How Vietnam Has Simplified Procedures to Register Business in Vietnam in 2023? | ANT Lawyers

By the end of 2019, there have been more than 30,000 FDI projects choosing Vietnam for investment, with a total registered capital of about 362 billion USD. Recently, business propensity of Vietnam is highly concentrated on the private sector, attracting foreign investors to the Vietnam market.

As Vietnam has built diplomatic relationship with nearly 190 countries around the world and signed about 15 Free Trade Agreements with important trading partners, Vietnam’s participation in various free trade agreements has created a strong impetus for foreign investors from developed countries to set their first steps in the Vietnam.

To be able to register a business in Vietnam, investors need to carry out procedures to apply for the Investment Registration Certificate. After being granted the Investment Registration Certificate, the investor shall then apply for Enterprise Registration Certificate.

To carry out the process of applying for the Enterprise Registration Certificate, firstly, the investors need to choose a name for the business, which must not be identical or confusing to the name of another business already registered in the National Database of Business Registration on a national scale, except for businesses that have been dissolved or have had effective court decisions declaring businesses bankrupt.

After that, the investors or the authorized person need to prepare a complete set of application dossiers in accordance with the law and submit it at the Business Registration Office where the head office is planned to be located. The Business Registration Office will check the validity of the application dossier, based on the appointment date on the Receipt, the investors or the authorized person can go to the Business Registration Office to receive the results of the application or Register to receive results by post. The time limit for considering and handling the dossier is 03 working days from the date of receiving the valid dossier.

The investor will be granted an Enterprise Registration Certificate when fully meeting the following conditions:

-The registered business lines are not in the prohibited business sectors;

-The business’s name is set in accordance with the provisions of law;

-Having a head office as prescribed by law;

-Having a valid business registration dossier as prescribed by law;

-Fully paying the enterprise registration fee as prescribed by law

Over the years, investors have built confidence in the Vietnam’s business and investment environment. The socio-political and macroeconomic stability are prominent features for the growth of Vietnam’s business potential. The Vietnam government has determined to simplify the process for investment application. Hence, Vietnam is and will continue to be an attractive investment location, a promising destination for foreign investors for applying for investment registration certificate and register a business in Vietnam compared with other neighboring countries in the region.

ANT Lawyers – a law firm in Vietnam will always follow up with authorities for legal update on matters relevant to investment registration or business setting-up in Vietnam.

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Notable Improvements in Vietnam Investment Law 2014 | ANT Lawyers

 Vietnam Investment Law 2014 taking effect from July 1st, 2015, replaces the Investment Law 2005 with notable improvements, especially the provisions on business registration in investment projects which foreign investors making investment in Vietnam or setting up business in Vietnam are welcome.

The new Vietnam Investment Law in 2014 has brought up the concept of “business investments” to replace the previous two concepts as “direct investment” and “indirect investment”.

Under the Investment Law 2005, prohibited investment sectors are generally and broadly defined i.e. detrimental to defense and security, national interests which are vague concepts subject to arbitrary explanation of the Vietnam State authorities. The prohibited business activities in the new regulations are listed down specifically. This change has been considered as a huge development which confirm that the foreign investors have the right to conduct investment in Vietnam in the segments not prohibited by law. The new law specifies 267 conditional investment areas which clearly define the restrictions in one document instead of referring to various laws. This shall also avoid different interpretations of the legal enforcement and application of the laws in Vietnam.

According to the Vietnam Investment Law 2005, regardless of the proportion of foreign invested capital, all projects involving foreign ownership are subject to investment certificate. Under the new law, only the projects of foreign investors or enterprises with foreign investment capital contributed 51% of charter capital or more must apply for new registration certificate for the project investment of foreign investment. This is a big step to attract and encourage investment for foreign investors investing in Vietnam through reducing the amount of administrative formalities which foreign investors had to go through.

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers have Attorneys in Hanoi, Attorneys in Ho Chi Minh and Attorneys in Danang.

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Hanwha Techwin Company (Korea) Wants to Invest in Bac Ninh | ANT Consulting

 Vietnam has always been an ideal investment destination for many foreign companies to come and set up business in Vietnam.

Currently, Mr. Yang Jin Seol, CEO of Hanwha Techwin Company (Korea) came to Bac Ninh to survey and explore the investment environment in Bac Ninh province.

Working with the Chairman of Bac Ninh Province, Mr. Yang Jin Seol said that Hanwha Techwin Company (under Hanwha Group) is specializing in producing security devices with 27 networks globally. Turnover of the Company in 2015 reached nearly 600 million USD.

Through survey and research, the Company is expected to invest in building factories in Que Vo Industrial Zone with a total investment of 50 million USD, in which the first phase (2017-2019) is 30 million USD. When put into operation, the plant will create jobs for about 1,500 – 2,000 labor, with capacity of 2 million pieces/year.

Mr. Yang Jin Seol hopes that the company’s business ideas will be interested and the provincial leaders will create favorable conditions, especially the preferential policies for enterprises producing high-tech products so that the Company can early implemented the plant construction in the first quarter of 2017.

The Chairman of Bac Ninh province welcomes Hanwha Techwin Company have trusted and choose Bac Ninh as investment destination to invest in stable and long-term production. He also assigned the Management Board of Industrial Zones in coordination with the Kinh Bac Urban Development Corporation – the infrastructure investor of Que Vo Industrial Park and other offices complete the legal procedures and creating all necessary conditions for the project of Hanwha Techwin Company.

Bac Ninh is one of the leading provinces in attracting FDI with nearly 1,000 projects with total registered capital of over 12.26 billion USD. South Korea has more than 400 projects, accounting for about 50% of total FDI capital of the whole province, in which there are many projects of large companies such as Samsung, Orion, Daewoo, Flexcom, Intops, Nano Tech…

We, ANT Consulting company, support you with the service of setting up a company in Vietnam, Risk management in Vietnam, Employee background check in Vietnam… to help you shorten the implementation time.

