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SETTING UP FOREIGN COMPANY IN VIETNAM

SETTING UP FOREIGN COMPANY IN VIETNAM, When an individual or company want to invest abroad and Setting up a foreign company in Vietnam, they have a choice of locations in Hanoi or Ho Chi Minh City, and the type of  Company Ltd. or JSC company,  same investors as a Vietnam.

Our foreign investment practice at LHD Lawyers help clients with the following

Transactional structuring: advising on the possibility for foreign investors to obtain an investment license in Vietnam and the selection of an appropriate investment vehicle in Vietnam such as a business co-operation contract, a joint venture company or to set up a company in Vietnam as a wholly foreign-owned company.

Licensing requirements: drafting and negotiating all documents required for obtaining an investment license for a foreign-invested project, following up Vietnamese authorities for obtaining the investment license and assisting to complete all post-licensing procedures.

Regulatory issues: advising on regulatory issues in relation to the operation of foreign-invested projects in Vietnam including advertising and promotion of their products. Please contact us for inquiries through email all@lhdfirm.com or call our partner directly at  + 84 907 996 249.

Let LHD Lawyers help your business in Vietnam.

 

Setup a company in Viet nam

 

Notes:

When you starting a business in Vietnam

Vietnam became the 150th member of the World Trade Organisation (WHO) in 2007. This opened the door for foreigners to invest and operate businesses in Vietnam. Individuals and organizations are allowed to choose their area of investment, the structure of their business and the method by which capital is raised, as long as their choices are in compliance with Vietnamese law, international treaties, and commitments.

Opening a foreign-owned business in Vietnam is possible and even encouraged by the Vietnamese government, although the laws are complex and the process can be complicated. A modern business law is in its infancy in Vietnam. Laws and regulations may be incomplete, ambiguous and subject to conflicting interpretations by different government agencies. Having the help of an experienced and well-connected Vietnamese law firm is highly recommended.

Foreigners are permitted to own and operate their own businesses in Vietnam, either through indirect or direct foreign investment. Indirect investment can be made by individuals or organizations that can buy shares in Vietnamese firms or invest in stocks, investment funds or use other intermediate financial instruments. Businesses that are wholly foreign-owned or are participating in joint ventures with a Vietnamese business are considered to be direct foreign investments.

Setting up a business in vietnam

Exercising rights of importation and distribution

As per regulated at Provision 1, Article 4, Decree 23/2007/ND-CP dated February 12, 2007, of the Government providing detailed guidance of Law of Commerce’s regulations on goods trading and directly related activities of FIEs in Vietnam (So-called referred to as “Decree 23/2007/ND-CP”), an FIE is eligible to exercise its rights to import and distribute goods in Vietnam if it meets the following requirements:

- The Investor is a country or territory which is a member of international treaties to which Vietnam is engaged and committed to open markets for goods trading activities and related;

- Form of investment must be consistent with the roadmap of commitments under international treaties to which Vietnam is a member and in accordance with the law of Vietnam;

- Goods and services must be in accordance with market opening commitments of Vietnam and with of the law of Vietnam;

- Scope of operation must be in accordance with the market access commitments of Vietnam and with the law of Vietnam;

- The business has the approval of the competent authorities in Vietnam.

 

According to Vietnam's commitments to the WTO, since 2009, foreign investors are entitled to import and distribute goods in the form of a company with 100% foreign capital.

To ensure the eligibility for licensing, in addition to the above conditions, you also have to ensure the following requirements:

 

- You must be a manufacturer of electric and electronic products expected to be distributed in Vietnam or be a trusted trader of electric and electronic products in your country;

- The results of business operation in your country must be positive, shown in the audited financial statements of the last two years;

- The Registered office of the Company or wholesale, retail stores must be consistent with the planning of Vietnam. Normally, investors must have a rental office in an office building for the Company’s head office and/ or a place for wholesale and retail at a planned-in-advance trade center;

- Investment capital must be sufficient to ensure the feasibility to implement business projects in Vietnam.

 

VIETNAM WILL BECOME TIGER IN THE FUTURE

 

Provide maintenance services

 

At the moment, Vietnam has no commitment to market access for appliance maintenance services. This means the competent authorities of Vietnam has no obligation to open the door for foreign investors to participate in providing this kind of service in Vietnam.

 

However, according to our experience in previous similar cases, the competent authorities of Vietnam may consider allowing you to provide maintenance services for the electric and electronic products distributed by your company.

 

Setting up foreign company in vietnam

Types of Business in Viet Nam

There are many foreign-owned small businesses in Vietnam, as well as a growing presence of international firms and franchises.

