How to Set up Business Venture in Vietnam?

How to Set up Business Venture in Vietnam?

To help foreigners start a business in Vietnam, we would like to introduce the service to assist in setting up business venture in Vietnam.

Foreign investors could make direct invest in Vietnam through setting up 100% (100 percent) capital of foreign investors, or setting up joint venture  between domestic and foreign investors or putting resources into the legally binding types of: BTO, BTO, BT, BCC, and BO.

Types of enterprise for foreign investors to invest in Vietnam are as following:

Limited Liability Company (LLC)

A limited-liability company  (LLC) may not issue securities to mobilize capital.

Joint Stock Company (JSC)

The main difference between Joint Stock Company (JSC) and Limited Liability Company (LLC) is the Joint Stock Company (JSC) can raise funds by offering shares or securities.

In addition, an enterprise tends to join the Stock exchanges or public company must be a Joint Stock Company (JSC).  Management system of JSC is more complicated than LLC.

Partnership

Unlimited liability partners must be individuals who shall be liable for the obligations of the company to the extent of all of their assets.  Meanwhile, Limited liability partners shall only be liable for the debts of the company to the extent of the amount of capital they have contributed to the company.

Representative Office of Foreign Trader

Representative Office  is not permitted to straightforwardly lead benefit making exercises in Vietnam (i.e: the execution of agreements, deal or acquisition of products, or provision of services...

Branch of Foreign Trader

In accordance with the law of Vietnam and any international treaty that the Socialist Republic of Vietnam is a member of, the Branch of Foreign Trader is permitted to carry out activities such as the purchase and sale of goods and other commercial activities with its license for establishment.

Investing by Signing Contracts

BBC contract (Business co-operation contract) means the investment form signed between financial backers to co-work in business and to share benefits or products without creating a legal entity.

Fabricate work move contract (BOT) means the investment form signed by a competent State body and an investor in order to construct and operate commercially an infrastructure facility for a fixed duration; furthermore, upon expiry of the duration, the investor shall, without compensation, transfer such facility to the State of Vietnam.

BTO contract (Build-transfer-operate contract) means the investment form signed by a competent State body and an investor in order to construct an infrastructure facility; however, upon completion of construction, the investor shall transfer the facility to the State of Vietnam. Then the Government shall grant the investor the right to operate commercially such facility for a fixed duration in order to recover the invested capital and gain profits.

BT contract (Build-transfer contract) means the investment form signed by a competent State body and an investor in order to construct an infrastructure facility; and, upon completion of construction, the investor shall transfer the facility to the State of Vietnam. Then the Government shall create conditions for the investor to implement another project in order to recover the invested capital and gain profits or to make a payment to the investor in accordance following an agreement in the Build-transfer contract.

Foreign investors may sign BT contract, BTO contracts and BOT contract with a competent State body to implement infrastructure construction projects in Vietnam. Especially, The contracts are for projects in the fields of electricity production, drainage, transportation, water supply, and waste treatment...

At ANT Lawyers - a law firm in Vietnam, Our English speaking lawyers help clients overcome cultural barriers and achieve their strategic and financial outcomes, and regulatory compliance while doing business in Vietnam. 

Read More

Italian investors want to invest in Vietnam

Economic and trade cooperation between Italy and Vietnam has created an exciting period than any time in recent memory. As of late, the Italian government has included Vietnam in the rundown of 20 nations that keep focusing on advancing exchange and venture until 2030.

On July 5th, 2022, the Vietnam-Italy Economic Cooperation Seminar the subject "Vietnam – A business and investment destination for Italian businesses" was organized by the Federation of Industry of Pisa province and Italian Chamber of Commerce in Vietnam (ICHAM), with the cooperation of Vietnamese Ambassador to Italy, the designation of the Embassy, heads of Pontedera cities, Pisa, Cascina, Calcinaia, heads of the Confederation of Industry of Pisa Province, and local businesses of the area of Pisa and the Tuscan region.

