office of the stamp for publication in the National Information
Portal on business registration.
6.Notice of Use of Stamp
Submit notices on the use of stamp forms to the Investment
Registration Agency. The agency will issue a receipt and publish the notice on
the National Business Information Portal.
7.Open Bank Accounts
Open two types of bank accounts: an investment capital account
to receive the investment amount and a transaction account for daily operations
in Vietnam.
8.Post-Licensing Procedures
For businesses in conditional sectors, apply for necessary
certificates such as business qualification certificates, practicing
certificates, professional liability insurance, and meet legal capital
requirements before commencing operations.
How a Vietnam Law Firm Can Assist
Navigating the process of establishing a company
in Vietnam involves careful
adherence to the outlined steps and compliance with relevant regulations.
Engaging a reliable law firm in Vietnam can help investors efficiently navigate
these steps, ensure compliance with legal requirements, and facilitate a smooth
and successful establishment of their business in the country.
By leveraging the expertise of a law firm, foreign investors can
mitigate risks and streamline their entry into the Vietnamese market, taking
full advantage of the country's promising investment landscape.