There are three business structures available for those who want to open a business in Vietnam. The business may be:

  1. A 100 percent foreign-owned sole proprietorship or partnership
  2. A joint venture enterprise
  3. A business cooperative that is owned and controlled by the people who use its services
  4. LLC 100 percent foreign-owned sole proprietorship or partnership

Vietnam encourages foreign investment in certain sectors, including

  • The production of items for export
  • Animal husbandry, farming and the processing of agricultural, forest and aquaculture products
  • The utilization of high technology and modern manufacturing techniques
  • The protection of ecological environments
  • Research and development
  • Labour intensive activities
  • The processing of raw materials
  • The efficient utilization of natural resources
  • Construction of infrastructure facilities and important industrial production establishments
  • Investment in mountainous and remote regions
  • Investment in regions with difficult economic and social conditions

Not all businesses are open to foreign participation, including those in any sector that may have an adverse effect on:

  • National defence
  • National security
  • Cultural and historical preservation
  • Vietnamese customs and traditions
  • The natural environment of Vietnam

Documents Required

People wanting to establish a new business in Vietnam are required to produce several specific legal documents. These include a valid personal identity card or passport, as well as papers proving financial solvency.

A foreign enterprise wanting to set up an office or factory in Vietnam must provide the following documents:

  • A certificate of incorporation
  • A company charter or articles of association
  • Audited financial statements for the past 12 months
  • Valid personal identity cards or passports of any of the business’ authorized representatives

Hoi An viet nam

 

 

 

 

 

 

 

 

 

 

 

 

 

Currency Restrictions

Although money can be moved into Vietnam, it must be deposited into either a Vietnamese-based foreign currency bank account or be converted into Vietnamese dong. There are significant restrictions governing the movement of money out of the country. Money may only be transferred out of Vietnam if it falls into one of these categories:

  • Payment for imported goods and services
  • Payment by foreign investors of:
    • Invested and reinvested capital earnings and profits from undertakings in Vietnam
    • The principal and interest on off-shore loans and credits
    • Other legal benefits
  • Payment for travel allowances to employees traveling abroad
  • Payment of salaries to the executives of foreign capital enterprises
  • Payment of salaries to Vietnamese employees working in a foreign country
  • Payment of salaries and other legal income to foreign employees

 

Setting up business vietnam

 

LHD Law Firm client's

 

TOYOTA

WACOAL

DELOITTE

DLH; SHISEIDO

FOS

DLT

YAMAZEN

SANKOUGIKEN

DIEMSANG

IFO

ALTECH

TRIUMPH

SOMETHING HOLDING

JABES

SPASH INTERACTIVE

YM

CORELEV

VIET AGO

STENCIL

SHINWON

DLT

AYOBA

E&C VINA

TYCOOND

ILLHO

VIETPOLL

BIOMIN

M&R FORWARDING

WSP VN

J. DROUP

HALFEN MOMENT

MARTIME

DAIKOAD

RICOH VN

CHEMSTATION ASIA

DEVPROSOFT

ATEA

OPTIMUM GLOBAL

V STENCIL

AOA

BERNOFARM

INNOBAY

IKEBANAHAT

TELESCOPE

BENJAMIN

IPS

PEER

OVERSEAS

ICEFF

SUBNET

EDULINE VN

J-TECH

INTERCOM

PFE

ABROAD INC

LIBERO .....and more 16800 business from 68 national. 

 

In order to seek further advice or request service Setting up a Foreign company in Vietnam, Contract us by email: all@lhdfirm.com or fone: +842822446739 or +842462604011 

 

LHD Law Firm

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+84907996249 

     

LHD LAW FIRM IN HO CHI MINH
Addr:  HP Tower, 60 (Floor 7) Nguyen Van Thu Street, Dakao Ward, District 1, HCM City, Viet Nam
Tel:
+842822416866 or +842822446739
Fax:  +848 39111538  Email: all@lhdfirm.com 

LHD LAW FIRM IN HA NOI
Addr: Anh Minh Tower, (Floor 4) 36 Hoang Cau Street, O Cho Dua Ward, Dong Da District, Ha Noi City, Viet Nam
Tel:  +842462604011 or +84911633168 
Fax: +848 04 3573 9287 Email: hanoi@lhdfirm.com

 

