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Doing Business in Vietnamcanada Contents This publication is a joint project with Doing business in CanadaVietnam Contents Executive summary 4 Disclaimer Foreword 6 This document is issued by HSBC Bank Vietnam Ltd (the 'Bank') Introduction – Doing business in Vietnam 8 in Vietnam together with PricewaterhouseCoopers ('PwC'). Conducting business in Vietnam 10 It is not intended as an offer or solicitation for business to anyone in any jurisdiction. It is not intended Taxation in Vietnam 14 for distribution to anyone located in, or resident in, jurisdictions which Other Taxes 22 restrict the distribution of this document. It shall not be copied, Human Resources and Employment Law 28 reproduced, transmitted or further distributed by any recipient. Trade 30 The information contained in this Banking in Vietnam 32 document is of a general nature only. It is not meant to be HSBC in Vietnam 33 comprehensive and does not constitute financial, legal, tax Country overview 34 or other professional advice. You should not act upon the Contacts 36 information contained in this publication without obtaining specific professional advice. Whilst every care has been taken in preparing this document, neither the Bank nor PwC makes any guarantee, representation or warranty (express or implied) as to its accuracy or completeness, and under no circumstances will the Bank or PwC be liable for any loss caused by reliance on any opinion or statement made in this document. Except as specifically indicated, the expressions of opinion are those of the Bank and/ or PwC only and are subject to change without notice. Executive summary Vietnam has attracted many Other factors that make multinational corporations, Vietnam an attractive including those that seek country for investors include: ways to diversify their operations away from China • low labour costs; in their ’China plus One’ manufacturing strategies. • a growing consumer market; Vietnam’s 87 million-strong • a gradual move from a population boasts a large and centralised to a market- young workforce that has also oriented economy; and seen an increase of disposable income in recent years. • introduction and amendments of legislation by the Government Starting from a low economic to make foreign direct base in the early 1990s, investment more attractive. Vietnam’s economy grew strongly and rapidly before it Despite the positive changes, slowed down during the current it should be noted that a global financial crisis. Vietnam’s number of barriers to foreign economy is already bouncing investment in Vietnam still back to pre-crisis growth trends remain. However, this is in 2011, and is expected to a diminishing problem as continue on this path. With the Government is actively a total revenue growth of investing in order to improve 25% a year1 even in the time the country’s infrastructure. of global economic crisis and domestic economic slowdown, This document contains the Vietnamese retail market references to some common offers a lot of potential for issues that investors should foreign investors. be aware of when operating in Vietnam, although specific Sectors which are welcoming advice on their particular foreign investment include circumstances should be sought. infrastructure, tourism development, and related real estate and retail sector development in urban areas. Limitations on foreign investment in certain sectors have expired or are due to expire under Vietnam’s WTO commitments. 1 Vietnam Chamber of 4 Commerce and Industry Foreword HSBC has a long history in regulatory requirements. bring stability and prosperity Sumit Dutta Vietnam – in 1870, the bank However, if you take a step to the economy as Vietnam CEO opened its first office in back and view things from a grows as an established key Saigon. In August 1995, HSBC broader perspective, Vietnam player in the regional and opened a full-service branch remains a strong growth story. global financial market. in the same city, renamed Ho Chi Minh City, before opening When other markets were Developed in partnership with a second branch in Hanoi and foundering during the PriceWaterhouseCoopers, establishing a representative economic downturn, Vietnam this book – Doing business in office in Can Tho City in 2005. posted strong growth, and Vietnam – provides a thorough PriceWaterhouseCoopers analysis of the opportunities Since HSBC became the recently listed Vietnam as and obstacles of establishing first wholly foreign-owned the fastest-growing economy and running a business in this bank to locally incorporate among emerging markets. emerging tiger. Wherever in January 2009, we have More and more Vietnamese possible, we have identified grown in every way: we now companies are looking to trade key points on Vietnam’s operate 16 outlets nationwide, internationally, and investors taxation systems, information employ more 1,600 staff, and multinationals all over on Human Resources, and and offer our customers in the world are looking to do laws and changes in legislation Vietnam a comprehensive business in Vietnam. Our 140- that will affect businesses in range of world-class banking year history