Potential risk of online transaction in Vietnam and its consequences | ANT Consulting

 The 4.0 Industrial Revolution has developed significantly, which results in the transformation and breakthrough of all areas of the globe. Besides, the Internet and social network has got more popular and become an indispensable part of modern life. Online business, therefore, is formed and conducted the most frequently on social networking platforms. In the process of doing online business on this platform, many potential risks arise and depending on the situation, the people taking part in the transaction might need to involve the business consultant or risk management consultant to assist proving advice or consultancy service to address the matters.

First and foremost, it is very difficult and complicated to determine the identity of the subjects partaking in the social networking platforms in general and conducting business activities on these platforms in particular. Unlike e-commerce platforms which register operation with authorities, which require the sellers to verify their information before doing business, the social network environment allows anyone to participate in without revealing their true identities exposed. User will have an account that may or may not provide their true information after only a few basic registration procedures. As a result, many people have taken advantage of this feature of social networks to commit illegal acts in business activities. There are instances in Vietnam for fraud to appropriate property on a social network which the offender using an account on a popular social network with a fake name, using other people’s photos as his avatar. Next, he bought a fake ID card and used it to set up some bank accounts to start committing fraud. Although he did not have products for sale, but he still posted ads with pictures of selling products at cheap prices on his social network account. If customers wanted to buy, he asked them to transfer money first and promised to send the products to them by post soon after. However, when receiving the money from the customer, he did not send the goods and temporarily locked his account. Beside fraudulent activities, seller’s information is not checked or confirmed, allowing unscrupulous people to readily impersonate others for profit. It is not unusual for prominent business professionals or influencers to be faked on social networking platforms. This action jeopardizes the honor and reputation of those who are exploited while also affecting a large number of legitimate business people. Thus, the fact that social networks do not require business entities to verify their identities, despite helping conduct business procedures quickly and conveniently, causes many problems mentioned before, directly affecting the right to conduct business, benefit customers and stakeholders.

Secondly, no authorities have the possibility to guarantee absolutely the quality of items traded on social networks. The goods listed for sale are extremely diverse in quantity, type and design. Each business subject can sell hundreds of products per day and there are many business subjects on one social networking platform. Therefore, governmental agencies are unable to oversee and manage the origin and quality of each product and service. Many of goods for sales are prohibited or barred from trading. At the same time, sellers can sell fake goods, counterfeit, provide poor-quality ones or sell unknown-origin ones to customers in order to maximize profits. The most serious consequence of trading in unqualified goods is affecting the health of customers.

Thirdly, although Vietnamlaw imposes taxs on business subjects, it is difficult to collect taxes from organizations and individuals conducting business on social networks. That reduces state revenue and creates an unfavorable competitive climate for other sorts of enterprises. The reason is that business on social networks is based on technology, and it is easy to modify and delete information online, so it creates difficulties in identifying and verifying the number of business people and capturing transactions. This situation can be characterized as unfair competition, which is upsetting and unstable for the economy.

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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Why employee background check is important? | ANT Consulting

 It has been increasingly important for employer to understand about the employee through employee background check to reduce potential hiring risks.

The risk of wrong hiring could be accessing the wrong talent, exposure to criminal activities, legal issues, reputation matters that impact the business, workforce or customers.

It is understandable that if applicants are dishonest in how they obtained a job, they may be dishonest once they have the job. This could not be found out during the interview.

Hence, it is important to consider investment in background screening service to minimize the risks associated with workplace violence, lost customers, negligent hiring lawsuits, identity theft and fraud, embezzlement, data breaches, and high turnover.

The pre-employment screening by verification and validation of the information and documents provided by the potential candidates could cover the following matters.

Government-issued identification document. The candidate will provide one or more identification (ID) documents i.e. a photo ID card or passport. The employee background screening firm is asked to verify that the ID document provided by the candidate is valid.

Criminal record check. This information cannot be provided by the candidate. This record check will likely be obtained directly from Provincial Department of Justice, and possibly other local or national law enforcement organizations. With the authorization of the application, such criminal record could be obtain by background check company.

Employment history. The candidate will provide the name and location for his or her previous employers for a number of years. The background screening firm is asked to verify that the candidate actually worked for the previous employers listed.

Education history. The candidate will provide a copy of the highest degree or certificate of completion issued by the educational institution i.e. university, industrial training academy. The background check service company is asked to verify that the degree, certificate was actually issued by the institution to the candidate. The candidate may be asked to provide official transcripts from the educational institution in lieu of, or in addition to, the copy of a degree, certification in order to assist in the verification process.

