Cargo Loss and Prevention: Vietnam company formation

Hiển thị các bài đăng có nhãn Vietnam company formation. Hiển thị tất cả bài đăng

On November 25th, 2021, within the framework of Japan visit of Vietnamese Prime Minister – Mr. Pham Minh Chinh, the Prime Minister met the President of the Japan External Trade Organization (JETRO). During the meeting, the Prime Minister met leaders of many large Japanese corporations, businesses and banks and signed many investment cooperation agreements between Vietnam and Japan.

The parties highly appreciated JETRO’s practical and effective contributions to Vietnam in recent years in promoting investment cooperation. In the 10 months of 2021, Japan ranked 3rd among countries making investments in Vietnam, with a total registered investment capital of nearly USD 3.4 billion. Up to now, Japan is the second largest investor in Vietnam with over USD 63.9 billion (accounting for 15.8% of total FDI investment).

Vietnam encourages Japanese businesses to invest and set up company in Vietnam, apply investment registration certificates in Vietnam, expand investment cooperation in infrastructure, energy, manufacturing industry, high-quality agriculture, information technology, smart cities, financial and banking services, and banking, innovation. The Government is committed to accompanying the business community, supporting and creating all favorable conditions for business investment activities on establishment of company in Vietnam, bringing about more benefits for the parties, contributing to bringing Vietnam-Japan relations to a new level.

During this visit, the two countries signed more than 40 cooperation agreements with a total investment value of more than USD 3 billion. In addition to investment commitments, during this visit, there were many cooperation agreements on human resource training or other environmental protection solutions signed between ministries, sectors and businesses.

In the meeting, the Prime Minister of Vietnam also met and discussed with leaders of Nippon Foundation, MUFG Group, INFRONEER Group, JBIC Bank, Idemitsu Group and Mizuho Bank on market development, business, human resource training.

The Prime Minister shared with the difficulties of Japanese businesses in Vietnam over the past time, he said that Vietnam has changed to a safe and flexible adaptation, effectively controlling the epidemic. The competent authorities at all levels must discuss with businesses and citizen to deploy solutions appropriate to the situation, bring life back to normal, both open production and business, and effectively prevent epidemics. Vietnam also suggested that Japanese businesses corporate with Vietnamese in epidemic prevention and control, continue to contribute to improving institutions, training human resources, investing in hard and soft infrastructure, and cooperating in areas such as: climate change response, digital economy, green economy, circular economy…

In addition, to ensure investment and trade, Vietnam is expected to start reopening international flights in early December, including flights to Japan. This will make it easier for Japanese investors to make investment, market surveys, and deploy their investment projects.

By the visit, Vietnam wishes to further develop cooperation in investment, human resources and diplomacy with Japan, thereby creating favorable conditions for investors of the two countries to expand their business, form company in Vietnam and contribute to national economic development.

After the Covid-19 pandemic with unremitting efforts, Vietnam has affirmed its capacity in all aspects with other countries, especially the capability to fight against Covid and quick return focus to business. Therefore, Vietnam is becoming an attractive investment destination for global investors including American companies. With the stable political situation, young and abundant human resources and commitment to investment facilitation from the Vietnam Government, it has become a great motivation for American investors to choose Vietnam as a safe and effective investment destination to set up company and expand business in Vietnam.

On the occasion of Vietnam Prime Minister Pham Minh Chinh’s business trip to attend the Special Summit to celebrate the 45th anniversary of ASEAN- America relations, many big American enterprises such as Intel, Apple and Google have shared their desire to expand the supply chain, cooperate in technology and move production to Vietnam by coordinating with Vietnamese enterprises that have suitable capability to participate. This is also considered a great opportunity for Vietnam to interact with the world’s leading advanced economy to improve its labor capacity and is a potential market for workers to learn and demonstrate their abilities.

Specifically, Apple wants the Vietnamese Government to continue to have preferential policies to encourage high-tech American enterprises to develop business and invest in Vietnam. On the other hand, Apple also affirmed that it will actively consider the Prime Minister’s proposal on increasing the number of domestic suppliers and raising the rate of using domestic services and goods higher in Apple products in the near future.

