How to obtain an
Investment Registration Certificate in Vietnam?
As Vietnam integrates further into the global supply chain,
foreigners are more and more encouraged to invest in Vietnam in many areas for
pursuing profit. The foreign direct investment of the
foreigners is required to be registered at Vietnam state authority to protect
the rights of the investor.
According to the Law on
Investment 2014, investment projects of foreign investors; projects of setting
up a economic organization in which foreign investors holding 51% of charter
capital or more or the majority of the general partners are foreigners in a
partnership; projects of BCC contract between domestic investors and foreign
investors or between domestic investors and economic organization which foreign
investors holding 51% of charter capital or more or the majority of the general
partners are foreigners shall need to conduct the procedure of applying
investment registration certificate as regulations of law.
Preparation of dossier
·
A written request for
permission for execution of the investment project;
·
A copy of the ID card or
passport (if the investor is an individual); a copy of the Certificate of
establishment or an equivalent paper that certifies the legal status of the
investor (if the investor is an organization).
·
An investment proposal
that specifies: investor(s) in the project, investment objectives, investment
scale, investment capital, method of capital rising, location and duration of
investment, labor demand, requests for investment incentives, assessment of
socio-economic effects of the project;
·
Copies of any of the
following documents: financial statements of the last two years of the
investor; commitment of the parent company to provide financial support;
commitment of a financial institutions to provide financial support; guarantee
for investor’s financial capacity; description of investor’s financial
capacity;
·
Demand for land use; if
the project does not use land allocated, leased out by the State, or is not
permitted by the State to change land purposes, then a copy of the lease
agreement or other documents certifying that the investor has the right to use
the premises to execute the project shall be submitted;
·
Explanation for
application of technologies to the project which specifies: names of
technologies, origins, technology process diagram, primary specifications,
conditions of machinery, equipment and primary technological line;
·
The business cooperation
contract (BCC) (if the project is executed under a BCC).
Order and Procedure
·
Investors submit the
dossier at Department of Planning and Investment (or management of economic
zones, high-tech zones);
·
Within 15 working days
from the date of receipt of a complete and valid dossier, the competent
authority shall grant the investment registration certificate for
investors.
In practice, the time
duration would be lengthened due to the time for preparation of documents from
investor, getting them notarized, legalized and authenticated before being
accepted in Vietnam. The documents in foreign languages shall need to be
translated into Vietnamese. The actual time for processing paper at the
State authority would also last longer in practice when the State authority
evaluate the project plan of the investor to ensure that its investment purpose
is achievable economically and in accordance to the regulations of
Vietnam. It is advised that the client engage professional law firm in
Vietnam to assist with advisory and investment registration
process.
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