Professional accreditation. If a candidate claims to have a professional accreditation or certificate, the candidate should also provide a copy of this to verify.

Managerial position. This information, a search of government records cannot be provided by the candidate. This record check will be obtained directly from Business Registration Office by employee background check service.

If a person passes a background check, it does not mean such hiring would not encounter issues in the future but it is important to have as much information about applicants being verified to warn the risks if found before making hiring decisions to reduce the potential risks to the employer and its workforce, customers.

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Risk Management: A Vital Element When Doing Business | ANT Consulting

 Risk management is a vital element when doing business but so far, not many enterprises concern about it.

According to a recent survey with 522 companies, there are only 43 companies, accounting for about 8%, have the independent risk management department in their business. More noteworthy, the majority of these 43 companies operating in the banking and financial sector, which has nothing new to risk management. In fact, not all banks have independent and effective risk management departments. The negative problems related to the banking system in recent times somewhat showed the picture about the risk management of this sector.

Risk is understood as any events and situations that could harmful to the ability to achieve the business objectives of the enterprise. Risk management is organized in a formal way and is conducted continuously to identify, control and report the risks that may affect the achievement of the business objectives of the enterprise.

So why businesses are not interested in risk management? Part of this problem stems from the awareness of the leaders. In order to build and operate the risk management system in the enterprise, it needs the commitment of the senior leaders. If senior leaders do not aware of this problem, the administration process will be difficult to achieve the desired effectiveness.

Recently, there are many theories and systems of risk management but small and medium enterprises should be cautious when apply because system and theory are just general and they should be adjusted when applying to each business.

In order to form the culture of risk management, the leaders must along with the employees to implement it regularly and for each project. In theory, the risk management process is carried out in 5 steps: identify risk; evaluate its impact; determine the likelihood; action and measures; monitoring and evaluation.

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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How to conduct research in Vietnam from official media source? | ANT Lawyers

 The media is an effective source for us to search necessary information for learning, business activities or for daily life. However, with the development of the Internet, communication has a stronger influence and is the leading tool that we often use to find information. Besides the benefits that the media brings, the media might be abused to pose many risks for users. Therefore, how to find official information in the media source is a topic of concern for many people, whom wish to search i.e. reputation of business partners, record of business owners, shareholders, key officers or management personnel, public information of company or individual, actual business operation of company, government policies, regulatory matters…

It is increasingly important to check sources of information, especially on the internet and using social media. Any individual joining a media network, social network can post any contents and share information, even if the information may be false. In fact, images and videos can also be plagiarized, mislabeled, or fabricated to convey information. Meanwhile, when users do not have time to learn and verify the source of false information and the fact that this information is not censored, it can spread quickly in the mass media.

Therefore, to avoid accessing or searching for fake news, users should not rely on all the information on social networks. Accordingly, users should check trusted news websites or government websites. In addition, users can check the author, title or name of the agency or organization that wrote or published information and articles. Users will then have an initial assessment of whether they are eligible to post and can trust what they have posted.

Further, before sharing a post on social network platforms, users should check if it is reliable and authentic information. However, on social network, it is not easy for users to authenticate information within a short period of time. The best way is that users should get direct information from contacting an agency or expert in this field or refer to reports and content of a reputable news site.

In addition, users should rely on organizations that specialize in field in which the user is looking for information. For examples, if the a person is having health problems and wish to consult the instructions or recommendations on where to go for medical treatment, the user should call a medical facility for guidance and advice from experts or visit the website of the Ministry of Health for the most official and reliable information. Or a foreigners whom wish to find government policy or information for travel and entry for immigration during Covid-19 pandemic time, he/she can contact or visit the website of the relevant Vietnam Immigration Department.

One problem today is that fake channels are trying to design the interface to have a similar look like official websites and insert characters that if not alerted users can easily confuse. Therefore, users should carefully check the website address from which they get information.

In conclusion, it is important for media users to watch out for official and stay away from fake news when searching for information. In addition to being vigilant and looking for official sources to get information, users can contact information search consulting company in Vietnam for effective solutions.

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The Wave of New Technology Companies Wants to Choose Vietnam as The Destination | ANT Consulting

 After the wave of technology companies pouring capital into Vietnam 10 years ago, there seems to be a wave of new technology companies wanting to choose Vietnam as their destination.

Last weekend, LG (Korea) went to Dong Nai to seek investment opportunities in items related to digital transformation and building smart cities in this province. According to representatives of LG, the Group is cooperating with a number of major corporations in the world to produce and supply 4.0 technology to deploy large smart city projects for some countries around the world.

