Granting investment registration certificate (IRC) to foreign investor in Vietnam

With a fast growing economy and a population of over 90 million people, Vietnam is considered a destination to attract foreign investors. In order to set up a company in Vietnam, foreign investor should pay attention to compliance with the regulations on registration for granting investment registration certificate (IRC).

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1. Forms of foreign direct investment into Vietnam

Vietnamese law stipulates that foreign investor include individuals with foreign nationality and organizations established under foreign laws to carry out business investment activities in Vietnam. Foreign investor may invest directly in Vietnam through:

– Investment in the establishment of economic organizations;

– Investment in the form of capital contribution, purchase of shares or capital contributions in an existing economic organization.

In case an investor establishes a foreign-invested company in Vietnam, it is necessary to have an investment project and carry out the procedures for the grant of an investment registration certificate (IRC) according to the provisions of law.

2. Dossier requesting investment registration certificate

Foreign investor prepare documents including the following documents:

1. Written request for implementation of investment project;

2. Proof of investor’s status

– A valid copy of identity card, citizen identification or passport for investors being individuals;

– Copy of Certificate of Establishment, Certificate of Business Registration or other equivalent documents certifying the legal status of institutional investors.

3. The investment project proposal contains the following contents: investor implementing the project; investment objectives; investment scale; investment capital, capital raising plan; location, time, progress of investment; labor use demands; Proposal to enjoy investment incentives; assess the socio-economic impact and efficiency of the project;

4. Copies of documents proving the financial capacity of the investor:

– Financial statements of the latest 2 years, commitment of financial support of the parent company, commitment of financial support of financial institutions to institutional investors;

– Storm of financial capability of the investor, documents explaining the financial capacity of the investor;

– Commitment to arrange foreign currencies by credit institutions for investors.

5. Proposal of the demand for land use, in case the project does not request the State to allocate, lease or permit conversion of land use purpose, then submit a copy of the lease contract of the location for the execution of the investment project;

6. Explanation on technology use for projects using technology on the List of technologies restricted from transferring according to law provisions. Including technology-related contents: name, origin, process diagram; specifications, usage status, equipment and main technological lines;

7. BCC contract with an investment project in the form of BCC (Business Cooperation Contract).

3. Competence to grant investment registration certificate (IRC)

After preparing all the documents mentioned in Section II, the investor submits the application for the Investment Registration Certificate to the Department of Planning and Investment of the province/city where the investment project is headquartered. If the location of an investment project is located in an industrial park, export processing zone or hi-tech park, the dossier shall be submitted to the Management Board of such industrial park, export processing zone or hi-tech park.

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