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Vietnam attracts FDI in 10 months of 2021 | ANT Consulting

 In 2021, due to the spread of the Covid-19 epidemic in the world, the economic situation has been seriously affected. This greatly affects the investment performance of investors making investment in Vietnam. However, Vietnam government still implements many policies to attract forein investors to set up company, make investment, in order to realize the “dual goal” of fighting the epidemic and developing socio-economic and achieving economic growth to get the high results.

According to statistics of the Ministry of Planning and Investment, as of October 20th, 2021, the total newly registered capital, adjusted and contributed capital to buy shares, and buy capital contributions from foreign investors reached USD 23.74 billion, which is accounted for 1.1% more than the same period in 2020. Realized capital of foreign investment projects is estimated at USD 15.15 billion, accounted for 4.1% over the same period in 2020.

Accumulated to October 20th, 2021, the Vietnam has attracted 34,266 projects with a total registered capital of over USD 404 billion. The accumulated realized capital of foreign investment projects is estimated at over USD 247 billion, equal to 61.1% of the total valid registered investment capital.

Foreign investors have invested in 18 industries out of a total of 21 national economic sectors. In which, the processing and manufacturing industry leads the way with total investment capital of USD 12.74 billion, accounting for 53.7% of total registered investment capital. Next is the electricity production and distribution industry ranked second with a total investment of USD 5.54 billion, accounting for 23.3% of the total registered investment capital. Followed by real estate, wholesale and retail businesses with a total registered capital of USD 2.12 billion and over USD 803 million respectively.

In terms of the number of new projects, the processing and manufacturing industry, the wholesale and retail trade, and professional and scientific and technological activities are the industries that attract the most projects, accounting for 33.1% and 27.8% respectively, and 16% of total projects.

There are 97 countries and territories have the investors invested in Vietnam in the 10 months of 2021. In which, Singapore leads with a total investment of USD 6.77 billion, accounting for 28.5% of total investment capital in Vietnam. Korea ranks second with USD 4.15 billion, accounting for 17.5% of total investment capital. Japan comes third with a total registered investment capital of nearly USD 3.4 billion, accounting for 14.3% of total investment capital. Investment amount is followed by China, Hong Kong, Taiwan,…

Foreign investors have invested in 58 provinces and cities in Vietnam in 10 months of 2021. Long An province leads the way with a total registered investment capital of USD 3.68 billion, accounting for 15.5% of total registered investment capital, including a large power project of up to USD 3.1 billion (accounting for 84.2% of total registered investment capital of Long An province). Ho Chi Minh City comes to second place with over USD 2.73 billion, accounting for 11.5% of total investment capital. Hai Phong city ranks third with a total registered capital of USD 2.72 billion, accounting for nearly 11.5% of total investment capital. Next are Binh Duong, Can Tho, Quang Ninh,…

In terms of the number of projects, foreign investors still focus a lot on investing in big cities with convenient infrastructure such as Ho Chi Minh City, Hanoi, Bac Ninh. In which, Ho Chi Minh City leads in number of new projects (34.1%), number of adjusted projects (17.7%) and capital contribution and purchase of contributed capital (59.4%).

In addition, Vietnam has implemented the selective investment attraction policies (reducing quantity, increasing quality) to eliminate small-scale projects with little added value. This also partly affects the number of projects of small investors planning to invest in Vietnam.

To ensure safety in the prevention and control of the Covid-19 epidemic, Vietnam has applied a policy of restricting entry and implementing long-term isolation, which affects the progress of surveys and implement the procedures of experts and project development groups.

Due to the impact of the epidemic, Vietnam has implemented a factory blockade and restricted the movement of workers in industrial zones, slowing production, reducing capacity and output, and disrupting the supply chain. This affects the psychology of new investors who are planning to invest in Vietnam.

In 2021, many factors affect the investment performance of international investors to Vietnam. However, with many policies to support and attract investment, Vietnam still becomes an investment destination for many big investors in the world. In late 2021 and early 2022, with many policies to attract FDI to revive the economy after the epidemic, Vietnam hopes that international investors can seize the opportunity to make investment, establish company, in order to bring the best economic benefits for their business.

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.

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7 basic steps to set up a business and comply with Vietnam laws | ANT Lawyers

 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.

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.

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What Foreign Investors Should Know When Setting up company in Vietnam in 2022?

 In the period of global economic integration, especially Post-Covid-19 era, Vietnam – a developing country is considered one of the countries with potential markets that foreign investors choose to establish the business here taking advantage of the government policy to promote the economy i.e. “new normal” adaption living with Covid-19, quick opening of border allowing tourists to visit Vietnam since Apr 2022, tax reduction, public investment increase…

Whom can set up business in Vietnam?

First, the objects allowed to establish and manage enterprises in Vietnam are all organizations and individuals who are not in the following cases: (i) Minors; people with limited legal capacity; incapacitated people; people having difficulties controlling their behaviors; organizations that are not juridical persons; (ii) People who are facing criminal prosecution, kept in temporary detention, serving an imprisonment sentence, serving an administrative penalty in a correctional institution or rehabilitation center, has limited legal capacity or is incapacitated, is not able to control his/her own behaviors, is banned by the court from holding certain positions or doing certain works; other cases prescribed by the Law on Bankruptcy and the Anti-corruption Law. At the same time, individuals with foreign nationality implementing business investment activities in Vietnam are considered foreign investors. The implementation of investment forms; the scope of operation as well as related procedures must meet the conditions under the Investment Law; related legal documents; other conditions of international treaties that Vietnam is a member.

How to invest and set up business in Vietnam?

Second, foreigners, foreign investors must explore legal forms of investment in Vietnam including: (i) Investing in establishing economic organizations; (ii) Invest in capital contribution, share purchase and purchase capital; (iii) Implementing investment project; (iv) Investment in the form of BCC contract; (v) Forms of investment and new economic organizations according to the Government’s regulations. They need to consider projects planning to invest in Vietnam in case of requesting approval of investment policy of 2020 Investment Law. The investment project of foreign investors is required to carry out procedures for granting investment registration certificates. If the case must be proposed to approve the investment policy, they must prepare dossiers and carry out procedures to request approval of investment policies. When completing the procedure, they will be granted a written decision on investment policy and investment registration certificates. If not falling in the case of approval of investment policy, foreign investors conduct procedures for applying for investment registration certificates.

