Da Nang – Boras (Sweden) cooperates in the field of science education

On the afternoon of January 15th, 2021, the People’s Committee of Da Nang City in collaboration with the city government of Boras (Sweden) organized an online seminar on the UN’s sustainable development goals to 2030, within the framework of the project “Scientific education for sustainable development in Da Nang” cooperation between Da Nang and Boras.

 

Based on the UN’s sustainable development goals up to 2030, in which education, environment, science, and technology development are the goals that Da Nang cares for and develops. The city seeks to ensure quality, open and equitable education and increase lifelong learning opportunities for all the citizens, ensure availability and sustainable management of water resources of the city, build solid infrastructure, promote open and sustainable industrialization, and encourage innovation. The city takes urgent measures to combat climate change and its impacts, conserve and sustainably use the oceans, seas, and marine resources for sustainable development, protection, regeneration, and promotion encourage the sustainable use of terrestrial ecosystems, manage forest resources sustainably, combat desertification, prevent soil erosion and loss of biodiversity.

For the Boras city -Sweden, with the goal of sustainable development, Boras city focuses on implementing a number of contents such as improving the institutional system, policies, strengthen information and communication, promote the role and participation of the parties, arrange, mobilize and strengthen financial resources, and strengthen international cooperation.

Da Nang hopes that science education project for sustainable development in Da Nang, which is cooperated between Da Nang and Boras, will have specific activities, contributing to improving the capacity of science education, promoting innovation associated with sustainable development goals in the city.

Da Nang and Boras have cooperated for many years, with many policies to attract and support Swedish investors. Many Swedish investors and enterprises have chosen Da Nang as the investment destination in Vietnam to set up company, establish factory, apply for investment registration certificate. In the coming time, Da Nang-Boras hopes that more investors from Sweden will invest in the city in wastewater and solid waste treatment projects to further strengthen cooperation in investment, education, and science between the two cities.

ANT Lawyers is a law firm in Vietnam located in the business centers of Hanoi, Danang, Ho Chi Minh city. We provide convenient access to our clients. Please contact our lawyers in Vietnam for advice via email ant@antlawyers.vn or call our office at +84 28 730 86 529

 

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Da Nang – Boras (Sweden) cooperates in the field of science education

On the afternoon of January 15th, 2021, the People’s Committee of Da Nang City in collaboration with the city government of Boras (Sweden) organized an online seminar on the UN’s sustainable development goals to 2030, within the framework of the project “Scientific education for sustainable development in Da Nang” cooperation between Da Nang and Boras.

 

Based on the UN’s sustainable development goals up to 2030, in which education, environment, science, and technology development are the goals that Da Nang cares for and develops. The city seeks to ensure quality, open and equitable education and increase lifelong learning opportunities for all the citizens, ensure availability and sustainable management of water resources of the city, build solid infrastructure, promote open and sustainable industrialization, and encourage innovation. The city takes urgent measures to combat climate change and its impacts, conserve and sustainably use the oceans, seas, and marine resources for sustainable development, protection, regeneration, and promotion encourage the sustainable use of terrestrial ecosystems, manage forest resources sustainably, combat desertification, prevent soil erosion and loss of biodiversity.

For the Boras city -Sweden, with the goal of sustainable development, Boras city focuses on implementing a number of contents such as improving the institutional system, policies, strengthen information and communication, promote the role and participation of the parties, arrange, mobilize and strengthen financial resources, and strengthen international cooperation.

Da Nang hopes that science education project for sustainable development in Da Nang, which is cooperated between Da Nang and Boras, will have specific activities, contributing to improving the capacity of science education, promoting innovation associated with sustainable development goals in the city.

Da Nang and Boras have cooperated for many years, with many policies to attract and support Swedish investors. Many Swedish investors and enterprises have chosen Da Nang as the investment destination in Vietnam to set up company, establish factory, apply for investment registration certificate. In the coming time, Da Nang-Boras hopes that more investors from Sweden will invest in the city in wastewater and solid waste treatment projects to further strengthen cooperation in investment, education, and science between the two cities.