Vietnam is as of now Italy's biggest exchanging accomplice the Relationship of Southeast Asian Countries (ASEAN), while Italy is Vietnam's fourth biggest accomplice in the European Association (EU). Two-way exchange turnover 2021 will arrive at USD 5.6 billion, the most significant level ever, an increment of 20% contrasted with 2020. There are in excess of 110 Italian ventures putting resources into 18 regions and urban communities of Vietnam and working effectively. As of late, the Italian government kept on remembering Vietnam for the rundown of 20 nations that keep on focusing on advancing exchange and speculation until 2030.

Why Italian companies should invest and do business in Vietnam?

One is the dynamism of Vietnam's economy. Second, the deep integration of Vietnam's economy, which is a member of 16 Free Trade Agreements (FTAs) at the moment. These FTAs include brand-new and substantial ones like EVFTA, RCEP, and CPTPP. Third is Vietnam's changes and improvement needs. Fourth is the actions to help from the Italian government for organizations, particularly little and medium undertakings, in advancing "Made in Italy" items and internationalizing developing business sectors. Fifth is the reinforcing of trades and common figuring out between the people groups of the two nations.

The Vietnam Ambassador accepts that the meeting is a valuable chance to trade data and the kickoff of new participation projects sooner rather than later among Tuscany and Vietnam to upgrade this profoundly expected reciprocal collaboration. The Vietnam Ambassador communicated his expectation that an ever increasing number of Italian organizations overall and Toscana specifically will proceed with the outcome of Italian organizations putting resources into Vietnam, setting up company in Vietnam exploiting Tuscany area, with qualities in social qualities, long history, the travel industry, cooking, wine, design and workmanship items, and high innovation.

A representative of Esanastri printing organization, which has a factory set up in Vietnam, underscored that, notwithstanding lengthy involvement with the field of assembling silk-printed enhancements and 3D logos, as well as future arranging while moving the creation of head protector decorations, glue illustrations and 3D symbols to Vietnam, it was the cordial business climate in Vietnam that turned into an unequivocal variable for the improvement of the organization. Until now, Esanastri Vietnam has 50 workers and has produced more than half a million decorations with a turnover of about 3 million euros in 2021.

A representative of Segis organization, which likewise has a factory set up in Vietnam, imparted to the gathering participants about the triumphs of Segis Vietnam organization when the organization's furniture items with own plan has won many plan grants from the Modern Plan Relationship in Italy (Compasso D'oro), traded to Italy, Europe and USA for the beyond 10 years.

Vietnam Ambassador has required the help of the city experts in illuminating and supporting businesses doing business and investing and establishing companies in Vietnam, making good circumstances for trade exercises, culture and exchange among Vietnam and Italy inside the system of exercises to praise the 50th commemoration of the foundation of political relations between the two nations. 

Read More

ANT Lawyers - International Law Firm in Vietnam

How ANT Lawyers – International Law Firm in Vietnam Could Help Your Business?

ANT Lawyers is a reliable law firm in Vietnam with English speaking lawyers and has been ranked as a leading law firm by well-known legal editorials, including The Legal 500. The firm is an exclusive Vietnam law firm member of Prae Legal, a global law firm network

ANT Lawyers – An International law firm in Vietnam has a team of experienced lawyers who can help with a wide range of legal matters, including:

Corporate law

M&A

Dispute resolution

Intellectual property

Real estate

Labor law

Tax law

Immigration law…

Related Post: English speaking law firm in Hanoi

Why you should choose ANT Lawyers?

-Experienced English speaking lawyers

-Strong international network

-Excellent reputation

-Reasonable fees

-Client satisfaction: ANT Lawyers has a high client satisfaction rating.

-Continuing education: The lawyers at ANT Lawyers are constantly attending continuing education courses to stay up-to-date on the latest legal developments.

Overall, ANT Lawyers is a reliable law firm in Vietnam that can provide you with high-quality legal services.

ANT Lawyers - Your Reliable Law Firm in Vietnam 

Read More

Company formation in Vietnam- How to proceed?

Company Formation in Vietnam?

Foreign investors may put resources into the type of 100 % funding to set up company  in Vietnam, being joint stock company, limited liability company, partnership company. In recent years, the openness policy of the Vietnamese government has made company formation in Vietnam easier.

