ANT Lawyers

Vietnam Law Firm with English Speaking Lawyers

ANT Lawyers

Vietnam Law Firm with English Speaking Lawyers

ANT Lawyers

Vietnam Law Firm with English Speaking Lawyers

ANT Lawyers

Vietnam Law Firm with English Speaking Lawyers

ANT Lawyers

Vietnam Law Firm with English Speaking Lawyers


Hau Giang Reduces 50% Investment Licensing Time

Hau Giang province affirmed to speed up administrative procedures reformation, reducing 50% of the time for granting investment licenses and business registration, creating favorable conditions for investors when they set up business.
In which, Hau Giang province is calling for investment in 7 key projects, including industrial zone infrastructure development, hi-tech agriculture and ecotourism… with a total investment of nearly 300 million USD.

According to the vice chairman of Hau Giang People’s Committee, besides the policies in accordance with general regulations, localities also have their own incentive mechanisms for investors such as tax incentives, land rent exemption and reduction, investment support for manufacturing, preservation and processing facilities…, especially projects for sustainable development of agriculture and high technology application…
Furthermore, Department of Planning and Investment of Hau Giang province affirmed that the local authorities will shorten the maximum time for carrying out procedures, creating favorable conditions for enterprises and investors. Specifically, the business registration procedure is 3 days according to the law, but the locality can complete in 1.5 days. Regarding the investment policy, the law regulates 32 days but it is shortened to 15 days by the locality; time to receive and appraise for issuing investment certificate is only 3 days; discounted 2 days as prescribed.

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HCMC proposes no-bid contracts for urgent infrastructure projects

HCMC on Monday asked the central Government for permission to award no-bid contracts for investors to implement urgent infrastructure projects.

These projects, which will be carried out in the public-private partnership (PPP) format, include phases one, two and four of Ring Road No. 2 project, and high-rise parking lots at September 23 Park, Ly Thuong Kiet residential area, Gia Dinh Park, District 8 bus terminal, and districts 5 and Tan Phu.

To ease traffic pressure on the main roads leading to Tan Son Nhat International Airport, the city suggested the Ministry of Transport reduce aircraft movements at the airport at rush hour and increase those at night.

The city also asked the Government for approval to proceed with a plan to test emissions of motorcycles with engine capacity of 175cc or higher in the 2018-2020 period. After 2020, the city will send a report on the plan to the Prime Minister before it carries out the next phase of the plan, in which motorcycles with engine capacity below 175cc will be tested for emissions.

For waterway transport, the city suggested the Ministry of Transport adjust the waterway transport plan for Cat Lai Port to make it compatible with the city’s general waterway transport development plan until 2020.
Source: The Saigon Times
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HCMC calls for private investment in boat stops along Saigon River

The HCMC government is calling for private waterway transport and tourism services enterprises to invest in stops along the Saigon River to spur waterway tourism in the city.

The municipal Departments of Transport and Planning-Architecture, and districts across the city are jointly drawing a plan to develop a waterway system and examine positions for such stops. Bach Dang Wharf on the Saigon River is considered the central station to serve passenger transport activities and waterway tourism.

In addition, Nha Rong-Khanh Hoi Port, which is near Bach Dang Wharf, has good facilities and convenient traffic systems for passenger transport and tourism development.

Relevant agencies proposed developing the port to cater to domestic and foreign passenger ships.
However, the city has difficulty promoting waterway tourism due to a lack of connectivity between waterways and roads, and underdeveloped ports and wharfs.

According to a waterway tourism development plan in the 2017-2020 period approved in June, the city will focus on waterway tourism promotion.

Accordingly, at least seven waterway tourism routes will be launched in the Saigon, Dong Nai, Nha Be, Soai Rap and Long Tau rivers as well as canals in HCMC, including the Bach Dang-District 7 route, the route from Bach Dang Wharf to Tau Hu in districts 8 and 5, the Bach Dang-District 9 route, and the route from Bach Dang Wharf to Binh Quoi.

The city targets to attract 450,000 tourists using waterway services next year and the number will increase 15% annually. Waterborne tourism is expected to fetch VND540 billion (US$24 million) in revenue this year.