What documents required to set up company in Vietnam?

Third, after being granted a certificate of foreign investment registration, foreign investors shall continue the procedures for enterprise registration. Vietnam laws do not have to limit the type of enterprise to foreign investors, hence investors can choose: One member limited liability Company; Two-member limited liability companies or more; Joint stock company; Partnerships. Each type of business has different advantages and disadvantages, and foreign investors should base on the purpose and investment scale to choose the type of suitable form of investment. In addition, the investment under the conditional business lines need to fully meet the conditions according to the provisions of law. Depending on the type of business, there will be the document requirements that need to register accordingly. And most importantly, foreign investors must prepare necessary conditions and sufficient conditions (validated documents for use in Vietnam, business name, head office address, business line, charter capital, legal representative,…) attached to the understanding and implementation of the order and procedures when they want to establish a certain type of enterprise in accordance with the Enterprise Law 2020.

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers have Attorneys in Hanoi, Attorneys in Ho Chi Minh and Attorneys in Danang.

Set up business in Vietnam, Setting up business in Vietnam, Establish business in Vietnam

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Startup Company in Vietnam | ANT Lawyers

From 2015 onwards, the wave of small and medium-sized startups in Vietnam has been developing rapidly. This development is followed by government’s support in forming legal corridors, scheme to favour startup ecosystem and encourage science and technology organizations, research institute, technology incubator, etc. To be deemed as a startup, an individual or business must start their own business along with an innovative idea. Currently, startup is the legal term as recognized under the laws, especially on Law on Small and Medium Enterprises Assistance 2017.

For clarification, small and medium startups are small and medium enterprise (“SME”) established to implement its business ideas based on the utilization of intellectual property, technology and new business models and are able to grow rapidly. These enterprises are in the stage of getting a business up and running, attaches to science and technology or find out new business models, provide products and services to new market segmentation, growth rapidly and make a difference to domestic and foreign enterprises.

Directive 9/CT-TTg dated on February 18th, 2020 of the Prime Minister requires relevant ministries and agencies such as the Ministry of Planning and Investment, Science and Technology, etc. to implement solutions, remove barriers and resolve difficulties, issue policies to create favorable conditions for startups. These include the proposal to amend the Law on Investment in the direction of facilitating foreign investors to establish, contribute capital, purchase shares, or contributed capital of startup investment funds in Vietnam. Before establishing an economic organization, the foreign investor must have an investment project and carry out the procedures for issuance or amendment of the Investment Registration Certificate, except for the establishment of small and medium-sized startups and startup investment funds in accordance with the Law on Small and Medium Enterprises Assistance. Although the Law on Small and Medium Enterprises Assistance 2017 and guiding decrees have taken effect, it is not clear what procedures the foreign investors are required to do to set up a SME startup. It is necessary to wait for specific instructions for startup formation.

Moreover, according to the Law on Investment 2020, startup investment projects are included in the beneficiaries of investment incentives as recently added. Technology and intellectual property exploitation are two of subjects which are considered as startup projects. The technology sector, before the Law on Investment 2020 takes effect, has achieved a number of tax incentives for eligible enterprises, for example: enjoying enterprise income tax at rate of 10% for 15 year or tax exemption for four years, 50% reduction of taxable for the next nine years, not subject to value added tax. Furthermore, SME startups selected for SME support project are entitled to enjoy the following assistances: (i) consultation on intellectual property, intellectual property utilization and development; (ii) procedures for technical regulations and standards, quality measurement, testing and improvement of new products and business model; (iii) technology uses and transfers; (iv) training, information, trade promotion and commercialization; (v) use of technical facilities, incubators, and common working areas according to Decree No. 39/2018/ND-CP.

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers have Attorneys in Hanoi, Attorneys in Ho Chi Minh and Attorneys in Danang, will help customers conveniently drafting contracts, Debt Recovery, Set up business, Foreign invest, Real estate ....

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Sport Betting in Vietnam

Law on amendments to Physical Training and Sports No. 26/2018/QH14 is in valid as of February 1st, 2019. The highlight that must be noted is sports betting as provided in Article 67a. This activity is officially governed by laws. Sports betting is a form of entertainment with rewards in which bettors predict the results of sporting events used for betting purpose.

The sports betting has a long history, but it had not been recognized by the State for a long time. Therefore, the betting was considered a violation of laws and was liable to administrative and criminal remedies. Before sports betting is restricted and just allowed to bet on horse racing, greyhound racing and pilot international soccer as specified in the Decree 06/2017/ND-CP effective from March 31st, 2017 on business of betting on horse racing, greyhound racing and international soccer. After the amendment law takes effect, the sports are allowed to bet will be extended according to the List of sports activities allowed to trade in betting issued by the Government.

What Conditions Required for Sports Betting?

Relating to condition of sports betting business in Vietnam, the enterprises need to be granted a certificate of eligibility for betting business. This is one of the conditional business lines under the strict management.

Regarding horse racing and greyhound racing, the enterprises need to obtain the Certificate of investment registration for the project for construction of horse and/or greyhound racecourses and the Certificate of eligibility for betting business. For horseracing, the charter capital requirement is VND 1 trillion ($44.2 million), while for greyhound racing it is VND 300 billion ($13.2 million). Locations of horse and/or greyhound racecourses are conformable to the socio-economic development planning of the area where such racecourses are located. Therefore, if the project attracts more than one investor, the investor for the project for the construction of horse racecourses and/or greyhound racecourses which covers the business of betting on horse racing and/or greyhound racing shall be selected through bidding process according to law.