To receive investment registration certificates, first-time foreign investors in Vietnam must have investment projects and complete investment registration or examination procedures at state investment agencies.

Business registration certificates shall concurrently be investment certificates. Company with 100% foreign capital has established and operated from the date of issuance of the business registration certificates

Vietnam company formation dossiers

-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 business registration certificate or establishment decision, or other equivalent document, for member organizations;

-Copies of the people’s identity card, passport, the authorization document, or other lawful personal certification, for authorized representatives.

-Within three months of the date of submission of the business registration dossier, copies of the foreign member organizations' business registration certificates must be authenticated by the organizations' registered agencies;

-Written authorization of the investor in case investor is organization and valid copy of  the legitimate individual affirmation of the approved delegate. Documents in foreign languages must be converted into Vietnamese, authenticated and legalized;

-The Business Cooperation Contract (BCC) or the joint-venture contract

-Other documents required by Vietnam law

Vietnam company formation would take anywhere from 30 days. If the investment area is conditional or the State government must examine the investment project, additional time may be required.

Special licenses, minimum capital or other conditions might be required in certain investment projects.

How a law firm in Vietnam would help with company formation in Vietnam?

While the process of company formation in Vietnam is straight forward more often than not, there are numerous circumstances which it would be better that the client draws in a law firm in Vietnam to help with record planning, legitimate interpretation, legally approbation, and verification of utilization dossiers. 

Read More

The Importance of Legal Translation Services in Vietnam

The Importance of Legal Translation Services in Vietnam

In an undeniably globalized world, viable correspondence across language boundaries is essential, especially in legitimate issues. Legitimate interpretation administrations in Vietnam assume an essential part in crossing over language barriers and guaranteeing precise comprehension and translation of lawful messages and records.

Legal translation is a profoundly specific field that requests mastery in both legitimate ideas and language proficiency. The complicated idea of overall sets of laws, phrasings, and designs expects interpreters to have thorough information on the source and target dialects, as well as profound experience with the legal systems involved.

In Vietnam, where official procedures and documentation are directed in Vietnamese, the requirement for exact interpretation emerges while managing worldwide exchanges, contracts, protected innovation freedoms, and other lawful issues including unfamiliar elements. Failure to effectively translate legal documents can prompt misconceptions, legal disputes, and compromised arrangements, possibly bringing in financial loss or damage to reputation.

Accuracy is vital in lawful interpretation, as even a minor blunder or exclusion can have huge results. Legitimate experts depend on exact and dedicated interpretations to accurately appreciate and decipher authoritative reports. By using proficient legal translation services in Vietnam, clients benefit from interpreters who have phonetic abilities as well as particular lawful information. These interpreters comprehend the intricacies of lawful wordings, guaranteeing that each term and idea is precisely deciphered, saving the expected importance and legitimate ramifications of the original document.

Besides, proficient lawful interpreters follow a thorough quality control process, including editing, altering, and checking, to ensure the precision and consistency of the translated text. This attention to detail guarantees that clients can believe the interpreted reports for lawful purposes, staying away from potential legal traps brought about by wrong interpretations.

Language is profoundly interwoven with culture, and legitimate interpretation should consider social subtleties to pass on the expected message precisely. With regards to Vietnam, a country with its own special social and lawful qualities, proficient legitimate interpreters have a nuanced comprehension of the local legal system This commonality permits them to precisely interpret lawful ideas and adjust the language to line up with social standards and legitimate practices.

In the legal field, time is frequently of the essence. Proficient legitimate interpretation administrations in Vietnam focus on convenient conveyance without compromising exactness. Interpreters stick to settled cutoff times, empowering clients to continue with official procedures, agreements, or exchanges without pointless deferrals. Furthermore, legitimate interpretation specialist organizations maintain severe secrecy norms. Secrecy arrangements and secure information taking care of conventions are executed to safeguard clients' data, guaranteeing that lawful interpretations are dealt with the greatest possible level of amazing skill and privacy.