ANT Lawyers is a law firm in Vietnam located in the business centers of Hanoi, Danang, Ho Chi Minh city. We provide convenient access to our clients. Please contact our lawyers in Vietnam for advice via email ant@antlawyers.vn or call our office at +84 28 730 86 529

 

 

 

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Da Nang and Korea cooperate in investment

On December 3, 2020, the representative of Da Nang city held an online investment promotion conference called “Investing in Da Nang” for Korean investors and businesses. The conference with the participation of more than 100 Korean investors and businesses has helped investors and businesses have a new view in their investment implementation in Da Nang market.

The conference has promoted and introduced the business environment and cooperation opportunities investment in Da Nang in the fields of high technology, information technology, services, and smart city support. Recently, in the context of investment capital inflows from Korea tends to shift to Southeast Asia due to the influence of the Covid-19 epidemic and the US-China trade war, Vietnam is considered to be a country which meet enough political, economic, labor and technological conditions to make the shifting investment in an easy way.

At the conference, representatives of Da Nang city affirmed that foreign investment is one of the important resources for the socio-economic development of the city. For many years, the city has always set the goal of attracting investment as the top target, in addition, the city has actively improved the investment environment, issued many preferential policies and supported foreign investors who invest in the city.

In 2020, despite the impact of the Covid-19 pandemic, there are still many investment projects of Korean investors making investments in Da Nang. Until November 2020, Korea is the country which has the most number of projects in Da Nang with 232 projects, and ranked 4th in terms of capital, with a total registered investment capital of more than 376 million USD, episode medium in the fields of services, real estate, industrial production and information technology.

In the current period, with the selection of a politically stable investment location, high quality labor, reasonable investment costs and good disease control ability, Vietnam is the top destination for Korean investors to set up company, set up factory, and make investment in Vietnam. Currently, many large enterprises in Korea have signed Memorandum of understanding with Da Nang city as the first step of cooperation and investment development in Da Nang in the coming years.

We are a law firm in Vietnam with international standard, local expertise and strong international network. We focus on customers’ needs and provide clients with a high quality legal advice and services. For advice or services request, please contact us via email ant@antlawyers.vn, or call us +84 24 730 86 529

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Temporary residence card in Vietnam

If a foreigner have been sponsored work permit in Vietnam to work or he/she decides to set up a company in Vietnam, he/she could be granted temporary residence card to live in Vietnam instead of applying and re-newing business or travel visas every three months.

 

We detail here some procedures which help foreigners to prepare for before applying for temporary residence card.

I. Subjects to be granted temporary residence card

-Members of foreign representative agencies and their accompanying relatives (father, mother, wife, husband, children under 18 years old).

-Foreigners who work with the Institute of the Supreme People’s Procuracy, the Supreme People’s Court, the ministries, ministerial-level agencies, agencies attached to the Government and People’s Committees of provinces and cities directly under the Central Government and the Central offices of mass organizations, mass organizations.

-Foreigners who work in projects already approved by competent state agencies licensed in Vietnam.

-Foreigners who work with businesses in Vietnam has the work permit valued more than 01 year.

-Persons on the payroll of foreign representative offices and branches of economic organization, culture and other professional organizations of foreign non-governmental organizations based in Vietnam.

-Foreigners staying in Vietnam for other purposes.

II. Conditions for implementation

+ Time to stay in Vietnam more than 01 year;

+ Valid passport more than 01 year;

III. The composition, the number of records

1) The composition profile, including

-A written request of agencies, organizations and individuals offering, guarantee and propose for temporary residence card;

-01 declaration of information of foreigners who apply for temporary residence, with photos and sealed by the agency or organization: A written request for temporary residence card (Form N7A); a declaration about Foreigners applying for temporary resident card (Form N7B)

-02 3 x4 cm size photographs;

-01 copies of passport, valid visa, immigration cards (bring original for comparison);

-01 copies or photo (bring the original for comparison) proof of purpose to stay in Vietnam.

As the case may file appropriate documents: investment licenses, permits the establishment of enterprises, work permit in Vietnam, certificate of board members and permits the establishment of representative offices, marriage/birth registration.

2) The number of records: 01 (one).