Source: The Saigon Times


How to Obtain Business Registration Certificate in Vietnam?

Every organization and individual wishing to set up a foreign owned company in Vietnam shall need to meet some specifics conditions as promulgated under the Law on Investment and Law on Enterprise.  In specific areas being considered as conditional investment, the investor shall also need to consult with the law governing the area of investment. Once the investment registration certificate is completed, the investor has the obligation to apply for enterprise registration.
The procedure to register for a certificate of enterprise registration of a joint stock company or limited liability with two or more members are herein mentioned:

i) Application form for enterprise registration
ii) The company’s charter.
iii) A list of founding shareholders and shareholders being foreign investors/ a list of capital contribution members.
iv) Valid copies of:
Copies of the ID card or other ID papers of founding shareholders and foreign investors/members being individuals; list of authorized representatives of foreign shareholders being organizations.
Decision on establishment, certificate of business registration, or an equivalent document of the organization and the letter of authorization; the ID card or other ID papers of the authorized representatives of founding shareholders and foreign investors being organizations.
If shareholders are foreign organizations, the copy of the certificate of business registration or an equivalent document must be notarized, legalized and authenticated.
The Certificate of Investment registration of the foreign investors as prescribed by the Law on Investment.
State Authority: Business registration office of the province where the enterprise’s headquarters is situated.
Period: within 03 working days from the full receipt of the dossiers
Result: Business registration office shall issue the certificate of enterprise registration or if the application is not satisfactory, business registration office shall inform the applicant of necessary revisions and supplementation to company.
In general, Vietnam government encourages foreign direct investment.  If the investor faces challenges at state authority, whom do not issue notification or request of supplementation to the application for enterprise registration, the investor cold lodge a complaint as prescribed by regulations of law on complaints and denunciation to the state authority to protect its right in doing business and investment in Vietnam. A law firm in Vietnam with expertise in both business registration and dispute resolution could assist the investor in the process.
The enterprise is entitled to do business from the issuance date of the certificate of enterprise registration. For conditional business lines, enterprises are entitled to engage in conditional business lines if they satisfy all conditions and are capable to maintain fulfillment of such conditions throughout their operation.


Minister: Law on special economic zones will offer strong boon for investors

HANOI – Investors in Vietnam’s special economic zones would enjoy far greater incentives than those offered by similar zones in many other countries if the draft law on special administrative and economic zones is approved, said Minister of Planning and Investment Nguyen Chi Dung.

Speaking at the 14th meeting of the National Assembly Standing Committee in Hanoi on September 11, Dung said that as of 2016, there were about 4,500 special economic zones in 140 countries around the world. Therefore, Vietnam’s special economic zones must provide a much stronger boon to grab the attention of foreign investors in Vietnam.

Dung said factors that make special economic zones more appealing to investors include simple administrative procedures, fee and tax incentives, and favorable business environment and strategic locations.

According to the draft law, domestic special economic zones will receive support from the Government to develop basic infrastructure and high-quality human resources, while State management will be streamlined.
The draft law abolishes a number of conditional business sectors and simplifies business registration procedures.

Enterprises investing in priority sectors like business support, research and development, education and healthcare will be able to hold land use rights for up to 99 years. Apartments in housing or resort projects can be transferred to, donated to, acquired by or inherited by foreign organizations and individuals.

The draft law also proposes raising duty-free limits at duty-free shops in such zones, offering visa exemptions for foreigners staying in Vietnam within 60 days, issuing e-visas for foreigners and offering lower special consumption tax to casinos.

Minister Dung said Vietnam’s economic growth has slowed down in recent years, with the weak competitiveness and unattractive business environment. Therefore, the Government will have to take drastic measures and offer greater incentives to attract more investment into special economic zones.