In conclusion, in the present globalized legal scene, precise correspondence is basic for fruitful legitimate results for financial backers and money managers carrying on doing business in Vietnam. The utilization of expert legal translation services in Vietnam ensures precision, keeps up with the trustworthiness of legitimate correspondences, and improves the general viability of legitimate cycles in Vietnam's assorted and dynamic legal environment. 

Read More

Forms of Setting up company in Vietnam

Forms of Setting up company in Vietnam

According the Vietnam Law on Enterprises, there are four common types of companies:

-Private enterprise

-Partnership

-Joint stock company

-Limited liability company

-Private enterprise is a business run by a single person who is responsible for all of its operations and owns all of its assets;

-Partnership is an organization in which (i) at least two partners co-own the business and operate jointly under a single name; There may be limited partners in addition to general partners; ii) A partnership's general partners must be individuals who are fully responsible for the partnership's obligations with their entire property: iii) Limited partners are only responsible for the partnership's debts up to the amount of their capital contribution;

-Joint stock company is an enterprise where i) Its contract capital is partitioned into equivalent bits known as shares; ( ii) Shareholders may be individuals or organizations; the base number of investors will be three and will not be confined to a specific most extreme number; ( iii) Its shareholders are only responsible for the debts and other property obligations of the company up to the value of their capital contribution; ( iv) Shareholders will be free to transfer their shares in accordance with the law;

-Limited liability company (also known as a single-member or multi-member limited liability company). A one-member limited liability company is an enterprise which is owned by one organization or individual (hereinafter referred to as the company owner); Within the company's charter capital, the owner is responsible for the company's debts and other property obligations. A business is a limited liability company if: i) Members may be individuals or organizations; The number of members in total cannot be more than fifty; ( ii) Individuals are answerable for obligations and other property liabilities of the undertaking inside how much capital that they have resolved to add to the endeavor; ( iii) The members' capital shares can only be transferred in accordance with the law.

ANT Lawyers is a law firm in Vietnam with international standards, recognized by IFLR1000 on Financial and Corporate practice. The firm provides a wide range of legal services, including M&A, corporate establishment, business advisory, tax advisory, dispute resolution for multinational and domestic clients. 

Read More

Vietnam is an attractive destination for startups

 According to Bloomberg, Vietnam is an attractive destination for startups in 2023

The international press reported that Vietnam's economy has been struggling domestically and internationally in 2023. However, there are still encouraging signs regarding the economy's potential for growth. In the meantime, Vietnam is also focusing on long-term economic growth to encourage startups to start businesses, invest, and do business in Vietnam.

As the boom period of reopening following COVID-19 comes to an end in 2023, the economy is returning to a long-term growth trajectory. Vietnam wants to spend 7% of GDP on infrastructure this year to support economic growth and ensure that FDI will continue to flow into the country for years to come.

In the future, Vietnam's economy is being strengthened by foreign direct investment. Vietnam is an ideal location for tourists and foreign investors to set up company in Vietnam due to its favorable business climate, stable political environment, sustainable macroeconomic development, abundant labor force, and low cost.

According to experts, the situation is very bad all over the world, but Vietnam has been recovering and getting back on track with its development. There will still be obstacles, such as the possibility of a recession and global protectionism, which reduces export demand. However, there will still be many advantages, and foreign investment, investment in human resources, and infrastructure, will drive growth in a variety of ways. In addition, the recovery of consumer and business confidence is expanding rapidly. Domestic demand has returned to normal.

According to Bloomberg, Vietnam is a desirable location for startups due to its abundance of skilled engineers, low labor costs, and rapidly expanding economy. By 2030, Vietnam wants to make Ho Chi Minh City a "magnet" for technology investments and a digital economy.

Vietnam is now a major hub for manufacturing and a crucial link in the global supply chain. As a result, increasing automation is crucial for economies and businesses. One of the primary drivers is the rapid improvement in labor productivity and digitization of the value chain. Vietnam's economy has great potential for rapid growth and digital transformation across all sectors.

Concerning the factors that ensure Vietnam's growth, there is a consensus. These elements incorporate speeding up primary and institutional changes, profoundly taking part in new-age economic alliances, improving unfamiliar speculation fascination, speeding up computerized financial change, and profound mixing into the worldwide store network.

Read More