IV. Implementing agencies administrative procedures:

Immigration management Department, Police provinces and cities directly under the Central Government.

V. Implementation time: 05 to 07 days;

VI. Subjects performed:  by organizations and individuals;

We are a law firm in Vietnam with international standard, local expertise and strong international network. We focus on customers’ needs and provide clients with a high quality legal advice and services. For advice or services request, please contact us via email ant@antlawyers.vn, or call us +84 24 730 86 529.

 

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Trade cooperation between Vietnam and Germany and potential future

After 45 years of establishing diplomatic relations between Vietnam and Germany (from 1975 to 2020), Germany and Vietnam have had cooperation programs in many fields such as culture, economics, education, and health. Especially, after the Vietnam-EU Free Trade Agreement (EVFTA) came into effect, the commercial cooperation relationship between the two countries has developed.

EVFTA is an opportunity for Vietnamese businesses to expand their markets to European countries, including Germany. On the contrary, this is also an opportunity for German businesses to invest in Vietnam to set up company thanks to policies to attract and preferential investment commitments.

Germany is the world’s leading technologically developed country and an integral part of the global supply chain. Germany also has many strict requirements on the quality of goods and the environmental friendliness of products, which requires Vietnam to improve production quality and use environmentally friendly products/materials. With the signing of the EVFTA, Vietnam and Germany will have more favorable conditions for technology exchange and investment, which will help trade cooperation between the two countries more developed.

Before 2014, Vietnamese goods exported to Germany were the least polluted category, including agricultural products, wood products, processed foods, beverages, garments, footwear and glassware. Since 2014, the export of machinery and equipment to Germany began to increase and became the item with the highest export turnover. After EVFTA, Vietnam will increase exports of footwear, textiles and agricultural products such as coffee, tea, pepper and rubber and will import many products related to processing, pharmaceuticals, chemicals.

In addition, in order to improve product quality to meet import criteria into Germany and Europe, Vietnam also attracts foreign investment to develop sustainably economic sectors such as pharmaceuticals and chemicals, in order to create quality products that are qualified for domestic use and import to many countries around the world.

Currently, the number of investment projects of German investors implementing in Vietnam is not high compared to other countries such as Japan, Korea, Singapore, etc. This requires Vietnam to re-examine its strengths and weaknesses in order to meet the investment needs of German investors. The implementation of EVFTA, Investment Law 2020, Enterprise Law 2020 is an opportunity for international investors, including German investors to easily access Vietnam market when expanding their investment.

 

With many cooperation efforts between Vietnam and Germany in recent years, Vietnam hopes that in the coming years, Vietnam will be the leading destination in investment for German investors and help improve furthermore good relationship between the two countries in the future.

We are a law firm in Vietnam with international standard, local expertise and strong international network. We focus on customers’ needs and provide clients with a high quality legal advice and services. For advice or services request, please contact us via email ant@antlawyers.vn, or call us +84 24 730 86 529.

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Trade cooperation between Vietnam and Germany and potential future

After 45 years of establishing diplomatic relations between Vietnam and Germany (from 1975 to 2020), Germany and Vietnam have had cooperation programs in many fields such as culture, economics, education, and health. Especially, after the Vietnam-EU Free Trade Agreement (EVFTA) came into effect, the commercial cooperation relationship between the two countries has developed.

 

EVFTA is an opportunity for Vietnamese businesses to expand their markets to European countries, including Germany. On the contrary, this is also an opportunity for German businesses to invest in Vietnam to set up company thanks to policies to attract and preferential investment commitments.

Germany is the world’s leading technologically developed country and an integral part of the global supply chain. Germany also has many strict requirements on the quality of goods and the environmental friendliness of products, which requires Vietnam to improve production quality and use environmentally friendly products/materials. With the signing of the EVFTA, Vietnam and Germany will have more favorable conditions for technology exchange and investment, which will help trade cooperation between the two countries more developed.

Before 2014, Vietnamese goods exported to Germany were the least polluted category, including agricultural products, wood products, processed foods, beverages, garments, footwear and glassware. Since 2014, the export of machinery and equipment to Germany began to increase and became the item with the highest export turnover. After EVFTA, Vietnam will increase exports of footwear, textiles and agricultural products such as coffee, tea, pepper and rubber and will import many products related to processing, pharmaceuticals, chemicals.

