Kien Giang Continues to Welcome Investment Waves

With outstanding potentials and advantages, together with many large projects which have been invested in the area, especially efforts to strongly improve the business and investment environment, Kien Giang province expects to continue to welcome the wave of investment in the future.

Phu Quoc has been recognized as urban type 2 since 2014. Currently, Kien Giang province is waiting for the Government to approve the scheme on the establishment of Phu Quoc coastal city under Kien Giang province. From this policy, Phu Quoc has been focusing on investing heavily in developing essential infrastructure by domestic and non-budgetary sources…

Many key projects have been deployed and put into use, such as Phu Quoc International Airport, An Thoi International Seaport, Duong Dong Passenger Seaport, Ha Tien – Phu Quoc underground electric cable line, the road around the island, South – North main road, An Thoi cable car…

According to the Head of Phu Quoc Economic Zone Management Board, with many incentives, open mechanisms and interest of leaders, Phu Quoc is expected to grow strongly in a short time. Currently, according to the operation regulations of Phu Quoc island and Nam An Thoi island cluster, projects of organizations and individuals inside and outside the country investing in Phu Quoc shall enjoy the 10% enterprise income tax rate applicable during the project implementation period; Vietnamese and foreign people are entitled to a 50% reduction of income tax on high income.

Phu Quoc International Airport can welcome large aircraft with a flow of 2.6 million passengers per year. Besides, dozens of high-quality high-speed trains run Ha Tien – Phu Quoc and Rach Gia – Phu Quoc routes, bringing over 2,000 visitors to and from the island every day.

The synchronous investment has been effective. In 2018, tourists to Phu Quoc doubled compared to before the new airport opened. It is forecasted that in 2019, Phu Quoc will welcome several million visitors, of which about 30% are international visitors.

In addition to the highest investment incentive policies in the country, at the present, Phu Quoc investors are interested in a number of interesting issues such as: regulations allowing economic organizations, Vietnamese residing abroad, foreigners permanently residing in Vietnam, foreign-invested enterprises, foreign organizations and individuals may invest in the construction of houses for sale or lease, sub-lease or transfer of land use rights which has built infrastructure in accordance with relevant provisions of the law on land; overseas Vietnamese can buy houses…

Investors coming to Phu Quoc will receive maximum support from Kien Giang provincial government and Phu Quoc island district. If outside the jurisdiction, the locality is responsible for coordinating closely with ministries and agencies to promptly remove and create the best conditions for investors.

Up to now, in Phu Quoc district, there have been 265 detailed construction planning projects and master plan of 1/500 scale which have been approved with a total approved area of 7,384.98 ha. The number of accommodation rooms approved in the tourist areas is adjusted according to the general planning of about 80,141 rooms.

In recent years, Phu Quoc has changed clearly and comprehensively in all aspects, the economy has grown at an average rate of 27.52%/year; budget revenue reached over 1,000 billion VND per year; GDP per capita increased nearly 4 times compared to 2010; average tourism revenue increased by 43%/year.

It can be said, the results that Phu Quoc achieved have contributed significantly to the general development of Kien Giang province and created the strongest growth momentum in the Mekong Delta region.

Accumulated until July 15^th 2019, Phu Quoc has 299 valid investment projects in planning areas with an area of 10,585 ha.

In which, there are 36 projects in operation with an area of 1,182 ha, total investment capital of about 14,758 billion VND; 35 projects are under construction (6 projects have been partially operated) with an area of 3,203 hectares and a total investment of about 95,731 billion VND; the remaining projects are completing investment procedures.

Regarding foreign direct investment (FDI), up to now, Phu Quoc district has 31 FDI projects with a total capital of 293 million USD.

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Set-up Joint Stock Company in Vietnam

Joint Stock Company is an enterprise which has charter capital divided into equal portions called shares. The minimum number of shareholders shall be three and there shall be no restriction on the maximum number.

Shareholders shall be liable for the debts and other property obligations of the enterprise only within the amount of capital contributed to the enterprise.

Joint Stock Companies may issue all types of securities to raise funds.  Founding shareholders must together register to subscribe at least twenty per cent (20%) of the number of ordinary shares which may be offered for sale.