Regarding international soccer, the procedures is similar to horse racing and greyhound racing. However, The Government allows one enterprise to pilot the business of betting on international soccer. The duration of pilot international soccer betting business shall be 05 years since the date on which the Certificate of eligibility for international soccer betting business is issued. After such period, the Government shall consider whether or not to continue the pilot international soccer betting business upon the assessment of the collected results. The list of international football matches and tournaments which are selected to provide the basis for the business of betting on international football is stipulated in the Decision No. 1064/QĐ-BVHTTDL issued by the Ministry of Culture, Sports and Tourism.

Which Authorities Will Approve the Sports Betting Activities?

The Ministry of Finance will publicize the conditions, dossiers, procedures for organizing bidding to select enterprises to pilot international football betting business according to the provisions of law. To be able to participate in bidding, the enterprises need to meet the following conditions:

(1) The minimum charter capital shall be VND 1 trillion ($44.2 million)or an equivalent amount;

(2) Having a plan on investment in the technological system, technical equipment and business software to ensure their accurate, safe and stable operation;

(3) There shall be a feasible plan on the business of betting on international soccer and ticket selling methods and locations;

(4) Committing to community assistance.

There are 135 countries in the world officially legalizing sports betting activities. Betting is increasingly on the rise, along with the development of information technology and entertainment. In Vietnam, sports betting is put under the strict management.

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Quang Binh Calls for Investment in 48 Projects

According to Chairman of Quang Binh Provincial People’s Committee – Mr Nguyen Huu Hoai, the provincial People’s Committee has just issued a decision to call for investment in 48 projects in the fields of industry, agriculture, tourism, services and trade… in the period from 2018 to 2020.

Accordingly, the People’s Committee of Quang Binh province has approved the list of projects calling for investment with the total capital of more than 50,000 billion VND in the period of 2018 – 2020. The decision was issued by the province on June 5th, listing 48 projects calling for investment with a total land area of 8,000 hectares.

In the above 48 projects, there are 17 projects in the field of tourism, services and trade: including 6 coastal resort projects, 8 ecological resort projects, 3 commercial center projects, with a total investment of over 37,000 billion VND, the land area for the projects is over 1,500 ha. For such projects as tourism complex, coastal resort and ecotourism and resort complex, Quang Binh province has paid special attention to and dedicated the land fund for each project up to hundreds of hectares.

In the field of industry, Quang Binh province has listed 5 projects calling for investment, including: Quang Binh wind power development; Quang Binh solar power development; factory manufacturing and assembling electrical appliances, electronics, telecommunications and industry; factory producing energy saving lighting equipment and factory producing components and assembling cars… with the total investment capital of over 8,000 billion VND.

In addition, Quang Binh province also approved invitations to invest in 8 agricultural projects; 3 projects in the field of health and training; 8 residential and urban infrastructure projects and 5 industrial zone infrastructure projects. These projects are highly valued to attract investors to this locality.

According to the head of the Quang Binh Government, together with the approval of the plan to call for investment in the period 2018 – 2020, Quang Binh province also strengthens the direction of the functional units, localities in the province to urgently build content of project information. Quang Binh province is committed to providing the best support to investors when coming to this locality based on the available resources that Quang Binh is considered to be very rich.

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Attraction from Industrial Parks in Phu Yen

Phu Yen is gradually moving its economic structure from a purely agricultural province to industry, tourism and services. In order to achieve this goal, thousands of hectares of industrial parks have been prepared, along with infrastructure investment with full facilities to attract projects and foreign investor to invest in Vietnam and in Phu Yen province.

In May 1974, at the An Phu Industrial Zone in Tuy Hoa, Phu Yen province, the electronic component factory was kicked off, marking the presence of the high-tech industry in Phu Yen. This is the first electronic component factory to be built in Phu Yen, with capacity of 500 million pieces per year, with such main products as RF coils and electromagnets. Total investment for the factory is over 5.7 million USD, 100% of products will be exported. The establishment of a factory in Phu Yen province is part of Coilcraft Corporation’s production development in Asia.

Vice Chairman of Phu Yen People’s Committee welcomed the Coilcraft Corporation for investing in Phu Yen, contributing significantly to the socio-economic development and the industrialization and modernization process of the province. At the same time, it is suggested that the Management Board of Phu Yen Economic Zone and investors continue to have connections and promote the industrial potential of Phu Yen to other investors.

The appearance of electronic component factory invested in An Phu Industrial Park, besides the glass production factories of Hoang Hai Trading Co., Tan Phat Canned Food Joint Stock Company and the project of CCIPY Vietnam limited liability company., as well as bottled water , soft water plants, and seafood processing plants (in Hoa Hiep 1 Industrial Park) of Xin Bang Co., Ltd have made the investment situation in Phu Yen’s industrial zones more diverse and exciting.

Besides implementing the policy of economic restructuring towards industrialization, the Party and Phu Yen authorities have made many appropriate policies in order to mobilize internal resources in the province and attract foreign investment. At the same time, completing investment in infrastructure of approved industrial zones and clusters; promote the efficiency of investment and the role of industrial zones and clusters in economic restructuring of the industry, contributing to the economic restructuring of the province.

Currently, Phu Yen province plans to build industrial parks, attracting hundreds of investment projects. In particular, it is concentrated in Hoa Hiep 1 Industrial Park, Hoa Hiep 2, An Phu, North East Song Cau 1 and North East Song Cau 2.

One of the favorable conditions for the management board of Phu Yen economic zone to carry out the plans of promoting and attracting investment in line with the industries and sectors in the industrial parks. That is Phu Yen Provincial Industrial Development Plan up to 2020, with vision to 2030, which has been approved by the provincial People’s Committee.

The plan identifies groups of industries with priority given to development till 2020 with a vision to 2030, including: processing of agricultural, forest and aquatic products; medicine; textile; products from new technology; software industry and digital content; chemistry; energy; electronic equipment, telecommunications equipment and information technology; mechanical engineering; supporting industry.

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New Capital Flows from French Businesses

Opportunities are opening for Vietnam to attract more foreign direct investment (FDI) flows from France.