In addition, in order to improve product quality to meet import criteria into Germany and Europe, Vietnam also attracts foreign investment to develop sustainably economic sectors such as pharmaceuticals and chemicals, in order to create quality products that are qualified for domestic use and import to many countries around the world.

Currently, the number of investment projects of German investors implementing in Vietnam is not high compared to other countries such as Japan, Korea, Singapore, etc. This requires Vietnam to re-examine its strengths and weaknesses in order to meet the investment needs of German investors. The implementation of EVFTA, Investment Law 2020, Enterprise Law 2020 is an opportunity for international investors, including German investors to easily access Vietnam market when expanding their investment.

With many cooperation efforts between Vietnam and Germany in recent years, Vietnam hopes that in the coming years, Vietnam will be the leading destination in investment for German investors and help improve furthermore good relationship between the two countries in the future.

We are a law firm in Vietnam with international standard, local expertise and strong international network. We focus on customers’ needs and provide clients with a high quality legal advice and services. For advice or services request, please contact us via email ant@antlawyers.vn, or call us +84 24 730 86 529.

 

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How to Set up Foreign Owned Company in IT and Computer Related Service?

Information technology and computer related service have played an extremely important role in life as well as in business activities on global scale.  The industrial revolution 4.0 has comprised of many technologies and IT and computer service take a big part of such.  The laws of Vietnam and the international commitments to which Vietnam is a party have no restrictions on foreign investors in terms of both the form of investment and the proportion of capital contribution in business in this field. Further, Vietnam prioritizes and encourages development in the field of IT and computer services which is considered attracting high level of intelligence and green business. The investors have grown confidence in Vietnam’s increasingly improved legal systems to protect the Intellectual Property rights in trademark and copyright to protect the company and individuals to exploit economic benefits in IT and computer related service areas.

IT is the core foundation of smart city, intelligent transport system, intelligent education.  Computer services and related services include: consulting services related to computer hardware installation, software implementation services, data processing services, database services, services maintenance and maintenance of office machinery and equipment, including computers and other computer services.

Under Vietnam’s WTO commitments, foreign investors are allowed to set up 100% foreign-invested enterprises to conduct business in IT and computer services and related services. At the same time, it is allowed for computer service business enterprises to set up branches when there is a need to generate additional business activities at locations outside the head office of the enterprise.

To establish an enterprise with 100% foreign invested capital, investors need to apply for an Investment Registration Certificate in accordance with the Law on Investment 2014 and an Enterprise Registration Certificate in accordance with the Law on Enterprise 2014.

A dossier of application for an Investment Registration Certificate comprises: a written request for implementation of an investment project; copy of identity card, citizen identity card or passport for individual investor and copy of establishment certificate or equivalent document certifying legal status for institutional investor; investment project proposal; copies of the latest 2-year financial statements or commitment of financial support of the parent company or financial institution or guarantee of investor’s financial capacity or documents explaining the financial capacity of the house invest; a copy of the location lease agreement or other documents certifying that the investor has the right to use the project location. If the project uses technologies on the list of technologies restricted from transfer, the explanation of the use of technologies must be submitted. Within 15 days from the date of receiving the complete and valid file, the Department of Planning and Investment will issue the Investment Registration Certificate to the foreign investor.

An Enterprise Registration Certificate dossier comprises: an application for enterprise registration; enterprise’s regulations; a list of members of a limited liability company with two or more members or a list of general partners; a notarized copy of identity card or valid passport of individual member; a notarized copy of the Enterprise Registration Certificate of the organization’s member; a notarized copy of valid identity card or passport of the organization’s legal representative; copy of Investment Registration Certificate. After 03 working days from the date of receiving a complete and valid dossier, the Department of Planning and Investment will issue an Enterprise Registration Certificate.