SETTING UP FOREIGN COMPANY IN VIETNAM

Comment
duc - ()
i want setup a company vn ?
Henry Golden - ()
Dear Ladies and Gentlemen, We would like to gather some general information regarding to establish a Limited liability Company in Vietnam. We would be grateful, if you could inform us regarding to all the charges and processing fees required for set up business inkcluding Visa-Work permit. With Best Regards, Henry Golden
Alan KAN - ()
Dear Sir/Madam, We are a company which is currently considering the possibility of setting up business in Vietnam and would like to talk to you to understand more of the subject and the services that you will able to offer. If it is possible, I would like to visit you at your Ho Chi Minh office on the 18th of April around 3pm for discussion, pls let me know whether that is OK.
William - ()
If I come to Vietnam on a business visa and wish you to help me establish a company (LLC)?, what would it cost? I am a British national.
Billy Tan - ()
As a Foreign owned LLC are we allowed to import (home/electrical appliances) and sell locally. Thanks
Linda - ()
due to my business development I intend to register company in vietnam. Thanks ! Best regards, Linda
Elroy Giddens - ()
We need a Representative Office in Vietnam to solicit Investors for the EB5 Visa Program. Investors seeking a United States Visa can qualify under our Direct Investment Program. Our website www.EB5Lawyers.io
rahul - ()
It IS possible to have 100% foreign owned business. My friend DOES have a company that is 100% foreign owned. He didn't face any troubles AT ALL. It took nearly 1 month to finish legal process. He got certificate of investment, business licence, tax code, company seals, ..., ..., ..., everything. And the lawyer charged lesser than the prices mentioned above. You can call me, or meet me to talk about this in detail, i can introduce you to that Vietnamese lawyer also. He'll take care of ALL kinds of charges and fees on his own, you don't need to worry or talk to the officers about this. Contact me at rahul_n_rohit@yahoo.co.in. Best wishes for your new business. Don't worry at all. The government and laws are much friendlier after Vietnam joined WTO.
alpha - ()
I'd have to echo ChrisJac here. It IS possible to set up a 100% foreign owned company, but it is not easy or straight forward at times. For some sectors it is much easier than others. There are certainly some businesses for which NickinNam's specific advice and general tenor of advice is accurate, but its not a fundamental legal impossibility as his post suggests.
ChrisJac - ()
Dear Gilad, It is possible to establish a 100% foreign owned business here in Vietnam. It is a long and difficult process. Local law firms provide a service for setting it up for you. Last time I checked with a local law firm the fee was appr.$1500 to set the business up. It'll be much cheaper if you can do it by yourself. Cheaper and easier way for you would be to ex. set up a limited company with a Vietnamese director and you would be the managing director. It's cheap to set up even with a law firm (around 2 million VND). Good luck!
Gilad - ()
Questions regarding opening a business in Vietnam ? I need advice/info regarding forms of ownership of a small business in Vietnam. I have been looking into this for some time now and it seems that all so called "foreign owned" bars/restaurants/tour-agencies are actually registered under the name of the Vietnamese spouse or a Vietnamese partner of the foreigner. 1. Can such a business be 100% foreign owned? 2. What are the actual costs of registering a 100% foreign owned business (real world costs including "unofficial costs") and how long does it take? 3. Are there any restrictions on the type of businesses that could be 100% foreign owned? 4. What about police and general corruption issues? 5. Tax issues? Please answer only if you have actual knowledge and/or experience, especially if you own one yourself. Thanks.
Mr.Yoshisuke Sato - ()
I am Mr. Sato with Euras Co., Ltd. in Japan. We are 100% affiliated company of LOPIA Super Market Group with the annual sales of US$1billion. We have been looking for beer manufacture that can produce Private Label Low Malted Beer (% of malt must be less than 25%)Alcohol contents around 5%. Please let me know if you would deal with this kind of project. Your early reply is highly appreciated. Best regards, Company EURAS CO.,LTD. Contact person Mr.Yoshisuke Sato Address: 3-3157 Tateishi Fujisawa City Kanagawa Pre.Japan251-0872 Business phone 81-466-53-8123 Email sato@euras.jp Website Country JOR
Henry Golden - ()
Dear Ladies and Gentlemen, We would like to gather some general information regarding to establish a Limited liability Company in Vietnam. We would be grateful, if you could inform us regarding to all the charges and processing fees required for set up business inkcluding Visa-Work permit. With Best Regards, Henry Golden
Alan KAN - ()
Dear Sir/Madam, We are a company which is currently considering the possibility of setting up business in Vietnam and would like to talk to you to understand more of the subject and the services that you will able to offer. If it is possible, I would like to visit you at your Ho Chi Minh office on the 18th of April around 3pm for discussion, pls let me know whether that is OK.
Marika Yoshioka - ()
Please provide the process and fees for a foreign company set up in HCMC. Please also advise on visa and work permit (application procedure and fees).
Sachin Durge - ()