Dong Nai is implementing a smart city project, so LG Group wants to participate in some categories, such as smart industrial parks, smart transportation, smart health care, smart factories, smart logistics… Funding to implement a smart city is about 15,000 – 20,000 billion VND.

Even as LG, after making its mark with the production complex of electronics, home electronics in Hai Phong (including 3 factories LG Electronics, LG Display, LG Innotek), at the end of last year, also set the ambition to make Da Nang become the Group’s information technology research and development (R&D) center in Vietnam. And now, although the information is not very specific, there is also a new investment direction.

The fact that Vietnam is promoting digital transformation has also attracted special attention from Taiwanese businesses. According to PwC’s research has just been published, the importance of Vietnam for Taiwanese businesses has increased from 18% in 2018 to 24% by the end of 2020 and ranked 4th, after the US, Japan and China.

According to Taiwanese PwC, the fact that the Vietnamese Government is actively focusing on promoting digital transformation will almost be a free ‘preferential’ policy for all foreign businesses to invest in Vietnam. Because, the impact of digital transformation not only helps reduce production costs, but also promotes efficiency and business performance here.

About 2 weeks ago, the leaders of Bac Giang province had a meeting to discuss with departments and branches to push up the clearance progress of Quang Chau Industrial Park (Viet Yen, Bac Giang). This industrial park has a total area of 426 hectares, but currently only 336 hectares have been cleared ground, the remaining 90 hectares have not.

Under the direction of the Vice Chairman of Bac Giang Provincial People’s Committee, the People’s Committee of Viet Yen district must focus highly on the work of site clearance for the remaining area, ensure early handover to the investor, even consider this is the top priority task.

It is easy to understand why Bac Giang province is so impatient. Provincial leaders want to soon hand over the entire premises of this project so that they can “welcome strategic investors”. The details have not been disclosed, but it is most likely related to the Foxconn Group’s investment expansion project that is about to be deployed in this industrial park. And most likely, this is the project that has been mentioned for a long time – 270 million USD, producing smart TV for a famous brand.

Meanwhile, Luxshare Group, after investing in building a factory in Van Trung Industrial Park, is also implementing another project in this industrial park, with an investment of 190 million USD. According to Luxshare-ICT Van Trung General Director, this new factory specializes in manufacturing all kinds of wireless headsets (bluetooth), smartwatches and bluetooth speakers.

In addition to the factories in Bac Giang, Luxshare is also in the process of expanding its investment in a factory in Nghe An. Meanwhile, Wistron Group has invested 273 million USD project in Ha Nam, while Pegatron Group has invested 2 projects 500 million USD in Hai Phong.

Looking at this angle, it seems that there is a next wave of investment in the high-tech sector pouring into Vietnam. In a report titled “Rising Star: The Role of Vietnam in Transforming Supply Chains in Asia”, according to Economist Intelligence Unit (EIU), Vietnam is still an interesting option for manufacturing operations and those looking to diversify supply chains in Asia.

According to the EIU, high-tech manufacturers will continue to receive incentives for many years to come and that is an advantage, so that along with other advantages, for example joining many trade agreements, Vietnam will become “a very convenient alternative name for a part of Chinese production”.

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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Da Nang Hi-Tech Park – Investment Attraction in 2021 | ANT Consulting

 On February 5th, 2021, Da Nang High-Tech Park and Industrial Zones Authority granted the Investment Registration Certificate to a Japanese corporation to invest in the Research Center project, Development and Production with total investment capital of 35 million USD.

This is a project to carry out scientific research and technology development in the fields of science, engineering and technology for the next generation of robots, unmanned aircraft, Hydro energy equipment, Nano equipment, technology. artificial intelligence (AI), water purification systems, wireless power transmission systems and new material development. The project also researches and develops in the fields of information technology, medical equipment, prototype production (testing), and manufacture of unmanned devices, robots, and medical devices for product commercial purposes and technology after research and development.

From the beginning of 2021 up to now, Da Nang High-Tech Park and Industrial Zones Authority has attracted USD 145 million of foreign direct investment (FDI) capital, increasing the total registered FDI investment capital into the Da Nang hi-tech Park reached USD 536.1 million. Until now, Da Nang Hi-Tech Park has attracted 24 projects, including 12 domestic projects and 12 FDI projects.

In addition, on February 16th, 2021, the Prime Minister agreed to add an industrial zone supporting Da Nang high-tech park with an area of ​​58,531 hectares. This will help the Hi-Tech Park expand the area, helping investors to easily implement the project.

Besides, Da Nang city has a number of policies to attract investment in high-tech zones such as reducing company income tax, land rental, import tax, support to find suitable labor sources, etc. these are great advantage for investors to be able to do business during the investment process.