The main difference between Joint Stock Company and Limited Liability Company is the Joint Stock Company can raise funds by offering shares or securities.  In addition, an enterprise tends to join the Stock exchanges or public company must be a Joint Stock Company.  Management system of Joint Stock Company is more complicated than Liability Company.

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How to Enter Financial Services Market in Vietnam

As the Vietnam economy continues to grow, financial services as well grows to keep up.  When most parts of the world were hit by global financial crisis in 2009, Vietnam was one of a few that enjoyed positive growth rate and HSBC in its Vietnam monitor issue volume 28 projected 7.2% growth in 2010.

The Vietnam financial market has been developing however still at immature stage.  The Vietnam stock market is one of the channel to raise capital for the development and it is getting more active, attracting investors from South East Astia.  There are more than one hundred securities companies founded to compete in the growing market in 2010.  Top ten companies control more than 50% of the market share in brokerage fee.  In the year 2008 and 2009, many companies have been suffering due to tough competition, poor management, bad market situation impacted by global financial crisis and lack of governance experience from Vietnam State Securities Commission.

According to World Trade Ornatization access commitments, the Vietnam securities company can be 100% owned by foreign firms by the year 2012.  The competition amongst players will be getting more fierce.  Japan is interested in acquiring Vietnam securities companies.

Financial services are typical products therefore owning some characteristics of its own kinds.  Consumer purchasing behaviour is greatly influenced by the type of financial product being purchased.  The emphasis of trust and having relationship, especially in the particular contracting contexts, are also of highly pertinent to the strategies of financial service providers (Beckett et al., 2000).  Corporate reputation dimensions associated with important variables encompassing of customer satisfaction, loyalty, trust, and word of mouth (Walsh et al., 2009) are also factors of considerations beside price, service quality, and relationships ( Bowman et al., 2000), convenience.

The study of how investors behave when it comes to decision of which securities companies to go with shall give insights into the buying behaviour of financial services in Vietnam and would add to the limited research in the area.

With rapid change and more sophisticated customers, it has become very important that financial institutions determine the factors which are pertinent to the customers’ selection process (Boyd et al., 1994) when considering entering Vietnam securities market.

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Highlights in Real Estate Investment in Vietnam

Vietnam is attracting interest of investors in both domestic and foreign market. Overall, investor confidence was returning to the Vietnam real estate market. Both buyers and sellers have enhanced activity in recent months.

The real estate market of Vietnam has overcome the recession period within 4 or 5 years ago but in the last 12 months, the market has recovered and noted positive signs as well as confidence in the market in general.

Law on housing and real estate business Law takes effect in July 2015 and has acted quickly and positively on the real estate market in Vietnam. The changes in the Law on housing have significantly eased the regulations on home ownership for foreigners, although there are still some limitations.

“Hot spots” of FDI inflows

According to a recent report of Jones Lang LaSalle Vietnam (JLL), a series of free trade agreements such as TPP, EU and ASEAN will further promote the medium and long term development. Interest rates and inflation rate have declined significantly and became more stable in the past two years, helping the investment activity to occur more positive in both Ho Chi Minh City and Hanoi. With some domestic and foreign investors such as CapitaLand and Keppel Land, they have spurred the construction activities thanks to the growing revenue in the last 12 months.

Accordingly, the amount of disbursed FDI in the period from January to September of 2015 rose by 8.4% compared to the same period last year, reaching 9.7 billion USD. This is the strongest growth since the late 1980s, contrary to the slowdown of the Chinese economy. The amount of registered capital of new investors also rose even more sharply with 11 billion USD, focused primarily on the manufacturing industry, in which the energy and electronics industries are the sectors with the highest registered capital investment in the year, followed by the real estate sector.

According to the Ministry of Planning and Investment, FDI investment in the industrial park in Vietnam accounted for 67% of total FDI in Vietnam with 11 billion USD and accounting for 59% of the total 1,400 projects in the first 9 months of 2015. A notable transaction is the event that Amata Corporation acquired the land worth 279 million USD in Long Thanh (Dong Nai) for the purpose of building residential and industrial areas valued of 500 million USD.

According to JLL, the residential real estate prices in Vietnam maintained an average rate with 2 bedroom apartments, 70 m2, 10 – 15 minutes to reach the central area of Ho Chi Minh City, which are sold at the price of 1,600 – 2,000 USD/m2, equivalent to 112,000 – 140,000 USD/apartment. When compared with the big cities in the region, the price is believed to increase significantly.

