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Procedures for foreign investment in Vietnam

Vietnam has recently become a potential market for foreign investors. Apart from preparing a good business strategy, to be able to carry on occupations in Vietnam, foreign investors also need to know how to carry out the procedures to make investment in Vietnam.

Currently, Investment Law stipulates 4 types of investment: establishment of economic organization; capital contribution, share purchase, capital contribution purchase; investment following BCC or PP contract.  In this legal articles, Apolo Lawyers would like to mention one of such 4 types: establishment of economic organization.

1. Applying for Investment Registration Certificates (“IRC):

The dossier shall include the below document:

  • Written request for implementation of the investment project;
  • Copy of ID card, passport for individual investors or copy of the business registration certificate/ equivalent document for investors being legal entities;
  • Proposal of investment project;
  • Copy of one of the following documents: financial statements of the latest 2 years of the investor, financial commitment of the parent company, financial institutions commitment to financial support, guarantee of financial capacity of the investor, documents explaining the financial capacity of the investor;
  • Proposal of land use demand/ leasing agreement or other documents certifying that the investor has the right to use the location;
  • Explanation for the application of technologies to the project.

In a specific case, it shall be the Department of Planning and Investment (DPI) or Management Board of industrial parks and export processing zones.

Within 15 days after receiving a complete dossier, IRC shall be granted. In case of refusal, a written notification stating the reason shall be sent back to the investor.

2. Applying for Enterprise Registration Certificates (“ERC):

The dossier shall include the below document:

  • Application form for enterprise registration;
  • Charter article;
  • List of members/ shareholders (if any);
  • Copies of ID Card, Passport or other equivalent personal identification of the owner/ member/shareholder if being individual;
  • Copies of business registration certificate or other equivalent personal identification of the owner/member/shareholder if being entity as well as copies of ID Card, Passport or other equivalent personal identification of legal representative of such entity;
  • Copies of the ID Card, Passport or other equivalent personal identification going-to-be legal representative;
  • A copy of IRC;
  • Power of attorney (if any);

Note: Foreign documents shall be consular legalized and translated into Vietnamese.

The foreign investor submits the dossier to Business Registration Office – DPI of the province/ city where the enterprise is headquartered.

Within 03 days after receiving a complete dossier, ERC shall be granted. In case of refusal, a written notification stating the reason shall be sent back to the investor.

3. Other licenses:

Depending on the business lines the Company carry out, it may require different types of license.

Example: Business license for companies carry out the retail activity.

In practice, the actual time for processing paper at the state authority would also last longer in practice when the state authority evaluates the project plan of the investor to ensure that its Vietnam investment purpose is achievable economically and in accordance with the regulations of Vietnam.  Therefore, it is advised that the client engage a professional law firm in Vietnam to assist with the advisory and investment registration process. With the broad experience, Apolo Lawyers believes to provide the client with a smooth process to obtain IRC in the shortest time.

More information can be found on the website: www.apolo.com.vn

AN TRAN

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