Source: The Saigon Times


Actively Review and Cut-off Unnecessary Business Conditions

Vietnam Prime Minister Nguyen Xuan Phuc asked the Ministries to research, actively self-review to amend or proposed modifications, cutting business conditions which are not reasonable and unnecessary.
On August 22nd 2017 , under the chairmanship of Prime Minister Nguyen Xuan Phuc, the Government held a legislative session to give comments on the draft law on competition (revised); the draft law amending and supplementing some articles of the law on environmental protection tax; draft law on administrative unit and special economic zones; discuss on the report synthesizing the results of reviews and proposals of ministries and agencies on the drafting of laws to amend and supplement the laws relating to land, construction, housing, business and planning…
According to the Ministry of Planning and Investment, there are still 4,284 business investment requirements and conditions in 243 industries under the management of 15 ministries, which are regulated in 237 legal normative documents. The Ministry of Planning and Investment proposes to abolish all or part of the business investment conditions in finance, location, production capacity, human resources, business methods, planning…

Vietnam Chamber of Commerce and Industry (VCCI) has proposed to abolish 96 conditions of business and amend 13 conditions in 3 sectors: industry, transportation, science and technology.
Regarding the draft law on special administrative and economic units aim to create legal bases for the establishment, development, management and operation of 3 special zones namely Van Don (Quang Ninh), North Van Phong (Khanh Hoa) and Phu Quoc (Kien Giang).
In terms of the draft law amending and supplementing a number of articles of the Law on Environmental Protection Tax, the Prime Minister emphasized that the role of amending and supplementing this law in the context that environmental regulations violation is complicated. complex. According to the Ministry of Finance – the drafting agency, the current environmental protection tax policy has revealed some obstacles that need to be finalized in order to ensure that this is an important economic tool, contributing to limiting the production and use of goods that pollute the environment, encouraging the use of environmentally friendly goods towards sustainable development.
Commenting on the draft Law on Competition, the Prime Minister said that the Ministry of Industry and Trade should thoroughly review the unfair competition practices so as not to overlap with other laws.


Labour Matters and Labour Legal Compliance

The labor management is one of the most important matters in the operation of enterprises.  For the employee, he or she has to fulfill the job requirements as per labour contract, follow internal labour regulations, and work under the supervision of the employer.  

