Doing business in Vietnam
1. IS IT EASY TO DO BUSINESS IN VIETNAM?
Doing business in Vietnam has been on hot search in recent years due to flourishing business opportunities in the country. Vietnam has become a member of WTO since Protected content , after almost 15 years of international economic integration, Vietnam has reduced entry barriers in many of its industries. The legal frameworks for business operations have been refined and adjusted to reflect the demands of business owners and to catch up with the trends of the world.
2. CAN A FOREIGNER OWN A BUSINESS IN VIETNAM?
A 100% foreign owned company in Vietnam is absolutely a popular thing here. If you have ever asked yourself the question “Can I start a business in Vietnam?”, the answer is “It depends on which industry you want to do.”
Company registration in Vietnam for foreigners can be very simple for non-conditional businesses like Consulting, IT, trading (like mentioned above). The standard timeline is Protected content . The documents involve mostly the investor’s passport and bank statements if that is individual ownership.
However, to obtain a business registration certificate in Vietnam for conditional businesses such as Education, Financial service, Logistics, E-commerce platform ect. can be challenging. It involves a higher level of approval (ministry approval) which can take months. The conditions also vary from field to field. You need to understand thoroughly what is required for such a business setup and make sure these conditions are met before submitting the applications. Businesses like Recruitment service, Training/coaching, Restaurant/Cafe or Ecommerce platform will also require additional operational licenses after the main business license is obtained.
Following its commitments to join the WTO, Vietnam has opened its doors to foreign investment. Some industries have additional market entry requirements, while others do not. The majority of business services, such as consulting, IT outsourcing, IT services, trading, and so on, are completely open to foreigners. Other industries that have not (yet) allowed Protected content foreign investment include logistics ( Protected content ), advertising (up to 99 percent), and so on. Some industries, such as pharmaceutical sales and distribution, are completely closed to foreigners.
3. HOW TO OBTAIN VIETNAM CITIZENSHIP BY INVESTMENT?
Vietnam does not grant citizenship based on investment, but it does grant temporary residency, allowing foreigners to stay in Vietnam for a long period of time. Many ex-pats here are familiar with the term TRC (Temporary Resident Card).
The TRC allows for a single stay period of up to 2, 3, or 5 years (renewable), depending on the size of the investor’s capital contribution. The TRC is Vietnam’s most powerful stay permit. Aside from the extended stay, TRC can assist in obtaining TT Visas or Dependent Visas in Vietnam for their family members. As a result, it has become the ultimate goal for the majority of ex-pats here.
If you would need further consultation on how to set up business in Vietnam and other expat related matter, kindly PM or send email to Protected content . Thank you.
Mimi from Zora Consulting.