For the establishment of a branch, a dependent unit of the enterprise, tasked to perform all or a part of the functions of the enterprise, including an authorized representative function, business lines of a branch must be consistent with the business line of the enterprise. When registering a branch operation, the enterprise must send a notice of setting up the branch to the Business Registration Office where the branch is located. A dossier of establishment of a branch comprises of a notice of establishment of a branch; branch establishment decisions; decisions to appoint branch heads; minutes of meeting of establishment of branch; copy of the Business Registration Certificate; copy of identity card or Passport of the head of branch. Within 3 working days after receiving a valid dossier, the Enterprise Registration Office shall grant a branch operation registration certificate.

The investors should pay attention to legal compliance since incorporation and during the operation in accordance with the law.  ANT Lawyers with offices in Hanoi, HCMC and Da Nang will be helping the clients to ensure the efficient operation from legal perspective.

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FDI Is Expected to Flow into Vietnam After the Covid-19 Epidemic

The Covid-19 epidemic is also considered an opportunity for Vietnam to receive faster flows of foreign investment, especially capital flows away from China.

According to the Director of Foreign Investment Department (Ministry of Planning and Investment), a large US corporation is planning to invest a multi-billion-dollar project in Asia. The two locations they considered were China and Vietnam. Given the situation of the Covid-19 epidemic in China, it is likely that they will choose Vietnam. In March, they will make a final decision…

Set up company in Vietnam

A group of Korean and US investors interested in LNG power projects in Vietnam is probably one of the rare foreign business delegations coming to Vietnam at the time of the outbreak of Covid-19. On February 11^th, they went to the Government Office and the Ministry of Planning and Investment to work on this content.

Without hiding ambition, according to representative of Korean investors consortium including Korea Gas Corporation, Southern Korea Electric Company, Hanwha Group… – they want to invest into LNG port and gas power plant projects in Vietnam. Even in addition to the electricity sector, these investors also want to invest in other areas in Vietnam.

The fact that foreign investors still coming to Vietnam at this time proves the attraction of Vietnam. The postponement and cancellation of investment promotion trips of foreign investors is only momentary.

In addition, according to the National Center for Socio-Economic Information and Forecast, the Covid-19 epidemic showed that the world was too dependent on China.

Having similar views, the New York Times also forecast that the flow of foreign investment from China to Vietnam to avoid US taxes could be accelerated by the Covid-19 epidemic.

According to the representative of JETRO Hanoi Office, in order to disperse risks, 122 Japanese enterprises asked by JETRO said that they decided to relocate their production in China and the place to be moved to the top is Vietnam.

Vietnam is at the top of the list, with 42.3% of the 122 businesses mentioned above have chosen. Following Vietnam is Thailand (20.6%), Philippines (18.6%) and Indonesia (16.5%). Japanese enterprises moving away from China not only because of trade war, but also to evade the increasing input costs in this market.

In the international market, it is forecasted that the flow of international investment into China and investment from China to foreign countries will face difficulties in 2020, even possibly sharply decline in the first quarter of 2020. The Covid-19 epidemic, if combined with geopolitical risks, trade war risks… also makes the global political, economic and social environment even more uncertain, promoting defensive psychology, shrinking, thus weakening investment motivation.

This is an opportunity for Vietnam to have policies to attract investors who are intending to narrow production in neighboring countries and invest in Vietnam. Investment promotion units should proactively work with foreign investors who have plans to invest in Vietnam to discuss, orient and unify the preliminary investment procedures.

Besides, in the long term, it is necessary to continue improving the investment and business environment, amending policies and strategies to attract foreign investment.

ANT Lawyers is a law firm in Vietnam located in the business centers of Hanoi, Danang, Ho Chi Minh city. We provide convenient access to our clients. Please contact us to book your time in advance to let us provide our best services.

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Vietnam and Japan Signed 12 Cooperation Agreements

The Secretary General of Liberal Democratic Party of Japan, the President of Japan – Vietnam Friendship Parliamentary Union- Nikai Toshihiro, on January 12^th, 2020 met with the Vietnam’s Prime Minister- Mr. Nguyen Xuan Phuc in Hoi An to discuss economic, cultural and tourist exchange topics.