For employer, complying with  regulations include paying salary, ensuring benefits, and other mandlabouratory compliance as per labour laws and collective labour agreements signed.
The following recaps the labour matters and labour legal compliance according to Vietnam labour laws:
  1. To make reports on labor use according to the provisions of Article 6, Circular No. 23/2014/TT-BLDTBXH dated August 29th 2014 (Circular 23).
  2. To make periodical reports on the use and change of labor according to the provisions of Point d, Clause 2, Article 6 of the Labor Code 2012 and Clause 2, Article 8 of Decree No. 03/2014/ND-CP and Clause 2, Article 6 of the Circular 23.
  3. To make and use labor management books as guided in Article 7 of Circular 23.
  4. Build and send wage scales, payroll, technical standards, titles, professional standards and labor norms in accordance with Article 93 of Labor Code 2012 and Chapter III of Decree No. 49/2013/ND-CP dated May 14th 2013
  5. To participate and pay social insurance, health insurance, unemployment insurance for employees in accordance with current law.
  6. To construct and register the labor regulations of the unit in accordance with Article 119, Clause 1, Clause 2, Article 120 of the Labor Code 2012, Chapter V of Decree No. 05/2015/ND-CP dated January 12th (Decree 05) and Chapter III of Circular 47/2015/TT-BLDTBXH dated November 15th 2015.
  7. To develop and promulgate the Grassroots Democracy Regulation; Statute of periodical dialogue in the workplace as stipulated in Decree 60/2013/ND-CP dated June 19th 2013
  8. To negotiate, sign and send the Collective Labor Agreement to the provincial labor authority in accordance with Chapter V of the Labor Code 2012, Chapter III of Decree 05 and Article 3 of Circular 29/2015/TT-BLDTBXH dated July 31st 2015 (this is optional).
  9. To make explanatory reports on the demand for use, the procedures for the grant and re-grant of work permits and the implementation of reporting regimes according to the provisions of Decree No. 11/2016/ND-CP dated March 2nd 2016 and Circular 40/2016/TT-BLDTBXH dated October 25th 2016 (if employing foreign workers).
  10. To formulate and promulgate the Regulation on evaluation of the performance of tasks as provided in Clause 1, Article 12 of Decree 05 (This content is part of the company’s working regulations and we must have this content to be able to unilaterally terminate the labor contract with the employee under Clause 1, Article 38 of the Labor Code 2012).
  11. To carry out the procedures for the establishment of a grassroots trade union organization in accordance with the provisions of Paragraphs 1 and 3 of Article 189 of the Labor Code 2012 and Article 5 of the Trade Union Law 2012 (This is not mandatory but depends on the quantity of workers want to join the union of the company).
  12. To report on occupational accidents, technical incidents causing serious unsafety and occupational hygiene at the unit as provided in Clause 1, Article 36 of the Law on Occupational Safety and Hygiene 2015 (if any); Periodically report on occupational accidents according to the provisions of Clause 1, Article 24 of Decree No. 39/2016/ND-CP dated May 15th 2016 (Decree 39).
  13. To report annually on occupational safety and health as provided in Article 10 of Circular 07/2016/TT-BLDTBXH dated May 15th 2016
  14. To declare the fatal occupational accident or serious injury of 2 or more laborers as stipulated in Clause 1, Article 34 of the Law on Occupational Safety and Hygiene 2015; Article 10 of Decree 39 (if any).
  15. To monitor, manage and declare the use of machines, equipments and materials with strict requirements on labor safety in accordance with Articles 30 and 31 of the Law on Occupational Safety and Hygiene, Article 16 of Decree 44/2016/ND-CP dated May 15th 2016 (Decree 44) (if any); Circular 53/2016/TT-BLDTBXH dated December 28th 2016
  16. To arrange full-time officials working in occupational safety and health in accordance with Article 36 of Decree 39.
  17. To arrange staff to work in the health sector in accordance with Article 37 of Decree 39.
  18. To provide material allowances to laborers working under dangerous and harmful conditions (if any) according to the provisions of Article 24 of the Law on Occupational Safety and Hygiene 2015; Circular 25/2013/TT-BLDTBXH dated October 18th 2013
  19. To review, classify and organize occupational safety and health training for laborers as stipulated in Article 14 of the Law on Occupational Safety and Health 2015; Article 17 of Decree 44.
  20. To organize health examination and treatment of occupational diseases for laborers according to the provisions of Article 21 of the Law on Occupational Safety and Hygiene 2015.
  21. To compile the workers’ health records and labor sanitation dossiers according to the provisions of Circular No. 19/2016/TT-BYT dated June 30th 2016
  22. To allocate and monitor personal protective devices for laborers according to the provisions of Article 23 of the Law on Occupational Safety and Hygiene 2015; Circular 04/2014/TT-BLDTBXH dated Feruary 12th 2014
  23. To develop and implement an annual plan for occupational safety and health; Occupational safety and health regulations of the enterprise for each working area; Safe working methods for each type of work; Control of risk and harmful factors; Risk assessment on occupational safety and health; The plan for handling technical incidents causing serious unsafety and emergency rescue as provided in Articles 15, 18, 76, 77 and 78 of the Law on Occupational Safety and Hygiene 2015.
  24. To develop a plan for implementation of the month of action on occupational safety and health in accordance with Circular 02/2017/TT-BLDTBXH dated February 20th, 2017
It is important the company to retain law firm in Vietnam with labour expertise to avoid non compliance and disputes to be arisen.


How to Set-up business in Da Nang?

Foreign investors may invest in the form of 100% capital to establish a limited liability company, joint stock company, partnership company or other forms in investment in Vietnam.