Currently, Da Nang is attracting investment for science and high-tech projects, so the investment by high-tech investors in Da Nang will be facilitated by the government to supporting investment procedures to set up company, manufacturing facility in Da Nang. With its efforts, Da Nang hopes that Da Nang Hi-Tech Park is expected to become a “Silicon Valley” in the near future.

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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Signs of possible corporate frauds to notice and avoid | ANT Consulting

 Vietnam has signed many Free Trade Agreements with many countries and regions around the world, which makes international economic exchange easier. However, the expansion of international trade also makes many businesses at risk when they encounter fraudulent customers in their business.

According to the Ministry of Industry and Trade, in 2020, the Trade and Embassy of Vietnam in the a number of countries continuously received invitations to sell, buy goods and sign commercial transaction contracts which have signs of fraud and scams.

Despite many warnings and notices, but due to subjective psychology, high profits, limited foreign trade operations, lack of understanding of customers, difficulties due to epidemics, many businesses cannot directly meeting, checking goods,… using online transactions, which causes businesses to take advantage of fraudulent acts.

Some ways of commercial fraud activities such as: Unpaid delivery; Forging documents even bank papers to get goods; Set the person to get export documents; Using hackers to infiltrate the email addresses of two parties that are having transactions, track the progress of the negotiation, when the buyer prepares to transfer money to buy goods, hack the mailbox (or create an email account with the exact same address as the seller’s email) to send fraudulent account information. After the buyer transfers money to the fraudulent account, they will immediately withdraw the money and disappear; Using advantage of carelessness and unprofessionalism of domestic enterprises such as not asking a reputable inspection organization to check the goods before delivery, not verifying information about partner enterprises… to transfer goods with no value, not in accordance with the contract, or to notify the damaged or poor quality goods to pressure the price, deduct the debt or claim compensation …

Some signs of identifying fraudulent businesses which one should pay attention are: the price negotiation, the contract takes place easily, quickly, less bargaining, accepting high prices; Deposit to receive investment money; Do not provide or provide documents of many different legal entities; Opening L/C at a non-reputable bank in a third country; Business license is about to expire …

In order to avoid working with fraudulent partners, businesses need to improve their professional expertise, legal knowledge, and thoroughly understand their partners before making transactions, especially the new partner is dealing for the first time.

The current commodity prices could be updated through market information or on international commodity websites. Therefore, when there is a request for goods to be paid too high, or too low compared to the prices in the market, the enterprises need to pay close attention and carefully check their reliability.

It is also possible to reduce the risks through the professional service of local risks management in Vietnam for conducting of business due diligence, business license record checking, site visit survey, shareholders or directorship checking, criminal record certificate checking, business reputation verification, public reputation search, research for records of enterprises, research for the reputation of the company, …

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Company profiling and due diligence | ANT Consulting

 At ANT Consulting, we could assist client to study the financial strength business due diligence of a company in Vietnam and provide useful information extracted from the local press, industry contacts, and other sources.

We could provide:

- A report on a target company;

- A listing of the company’s key officers and senior management;

- Banking and other financial information about the company;

- Market information, including sales and profit figures, and potential liabilities

- Employee Background Check in Vietnam

We could also provide clients with an opinion as to the viability and reliability of the overseas company or individual as well as an opinion on the relative strength of that company’s industry sector in target market.

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Set up branch office in Vietnam | ANT Consulting

 Foreign entity is allowed to set up branch office in Vietnam to conduct business activities according to the law.

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.

It should be noted that the liability of the Branch is the liability of the foreign entity. The business activity of the Branch has to be consistent with the business activity of the foreign entity. The Branch has to has office address.

Therefore the investor should consider its investment strategy when setting up its Branch in Vietnam.

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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Set-up Limited Liability Company in Vietnam | ANT Consulting

 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 he/she has undertaken to contribute to the company.

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.

A limited-liability company established by foreign investors may take the form of either:

100% foreign-owned enterprise (where all members are foreign investors); or;

Foreign-invested joint-venture enterprise between foreign investors and at least one domestic investor.

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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Set-up Limited Liability Company in Vietnam | ANT Consulting

 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 he/she has undertaken to contribute to the company.

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.

A limited-liability company established by foreign investors may take the form of either:

100% foreign-owned enterprise (where all members are foreign investors); or;

Foreign-invested joint-venture enterprise between foreign investors and at least one domestic investor.

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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Panasonic Moved Its Factory from Thailand To Vietnam | ANT Consulting

  Panasonic will close a large factory outside Bangkok – Thailand early this fall and move production to set up factory in Vietnam to get better production efficiency.