In addition, Intel also showed its interest in the Vietnamese market by emphasizing the very important role of Vietnam and Vietnamese factories in Intel’s production chain. Moreover, Intel also highly appreciates Vietnam’s infrastructure and human resources as potential conditions for technology enterprises to continue to expand their operations. Especially in today’s volatile world, Intel’s expansion of investment in Vietnam is a strategic solution.

Currently, Microsoft is working with Vietnam’s Ministry of Information and Communications to deploy digital skills programs both private and public sector, and data science development in Vietnam. Accordingly, technology will help enhance transparency and trust, prevent and fight corruption. Vietnam has a young population, a dynamic country, ready to receive new technologies Microsoft wishes to strengthen cooperation with Vietnam in the fields of digital transformation, ensuring network security, helping Vietnam achieve the goal of reducing emissions to zero by 2050 and contribute to helping Vietnam build a green economy, digital economy, and sustainable development.

In addition, in order to attract foreign investment, the Prime Minister emphasized that the “sincerity, trust and responsibility” stance, “harmonious benefits, shared risks” between big American and Vietnamese enterprises will help the relationship between the parties is stable and good. In addition, to implement the commitments it has joined, Vietnam is continuing to build and perfect institutions suitable to Vietnam’s conditions and circumstances. Moreover, the development of strategic infrastructure such as digital transformation infrastructure, transport infrastructure, energy infrastructure, healthcare infrastructure… will also be the focus of completion to attract foreign investors to establish business in Vietnam.

Besides, Vietnam continues to improve the open and stable business environment, and effectively handle administrative procedures. In particular, digital transformation will help reduce direct transactions, fight negativity, trouble, corruption, save time and costs for people and businesses. Therefore, Vietnamese businesses need to innovate in both capacity and organization to capture this opportunity well.

Finding the right business partner in Vietnam is also important. We recommend doing research on the reputation of the company and individual shareholders, corporate or individual, gathering publicly available company information, and performing background checks on key personnel to find potential risks in cooperation. Working with a reliable partner can help achieve economic benefits, saving time and money in business.

The UK discussed for the first time with all CPTPP members, including Vietnam, to discuss joining this agreement.

Pursuing the goal of joining the CPTPP is one of the UK government’s priorities and is an important part of the free trade strategy.

Becoming a CPTPP member not only opens new opportunities for UK businesses, but also promotes investment and trade as well as develops sustainable economic cooperation between the UK and CPTPP members.

British companies have invested nearly 98 billion pounds (125.27 billion USD) in CPTPP members in 2018. By 2019, the value of trade transactions between the UK and CPTPP member countries is more than 110 billion pounds.

CPTPP will help complement bilateral trade agreements that the UK has entered or is negotiating with CPTPP members.

Currently, the UK and Vietnam are also working hard to translate the EU-Vietnam Free Trade Agreement (EVFTA) into the UK-Vietnam Bilateral Trade Agreement later this year. This will ensure continuity and bring commercial benefits to both British and Vietnamese businesses; at the same time, British businesses coming to Vietnam to set up company will also want to take advantage of attractive trade conditions.

The UK is the 15th largest investor in Vietnam in terms of investment accumulation and the 13th largest investment country in 2019. British investors who are present in Vietnam include HSBC financial services firms, Standard Chartered Bank, Prudential; Jardines in real estate; AstraZeneca and GSK in the pharmaceutical sector…

In 2019, bilateral trade in goods and services between Vietnam and the UK reached about 5.8 billion pounds (7.41 billion USD). The total trade turnover between the two countries grew at an average rate of 13% per year in the 2009-2019 period.

According to the World Economic Forum’s (WEF) Global Competitiveness Report, Vietnam’s global competitiveness 4.0 has significantly improved. Vietnam has also announced a national vision for the development of a digital economy with the goal that by 2030, a digital economy will reach 25% of GDP.

These are areas where the UK can help Vietnam such as smart city development, digitalization in construction and healthcare, fintech application to support inclusive business and financial growth.