As planned, during the visit to Vietnam of French Prime Minister Edouard Philippe (from November 2nd – 4th), in the afternoon of November 2nd, a series of new cooperation agreements were signed between enterprises of the two countries, to promote bilateral trade and investment cooperation. On November 4th, a business forum will also be held in Ho Chi Minh City, attracting the participation of about 200 businesses from Vietnam and France.

These moves are promising to open new opportunities for cooperation between the two countries’ businesses, which are believed to have great potentials and are on the rise. In fact, in March 2018, after a visit to France of General Secretary Nguyen Phu Trong, a series of new cooperation agreements were signed. Among them, there is an agreement between the T&T Group and the Bouygues Group (France) on investment cooperation of the no.3 urban railway project in Hanoi, with total investment estimated at 1.4 billion USD. The two Groups also signed an agreement on the BT contract (build – transfer) of a project to connect Ha Noi with Son Tay town (Nhon – Troi – Phung – Ring road 4 – Son Tay), cooperate to invest and develop the project of upgrading and expanding Hang Day Stadium…

In addition, there are cooperation contracts between Vietnam Airlines with Air France, Tre Viet (Bamboo Airlines) with Airbus…

In fact, there have been more positive trends in French investment into Vietnam since the beginning of this year. According to data released by the Foreign Investment Agency (Ministry of Planning and Investment), in the first 10 months of this year, French businesses have registered to invest 517 million USD in Vietnam.

France currently ranks in the Top 10 countries and territories with large investments in Vietnam, even ranks 1st among European investors have invested in Vietnam since the beginning of this year. If calculated cumulatively, France has invested in Vietnam 3.6 billion USD, surpassed UK.

When Prime Minister Nguyen Xuan Phuc was on a trip to Europe, the European Commission (EC) agreed to submit to the European Council for approval to officially sign the European – Vietnam free trade agreement (EVFTA), expected by the end of 2018, then submitted to the European Parliament for approval, scheduled for early 2019. Once this agreement has been formally adopted, a new door to promoting EU – Vietnam trade and investment will be opened. In this context, investment flows from France are also expected to grow strongly.

At the present, most French investment projects in Vietnam are implemented in the early stages of FDI attraction, such as BNP Paribas, Total, Schneider Electric, Renault, Technip…

Recently, some French investors started to increase their investment in Vietnam. Typical is Auchan with plan to invest 500 million USD to open retail system in Vietnam. Or Schneider Electric, with the inauguration of a new factory in Ho Chi Minh City, with 45 million USD investment capital in Phase I in 2017. In addition, Sanofi has 3 factories in Ho Chi Minh City…

Newer names, such as In Vivo and Olmix, are also boosting their investments in agriculture in Vietnam. EDF Group has been licensed to participate in Son My 1 Gas Power Project. In addition, Saint-Gobain is building a factory in Hai Phong city; Veolia, Suez and Vinci are actively pursuing water treatment projects.

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Hyosung with Billion Dollars Commitments

In a series of large foreign investors in Vietnam, especially Korean investors, the public often refers only to big names such as LG, Samsung…, but not many people knows that Hyosung has invested billions of dollars in Vietnam.

Few days ago, the People’s Committee of Quang Nam province has officially approved the report on the environmental impact assessment of Hyosung’s cloth curtain factory in Tam Thang Industrial Park. This is an important move for Hyosung to soon receive investment registration certificate as well as to implement the project with expected investment capital of 1.34 billion USD.

In October 2018, Hyosung was awarded by the Chairman of the People’s Committee of Quang Nam province an investment plan for the project that they have started to pursue since 2015, in order to expand the market in the central region.

If the project of Hyosung in Quang Nam is soon granted investment registration certificate, it is likely that this Korean corporation will become a foreign investor registering to invest up to 2 billion USD projects in Vietnam this year.

By the end of May 2018, Hyosung invested the Polypropylene (PP) manufacturing factory and liquefied petroleum gas (LPG) storage tank in Ba Ria – Vung Tau with investment capital of over 1.2 billion USD. As planned, Hyosung will build a liquefied petroleum gas storage tank with capacity of 240,000 tons in Cai Mep area and use this liquefied petroleum gas to produce polypropylene, ethylene, propylene…

The factory is expected to be built within two years, completed and put into operation by the end of 2020, attracting about 2,000 laborers and contributing to the state budget of about 80 million USD per year.

Thus, this year, Hyosung has committed to invest in Vietnam of more than 2.5 billion USD.

According to Hyosung’s representative, Hyosung has plan to raise investment capital in Vietnam to 6 billion USD and investment fields will include chemical industry, heavy industry and power projects. Hyosung is very interested in power projects in Vietnam, especially the supply of transformers that the Vietnamese market is in great demand.

Like other major Korean corporations, such as Samsung, LG, SK…, Hyosung is gradually turning Vietnam into a major manufacturing base and becoming one of the most attractive investment destinations in the region. If the plan to increase investment capital to 6 billion USD becomes reality, Hyosung will become one of the largest foreign investors in Vietnam.

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The Middle Class of Vietnam Increased Sharply| ANT Consulting

The top concern of foreign investors seeking to expand their business in Vietnam is the growing middle class, an important part of the Vietnam consumer market.

The middle class is not only an important part of the market, they are becoming the loyal customers of many foreign businesses, operating in all kinds of sectors in Vietnam. According to UPS Vietnam Managing Director, Vietnam’s middle class is buying more and more cross-border goods. This company invests in vehicles to deliver the items that these middle-class customers ordered from US, UK to their houses.

Accordingly, cross-border e-commerce is growing fast. More and more e-commerce companies are sourcing in Vietnam. In contrast, the middle class of Vietnam also shopping online at foreign websites.

According to experts, Vietnamese middle class people have monthly income of 15 million VND (equivalent to about 700 USD) or more. By 2020, the country is expected to have 44 million middle class people. According to the Center for Consumer Studies and Customers of Boston Consulting Group (US), the “middle class and wealthy” of Vietnam are people who earn an average of 714 USD a month or more.