in this dynamic, the future. products and services, fast-paced market means that including Retail Banking we are uniquely positioned As your trusted financial and Wealth Management, to help our customers unlock partner, HSBC in Vietnam is Commercial Banking, Global Vietnam’s potential. always looking for ways to Banking, Global Markets, help your business to grow. Global Payments and Cash We are also committed to I hope this guide will help Management, Trade playing an active role in you on your journey to and Supply Chain and developing Vietnam’s banking establishing a profitable Securities Services. and financial industry and venture in Vietnam and promoting Vietnam as a I wish you health, wealth and In recent times we have preferred destination for prosperity in your endeavours. seen some difficult market investment, diligently following conditions, including increasing the guidelines set down by inflation, tight liquidity, a high the State Bank of Vietnam and interest rate regime and tough assisting, however we can, to 6 Introduction Doing business in Vietnam Welcome to our guide to doing foreign investors are not business in Vietnam. In this disadvantaged compared publication, we hope to provide to their local counterparts, you with an insight into the including an overhaul of the key aspects of undertaking legal framework governing business and investing in investments and protection Vietnam and answer many of of intellectual property. the questions foreign businesses Furthermore, the government and entrepreneurs have when has taken measures to making their first venture into simplify administrative the Vietnamese market. procedures for areas such as import and export, The Socialist Republic of company establishment and Vietnam is a single-party state. making tax payments. As the only party in the political arena, the role and influence of Despite these measures, the Communist Party is unique. there remains a host of regulatory issues that must As a member of the World be considered by foreign Trading Organisation (’WTO’), investors coming into Vietnam. Vietnam must continue to However, foreign investment improve its business and in Vietnam continues to grow, investment environment and and the Government shows bolster its legal system to its commitment to market- meet WTO’s requirements. oriented reforms through Vietnam has made significant its ongoing efforts to attract efforts to ensure that foreign direct investment. 8 Conducting business in Vietnam Forms of Investment Under the Law on Enterprises, A limited-liability company The management structure a foreign entity may establish established by foreign investors of a joint-stock company is its presence in Vietnam as may take the form of either: comprised of the general a limited-liability company meeting of shareholders, with one or more members, • a 100% foreign-owned the board of management, a joint-stock company, enterprise (where all members the chairman of the board or a partnership. are foreign investors); or of management, the general director and a board of Foreign investors may also • a foreign-invested joint-venture supervisors (where the joint buy an interest in existing enterprise between foreign stock company has more than domestic enterprises, subject investors and at least one 10 individual shareholders or to ownership limitations which domestic investor. if a corporate shareholder holds vary depending on the relevant more than 50% of the shares industry sector. A limited-liability company of the joint-stock company). may not issue securities to Form of Business mobilise capital. A joint-stock company may either be 100% foreign-owned 1. Limited-liability company 2. Joint-stock company or may take the form of a joint A limited-liability company A joint-stock company is a venture between both foreign is a legal entity established legal entity established by its and domestic investors. by its members through capital founding shareholders based contributions to the company. on their subscription for shares 2. Partnership The capital contribution of each in the joint-stock company. A partnership may be member is treated as equity. established between an The members of a limited- Under Vietnamese law, this individual or a legal entity liability company are liable is the only type of company and the general partner, who for the financial obligations that can issue shares. The must be an individual. The of the limited-liability company charter capital of a joint-stock general partner has unlimited to the extent of their capital company is divided into shares liability for the operations of contributions (actual or and each founding shareholder the partnership. declared to be contributed) holds a number of shares that to the company. corresponds to the amount Other Structures for of capital the shareholder has Business and Investment The management structure contributed to the company. in Vietnam of a limited-liability company consists of the members’ A joint-stock company is 1. Branches council, the chairman of required to have at least This is not a common form the members’ council, the three shareholders.
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