Foreign investors that invest in Vietnam for the first time must have investment projects and fill in investment registration or examination procedures at state agencies in charge of investment in order to be granted investment registration certificates. Investment certificates shall concurrently be business registration certificates.  Company with 100% foreign capital has founded and operated from the date of issuance of the investment certificate.
A project dossier for Set-up business in Da Nang shall comprise:
  • Registration/Request for issuance of Investment Certificate;
  • A report on financial capability of the investor;
  • Draft of the company’s charter;
  • List of members of company;
  • Copy of the people’s identity card, passport or other lawful personal certification, for individual members;
  • Copy of the establishment decision, business registration certificate or other equivalent document, for member organizations;
  • Copies of the authorization document, the people’s identity card, passport or other lawful personal certification, for authorized representatives.
  • Copies of the business registration certificates of the foreign member organizations must be authenticated within three months before the date of submission of the business registration dossier by agencies where such organizations are registered;
  • Written authorization of the investor in case investor is organization and valid copy of the lawful personal certification of the authorized representative. Documents in foreign languages must be translated into Vietnamese, notarized and legalized;
  • The joint-venture contract or Business Cooperation Contract (BCC);
  • Other documents required by Vietnam law.
The establishment of a company in Vietnam would take from 30 days.  The extra time might be needed in case the investment area is conditional or the State government needs to examine the investment project.  Minimum capital, special licenses or other conditions might be required in certain investment projects.
The  law  on  investment constantly changes which ANT Lawyers will monitor and provide relevant update


Hanoi calls on IT firms to set up shop

HANOI – The government of Hanoi City gives priority to the information technology (IT) sector, thereby facilitating companies to set up shop there, according to Nguyen Duc Chung, chairman of the capital city, at a dialogue with the startup community on August 25.
He said Hanoi is about to launch Vietnam’s startup opportunity finder on October 10, with an aim to connect technology ecosystem players with new business opportunities.
Phan Lan Tu, director of the municipal Department of Information and Communications, said the city has 16,700 startups, with 800 of them active in the IT sector.
Many incubators like the IT Firms Incubator and the CMC Creativity Center have been set up in Hanoi so far this year. To date, the city is home to 15 incubators.

The director noted the number of incubators and startup-supporting centers in Hanoi has been rising, but they still lack the connection with each other, as well as the absence of policies to establish a single network of these centers to help them share experiences, facilities, mentors and investors.
She said the city will establish a startup ecosystem portal and a startup database. In particular, the portal in both Vietnamese and English languages will provide necessary information for startups and investors.
Besides, municipal authorities will find ways to build a shared service area to support startups. The facility will include co-working space, meeting and training rooms, incubators, and other facilities.
Notably, Hanoi will come up with mechanisms and policies which encourage private investors to set up venture capital funds.
Nguyen Trung Chinh, chairman of CMC Corporation, said at the dialogue that Hanoi should offer incentive policies on land rent and corporate income tax to hi-tech companies, including personal income tax incentives for experts in the sector.
Especially, Chinh said, the administrative procedures should be streamlined so as to create the most optimal conditions for local firms, especially startups, to grow.
He also proposed the municipal government give creative and private companies the green light to implement solutions on urban management, e-governments and smart cities. Besides, Hanoi should let them develop public services under the public-private partnerships.
Hanoi should have sufficient land to build centers for creative technology research. CMC is willing to develop the creative technology research zone that has research centers, incubators and labs, he said.
Hanoi City Chairman Chung pledged to create utmost favorable conditions for startups. The municipal government will team up with central management agencies to formulate policies.
Chung also said the city will kick off work on a software park on Vo Nguyen Giap Street in October.  Hanoi will hand over the land to enterprises responsible for building the zone.

Source: The Saigon Times


Issuance of Work Permit for Foreigner Online

From October 2nd 2017, the issuance of work permits to foreign employees working in Vietnam via Internet will be applied in accordance with the guidance of Circular No. 23/2017/TT-BLDTBXH issued by the Ministry of Labor – Invalids and Social Affairs on August 15th 2017.
Accordingly, the issuance and re-issuance of work permits for foreigners will be made via the electronic portal: Employers must register their account to log into the Portal.