The CPTPP will reduce tariffs between member countries by 95% and establish modern rules in areas that are increasingly important to UK businesses, including digital commerce, data, finance, and professional and business services. It is expected that areas like fintech, medtech and AI will grow rapidly.

Vietnam is the leading anti-Covid-19 country in the region. This is not only a testament to a strong public health, but also demonstrates Vietnam’s resilience. The International Monetary Fund (IFM) forecasts that Vietnam’s economic growth in 2020 will reach 2.7%. Vietnam has become the fastest growing economy in the region, outside Singapore; increasingly open to global trade…

In recent times, the investment shift out of China is being carried out by many international investors. Vietnam is a country that has enough factors to receive investment shift, especially in the manufacturing sector with low-cost labor and low expenses. However, at present, Vietnam has changed its method of attracting FDI, instead of taking advantage of low expenses and low-cost labor, Vietnam now aims to take advantage of highly skilled workers and many incentives in research and development activities.

Recently, many Korean investors have plans to change production lines, invest in research and development (R&D) company in Vietnam. Previously, Korean businesses mainly invested in industries such as apparel, bags, and footwear, however, recently many Korean investors have made investments in industries such as high electronics, information technology, automotive and construction equipment, distribution and service industries.

Currently, Korea is the leading country in the list of countries investing in Vietnam. Previously, a joint venture between Korean and Vietnamese businesses proposed to the Dong Nai province government to invest and build a Vietnam-Korea Hi-Tech Park with an area of 300 hectares, total investment capital of 150 million USD. The project aims to attract high-tech enterprises from Korea as well as other developed countries to set up company in Dong Nai in order to create quality product values in the fields that shape the industrial revolution 4.0. The project is expected to attract 2 to 3 billion USD of investment capital in about 6 – 9 years after it is put into operation.

In addition, Korean investors have also cooperated with Vietnamese partners to build a Science and Technology Industrial Park with an area of 900 hectares in Binh Duong. In addition, many Vietnamese investors have actively worked with high-tech manufacturing partners to promote the participation of key partners as well as prepare the first customers.

With the policy of attracting investment in high technology and in particular the Investment law 2020, there are special investment incentives for newly established investment projects (including the expansion of the establishment project), the centers for innovation, research and development centers with total investment capital of 3,000 billion VND (about USD 150 million) or more, disbursing at least 1,000 billion VND within first 03 years from the date of issuance of the Investment Registration Certificate or the approval of the investment policy; a national innovation center established by decision of the Prime Minister; Investment projects in sectors or trades specially given investment incentives with an investment capital of VND 30,000 billion (about USD 1.5 billion) or more, with a minimum disbursement of VND 10,000 billion within 03 years from the date of issuance of the Investment Registration Certificate or the approval of the investment policy” will be given special incentives in accordance with the provisions of corporate income tax and land law.

As the investment attraction and investment shift preparation of Korean R&D enterprises, Vietnam hopes to become an investment destination for Korean high-tech enterprises in the future to establish company.

Vietnam’s economy is increasingly diversified in terms of business activities and business regulations are also constantly being improved and enhanced. Accordingly, foreign investors can freely choose the right type of business. Therefore, the business establishment in Vietnam is always a matter of great interest to foreign investors whom find business opportunities in Vietnam.

With the promulgation of the enterprise law, the business setting up process has been adjusted with many favorable regulations for investors. However, in order for a business to be set up and be complied in operation, it must go through the following basic steps:

The first step is to set up a business in Vietnam. To take this step, the investor first needs to determine the type of business to choose to establish and provide the business name and expected information. Accordingly, the composition of the enterprise establishment dossier will be prepared according to regulations and submitted at the Business Registration Office, the Department of Planning and Investment of the place where it is expected to be headquartered. After submitting a valid application, the enterprise will be granted an enterprise registration certificate and announced the registration contents on the National Business Registration Portal.

The second step is to publish the contents of business registration. After being granted an enterprise registration certificate, an enterprise must make a public announcement on the National Business Registration Portal.