Specifically, according to Nikkei, Panasonic’s factory in Bangkok will stop producing washing machines in September 2020 and refrigerators in October 2020. The plant itself will be closed in March 2021, a research and development center will also be closed.

About 800 employees currently working at the factory in Bangkok will be laid off, but will also be recruited to new positions in the same business. By moving production to Vietnam, Panasonic will save a lot of costs.

Panasonic’s factory in Vietnam is currently the largest refrigerator and washing machine manufacturing center in Southeast Asia, the plant’s production capacity has now exceeded the required threshold.

This movement also reflects a new phase in manufacturing sector of Southeast Asia. Since the 1970s, Japanese electronics manufacturers have moved their production domestically to Singapore and Malaysia when the Yen increased rapidly because of the exchange rate floating policy that was applied for the first time and hurt the price competitiveness of Japanese goods. After that, production activities were transferred to countries like Thailand because of the increasing salary in Singapore.

Now, businesses are looking for cheaper places and also want to gain deeper access to markets where the demand for refrigerators, washing machines and microwaves is increasing in populous countries in Southeast Asia such as Indonesia, Philippines and Vietnam.

Panasonic has been producing home appliances in Thailand since 1979. The total output that Panasonic produces in Southeast Asia after the latest change will not diminish.

Panasonic currently employs about 8,000 workers in Vietnam. Not only producing large appliances, the local Panasonic factory also produces TVs, cordless phones, terminal card payment devices and industrial equipment.

Panasonic is currently in the process of restructuring with the goal of reducing costs by 100 billion yen or about 930 million USD in the fiscal year ending in March 2022. Panasonic is also considering continuing to adjust equipment manufacturing operations. Last year, Sharp also increased its capacity to produce washing machines and refrigerators in Indonesia by 30% and 20%, respectively.

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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Assistance In Setting up Business Venture in Vietnam | ANT Consulting

 To help Clients start business in Vietnam, ANT Consulting introduces the service to assist in setting up business venture 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:

Limited Liability Company

A limited-liability company may not issue securities to mobilize capital.

Joint Stock Company

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.

Partnership

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.

Representative Office of Foreign Trader

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)

Branch of Foreign Trader

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.

Investing by Signing Contracts

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.

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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Korean Enterprises Poured Nearly 3.2 Billion USD into Binh Duong | ANT Consulting

 Korean investment ranked 5th among countries and territories investing in Binh Duong, mainly in the fields of textiles, leather shoes, manufacturing products to support the automotive, medical, cosmetic industries and food processing…

According to Binh Duong Department of Planning and Investment, since the beginning of the year, Binh Duong has attracted nearly 1.45 billion USD of foreign direct investment (FDI), increase by 70% compared to the same period last year.

Accumulated until now, Binh Duong ranked 3rd in the whole country (after Ho Chi Minh City and Hanoi) in attracting FDI with over 3,650 projects from 64 countries and territories, with a total registered capital of 33.93 billion USD.

Notably, Korean enterprises have more and more investment projects, contributing positively to socio-economic development of Binh Duong. Among more than 3,650 FDI projects in Binh Duong, Korea ranked 5th with more than 800 projects, with a total investment of nearly 3.2 billion USD. Korean businesses operate mainly in the fields of textiles, leather shoes, manufacturing products to support the automotive, medical, cosmetic and food processing industries…

From the beginning of the year until now, the project to expand investment with the largest registered capital in Binh Duong is from a Korean enterprise.

Specifically, the project of KyungBang Vietnam Co., Ltd in Bau Bang Industrial Park, registered capital increased by 84 million USD, bringing the total registered investment capital to 179.2 million USD.

According to the Chairman of Binh Duong People’s Committee, the results of FDI attraction in Binh Duong are due to the positive contributions of the people and the foreign business community, including the contributions of Korean enterprises.

Therefore, the difficulties that Korean enterprises raised about human resources, problems in the investment process, technology, procedures for selling projects, machinery and equipment, changing the owners’ names, transfer of capital… Or, petitions on building more hospitals, applying health insurance for foreigners; opening Korean language teaching centers in colleges and universities in the province; set up e-mail system to solve difficulties in the province… Binh Duong People’s Committee will officially reply by documents for enterprises to thoroughly resolve petitions. At the same time, relevant departments must coordinate in strengthening the links between schools and businesses to focus on addressing the problem on lack of high quality human resources…

Besides, Binh Duong will concentrate resources to complete the socio-economic infrastructure system such as transportation, water supply, electricity, environmental treatment… to carry out planning to expand industrial parks, creating a clean land fund to attract investment.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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Binh Duong Finished the FDI Attraction Plan 2016 – 2020 | ANT Consulting

 With more than 9.9 billion USD of FDI capital from 2016 to October 2019, Binh Duong has completed early and exceeded the plan to attract FDI and investors come to set up company in Binh Duong in the period 2016 – 2020, creating a premise for the breakthrough developments in next time.