The Brookings Institute studies showed that the growth rate of the Vietnamese middle class in the period from 2005 to 2015 is more than 14% per year. It is estimated that in the period from 2016 to 2020, this number will continue to increase by 4 percentage points, equivalent to over 18% per annum.

Compared with other Southeast Asian countries, the growth rate of the Vietnamese middle class is among the highest. For example, in the period from 2016 to 2020, the middle class in Malaysia and Thailand increased by more than 4%, Indonesia increased by nearly 12%, and Singapore only increased by 3% per year.

By 2015, the total consumption of the global middle class is 34.8 billion USD. Brookings Institute estimates that by 2030, this number will almost double. By 2030, the global middle-class consumption may increase by 29,000 billion USD compared to 2015. The today’s low-income countries such as India, Indonesia and Vietnam will create a market with total consumption increased by 15 trillion USD compared with the current rate.

Not only increasing in number, the change in the money and spending perspectives of the middle class is also an attractive point. This creates a change in many industries, from food to banking.

Vietnamese consumers are changing their lifestyle very fast and they are increasingly willing to spend on large items aimed at improving their lives. According to a Nielsen report, the percentage of people saving money in quarter II/2017 decreased more than 13% from the previous quarter and just behind Thailand, Singapore and Indonesia.

According to PwC Vietnam, the fast-growing middle class in the country will accelerate the demand for more sophisticated banking services, such as insurance through banking and asset management. Along with that, cashless payments will have the opportunity to grow.

Moving from cash payment to cashless is an indispensable trend. We see many banks in Vietnam are shifting their focus to retail banking thanks to the increased spending of young people. The developing technological infrastructure facilitates the transition from a cash economy to a cashless economy.

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Why Japanese Are Interested in Da Nang? | ANT Consulting

There are many advantages in geographical location, low labor costs, open investment environment… have made Da Nang becoming more and more attractive to Japanese investors. The cooperative relation between Da Nang and Japan has already had a solid foundation and are in the best development stage…

Previously, many Japanese investors are often interested in Hanoi or Ho Chi Minh City (HCMC) but recently they have been paying much attention to Da Nang – the city by the Han River. Besides the natural advantages, the Da Nang Government has also actively support and creates favorable conditions for investors, including Japan.

Recently, Da Nang and Japanese localities have also actively expanded their friendly cooperative relations in various fields. Da Nang has officially signed the Memorandum and deploy the friendship cooperation with Kawasaki, Sakai Yokohamam, Mitsuke and is taking steps to promote expanded cooperation, towards the signing of the Memorandum with Nagasaki, Kobe, Yaizu, Fukuoka, Otawara, Nemuro, Kushiro, Matsusaka. Da Nang is Vietnam’s pioneering province of Vietnam that has representative office in Tokyo…

Up to now, there are more than 120 enterprises and representative offices of the company from Japan have been active in Da Nang, with total investment of about 500 million USD, creating more than 30 thousand jobs for local workers. Annually, Da Nang also welcomed about 200 Japanese delegations came to survey and seek opportunities for cooperation and investment.

There are many projects in Da Nang that are constructed using ODA capital from Japan such as Hai Van Tunnel, the project to upgrade Tien Sa port, Da Nang Hospital…

Da Nang has a favorable geographical location as international gateway when lying on the East – West economic corridor, linking the countries in the ASEAN region. In addition, Da Nang has open investment environment with the liberal policies, implemented by the Government, transparent and facilitate administrative transactions…Moreover, Da Nang also has the advantage of cheap labor costs. Labor cost here is only 1/3 the salary paid to Chinese workers, an important factor in deciding to investment…

To welcoming the wave of Japanese investors, Da Nang has applied teaching Japanese language at secondary and high schools. Until now, Da Nang is province with the highest the number of students who study Japanese language in the central of Vietnam.

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Why is it important to undertake background check before hiring? | ANT Consulting

Every business in order to be able to operate stably and develop must first have an effective resource. In addition to material, technological, and machine resources, human resources are considered as an important resource that determines the success of an enterprise. It is important to conduct background check before hiring to confirm the information given by the employee reflects the truth.

Human resources are people who are directly involved in working for the business in different positions with the aim of creating values ​​and profits for the business, contributing to the development of the business. Thus, in order for businesses to be able to recruit capable and qualified individuals suitable for the position that the business is looking for, the business needs to have research and selection. Below is the necessary information that businesses can refer to be able to choose a suitable candidate.

Professional competence and skills are concerns that every business wants in its candidate. With high professional ability and good problem-solving skills, it will be a factor to help businesses develop well, satisfy customers, increase competitiveness with competitors… contribute to creating profits and improving location of the business. To find out this information, businesses can look in the information about the education and experience that the candidate provides or contact the previous company to confirm the accuracy of this information.

Besides, professionalism is also a necessary requirement that businesses should look for in candidates. It is shown in punctuality, polite manners, proper manners, responsibility for work, seriousness and respect for work, respect for colleagues and superiors, responsibility for work results, admit faults and get solution.

In addition, businesses should learn the personality of the candidate to know if the candidate is a good fit for their corporate culture. Because corporate culture is an “implicit” rule common to everyone in the business. Candidates who do not fit the corporate culture find it difficult to get along with everyone in the process of working together. Businesses can find this information in a candidate’s interests or activities section, or through candidate sources from a previous workplace.

Honesty, integrity, ethics are essential qualities of a good employee. That is the basis for businesses to trust and work long-term with candidates. Therefore, when choosing employees to work, businesses should consider this factor because candidates with these qualities will bring many benefits and be the basis long-term commitment. However, it is difficult for businesses to find out if a candidate is honest and integrity through just one interview. For important positions, businesses should carefully learn this information from the previous company or through the personal information channels of the candidate.

Moreover, there is a method that businesses can apply when selecting candidates that is taking a test. Through the test results, businesses can know about a lot of general information such as: attitude, skills of handling situations, reasoning and calculation ability of candidates when facing a problem and also in terms of cognitive ability, achievements, work experience, interests… From there, enterprises also assess the candidate’s ability to integrate and adapt.