Before at least 7 working days, from the date the foreign worker intends to commence work, the employer must declare the information in the declaration form and submit the application for work permit via the electronic portal. The dossier includes: The declaration form and enclosed papers in accordance with the provisions of law on e-transactions and management of foreign laborers working in Vietnam; if the attached documents are in the form of paper, the employer must convert to electronic versions like pdf, doc, docx or jpg.
Within 5 working days from the date of receiving the dossier, the licensing agency shall reply via email to the employer. If the dossier is invalid, the licensing agency must clearly state the reasons.
Upon receipt of the result of notification of valid dossiers, the employers shall submit directly or by post the originals of the work permit application dossiers to the licensing agency for inspection, comparison and archive regulations. Within a maximum of 08 working hours from the date of receipt of the original application, the licensing agency shall return the result to the employer.
This Circular comes into effect from October 2nd 2017.
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Propose to Remove Nearly 2,000 Business Conditions

The Ministry of Planning and Investment has proposed to remove nearly 2,000 business conditions from ministries and sectors that are thought to cause difficulties and obstacles for businesses.
According to the report of the Ministry of Planning and Investment submitted to the Government, this agency proposed to remove 1,930 requirements and conditions on business that are considered as sublicenses hinder business for a long time. Of these, the Ministry proposed removing all or part of 302 financial conditions. In addition, 85 business conditions on location and 1,336 conditions on production capacity, 127 conditions on business methods, 80 conditions on planning… are proposed to be abandoned entirely.

In addition, other business conditions related to human resources issues (except for some professions that require professional qualifications and experiences such as doctor and auditor) and some conditions with inappropriate contents, the Ministry also recommends the abolition of all or part.
According to the report of the Central Institute for Economic Management (CIEM), there are about 4,284 business conditions, corresponding with 243 conditional investment businesses. Of these, the Ministry of Industry and Trade has the highest number of business conditions with 1,152 conditions; next is the Ministry of Agriculture and Rural Development, Ministry of Health…
Most of these business conditions are creating unreasonable barriers to investment, entry into the market, limiting the number of newly registered businesses, increasing production costs, discouraging businesses.
Moreover, business conditions also reduce market competition, productivity and competitiveness of the economy. Businesses also face with many risks in the process of operation when many business conditions are unclear, creating opportunities for the arbitrariness of state management agencies and the harassment of officials… These effects are going backwards and hinder the Government’s resolve to improve the business environment and cut costs for businesses.


Vietnam Can Issue Permanent Residence Card to Foreign Investors in Phu Quoc

The Ministry of Planning and Investment proposed a series of preferential mechanisms for Phu Quoc special economic zone.
The Ministry of Planning and Investment has just submitted to the Government a draft Law on Special Administrative Units. In this draft, the Ministry proposes a series of mechanisms to attract investment capital and foreign experts to live and work in Phu Quoc special economic zone.
Specifically, according to the draft law, Phu Quoc is prioritized investment to become a center for trade, high-end services and international procurement. This will be the only special zone to be prioritized for the development of fisheries, aquaculture and processing and fishery logistics.

According to the Ministry of Planning and Investment, the potential advantages of Phu Quoc can completely develop into a commercial center, eventhough Phu Quoc is located far from the land and there are only two main lines of transportation that are airway and sea. Phu Quoc also has favorable conditions for hydro-meteorology, natural environment, mountains, forests, marine and ecosystems; moderate weather, favorable for year-round tourism development. Especially, Phu Quoc has a large fishing ground and potential for aquaculture.
In addition, Phu Quoc has fertile farmland, large forest land, occupies 63.2% of the total natural land area, facilitates the development of agricultural economy and sustainable eco-tourism development.
Like other two special economic zones, which are Van Don (Quang Ninh), Van Phong (Khanh Hoa), the Ministry of Planning and Investment proposed a series of incentives for Phu Quoc such as income tax exemption for 5 years, but not exceed 2030 for individuals who have taxable income arising in the special economic zone. In subsequent years, the personal income tax payable will be reduced by 50%.
For managers, scientists and highly qualified experts with income subject to personal income tax in the 3 special economic zones mentioned above, they are also entitled to tax exemption until the end of 2030 and 50% reduction of tax amount in the remaining years.
In addition to the application of general incentives for special economic zones, Phu Quoc has also been proposed to enjoy a separate mechanism, such as raising the level of allowances from 30% to 50% of the basic salary for officials and employees working here.
In particular, in order to encourage investment, the Government of special economic zone will issue permanent residence cards to individual foreign investors with investment projects of 5 million USD or above, with the residence time of 5 years or more in Phu Quoc and not breaking the law.
Regarding infrastructure, according to the Ministry of Planning and Investment, infrastructure of Phu Quoc has been invested quite synchronously to meet the needs of large-scale tourism development. Many high-class and large-scale resorts have come into operation. The Politburo has agreed to open casino project in Phu Quoc for the Vietnamese.
For Van Don special economic zone, according to the Ministry of Planning and Investment, priority will be given to develop island eco-tourism, innovative industries and high-tech agriculture.
Van Phong, in particular with its location, will be promoted to develop deep-water ports, logistics services, medical services, high-quality resort…
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Vietnam expects foreign investment to hit record $16 billion this year

