How to Close a Business in Vietnam?

All corporations, companies, partnerships, branch offices, representative offices and other business entities are legal entities in Vietnam which can only be dissolved through formal procedures. I. What are the major challenges with closing a business in Vietnam? The main thing to remember throughout the process is that the dissolving company, a branch office or a representative office, one should pay close attention to the involvement...

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Why Investors Should Set-up Business in Phu Quoc?

The improvement in infrastructure system along with the preferential policies have stimulated investors to come to Phu Quoc to set-up company and do business. Phu Quoc, an island in Kien Giang of Vietnam is in the top of three islands having tourism potential in Southeast Asia comparable to Phuket in Thailand and Bali in Indonesia. Phu Quoc has become a magnet for attracting huge investment flows from foreign investors in the area of real...

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How to Import and Trade Medical Device

Import of medical device is a complicated process under Vietnam laws as it applies and impacts on human bodies. Ministry of Health is the Vietnam State Authority governing the import permit of medical device that requires import permit. Lawyers of law firm in Vietnam with experience in medical device should be consulted for the import licensing and sub-licensing process to ensure smooth experience. 1. Introduction about Medical Device According...

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Swedish firms look to spur investment in Vietnam

HCMC – Several leading Swedish businesses expressed their intentions to expand investment in Vietnam during a meeting with Prime Minister Nguyen Xuan Phuc in Stockholm on May 27. Most of the participating companies, including Electrolux, Oriflame, Scania, ABB, Ericsson, Tetra Pak, and Volvo, have already been investing in Vietnam for many years, reported the Vietnam News Agency. Foreign InvestmentLawyers in Vietnam In his opening...

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Simplifying the Procedure for Foreigner to Reside in Vietnam

For foreigners wishing to come to Vietnam to work and reside temporarily, they need to either set-up a company in Vietnam or work for others. The owner of the company does not need a work permit but still need to apply for temporary residence card. However, the foreign employee will need the employer to sponsor the work permit in Vietnam before applying for temporary residence card. A recent draft law on entry, exit and residence of foreigner...

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Visa, Work Permit and PIT – What Enterprises Should Consider When Employing Foreign Workers in Vietnam

Enterprises employing foreign workers in Vietnam should be aware of issues on visa, work permit, liability of enterprise related to Personal Income Tax (PIT) of the foreign employee as declaration, payment and finalization to ensure legal compliance. Visa Foreigners eligible working in Vietnam are foreign investors whom contribute capital to set-up company in Vietnam, chief representative of NGO, lawyers licensed by Vietnam Ministry...

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The Essential Information on Certificate of Origin from Vietnam

According to Decree No. 31/2018/ND-CP guiding Law on Foreign Trade Management in terms of origin of goods: “The Certificate of Origin means a written form or other form of equivalent legal validity granted by competent authority belonged to country, group of countries or territories exporting the goods based on regulations and requirements of origin, specifying origin of this goods”. Set-up business in Vietnam We comprehend that the...

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How Could a Vietnamese Change the Name?

According to the civil laws in Vietnam, a citizen’s full name including first name, middle name and last name has been registered at birth in the birth certificate when properly issued. If a Vietnamese wishes to change the name, there must be a legitimate reasons and the process and procedure have to follow Vietnam Civil Code. Individuals may request competent state agencies to recognize the change of name in the following cases: a)...

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Cybersecurity law in Vietnam and data privacy issue

Vietnam’s cybersecurity law has been passed on 12/6/2018, will officially come into effect on Jan 1st, 2019. This new law attracts attention, and contributions from many people. From the state management’s perspective, Cybersecurity Law is to protect national security. From business and users’ perspective, organizations that provide Internet services, social networks service, IT services companies, Fintech services, ecommerce websites and individuals...

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Definition and Classification of Cosmetics in Vietnam

The definition of cosmetic in Vietnam regulations is currently compatible with the definition of ASEAN Cosmetic Convention provided in Article 2.1 of Schedule B of ASEAN Cosmetic Directive. Accordingly, cosmetic product is a substance or a preparation which is used for touch with outside parts of human body (skin, hair system, finger nails, toenails, lip, and outside reproduction organ) or teeth and mouth mucous membrane with main purpose in...

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How Foreigners Could Work in Vietnam Legally

Foreigners working in business set-up in Vietnam are expatriates which are normally required work permit in Vietnam. As the Vietnam law’s restrictions to encourage employment of local employee over foreign employee, normally, the employment of an expatriate is limited to a managerial position or to a position which Vietnamese employee are not yet qualified. There are exemption of work permit in Vietnam as following cases: A capital...

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Differences Between Limited Liability Company and Joint Stock Company

Vietnam Law allows the establishment of a company in Vietnam in various forms. It is an important step in investment process. Investors could choose different forms depending on the needs and capacity on the ability to raise capital and sharing the risk in business as well as the management and operating costs. Each form will have its own organizational structure, operating mechanism, rights and obligations specified under Law on Enterprise...

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Authorized Representative of the Company Under New Law on Enterprises

In order to raise the standard of business in Vietnam, Law on Enterprises 2015 reduced many administrative procedures of establishing and running a business, including the representative authorization of the member or shareholder of the company. One of the distinguished amendments: authorized representative of the member or shareholder which is legal entity is not required to inform the licensing authority (i.e. Department of Planning...

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Vietnam and ASEAN Cosmetic Regulations

Vietnam cosmetic regulations are compatible with the ASEAN cosmetic regulations. On September 2nd 2003, on behalf of the Government of Vietnam, the Vietnam Minister of Trade and Commerce signed an agreement on the ASEAN harmonized Cosmetic Regulatory Scheme, in which, the terms specified in the agreement is fully implemented since January 1st, 2008. Cosmetics lawyers inVietnam The agreement aims to unify cosmetic management in the...

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Birth Registration with Foreign Element

From January 1st 2016, the Law on Civil Status of 2014 went into effect, replacing other documents on the registration and management of civil status. Accordingly, the law has clearly defined the authority for registration and management of civil status of the Commune People’s Committee and the District People’s Committee. Commune People’s Committee in charge of the registration and management of civic status that do not have foreign element....

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Investment Incentives for IT area in Vietnam

Vietnam is attracting investors from around the world to make investment through setting up IT service company in Vietnam Since 2010, Vietnam has initiated and invested more resources in the information technology which has been realized as an area that could create a competitive edge for Vietnam. Recently, the Vietnam government has put a legal frameworks to attract more investment in this area, with the issuance of Decree No.154/2013/ND-CP,...

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List of Investment Sectors With Conditions Applied to Foreign Investors

In general, investment is encouraged in Vietnam. However, when setting up a company in Vietnam, foreign investors need to be aware of investment sectors with conditions applied to foreign investors in Vietnam. Investment law firm inVietnam The following sectors with investment conditions are issued with Decree 108/2006/ND-CP dated September 22nd 2006 of the Government on guiding the implementation of some Articles in the Law on Investment: 1....

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