In addition, the candidate’s resume, background check, personal reference are also a reliable basis for businesses to know about their working history, reputation of employee in previous assignment, work, previous criminal records or not, etc. There is evaluation and consideration when selecting suitable candidates.

These are the reasons why businesses need to find out information about candidates before hiring. Knowing what skills and characteristics to look for in current employees as well as when recruiting new employees ensures the quality of your human resources and leads to an efficient business. Hence, background screening has been increasingly important before hiring as part of risk management and risk prevention in Vietnam.

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Nothing Can Stop Investors Coming to Vietnam | ANT Consulting

Many foreign investors have once again affirmed the attractiveness of Vietnam as an investment destination.

It is no coincidence that the Vietnam Intensive Online Conference, recently held within the framework of Standard Chartered Bank’s ASEAN-focused investment attraction series, took the theme “Vietnam – Rising star”.

A survey showed that 38% of enterprises surveyed said that they would consider expanding their supply chain in Vietnam. This is the highest rate among ASEAN countries.

With strong fundamentals such as a young, dynamic and tech-savvy population, a growing domestic market, a growing middle class and an open economy, Vietnam continues to deliver attractive investment opportunities. However, it is equally important to manage risk especially in understanding business partners through corporate intelligence investigation, background studying, adverse media search.

Many multinational corporations have been interested in establishing business investments in Vietnam in order to take advantage of the close geographical distance and the ability to connect with ASEAN to promote business activities.

According to data provided by the Japan Trade Promotion Organization (JETRO), more than 40% of the total of 3,500 Japanese enterprises surveyed said they were considering expanding operations in Vietnam, to set up company within the next three years.

A Memorandum of Understanding (MOU) has just been signed between the Foreign Investment Agency (Ministry of Planning and Investment) and JETRO. The agreement was awarded in the witness of Vietnam Prime Minister on September 7th 2020, confirming the great efforts of both the Foreign Investment Agency and JETRO in implementing measures to promote Japanese investment in Vietnam.

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Mavin Pledged to Invest 80 Million USD in Nghe An | ANT Consulting

Mavin Group (Australia) has operated in Vietnam for a long time and now they do not hide their ambition to expand investment and set up business in Vietnam.

In February 2017, Mavin Group inaugurated an animal feed production factory in Nghe An. This plant has a total investment of 15 million USD, which is built on an area of 3.6 ha and has a capacity of 300,000 tons per year.

Mavin Group has invested in Vietnam for more than 12 years and now has production facilities in 7 provinces and branches, warehouses in 19 different provinces in the country. However, up to date, Nghe An is the only province that Mavin plans to invest in 4 separate projects with a total investment of 80 million USD.

In addition to the inaugural animal feed factory, Mavin Group plans to deploy 3 more projects in Nghe An.

In April 2017, Mavin Group was granted a license to invest in a 18 million USD hi-tech pig farm, built on an area of ​​100 hectares. Subsequently, the Mavin Group plans to invest in a Veterinary Research Center. At the same time, conducting a feasibility study to invest in a food processing plant that may be launched by 2018. The project has a total investment of 25 million USD, built on an area of ​​5 hectares, capacity of 200,000 tons/year. This factory will produce products made from meat, sausage, ham and other traditional meats… serving the domestic market and exporting to Laos and Cambodia.

According to the Chairman of the group, Mavin Group before making investment decision always consider 6 issues that are: human resources; market; geographic factors; political issues (attention, government support, security…); incentive policy and transparency.

In addition, representatives of the Mavin Group expressed their satisfaction when investing in Nghe An. Moreover, they also suggested that investors should choose to invest in Nghe An not only because of favorable geographic location, synchronous facilities, great source of human resources but also highly supported from province leaders with great investment incentives.

According to the representative of Vietnam – Singapore Industrial Park (VSIP) in the Central and South regions, recently many local and foreign investors have come to Nghe An seeking investment opportunities.

Previously, in September 2015, VSIP Nghe An was officially started construction with a total area of 750 hectares. After more than a year of land handover, up to now, VSIP Nghe An has now leveled and built complete infrastructure for about 100 hectares of industrial land area in phase 1A. The wastewater treatment system, clean water supply, power supply, fire prevention and protection have been completed and ready to serve investors in production.

More than 90 companies from many countries and territories have come to find out information and investment opportunities at VSIP Nghe An and 10 companies have signed investment commitments with total investment capital of over 400 billion VND. By the beginning of September 2017, some companies have received land handover and started plant construction. In which, the first factory was officially put into operation. It is expected that by the fourth quarter of 2017, two more companies will come into operation, attracting about 1,000 workers.

It is known that VSIP Nghe An is the 7th project that VSIP deployed in Vietnam. Previously, in addition to 2 VSIP projects in Binh Duong, there are projects in Bac Ninh, Hai Phong, Quang Ngai and Hai Duong. Currently, VSIP’s projects attract a total of 720 investors from 30 countries and territories with total domestic and foreign investment of 9.2 billion USD, creating jobs for about 180,000 workers.

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Samsung Invests Aggressively in Bac Ninh | ANT Consulting

With the favorable and open business environment, Vietnam has committed to be the attractive investment destination for multinational enterprises to come and set up business in Vietnam.

Samsung wants to raise the total investment in Bac Ninh to 6.5 billion USD and transferred the model from high-tech project to large-scale project…

Bac Ninh Provincial People’s Committee has just sent an official letter to the Prime Minister on supporting Samsung Display Co., Ltd Vietnam (SDV) in the process of project expansion in Bac Ninh province.

According to the Provincial People’s Committee of Bac Ninh, so far SDV has raised investment capital to 4 billion USD. Reportedly, SDV’s total revenue in 2015 was 2.7 billion USD, in which exports reached 2.5 billion USD. Accumulated to October 2016, SDV has revenue of 5.9 billion USD.

Project disbursement schedule of Samsung by the end of 2016 is estimated at 2.5 billion USD. Expected in 2017, Samsung will disburse the registered capital of 4 billion USD in Bac Ninh.