Who dominated the real estate market of Vietnam?

JLL’s report showed that domestic investors are boosting investment activity in the real estate market of Vietnam. The largest real estate investors in Vietnam are Vingroup and Novaland Group.

Vingroup is Vietnam’s largest real estate development and management with market capitalization of about 3.4 billion USD. Vingroup’s investment portfolio includes 45 real estate projects spread across many sectors of the real estate market, including Vinhomes luxury apartments and villas; Vincom Center and Vincom Mega Mall; Vincom Office; 5 star Vinpearl resort; Vinpearl Luxury resort….

Novaland Group has participated in the real estate market in 2007 with the first project is Sunrise City with investment capital of 500 million USD located on Nguyen Huu Tho road, district 7. The real estate business of Novaland focused on the apartment complex segment from mid to high classes and the segment of house land with 25 projects that are being implemented throughout the downtown districts.

Vietnam is becoming an attractive place for foreign investment in the medium term than many other countries in Southeast Asia. Data from Real Capital Analytics (RCA) recorded that there are more attention from a number of private investment funds that are allocated foreign capital into Vietnam in an attempt to increase their market presence in Vietnam.

In the 2^nd quarter of 2015, a joint venture of Warburg Pincus – a US investment fund, has invested 100 million USD into Vincom Retail, the Vietnam’s largest trade center ownership and management in Vietnam. Also in this quarter, Gaw Capital Partners has received the transfer of 4 real estate projects under various segments from Indochina Land with a total value of 106 million USD. Gamuda Land has also receive the transfer of 40% shares (equivalent to 64.1 million USD) in the Celadon City project, a modern urban area with initial investment by a joint venture between Sacomreal, Thanh Thanh Cong (TTC) and An Phu Gia.

The current real estate profit margin is high

JLL’s analysis shows that investors are now enjoying 6 – 7% profitability rate for residential real estate and 9 – 11% for commercial real estate, depending on location, completion time, quality of the project and the signing time of the tenants.

According to General Director of JLL Vietnam, real estate investment in emerging markets has always been seen as risky investments but with higher potential profits. Investors are willing to engage in joint venture projects in these markets, where they will combine with local investors who wish to have capital supporting – in order to have a foothold in the market before and also experience the exponential growth in the future when the economy of these market growing fast.

Moreover, the emerging markets such as Vietnam will have the potential growth factors, including population growth and high urbanization rate. Investors and project developers can take advantage of these factors.

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Korean Investors Interested in Vietnam Stock Market

Came to Vietnam this time, the Korea Financial Investment Association included CEOs of many securities companies, fund management companies with managed capital flows of about 350 billion USD.

At the workshop named “Capital market and prospects for investment cooperation between Vietnam – Korea”, organized by Ho Chi Minh Stock Exchange (HOSE) and the Korea Financial Investment Association, many investors expressed their interest in Vietnam’s exchange traded funds (ETF), the obstacles that these funds may be encountered when listed on the Korean stock market, or the opportunities to invest in state owned enterprises (SOE) that are about to be equitized and divested.

According to the Chairman of HOSE, as of the beginning of December 2015, Vietnam financial market has 34 legal entities which are branches and offices of Korean companies that are operating, supplying a variety of services, create excitement and enhance the value added to the market.

In recent years, the authorities have taken many ways to attract foreign investors such as loosening room, promoting the equitization of SOE, launched new products, efforts to improve the market… thereby creating attractiveness and long-term potential for Vietnam stock market, which opens up attractive investment opportunities for these investors.

The workshop is expected to provide more information, introduce potential areas with different views for Korean investors.

According to the President of the Korea Financial Investment Association, annually, the Association often organizes visits to financial agencies in many different countries to learn about investment demand. This year, the delegation come to Vietnam are all the CEOs of the securities companies, fund management companies with managed capital flows of about 350 billion VND.

The reasons for choosing Vietnam of the Association to be the destination to explore investment opportunities because Vietnam is getting more attention from international investors, especially when TPP was signed and Vietnam is also member of Asean Economic Community.

In addition, the Government of Vietnam is making efforts to improve the investment environment, this is the foundation for Vietnam’s economy to develop and become an attractive destination.