Cheap labor continues to be a magnet for foreign investors.
Actual foreign direct investment flowing into Vietnam is forecast to rise to a record high this year as the country continues its efforts to improve the economic climate, an official has said.

Dang Huy Dong, deputy minister of Planning and Investment, was quoted as saying in a Bloomberg report that disbursed FDI will exceed $16 billion this year, and pledged investment will reach $28 billion.

“FDI growth is very impressive so far this year and we expect it to continue,” he said. The country received $15.8 billion of actual investment last year, which was up 9 percent from 2015, according to the ministry.

Dong said the government would continue to improve the business environment as it aims to draw more investment into areas including exports, energy and high-technology.

The fate of the Trans-Pacific Partnership, the biggest trade deal Vietnam has ever engaged in, is hanging in the balance following the U.S. withdrawal.

But Vietnam is shrugging off the uncertainty as its low wages and young workforce continue to play an effective investment magnet, Bloomberg said.

FDI inflow into Vietnam rose 6.5 percent in the first half of this year to $7.72 billion, according to figures from the ministry.

Pledges for new projects and additional investment were up nearly 55 percent on-year at $19.22 billion, with nearly half heading to the manufacturing and processing industries.

Vietnam’s Prime Minister Nguyen Xuan Phuc has established a board of experts, including economists from France, Japan, Singapore and the U.S., who will advise him on economic matters.

He also expressed support on Wednesday for a draft law that aims to double foreigners’ home ownership terms in Vietnam to 99 years in special economic zones.

The government has set an economic growth target of 6.7 percent for this year, one considered ambitious by many experts, especially after a relatively sluggish first six months. The IMF and HSBC have revised their growth forecasts for Vietnam down to 6.3 and 6 percent, respectively.

The central bank cut key policy interest rates for the first time in three years last month to spur growth.

Source: Vnexpress

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The procedure to setup a foreign investment enterprise in Vietnam

Investment Registration Certificate obtaining
Foreign investor who set up an investment project in Vietnam needs an investment registration certificate. In some case, you should need to register the investment project with provincial-level People’s Committees.
Dossiers: An investment project dossier must comprise a written proposal for implementation of the investment project; a copy of the establishment decision or an equivalent document certifying the legal status, for institutional investors; Proposals for the investment project, Proposals on land use or a copy of the site lease agreement or another document certifying that the investor has the rights to use the site used for project implementation.

Recipient: Provincial-level Planning and Investment Departments of the localities where investors locate or intend to locate their head offices or executive offices to implement investment projects.
Period: Within 15-20 days (except weekend) from the day a complete dossier, the investment registration agency shall grant an investment registration certificate. In case of refusal, it shall issue a written reply clearly stating the reason to the investor.
Business Registration Certificate obtaining
After receiving the investment registration certificate, you could carry out the procedure to enterprise registration:
A complete dossier comprise document which is required under Decree 78/2015 of the Government according to the type of business should need to submit directly to the Business Registration Office which is affiliated to the Department of Planning and Investment of the province or online on
Period:  within 03 working days after receiving a complete dossier.
Fee: After receiving the certificate of business registration, or confirmation of change of enterprise registration information in terms of business lines, founding shareholders, foreign shareholders, the enterprise shall pay a fee for publishing enterprise registration information
Company seal
Before using a seal design of an enterprise or its branch/representative office, the enterprise must send a notification to Business Registration Office of the province where the enterprise, branch, or representative office is situated in order to post the seal design on National Business Registration Portal.