At the meeting, the representative of Vietnam welcomed the Japanese delegation to come and exchange of economic, cultural and tourism exchanges of the two countries. The representative of Vietnam affirmed that Vietnam appreciate the cooperation with Japan, especially in economic matters. At the moment, Japan is the top country with FDI in Danang in particular and Vietnam in general. The Japanese investors set up company, obtain investment registation certificate and invest in various business lines including IT, trading, real estate, design consultancy, engineering. Based on the cooperation between the countries, Vietnam and Japan have achieved many positive effects on the economy, education, culture, social security.

The representative of Vietnam confirmed that the relationship between the countries developed into many fields as “extensive strategic partnership for peace and prosperity in Asia” established in 2014, in which, Japan always is the trustful, important partner of Vietnam.

The representative of Japan expressed his pleasure to visit Vietnam in the beginning of  2020. He said that the organization of the delegation has the largest scale ever with more than 1,000 delegates, and diverse members from National Assembly deputies, representatives of ministries, branches, local leaders, businesses and people of Japan showed high interest and consensus within Japan from the National Assembly, the Government, localities, business community and people towards strengthening and deepening friendly and cooperative relations with Vietnam in the coming time.

By this meeting, the representatives of the two countries witnessed the signing and exchange of 12 cooperation documents, memorandums of understanding between ministries, branches, localities and businesses of the two countries. By these cooperation documents, the two countries hope that in the future, they will cooperate more together in all aspects of culture, education, economy and society to realize their construction goals and develop the countries.

ANT Lawyers is a law firm in Vietnam located in the business centers of Hanoi, Danang, Ho Chi Minh city. We provide convenient access to our clients. Please contact us to book your time in advance to let us provide our best services.

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Which area of business foreign investors could invest in Vietnam?

Recently, Vietnam has been an attractive investment destination to foreign investors thanks to the social-economic innovation policy from the early 80s of the twentieth century to the present. The economic, political and social situation always keeps stability and achieves remarkable developments, establishing trade relations with most countries in the world. Especially, Vietnam Government has been focusing efforts to improve the investment and business environment, which is favorable for not only domestic investors but also foreign investors. The Government has been issuing policies to improve the business environment, support business development and take decisive actions through resolutions and legal documents.

Set up business in Vietnam

In addition to continuing to implement incentive policies to attract foreign investment such as corporate income tax exemption and reduction, import tax exemption for a number of industries, exemption from rent and land use,…the Government is also committed to reform administrative procedures to simplify procedures, create the best conditions for investors, and opening the economy for foreign investors.

Foreign investors, when investing in another country, must identify their business lines and areas of business, and consult with experts or Vietnam lawyers whether that business line is subject to any special conditions. There are areas with out conditions of investment and but there are also industries that are restricted from doing business under strict conditions, and even prohibiting business in specific professions on purpose.

In Vietnam, the investors of Vietnamese are free to do business in area which which is not in the list of prohibited. For foreign investors, the business lines allowed to invest are considered based on Vietnam’s WTO Commitments on Trade in Services and the Agreements signed between Vietnam and other countries. After that,  business conditions in each specific industry to foreign investors will be applied.

General conditions applied to domestic and foreign investors are that investors are entitled to carry out business investment activities in industries and trades which are not prohibited by laws. The industries and trades banned from business investment include: trading in narcotic substances; trading in some toxic chemicals, precursors, minerals; trading in specimens of wild plants and animals according to the provisions of Appendix 1 to the Convention on International Trade in Endangered Species of Wild Fauna and Flora; specimens of endangered, precious and rare wild animals and plants of Group I originated from nature according to the provisions of the Investment Law; trading in prostitution; buying and selling people, tissues, body parts; business activities related to asexual reproduction on people; and trading in firecrackers.

Apart from the above-said prohibited business and investment lines, the remaining industries and trades are divided into conditional business lines and common business lines. For common business lines, investors can freely invest without barriers. By contrast, conditional business lines impose conditions that must be met if organizations wish to invest. Understanding the business lines is the first step for investors to enter the Vietnam market and consulting with Vietnam lawyers would help investors make informed decision for their business plan in Vietnam.

ANT Lawyers is a law firm in Vietnam located in the business centers of Hanoi, Danang, Ho Chi Minh city. We provide convenient access to our clients. Please contact us to book your time in advance to let us provide our best services.