Korean investors at the workshop expressed their interest in Vietnam stock market, especially investor structure, the number of listed companies, the number of fund management companies, establishing pension fund, listing the ETF Vietnam on the Korea stock market and investment opportunities to invest in SOE that are about to equitized and divested.

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Benefits of Setting Up Company in Ho Chi Minh City

Ho Chi Minh City is considered as Vietnam’s economic hub. During the long history of foundation and development, the city’s economy is growing constantly and motivating the development of the country.

The city is therefore considered as a potential investment environment for domestic investors as well as foreign investors. The investment through establishing companies and conducting business activities in Ho Chi Minh city certainly promises to achieve multiple benefits. These benefits come from the following reasons.

First, Ho Chi Minh City has strategic location advantage in Vietnam. Southeast Asia Region, Ho Chi Minh City is 1,700 km south of Hanoi, 297 km east of Phnom Penh, Cambodia, 881 km east of Bangkok, Thailand.

Food, glass, textiles, paper products, plastics, chemicals, building materials and machinery are produced here. Ho Chi Minh City accounts for 20% of total gross domestic product (GDP), 30% of industrial production and 40% of export products of Vietnam. The city also accounts for 33% of the national budget and 60% of foreign investment flows into the region. In the past few years, the economy have been grown at a rate greater than 10% (6% to 8% nationally).

Second, Ho Chi Minh City is home of  well – qualified, abundant and young human resources.

With a population of more than 8 million, accounting for more than 10% of the total Vietnamese population, Ho Chi Minh City itself has potential employment market to make any business investment. The work force in Ho Chi Minh City was estimated to reach 4.7 million people in 2012, making up more than 50% of the total population of the city. The percentage of trained labor increased from 40% in 2005 to 55% in 2010 and was forecast to reach 70% in 2015. The percentage of labor source holding postgraduate degree is also increasing year by year and most of them tend to stay in the city after holding degrees. Ho Chi Minh City is also home to more than 80 universities and colleges, vocational schools with over 400,000 students providing an abundant trained work force.

With the above – mentioned abundant labor force, any companies set up in Ho Chi Minh City can easily recruit suitable employees in a short time..

Third, the city has modern and high infrastructure system. Namely, when setting up company in Ho Chi Minh City, the owners will benefit from the modern and comprehensive infrastructure system.

Tan Son Nhat Airport is the largest airport in the country with the capacity to accommodate 20 million people a year. From Tan Son Nhat Airport, there are 50 routes to other countries all over the world such as China, Japan, Korea, Singapore, European countries, etc.

Saigon Port serves as a gateway to the Mekong River Delta, the South China Sea (83 km away from the sea) and the Asia continent. The port has a total area of 500,000 m² with 5 terminals meeting the international standards, and it handles about 8.3 million tons of cargo annually. Throughout the history of foundation and development of Saigon, Saigon Port plays an important role in making Ho Chi Minh City a flourishing trading center. It accounts for a fifth of the nation’s Gross Domestic Product and almost a third of its industrial production.

Ho Chi Minh City is also home to industrial zones. According to the statistics of Cushman & Wakefield, the city has 18 industrial parks that are operating with a total area of 3635 ha. When investing in such industrial zones in Vietnam, enterprises can benefit from various incentive policies such as low rate tax or other incentive policies.

Telecommunication and information technology in the city is modern. The system of post and telecommunication in Ho Chi Minh meets international standard, providing fast, reliable and high quality services such as ADSL, rapid data transfer, wide broadband MAN. The Internet service in Ho Chi Minh city is also among the cheapest in the world.

Besides, the city is also considered the best working conditions. Enterprise will not be fear that it is not enough place for working. The city with the system of offices provide ideal working environment for all investors.

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Sustainable development in Vietnam

Achievement of sustainable development in Vietnam

The sustainable development objectives including economic, social development and environment protection have been integrated into national priority development together with economic growth objective.

With a stable GDP and economic growth, improvement of education, Vietnamese citizens have gained more knowledge about gender quality, environmental and other social issues, thus, creating campaigns to support collective action. For example, the campaign collecting garbage along beaches in Vietnam attracted more than 1000 students to participate in which indicated collective action to mitigate effect of disaster and climate change.