In the third step, the enterprise conducts stamp engraving. Enterprises can request to make a seal from the seal making agent. Accordingly, the enterprise actively decides on the type, quantity, form and content of the seal and is solely responsible for the use of its legal entity seal.

Fourth step is that to open a bank account in Vietnam. Currently, businesses can choose a bank to open an account for their business, to open an account, the bank requires an application form issued by the bank, a seal sample, the company’s charter, and a certificate. Business registration and related documents are required by different bank.

The fifth step is to register the tax declaration form in Vietnam. Accordingly, enterprises register for the use of e-invoices and notify the use of e-invoices to their tax authorities. Enterprises need to contact the invoice supplier to order the printing of value-added invoice books and must register self-printed invoices with tax authorities.

In the sixth step, the enterprise needs to conduct labor registration in Vietnam. Enterprises register with the Department of Labor, War Invalids and Social Affairs to declare the use of labor. Within 30 days from the date of commencement of operation, the employer must register the employer to the Labor Department (according to the prescribed form). In addition, enterprises should note that the relationship between the employer and the employee is regulated by the Labor Code and specified in the labor contract.

Seventh step is to register for social insurance in Vietnam. Enterprises register with the Social Insurance Agency to pay health insurance and social insurance for employees. Employers must fill in all information according to the form provided by social insurance, including: full name, date of birth, salary (recorded in labor contract), number of social insurance book (for employees who have been issued with a book), a certified copy of the company’s business registration certificate and a copy of each labor contract.

It can be seen that setting up a business requires businesses to carry out a lot of procedures and comply with many different regulations of tax, banking, labor, insurance… Therefore, besides learning about legal regulations and businesses can seek the support of professional consulting firm in Vietnam with expertise and experience in the field of business establishment to implement the process quickly and effectively.

Real Estate business consultant in Vietnam

60 enterprises coming from Guangdong, Hong Kong (China) are visiting Hanoi, exploring opportunities to set up business in Vietnam.

The conference between Vietnam and Guangdong, Hong Kong enterprises is organized in Hanoi. In addition to 60 businesses wishing to explore investment opportunities with Vietnam enterprises, the conference also attracted delegates including Government and business leaders from 12 provinces and cities of Vietnam, Guangdong and Hong Kong, along with enterprises, leaders of many provinces and cities of Vietnam, especially the provinces bordered with China such as Lang Son, Lao Cai…

The enterprises from Guangdong and Hong Kong operating in the field of manufacturing and trading in the fields of electrical equipment, electrical appliances, consumer goods… Meanwhile, Vietnamese enterprises doing business in such sectors as transportation, general import and export, agricultural products, industrial zone infrastructure…

With the two-way trade turnover between Vietnam and Guangdong reached 17 billion USD in 2016, increased by 2.9% compared with 2015, Guangdong is the province playing significant role in promoting the growth of two-way trade between Vietnam and China. In addition, Guangdong’s total production value in 2016 reached 1.160 billion USD, Guangdong continues to be one of China’s leading localities for economic and trade cooperation with Vietnam.

Meanwhile, the Vietnam consumer market has increasing scale and purchasing power, creating conditions for Guangdong enterprises to bring goods to Vietnam for consumption. In the opposite direction, with a population structure of more than 100 million people, this is also a potential market for a wide range of commodities, especially Vietnam agricultural products. It is expected that the value of Vietnam’s agricultural products exporting to Guangdong will soon reach billions of dollars.

ANT Consulting assists clients with Market Entry, Legal Advice, Tax Advice and Outsourcing Services in Vietnam.

We are located in Hanoi, Da Nang and Ho Chi Minh City.

Talk to our consultants at +84 28 730 86 529 or email us ant@antconsult.vn

Hai Phong is a seaport city, an attractive destination for foreign investors to explore and invest in Vietnam. In the first three months of 2018, Hai Phong attracted more than 916 million USD of foreign direct investment (FDI), an increase of 332.34% over the same period last year. Among them, 15 new projects have been approved, 12 projects adjusted to increase capital.