According to the latest report of Binh Duong Department of Planning and Investment, from the beginning of the year to October 31st 2019, over 2.77 billion USD of FDI was licensed to invest in Binh Duong, increases by 69% compared to the same period last year and far surpassed this year’s plan (the plan is to attract 1.5 billion USD).

This result has brought Binh Duong to the third position in the country in terms of FDI attraction. Up to now, Binh Duong province has attracted more than 3,700 FDI projects from 64 countries and territories with a total registered capital of nearly 34 billion USD, mainly in the fields of industrial production, trade and services.

Some large-scale projects licensed to invest in industrial zones from the beginning of the year until now are: projects of Sharp Manufacturing Co., Ltd. (Japan), investment capital of 135 million USD; 2 projects of BW Industrial Development Company Limited (joint venture between Becamex IDC and Warburg Pincus LLC, USA) with total registered capital of 106 million USD; the project of Nitto Denko Co., Ltd (Japan), investment capital of more than 186 million USD…

In order to attract sustainable FDI, Binh Duong province has implemented the Renewal Program to attract investment in the 2016 – 2020 period, which aims to attract 7 billion USD of FDI in the whole period.

Updated information from the Department of Planning and Investment of Binh Duong shows that from 2016 to the end of October 2019, Binh Duong attracted more than 9.9 billion USD of FDI, exceeding 41% compared to the 2016 – 2020 5-year plan, exceeding both the attracted investment capital and the completion time compared to the set plan.

According to the statistics of functional departments of Binh Duong province, with nearly 75% of total FDI capital in the field of industrial production, in the period of 2011 – 2016, the FDI sector contributed over 67% of the industrial production value of the province, ensuring the economic structure of the province in the right direction with industry and services playing a leading role.

In 2018, the FDI sector contributed over 49.6% of the total social investment capital and accounted for nearly 20% of Binh Duong’s total budget revenue. FDI enterprises also contribute to connecting with domestic enterprises, focusing on industries with high technology content, supporting industries, producing competitive products, contributing to meeting supply needs of raw materials for production of domestic enterprises as well as creating high export value, contributing to the province’s trade surplus in 2018 reached nearly 5 billion USD…

Program No. 34-CTr / TU of December 15th 2016 of Binh Duong Provincial Party Committee on renovation and attraction of investment in the 2016 – 2020 period in Binh Duong province aims to focus investment attraction in the cooperation with large economic corporations in the world; strengthen calling and attracting FDI in high-tech fields with high added value, less labor-intensive and environmentally friendly; focusing on attracting to industrial zones, planned industrial clusters…

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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Benefits setting up company in Da Nang | ANT Consulting

 Da Nang – one of the strategic economic centers of Vietnam’s central region

The Vietnam prime minister has established central region’s strategic economic center, including 05 provinces and cities: Thua Thien Hue, Da Nang, Quang Nam, Quang Ngai and Binh Dinh to promote potential, geographical location and competitive advantages and step by step develop this economic region to become one of the most dynamic economic region in the country. In particular, Da Nang is defined as the role of nuclear motivation for promoting the development of the central region and the highlands.

Da Nang – eastern gateway of east – west economic corridor (EWEC)

EWEC is one of five economic corridor developed by the initiative of the Asia development bank in the greater Mekong sub – region.

Currently, the road system in Laos, Thailand and the road line from Da Nang to Savannakhet are completed. The second international bridge spanning the Mekong river was completed in the end of 2006 to facilitate the circulation of goods and passengers by road line from Da Nang to the northeastern provinces of Thailand and vice versa. East-west economic corridor not only provide an opportunity for the country on the path of promoting regional cooperation and improve living standards for the people but also enable businesses better access to the raw materials market services, capital, labor and technology with the purpose of creating favorable conditions for investment and trade across the border and diversifying economic activity and exports and promoting tourism development

Da Nang – entrance of the cultural heritage and natural wonders of the world

Da Nang is located in the heart of the “world heritage road”, stretching from the central coast of Vinh city to Da Lat city. From Da Nang, along the national highway 1A, visitors can access quickly and conveniently four of five world heritages in Vietnam, including Phong Nha – Ke Bang national park (about 300 km from the north of Da Nang), the ancient capital of Hue (about 100km from the north), Hoi An (about 30km from the southeast) and My Son (about 70 km from the southwest).