Vietnamese government has significantly improved the rate of hunger eradication, poverty reduction, population, job creation, education and healthcare. Particularly, in 2014, total state budget for hunger eradication and poverty reduction were more than 34 billion VND. Thus, the poverty rate took a nosedive from 14.2% in 2010 to 1.8-2% in 2014, proving average reduction of 2% per year national wide.

The state fund for environmental protection has been increased, thus the policies for environmental protection has put into regular operation. By executing tax exemption for environmental friendly enterprises, businesses in Vietnam have been more aware of coordinating environmental protection policies into long term vision and mission.

Vietnam takes part in international agreement to show commitment to sustainable development such as: WTO, United Nation Framework Convention on Climate Change, United Nation Convention to combat desertification, the convention on International Trade in Endangered Species of Wild Fauna and Flora…

Challenges of sustainable development in Vietnam

There have been some challenges in Vietnam when implementing sustainable development policies. An increase in natural disaster, degenerated natural resource (water and biodiversity resources), wasteful and ineffective production and consumption are causing huge destruction to various local communities.

Even though there have been some supporting policies for enterprises in Vietnam to implement sustainable development policies, they have not obtained full awareness of the link between good environmental, social, and governance performance and the ability of companies to be profitable and survive in turbulent times. Therefore, most of the firms succeeded in promoting sustainable development practices are international businesses.

Sustainable development in business

Since Vietnam takes part in international trade agreements, there will be more international and institutional investors need the information of material environmental, social and governance information about company performance to decide whether to make investment decision.

Sustainable development of the business should be proven by social factors (employee compensation, benefits, staff turnover, safety practices, diversity and local community) and environmental factors (energy efficiency, GHS emissions, biodiversity conservation, water usage, natural resource use, waste to energy and recycling practices). These factors are crucial for investors as they indicates how the company takes into account risks, opportunities, management approach, stakeholder value and long term development.

Sustainability report has been strongly recommended by Vietnamese government. Vietnam Brewery Ltd is one of a few leading companies taking this report seriously. Their report in 2014 stated that the company switched from diesel to biomass as boiler fuel, reducing direct CO₂ emissions as a result. In addition to reducing our carbon footprint and mitigating the effects of global warming, the local com

munity has also benefitted from the programme with an additional income from the sale of rice husks. The company also highlighted the code of conduct which allowed the employees to voice their opinions. There have been also other big cooperation taking part in the trend for example Bao Viet Corporation, Vinamilk, Hau Giang Pharmacy…

In conclusion, in order for enterprises in Vietnam to actively engage in sustainable development and voluntarily adopt sustainability as common practice, Vietnamese government should take more urgent actions.

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Assistance to Set-up Business in Vietnam

Foreign investors could make direct investment in Vietnam through setting up one hundred per cent (100%) capital of foreign investors, or establishing joint venture between domestic and foreign investors, or  investing in the contractual forms of: BCC, BO, BTO, and BT.

Types of enterprise for foreign investors to invest in Vietnam are as following:

a) Set-up Limited Liability Company in Vietnam

Limited Liability Company is a form of enterprise which is established by contributing of members.  A member shall be liable for the debts and other property obligations of the enterprise within the amount of capital that it has undertaken to contribute to the enterprise.

Limited liability companies are regulated by two types:

–    One member Limited Liability Company is an enterprise owned by one organization or individual;

–     Limited Liability Company with two or more members is an enterprise owned by organizations or individuals, in which the number of members shall not less than two members and not exceed fifty.

Organizational and management structure of Limited Liability Company normally comprise of a Member’s Council, General Director or Director.

b) Set-up Joint Stock Company in Vietnam

Joint Stock Company is an enterprise which has charter capital divided into equal portions called shares.   The minimum number of shareholders shall be three and there shall be no restriction on the maximum number.

Shareholders shall be liable for the debts and other property obligations of the enterprise only within the amount of capital contributed to the enterprise.

Joint Stock Companies may issue all types of securities to raise funds.  Founding shareholders must together register to subscribe at least twenty per cent (20%) of the number of ordinary shares which may be offered for sale.

The main difference between Joint Stock Company and Limited Liability Company is the Joint Stock Company can raise funds by offering shares or securities.  In addition, an enterprise tends to join the Stock exchanges or public company must be a Joint Stock Company.  Management system of Joint Stock Company is more complicated than Liability Company.

c) Set-up Partnership in Vietnam

A partnership is an enterprise which must be at least two members being co-owners of the company jointly conducting business under one common name.  In addition to unlimited liability partners, there may be limited liability partners.