The number of active FDI projects in the city is 532 projects with a total registered capital of 15.44 billion USD.

According to the Chairman of Hai Phong People’s Committee, this positive result is due to the city’s efforts to reform administrative procedures, improve the investment environment; focus on removing difficulties for enterprises, boosting trade and attracting investment.

The city has successfully organized many events such as seminars on Japanese investment and tourism promotion; conference to meet enterprises in 2018 with the participation of 400 local and foreign enterprises that are producing and doing business in the area; two business dialogue conferences with a total of 22 quality proposals.

At the same time, the percentage of enterprises that conducted the business establishment procedure through the Internet has reached 67.89%.

Hai Phong also implemented the program “Capacity Building for Supporting Industries in Hai Phong City” with the support of senior volunteers from Japan International Cooperation Agency (JICA); implemented direct support activities at four enterprises and surveyed three firms preparing for the second phase of the project.

The city will focus on investment, accelerate the progress of key projects and works such as Hai Phong international gateway port in Lach Huyen, construction of new technical infrastructure in the North of Cam River.

At Hai Phong International Port, it is expected to inaugurated two launch terminals in mid-2018, which will be able to receive super-weight vessels. The coastal road connecting Quang Ninh with Hai Phong, Thai Binh, Nam Dinh, Ninh Binh and Thanh Hoa is also under construction.

In addition, Hai Phong also coordinates closely with Quang Ninh province to implement the Bach Dang Bridge project, linking Hai Phong with Quang Ninh, which is expected to be completed in the second quarter of 2018.

Hai Phong will also continue to construct works such as Terminal 2 – Cat Bi International Airport, Tan Vu – Lach Huyen Bridge No. 2 and continue to build the next wharfs of the Hai Phong international gateway port.

Thanks to the synchronous transportation system, Hai Phong has become one of the top local attractions for investors.

ANT Consulting assists clients with Market Entry, Legal Advice, Tax Advice and Outsourcing Services in Vietnam.

We are located in Hanoi, Da Nang and Ho Chi Minh City.

Talk to our consultants at +84 28 730 86 529 or email us ant@antconsult.vn

Setting up company in Vietnam

Over the past 11 months of 2017, total foreign investment in Vietnam has reached over 33 billion USD. It continues to show a positive signal that foreign investors choose to set up business in Vietnam more and more.

According to data of the Foreign Investment Agency (Ministry of Planning and Investment), from the beginning of the year to November 20th 2017, the total capital includes newly registered, increased, contributed capital, purchased shares is 33.09 billion USD, increase by 82.8% over the same period in 2016.

Of these, 2,293 new projects were granted investment certificates, with total registered capital of 19.8 billion USD, increase by 52% over the same period in 2016. Moreover, there are 1,100 turns of projects registered to adjust investment capital with total registered capital increase of approximately 8 billion USD, increase by 57.6% over the same period in 2016.

In addition, there are 4,535 capital contribution and shares purchase turns of foreign investors, with a total capital contribution of 5.29 billion USD, increase by 57.6% over the same period of 2016.

Along with the rapidly increase in registered capital, foreign direct investment disbursement also achieved positive results. The figure after 11 months is16 billion USD, increase by 11.9% over the same period in 2016.

Data from the Foreign Investment Agency also showed that in terms of the investment field, foreign investors have invested in 19 sectors. In which the processing and manufacturing industry is attracting much attention of foreign investors with total capital of 14.95 billion USD, accounting for 45.2% of total registered capital.

Electricity production and distribution sector ranked second with total investment of 8.37 billion USD, accounting for 25.3% of total registered capital. The third was the real estate business sector with total registered capital of 2.5 billion USD, accounting for 7.6% of total registered capital.

Regarding investment partners, there are 112 countries and territories have investment projects in Vietnam, of which Japan ranks first with total investment capital of 8.94 billion USD, accounting for 27% of total investment capital. Korea ranked second with total registered capital of 8.18 billion USD, accounting for 24.7% of total investment capital. Singapore ranked third with total registered capital of 4.69 billion USD, accounting for 14.2% of total investment capital.

