Requirements
For all types of investors
1.
Request/ Registration for issuance of investment certificate (Appx.I-1) (original)
It must be fully filled, duly signed by individual investor or representative of corporate investor and sealed by corporate investor (holding company).
2.
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Report on financial capability (original)
It is prepared by investors and for which investors shall be liable. Its contents must clearly indicate the source of investment capital. Please find the sample attached herewith for reference. Investor may submit a certified balance bank account (for individual investors or newly-established corporate investors) or financial statement (for the corporate investors)] or other related documents proving the investor's ability to raise capital and/or the support of its parent company if any.
3.
Business Cooperation Contract (original)
A business cooperation contract contains the following principal details:
1. Names, addresses and competent representatives of the parties to the business cooperation contract; contact address or address of the project execution location.
2. Business purposes and scope.
3. Contributions of the business cooperation parties, sharing of investment and business results, contract performance schedule.
4. Project execution schedule.
5. Term of the contract.
6. Rights and obligations of the business cooperation parties.
7. Financial principles.
8. Modes of revision and termination of the contract, transfer conditions.
9. Liabilities for breach of contract, mode of settlement of disputes.
Apart from the above details, the business cooperation parties may reach agreement on other details in their business cooperation contract which are not contrary to law.
Competent representatives of business cooperation parties shall initial on every page and sign at the end of their contract. A business cooperation contract between a Vietnamese party and a foreign party takes effect on the date of grant of the investment certificate.
For individual investor(s), supplement:
1.
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Authenticated copy of passport or Vietnamese ID card of individual investor(s) (original)
2.
Legalized copy of bank statement (original)
It is not legal requirement but useful in any way to prove healthy financial status of investor. Please note that the balance must be at least equal to registered charter capital of the company. A bank statement issued by a foreign bank outside Vietnam must be consular legalized within three months before the date of submission of application file.
3.
Certified translation of bank statement (original)
It is applicable in case of bank statement issued by a foreign bank outside Vietnam.
For corporate investor(s), supplement:
1.
Legalized copy of certificate of incorporation (original)
Please note that it must be consular legalized within three months before the date of submission of the business registration application file.
2.
Certified translation of certificate of incorporation (original)
3.
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Consular legalized copy of 2 latest years audited financial report (original)
It is not legal requirement but useful in any way to prove healthy financial status of investor. It is recommendated to submit an audited financial statement in the last three years if any.
4.
Certified translation of 2 latest years audited financial report (original)
5.
Power of attorney (to investor's representative) (original)
In case corporate investor wishes to appoint a person other than investor's legal representative to register project in Vietnam, an appoinment letter, decision or PoA is required.
6.
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Authenticated copy of passport or Vietnamese ID card of investor's representative (an authentic copy)
to prove the legal personality of the authorized representative of the corporate investor.
For case that investors authorize other person to submit application file and receive result, supplement:
1.
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Power of attorney to applicant (original)
In case where the applicant is neither legal representative of company to be established or authorized representative of investor, a power of attorney from investor to such applicant is required.
Time frame
In principle, subject to Decision No. 41/2012/QD-UBND, no later than 10 working days from the date of receipt of valid application file, result shall be issued by Vinh Phuc People's Committee if an investment project is approved. In fact, the timeline could be longer, even 15 working days if the supplementary document(s) is required in order to make clear of the submitted investment project.
Waiting time in queue:
Min. 5mn - Max. 15mn
Attention at counter:
Min. 10mn - Max. 20mn
Waiting time until next step:
Min. 9 days - Max. 10 days
Legal justification
1.
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Law No. 59/2005/QH11dated 29/11/2005 of National Assembly on Investment
articles 23, 45, 46, 47, 48
2.
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Decree No. 108/2006/ND-CP of the Government dated 22 september 22, 2006 providing guidelines for implementation of a number of articles of Law on Investment
articles 9, 44, 45, 49, 55
3.
Decision No. 1088/2006/QD-BKH of the Ministry of Planning and Investment dated October 19, 2006, issuing standard forms for conducting investment procedures in Vietnam
Article Appx.I-1
4.
Decision No. 41/2012/QD-UBND Regulation on “one stop service” administrative procedure settlement on direct investment projects at Vinh Phuc Investment Promotion Agency
Article 9
Additional information
The application file shall be prepared in Vietnamese or both in Vietnamese and a commonly used foreign language. If there is any difference between the Vietnamese version and the foreign language version, the Vietnamese version shall prevail. Investors can prepare the application file by themselves or they can require some local support (e.g. from law or consultancy firms).
Note that in some cases, investors may add further documents to clarify their investment project if they wish so or subject to the requests of the unit in charge, such as: decision and/or meeting minutes of founding member(s)/shareholders on company establishment; decision of investor(s) on investment project; or shareholder agreement, etc.
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