Unlimited liability partners must be individuals who shall be liable for the obligations of the company to the extent of all of their assets.  Limited liability partners shall only be liable for the debts of the company to the extent of the amount of capital they have contributed to the company.

d) Set-up Representative Office of Foreign Trader in Vietnam

A foreign business entity or a foreign trader is allowed to establish Representative Office in Vietnam.

Representative office of a foreign business entity in Vietnam (referred as “Representative Office”) means a subsidiary unit of the foreign business entity, established in accordance with the law of Vietnam in order to survey markets and to undertake a number of commercial enhancement activities permitted by the law of Vietnam.

Representative Office will need to apply and obtain the establishment license; and have a seal bearing the name of the representative office.

Representative Office is not allowed to directly conduct profit making activities in Vietnam (i.e: the execution of contracts, direct payment or receipt of funds, sale or purchase of goods, or provision of services), but the representative Office is permitted to

• To operate strictly in accordance with the purposes, scope and duration stated in the license for establishment of such representative office;
• To rent offices and to lease or purchase the equipment and facilities necessary for the operation of the Representative Office;
• To recruit Vietnamese and foreign employees to work for the Representative Office in accordance with the law of Vietnam;
• To open accounts in foreign currency and in Vietnamese Dong sourced from foreign currency at banks which are licensed to operate in Vietnam, and to use such accounts solely for the operation of the Representative Office.

e) Set-up Branch of Foreign Trader in Vietnam

The Branch of a foreign business entity in Vietnam (referred as “The Branch”) means a subsidiary unit of the foreign business entity, established in accordance with the law of Vietnam in order to enter into contracts in Vietnam and conduct activities being the purchase and sale of goods and other commercial activities consistent with its license for establishment in accordance with the law of Vietnam and any international treaty to which the Socialist Republic of Vietnam is a member.

The Branch will need to apply and obtain the establishment license; and have a seal bearing the name of the Branch.

The Branch is permitted to conduct activities being the purchase and sale of goods and other commercial activities consistent with its license for establishment in accordance with the law of Vietnam and any international treaty to which the Socialist Republic of Vietnam is a member.

f) Investment by Signing Contracts in Vietnam

Business co-operation contract (BCC) means the investment form signed between investors in order to co-operate in business and to share profits or products without creating a legal entity.

Build-operate-transfer contract (BOT) means the investment form signed by a competent State body and an investor in order to construct and operate commercially an infrastructure facility for a fixed duration; and, upon expiry of the duration, the investor shall, without compensation, transfer such facility to the State of Vietnam.

Build-transfer-operate contract (BTO) means the investment form signed by a competent State body and an investor in order to construct an infrastructure facility; and, upon completion of construction, the investor shall transfer the facility to the State of Vietnam and the Government shall grant the investor the right to operate commercially such facility for a fixed duration in order to recover the invested capital and gain profits.

Build-transfer contract (BT) means the investment form signed by a competent State body and an investor in order to construct an infrastructure facility; and, upon completion of construction, the investor shall transfer the facility to the State of Vietnam and the Government shall create conditions for the investor to implement another project in order to recover the invested capital and gain profits or to make a payment to the investor in accordance with an agreement in the BT contract.

Foreign investors may sign BOT, BT and BTO contracts with a competent State body to implement infrastructure construction projects in Vietnam. Typically, the contracts are for projects in the fields of transportation, electricity production, water supply, drainage and waste treatment.

The rights and obligations of the foreign investor will be regulated by the signed BOT, BT and BTO contract. The Government encourages both public- and private-sector investors to participate in BOT, BTO and BT in the following sectors:

(i)  Construction, operation and management of brand-new infrastructure facilities; and

(ii) Renovation, expansion, modernization, operation and management of the existing infrastructure facilities such as:

•     Roads, bridges, tunnels, and ferry landings;

•     Railway bridges and railway tunnels;

•     Airports, seaports and river ports;

•     Clean water supply systems; sewage systems;

•     Wastewater, waste collecting and handling systems;

•     Power plants and power transmission lines;

•     Infrastructure works of health service, education, training, career training, culture, sport and offices of State agencies; and

•     Other projects as may be determined by the Prime Minister

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