In terms of the investment area, foreign investors have invested in 59 provinces and cities, in which Ho Chi Minh City is the locality attracting the most foreign investment capital with the total registered capital of 5.68 billion USD, accounting for 17.2% of total investment capital.

Bac Ninh ranked second with total registered capital of 3.28 billion USD, accounting for 9.9% of total investment capital. Thanh Hoa ranked third with total registered capital of 3.16 billion USD, accounting for 9.5% of total investment capital.

ANT Consulting assists clients with Market Entry, Legal Advice, Tax Advice and Outsourcing Services in Vietnam.

We are located in Hanoi, Da Nang and Ho Chi Minh City.

Talk to our consultants at +84 28 730 86 529 or email us ant@antconsult.vn

Establish company in Vietnam

Only in the first two months of 2017, China investment capital is pouring strongly into Vietnam market through indirect investment for acquiring shares or direct investment for setting up business in Vietnam.

The Foreign Investment Department (Ministry of Planning and Investment) has announced the situation of attracting foreign investment.

Accordingly, in the first 2 months of 2017, there were 313 new projects were granted investment certificates with a total registered capital of 2,028 billion USD, increased by 6.5% over the same period; 137 projects register to increase capital with 759 million USD, decreased by 15.5% over the same period.

In addition, foreign investors have spent 619 million USD to buy share or contribute capital to Vietnam enterprises, 4 times higher than the same period in 2016. Generally, in the first 2 months of 2017, the total newly, additional capital and contribute to purchase share reach 3.4 billion USD, increase by 21.5% over the same period in 2016.

In particular, foreign investors have invested in 18 sectors, in which the processing industry and manufacturing are attracting the attention of foreign investors with total capital of 2.5 billion USD, accounting for 73.4% of total registered investment capital in two months.

The real estate business sector ranked second with a total investment of 345.5 million USD, accounting for 10.1% of total investment capital.

Standing at the third position are the wholesale and retail sectors with total registered investment capital of 222.6 million USD, accounting for 6.5% of total registered capital.

In the first 2 months of 2017, there are 61 countries and territories having investment projects in Vietnam.

Singapore ranked first with total investment of 881.6 million USD, China ranked second with total investment of 721.7 million USD, Korea ranked third with total registered investment capital of 637.1 million USD.

If as every year, Korea ranked first in terms of investment capital into Vietnam, this year the ranking has changed as China took place.

The ranking of top 5 largest investors into Vietnam hardly have the participation of China investors. But this year, this country has increased investment into Vietnam through two forms that are pouring fund to implement the project or purchase share of Vietnam enterprises. China investors usually focus on textile and plastic projects…

In 2 months, China investors have registered to implement 123 projects in Vietnam and 174 turns of purchasing share, accounting for 21.1% of total investment in Vietnam

Some major projects of China investors are Billion Vietnam polyester factory project, with total investment of 220 million USD in Tay Ninh. Besides there are Lan Son industrial zone infrastructure investment project and Khai Hong Viet plastics factory, with total investment capital 150 million USD, invested by Wenzhou Hendy Mechanism and Plastics Co., Ltd in Bac Giang.

In the first two months of 2017, foreign investors have invested in 47 provinces, in which Binh Duong attracted the most FDI with total registered capital of 791 million USD. Hanoi ranks 2nd with total registered capital of 519 million USD. Ho Chi Minh City ranks 3rd with total registered capital of 464.2 million USD accounted for 13.6% of total investment capital.

Also according to the Foreign Investment Department, as of February 20th 2017, there were 22,904 projects that are still valid with total registered capital of 297 billion USD.

The accumulated capital of foreign investment projects is estimated to reach 156.35 billion USD, with total valid registered capital of 52.6%.

ANT Consulting assists clients with Market Entry, Legal Advice, Tax Advice and Outsourcing Services in Vietnam.

We are located in Hanoi, Da Nang and Ho Chi Minh City.

Talk to our consultants at +84 28 730 86 529 or email us ant@antconsult.vn

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