How to carry out your investment into Vietnam step by step

Investors coming to Vietnam are usually not familiar with the state's legal procedures. This artical will discuss in detail how to step by step carry out your investment into Vietnam step by step

The following request must be undertaken by investors wishing to establish businesses in Vietnam:

1.Investment Registration Certificate (IRC)

IRC

Foreign investors must have an investment project and obtain an Investment Registration Certificate, by submitting an application dossier to the State Investment Registration Authority (SIRA). The competent State Investment Registration Authority for a specific investment project will be determind based on the location where the foreign investor proposes to implement its investment project, which can be:

  • The Management Authority of the industrial zone, export processing zone, high technology zone or economic zone
  • The Foreign Investment Division under the provincial - level Department of Planning and Investment

In general, the application dossier is likely to take 2 to 4 months to prepare (including the translation and execution of all documents) and submit. The decision to approve and issue the Investment Registration Certificate is discretionary, whilst statutorily provided that such decision should be made within 15 days from the date of submission of the application. If the State Investment Registration Authority refuses to issue such an IRC, it must provide a written explanation of the reasons of the refusal to the foreign investor.

2. Enterprise Registration Certificate (ERC)

If a new Enterprise Registration Certificate is being established together with an investment project, upon the issuance of an Investment Registration Certificate, the foreign investor will have to apply for an ERC for the establishment of the Foreign Invested Company. Although the new laws stipulate that the licensing authority must issue an ERC within 3 working days, in practice, it may take longer.

3. Post - Establishment Formalities

How to carry out your investment into Vietnam step by step

Securing an Enterprise Registration Certificate only marks the beginning of the legal life of an Foreign Invested Company. Once the Enterprise Registration Certificate has been issued, a number of subsequent administrative formalities must be undertaken within specific time limits - e.g., tax registration.

4. Conditional Investment Sectors for Foreign Investors

The Investment Law 2014 lists out 267 conditional investment sectors. The specific investment conditions applicable to investment in these sectors are detailed either in specialized laws governing the particular sector or in international commitments, such as Vietnam's WTO Commitments on Services ("Vietnam's WTO Commitments"). 

5. Taxation of Foreign Business

Foreign Invested Companies and foreigners doing business in Vietnam may be subject to a number of taxes, including enterprise income tax (EIT), value - added tax (VAT), foreign contrator tax, special consumption tax, and import and export duties.

In general, Foreign Invested Companies are subject to the same laws on VAT, EIT and orther taxes applied to all business entities and actities in Vietnam. However, the tax liabilites of an Foreign Invested Company, the method of collection, or whether it qualities for any special tax preferences may vary considerably depending on the form of business. Foreign Invested Companies, foreign contrators and branch offices are subject to EIT in Vietnam, and Representative Offices may constitue taxable permanent establishments depending on their activities as defined by law.

Dividends paid by an Foreign Invested Company to its corporate investors are not subject to any tax. However, dividends paid by an Foreign Invested Company to its individual shareholders or individual members of a Multiple Member Limited Liability Company are subject to with holding of Personal Income Tax.

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HO CHI MINH CITY OFFICE

*District 1 Office:

  • Address: No.85 Hoang Sa Street, Da Kao Ward, District 1, Ho Chi Minh city, Vietnam.

  • Hours of Operation: Monday - Friday from 08:00 - 17:00 ( 8:00 AM - 5:00 PM )

  • Telephone: (028) 38 20 2929 (20 Line)

  • Hotline: 0948 68 2349

  • Email: vanphonghcm@quocluat.vn 

HA NOI CITY OFFICE

  • Address: The building of Agricultural Garment Co. No. 1/12 Truong Chinh Street, Phuong Mai Ward, Dong Da District, Hanoi city, Vietnam.

  • Hours of Operation: Monday - Friday from 08:00 - 17:00 ( 8:00 AM - 5:00 PM )

  • Telephone: (028) 38 20 2929 (20 Line)

  • Hotline: 0948 68 2349

  • Email: vanphonghn@quocluat.vn

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