With the advantage of geographical location and potential economic development in tourism, Da Nang is an ideal destination for tourists as well as investors.

Infrastructure is step by step improved

Da Nang is an important traffic hub of the central – highlands and country with system of international airports, deep sea ports, roads, north-south railways developed conveniently.

Da Nang port is the third largest commercial ports in Vietnam after Saigon port and the port of Hai Phong. With a depth of 11m wharf, warehouse systems and equipment upgraded by capital funds of the government of Japan, Da Nang port can receive ships with a capacity of 45,000 dwt and others such as container ships, passenger ships, cargo ships. Da Nang is the international shipping route enabling to go to Hong Kong, Singapore, Japan, Taiwan and Korea.

Da Nang international airport is one of the three best airports in Vietnam. In addition to domestic flights, there are weekly international flights directly from Da Nang to Singapore, Bangkok, Taipei. In the near future, the airport will open more routes to Hong Kong, Japan and Korea. Da Nang international airport is currently being upgraded and expanded to meet the needs of increasing passengers and cargo.

The system of roads in and out of the city are constantly being expanded and newly constructed

Telecommunication systems: Da Nang is one of three major Telecommunication centers of the country, international transmission speed with good quality of Southeast Asia. Da Nang post provides various and modern telecommunication services and be capable meeting the needs of customers.

The other services supporting investment (financial, banking, insurance …): most banks and finance companies of Vietnam have large branches in Da Nang. Some branches of foreign banks and international insurance companies are operating effectively in the city. These services have increasingly been improved better to meet the needs of investors.

Trained and abundant human resources

Da Nang has abundant human resources (over 50% of the population of the city), mostly young labor. Number of employees with technical expertise trained account nearly a quarter of the labor force. Labor costs in Da Nang are lower than some other cities in the country.

Da Nang is one of the provinces in the country with the high educational development index which create a favorable platform for the development of human resources of the city to perform the goal of improving the quality of human resources, quality of life. The city has about 14 universities, 15 colleges and professional schools with nearly 140,000 students. This system performs training in most areas of science, engineering, information technology, economics, business administration, language and pedagogy… Danang university also cooperates with universities of countries with an advanced education such as France, US, Japan, Australia, Canada, New Zealand …

Software technology center in Da Nang is one of the leading software producers in Vietnam and is the leading training center of the central region. Over the years, the software technology center has cooperated closely with companies of India (aptech) and Japan (aots) to train programmers, technicians and engineers reaching the international standard. Many IT company has chosen Da Nang to set up company in da nang to hold their talents for international projects.

In addition, the city also has about 55 vocational training centers which often provide short-term training courses in computer science, sewing, mechanics, electricity – electronics, construction techniques, etc …

Quality of life

Along with the process of urbanization, economic growth in recent years has helped to material life and spirit of the people of Da Nang continuously improved.

Unlike other large cities in Vietnam, next to the bustle of urban development, living in Da Nang always bring a sense of peace, comfort and closeness to nature. Da Nang is one of the very few cities in Vietnam having a harmonious combination between high mountains, deep forests, long beach, deep river. After work, you can easily find space to relax beside the river or on beautiful beaches.

Da Nang today is a city with a healthy cultural environment, with urban civilized lifestyle, literacy levels elevated, beautiful natural scenery. It can be said that Da Nang is an exciting place to live, work, travel and invest in Vietnam.

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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Bac Ninh Land Plots Promise to Create Strong Wave of Investment In 2020 | ANT Consulting

 Bac Ninh’s land plot segment in 2019 has many positive changes and there has been no cooling in early 2020. With outstanding economic development and strong investment attraction, Bac Ninh is having all potentials and strengths to develop real estate investment and attract foreign investors to set up company in Bac Ninh.

Bac Ninh fully converges all elements of the weather and favorable conditions with the geographical location favored by nature, socio-economic conditions for sustainable development in all aspects. Along with economic development, the real estate market in general is at the same time hot again.

Over the past years, the whole country has witnessed the remarkable development of Bac Ninh province with the economic development speed and per capita income always in the top of the whole country.

Bac Ninh attracts many large economic corporations in the world such as Samsung (Korea), Hong Hai (Taiwan), Canon (Japan), Microsoft, ABB, Foxconn… forming many large industrial zones. This has pushed the economy of Bac Ninh to develop strongly, the income and living standards of Bac Ninh people in general and people in the district area adjacent to Bac Ninh city in particular have also increased significantly. The quality of life is higher and higher.