Bac Ninh confirmed that SDV has done on schedule and as planned when the entire Module 3 project when come into operation will be a prerequisite to attract more companies to serve SDV.

Notably, SDV has expressed their desire to invest an additional of 2.5 billion USD, disbursed in 5 years since 2018. Thereby, raising the total investment in Bac Ninh to 6.5 billion USD.

Recently, according to Mr. Hyun Woo Bang – Deputy General Director of Samsung Vietnam, in 2016, although the Company has to face with the problem of Samsung Galaxy Note 7, thanks to the support of the Government and Ministries in Vietnam, Samsung has overcome difficult period. In 2016, revenue of Samsung Vietnam reached 46.3 billion USD; exports reached 39.9 billion USD, increased by 9.9% compared to 2015.

Samsung accounted for 22.7% of export turnover nationwide, a slight increase compared to the rate of 20% of the previous year.

Reportedly, Bac Ninh is the province that attracting a lot of foreign investment projects in Vietnam. Moreover, Bac Ninh is the investment destination of 30 countries and territories around the world. Accumulated up to the present time, in the Industrial Zones in Bac Ninh province, 1,050 projects are licensed with a total investment of 13.1 billion USD. FDI sector has created 231,000 jobs.

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Indian Businesses Consider Vietnam as a New Investment Destination | ANT Consulting

On the occasion of the 45th anniversary of Vietnam – India diplomatic relations and 10 years of strategic cooperation between the two countries, Mr P. Harish, Ambassador of India to Vietnam said that the two countries’ cooperation is very nice, many Indian businesses are considering Vietnam as a new investment destination in the region and choose to set up business in Vietnam.

India and Vietnam relationship have been developing very strongly since the two countries established diplomatic relations in 1972. The two countries advanced their relationship into strategic partnership in 2007 and then became comprehensive strategy in September 2016, when the Prime Minister of India visited Vietnam. This cooperation framework includes security, defense, economic and cultural cooperation, high-level delegation exchanges and people-to-people exchanges.

In terms of trade, bilateral trade has increased tenfold, from 1.15 billion USD in fiscal year 2006 – 2007, to 10.1 billion USD in fiscal year 2016 – 2017 (according to Indian data). The two countries’ leaders have set a bilateral trade target of 15 billion USD by 2020. India is among the top 10 trading partners of Vietnam and Vietnam is India’s fifth largest trading partner in ASEAN region.

Regarding investment, Vietnam currently has 136 Indian projects, with a total registered capital of about 1.28 billion USD, including capital from India through third countries, mainly focusing on areas as oil and gas, renewable energy, minerals, agricultural product processing, information technology and automotive components. The latest project of India in Vietnam is the instant coffee processing project of Tata Coffee Company in Binh Duong province, with a total registered capital of 63 million USD.

In order to achieve this goal, Vietnam and India need to work more closely in strengthening the exchange of business delegations and encouraging investment in one another, to promote trade.

In addition, Vietnam and India are expected to strengthen connectivity in aviation and sea line. Expected this year, Vietjet will open direct flights to India. Furthermore, linkage in the banking and finance sectors is also accelerating. Also, India has also strengthened its projects in Vietnam in the areas of human resource development, IT capacity building, English language teaching and science and technology.

With such a multidisciplinary approach, we can realize a comprehensive strategic partnership between the two countries and explore the potentials of two nations.

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Legal Procedures Post Licensing in Vietnam

After establishing a company in Vietnam, the compay has to perform a number of legal procedures for compliance purposes.

First, they have to declare the license tax. The tax declaration should be submitted to tax authorities. If the taxpayer has a branch in the same province, the tax declarations of the branch should be submitted to the taxpayer’s tax authority. On the other hand, if the taxpayer has a branch in another province, the tax declarations of the branch should be submitted to the tax authority of the branch. In case when the taxpayer does not have a permanent business location, the tax declaration should be submitted to the sub-department of taxation where the business is located or where the taxpayer resides. License tax is submitted annually and if the taxpayer has declared and paid license tax, he is not required to submit license tax declaration in the next year if the amount of license tax payable is not changed. In case the taxpayer amount of license tax payable in the next year is changed, a tax declaration shall be submitted by December 31st of that year.

Second, the enterprise has to conduct the VAT (value added tax) declaration. The taxpayer that has just begun his business shall declare VAT quarterly. In the next calendar year after 12 months of business, VAT declarations shall be declared whether monthly or quarterly depending on the revenue from the sale of goods and/or services in the preceding calendar year (12 months). VAT shall be declared monthly or quarterly throughout the calendar year and the 3-year period. For example, the first stable period begins on October 1st, 2014 and ends on December 31st 2016.

Third is the CIT declaration (corporate income tax). The CIT declaration should be submitted to the supervisory tax authorities. According to business results, the taxpayer shall make the quarterly tax payment within 30 days of the quarter succeeding the quarter in which tax is incurred; they shall not submit the provisional CIT declaration quarterly.

The fourth is the invoice printing. Before placing the first order for invoices, the company must send a written request for permission to use ordered invoices to the supervisory tax authority. Before the business uses invoices for its sale of goods and services, except for invoices purchased from or provided by the tax authority, the business has to send a notice of invoice publication together with a sample invoice to the tax authority.

Every quarter, sellers of goods and services shall submit the invoice using a report to the tax authority, even when there are no invoices that have been used during the period. The report of the first quarter shall be submitted by April 30th, second quarter by July 30th, third quarter by October 30th, and fourth quarter by January 30th of the next year. If no invoices are used during the period, the quantity of used invoices in the report shall be zero (0).

The fifth is the bank account. The opening of a bank account to conduct transactions with customers is necessary because according to the ministry of Finance, the invoice value of 20 million VND or above should be transferred through the bank. Within 10 days from the day that enterprise opens a bank account, the company has to notify the bank account number to the competent tax agency.

The sixth also the last one is labour and social insurance. If the contract between enterprise and employee has a duration of over 3 months, it is subjected to compulsory social insurance.

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