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Issuing Investment Certificate for Foreign Investors

Foreign investors whom wish to carry out business in Vietnam need to have investment project proposal prepared for submission to State Authority in Vietnam.  Investment projects of foreign investors and projects of economic organizations with 51% or more foreign owned capital (except for cases of capital contribution, purchase of shares or capital contributions of economic organizations) need to follow procedures for issuing Investment Registration Certificate (IRC).

invest in  Vietnam 

Investment registration certificate records information of an investor’s registration of an investment project. In Vietnam, the agency which has competent to grant, adjust and revoke investment registration certificates is the Department of Planning and Investment or the Management Board of Industrial Parks, Export Processing Zones, High-Tech Zone and Economic Zone depending on the specific project details. The time limit for issuing investment registration certificates for each project is usually 15 days from the date of receipt of a complete application dossier submitted by the investors.

When the investors need to change the scope, purpose of an investment registration certificate, he must carry out the procedures for adjusting the investment registration certificate corresponding to the changed content. Within 10 days, this procedure will have results based on the records that investors submit to the competent authorities.

The existence of an investment project permitted by the State for an investment project in an economic zone shall not exceed 70 years; investment projects outside economic zones shall not exceeding 50 years; investment projects implemented in geographical areas with difficult socio-economic conditions, areas with exceptionally difficult socio-economic conditions or projects with large investment capital but with slow capital recovery, the term can be granted longer but not more than 70 years.

In some cases, to ensure the project implementation in Vietnam, the State issues regulations that require obligations of investor. During the operation of a project, for projects that are allocated or leased land, permitted to change the purpose of land use by the State, investors must make a deposit from 1% to 3% of the project investment capital to ensure project implementation based on the scale, property and implementation schedule of each specific project. This deposit is returned to the investor according to the progress of the investment project, unless otherwise refunded. In addition, investors are responsible for ensuring the quality of machinery, equipment, technology lines to execute investment projects in accordance with law by themselves.

In case of subjective or objective reasons, the investor is entitled to transfer the investment project, delay the investment schedule, suspend the operation of the investment project, or terminate the investment project’s operation.

It is always challenging to navigate the Vietnam regulations, especially with real estate, energy, infrastructure, manufacturing projects involving the use of land, with large scale of investment involving the authorities at provincial levels and therefore at ANT Lawyers our lawyers and consultants would assist the clients from the early stages to work with state government agencies, landlords being industrial parks, industrial processing zone to work out the land lease contract, project appraisal process, and setting up company corresponding to the needs of the investors, and finally assist the investors in obtaining Investment Certificate.

ANT Lawyers is a law firm in Vietnam located in the business centers of Hanoi, Danang, Ho Chi Minh city. We provide convenient access to our clients. Please contact us to book your time in advance to let us provide our best services.

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Quang Ninh Is About to Receive 40 Million USD of FDI From Korean Investors

Recently, Chairman of Bumjin Electronic Company from Korea had a meeting with Chairman of Quang Ninh People’s Committee on the implementation of the project in Quang Yen town.

Accordingly, the Company is preparing to deploy the investment project to build audio equipment factory in Dong Mai Industrial Park, Quang Yen Town, Quang Ninh Province with a total investment of 40 million USD. It is expected that the project will be started construction and go into production in December 2019.

Chairman of Quang Ninh People’s Committee affirmed that the investment project of Bumjin Electronic Company is the area that Quang Ninh province is prioritizing to attract investment. To ensure on time schedule that the company has set, Quang Ninh province confirmed to provide maximum support during project implementation.

He also shared with investors that Quang Ninh province is proposing the Government to allow the establishment of Quang Yen coastal economic zone with better preferential policies. At the same time, Chairman of Quang Ninh People’s Committee expressed his desire that besides the project implementation, Bumjin Electronic Company will become a bridge to connect Quang Ninh and Korean investors, contributing to promote investment activities of Korean businesses in Quang Ninh in the future.

ANT Lawyers - A Vietnam international law firm is supported by a team of experienced Vietnam Law  and skills handling full range of legal services relating to setting up business in Vietnam.

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