In addition, the expansion of large FDI projects in Bac Ninh has satisfied the employment needs for millions of workers and brought a large number of foreign experts to work in industrial parks and high technology zones. The number of employees is increasing but the infrastructure and services in Bac Ninh do not fully meet the strict requirements of experts, technicians, senior management of Korea, Japan, and Taiwan… Therefore, most of them rent houses in Hanoi or choose big hotels to stay. Experts say the shortage of supply is a good signal for real estate investors who want to pour capital into Bac Ninh, anticipating strong profit opportunities with huge customer demand.

Especially, in the development plan, Bac Ninh is planned to become a city directly under the Central Government by 2022. That has made Bac Ninh becoming a magnet to attract many real estate giants coming to hunt for land funds for project development.

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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Benefits of setting up company in Hanoi | ANT Consulting

 Along with the trend of integration in the world, Vietnam is considered a country with rapid and strong growth, in which, industrialization and modernization are focused on developing a uniform set and achieve high performance. Hanoi and Ho Chi Minh City are considered the two cities and dynamic development in Vietnam.

In particular, Hanoi, the potential capital for developing and attracting foreign and domestic investment. Therefore, the investment from businesses to the city is seen as an advantage and the best. To evaluate how such advantages are, the following article will analyze in detail as follows:

First, the labor force

Hanoi is considered a capital with a longstanding historical developed tradition. The population is heavily crowded, reaching about 7 million after 4 times of adjusting the administrative boundaries in 2014. Ha Noi has become one of the 17 largest cities in the world. In addition, with favorable conditions, Hanoi is considered an attractive city for labor, especially qualified and highly skilled workforce. This is a particular advantage for businesses to invest in Hanoi, because the amount of labor leads to a consequence that cost for labor is cheap and a large workforce will provide for industries requiring a large amount of labor force.

Second, the pace of economic development

In 2014, the economy of Hanoi has continued to grow and controlled inflation. In addtion, GDP in the province is estimated at 8.8% and revenue is estimated at 130.000 billion, with 103% of the mathematics. Besides, administrative reform, improvement on the investment environment, business environment, policies to remove difficulties for enterprises often deploy, which made PAR index of cities rise 2 levels compared with 2012 and No. 5 of the 63 provinces and cities nationwide. Thus, with the stable and strong economic development, Hanoi is a city that brings stability for businesses to invest and develop business in this city.

Thirdly, facility

With the aim of developing Hanoi based on critirea of synchronous and modern infrastructure, leadership of Hanoi has attempted to offer policies to promote infrastructure construction of the city in order that Hanoi will become more modern, in which, the traffic system in Hanoi must be built and upgrades more modern. This is considered particularly advantage, because the synchronous development of infrastructure will bring to the development of economy of the city.

Fourthly, administrative and tax policies

With attractive policies for investment, Hanoi has implemented policies solving administrative procedures with only a door. This policy is seen as a new step forward the people of Hanoi in general and businesses having demand to invest in Hanoi in particular. With this open policy, the procedures for establishing businesses, dissolution, business transformation become quickly and easily than ever before, creat favorable conditions for the development of business and resolve administrative procedures. In addition, in order to facilitate business development for businesses, Hanoi has many policies to reduce taxes in order to create favorable conditions for development of new business with low capital.

Fifthly, geographic location

Judged to be a convenient location, with synchronous traffic system, a northern – southern railway, highway 1A, along with the expanded domestic and international routes, Hanoi is considered a city with the most convenient trade location in Southeast Asia and the gateway to the East Sea of Laos and other countries. Thus, Hanoi is the right choice of businesses that need an exchange between domestic and international provinces.

Sixthly, broad market

With the population of 7 million, belonging to one of the 17 cities with the largest population in the world, Hanoi is considered a city which has the largest consumer goods market in the country. Abundant work force, along with the large number of people from suburbs, strong demand for consumer products, services lead to favorable conditions for businesses in production and consumption of consumer products and services. These come from a reason that if the demand rises, the number of products will also lead to increase and as a consequence, economic growth of enterprises will also increase. It can be said that this is a particular strength of the city that businesses investing here are looking forward. From the analysis given above, it can be said that Hanoi is considered to be an attractive destination for small and medium enterprises, especially for enterprises with foreign investment into the Vietnam market. To better understand how to establish enterprises and choose the best type of enterprise, ANT Consulting is honored to be served our customers and provide the best services for customers. We hope cooperation from you.

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.

We support customers to limit risks in setting up business in Hanoi, quick and time-saving procedures.

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