Hello there, My name is Sachin Durge and I am temporary resident in Vietnam. Let me give you the background and the reason for this email. I work for a Korean company 'Earlogic Corporation' Earlogic/myself is planning to setup an office in Vietnam. The percentage share of the company will be 30% myself (Sachin Durge) and 70% Earlogic Corporation. In short, 100% foreign owned company. What we will sell : A software product that helps in recovering "Hearing loss". Who will be the clients : At this moment I can say hospitals and the patients with hearing loss. The following are my questions. What is the procedure to setup a company in Vietnam. What is the minimum criteria in terms of contract, tax, office, employees ? Which place do you suggest to open an office, wherein we can get the maximum benefit. What is the cost of opening a company ? What is the minimum salary (with default packages that is required to given according to the laws) How many employees we need to have ? Please help me to answer the questions and also let me know if you can help in establishing the company and what are your charges for that. Currently, I am in Saigon so is it possible to meet to discuss in person. Thanks,
Nancy Tan - ()
Hello We are interested in setting up business in Vietnam. We are a playground equipment distributor for Asia and we are incorporated in Singapore in 1998. We sell and install playgrounds in Singapore and Asia. We are mulling over setting up a rep office, LLC or a sole proprietorship in Vietnam. Appreciate if you can kindly advise on this as well as let us know what documents are required for registration. We are planning to make a trip to HCM end of this month. It would be helpful if we could visit your office for consultation.
Man S Tan - ()
I am interested in the above. I will be in HCMC on the 25-26 May. Is it possible to meet us? I want to find out more about the process and cost. Please reply.
lim li kiat - ()
please let me know what is the capital amount required for 100% foreign own company in Vietnam?
BOOHAN - ()
Dear Sir / Madam, I am a Malaysian citizen, and we are into edible oils business. I am currently base in our branch office in Hong Kong. As part of our expansion plan, we want to start buying coconut oils from Vietnam, for export to our customers in China, Hong Kong and Taiwan. We therefore want to consider incorporating a Vietnamese company, to buy from local manufacturers from all over Vietnam, and then do the export on our own. Can you please kindly advice on the following? 1) How many type of Vietnamese company can we incorporate (we prefer limited liability, limited by shares, as much as possible? 2) Can the company be fully owned by foreign citizens with no local shareholders? 3) What is the minimum number of foreigners, and minimum investment to incorporate this local company? 4) Can all the directors be foreign citizens, or must we have local citizen to act as directors? 5) What is the fastest time duration needed to incorporate this company? 6) What is the total costs and fees involved to incorporate this company? We understand that instead of incorporating this local company, we can also operate through a “Representative Company”. Can you please explain what is the benefits and limitations of operating through a Representative Company? Also, it is fast and cheap to set up this Representative Company? How long time duration and what is the costs
Samuel - ()
Dear LHD Law Firm As per our tele-communication regarding setting up the company in Vietnam, as following details; 1. 100% foreign owned trading company 2. Import and sell the product for aquaculture such as water treatment (mineral, probiotics), feed/feed additives for fish and shrimp. 3. please let us know the controlled product to be imported to Vietnam as well. Please let me have the protocol and proposal. Thank you and best regards,
Bryan Knorr - ()
Hello friends, I am here to share some important information about how I got a loan from an genuine international funding organization called KIVA a week ago. Actually, I never believed that I could get a loan from any online or internet lender because I always thought they were all scams. But the story changed two weeks ago when a friend told me how she got a business loan from them. At first I find it hard to believe, but I told myself I have to take the risk and see what will happen and I signed up for an loan of $74,000 USD to boost my investment. To my greatest surprise, my loan was approved and I received a loan within a week. One thing I like about them is that all their processes are very simple and clear. No hidden costs. No guarantee was required even with bad credit score. No elaborate paper work. Too good to be true you might say. Yes i had also said that before i got my loan. So, I want to use this opportunity to advice anyone looking for a genuine place to get a loan to contact their admin immediately via email at (contactcenter281@gmail.com) Please share this information so that others can find out about KIVA loan organization and get a loan from them too.
Equen Pang - ()
Hi LHD Firm, I’m writing to inquire your service about setting up an 100% foreign company in HCM. Our business scope is in Medical Device Registration
Linda - ()
Dear Sir or Madam, I would like to register an enterprise in Vietnam and Indonesia due to business development. Would you please to give me some detail information about company registration in Vietnam and Indonesia? Your sincerely. Linda
melvin lim - ()
dear sir, I would like to know more about investing in Vietnam, currently I am looking to shift my diecasting production into Vietnam,, but I do not know how much capital is required for 100%foreign own company in Vietnam?? so could you please gives me more info thanks.
mohammad imtiaz - ()
sir i woud like to register of my general trading office in veitnam so there for i need the information regarding prociedure /documentation and govt.fees, thank you
Animesh Sengupta - ()
We are a thai company willing to open our operations in Ho Chi Minh city. Pleasewrite back to us how to go about it. Regards Animesh
Paul Moritz - ()
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Leo Zeng - ()
Sir I'd like to set up a 100% foreign-owned-Company in Vietnam. Would you please send me information such as procedures for set up, duration of setup and quotation for your services. Our company is BVI registered company. Thanks and kind regards leo zeng
Nick Law - ()
Dear Sir, I wish to Setup company in Viet Nam: Either 100% foreign investment company setup,or joint venture company setup In Hanoi HCM city. please help us.
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