1. QuickIntroduction Facts about Vietnam Doing Business in Vietnam do Doing Business in Vietnam 1 Doing Business in Vietnam LEVEL 2, SOMERSET CHANCELLOR COURT, 21 - 23 NGUYEN THI MINH KHAI STREET, DISTRICT 1, HO CHI MINH CITY, VIETNAM T: +84 28 38224539 | F: +84 28 38224239 | W: ACSVLEGAL.COM Doing Business in Vietnam TABLE OF CONTENTS Introduction .......................................................................................................................................................................... 2 1. Quick Facts about Vietnam ............................................................................................................................................. 4 .... Geography ................................................................................................................................................................... 4 .... National Assembly and Government .......................................................................................................................... 4 .... Economy ...................................................................................................................................................................... 5 .... Trade, Import and Export ............................................................................................................................................ 6 .... Trade Organisations and Free Trade Agreements ...................................................................................................... 6 .... Population ................................................................................................................................................................... 7 .... Education and Training ............................................................................................................................................... 7 .... Labour Force ............................................................................................................................................................... 7 .... Public Holidays ............................................................................................................................................................ 8 .. Business Hours ............................................................................................................................................................ 8 .. Transport and Logistics ............................................................................................................................................... 8 .. Currency ...................................................................................................................................................................... 9 .. Cost of Living ............................................................................................................................................................... 9 .. Weather ...................................................................................................................................................................... 9 .. Business Attire........................................................................................................................................................... 10 .. Handshakes ............................................................................................................................................................... 10 .. Language ................................................................................................................................................................... 10 .. Names ....................................................................................................................................................................... 11 .. Business Cards ........................................................................................................................................................... 11 .. Business Meetings ..................................................................................................................................................... 11 .. Gifts ........................................................................................................................................................................... 12 .. Mobile Phone and Internet ....................................................................................................................................... 12 .. Customs ..................................................................................................................................................................... 12 .. Healthcare ................................................................................................................................................................. 12 .. Tourism ..................................................................................................................................................................... 13 .. Visa ............................................................................................................................................................................ 13 Do’s and Don’ts of Doing Business ................................................................................................................................ 15 .... Do’s ........................................................................................................................................................................... 15 .... Don’t’s ....................................................................................................................................................................... 16 Investing in Vietnam ..................................................................................................................................................... 18 .... Introduction .............................................................................................................................................................. 18 .... Investor ..................................................................................................................................................................... 18 .... Forms of Investment ................................................................................................................................................. 19 Incorporation ................................................................................................................................................ 19 Approval for Capital Contribution or Acquisition ......................................................................................... 19 PPP Contract ................................................................................................................................................. 19 BCC ................................................................................................................................................................ 19 .... Banned Business Lines .............................................................................................................................................. 19 .... Conditional Sectors or Business Lines ....................................................................................................................... 19 .... Restrictions ................................................................................................................................................................ 20 Introduction .................................................................................................................................................. 20 Foreign Ownership ....................................................................................................................................... 20 Restrictions in Foreign Ownership ................................................................................................................ 20 .... Investment Policy Decision ....................................................................................................................................... 20 National Assembly ........................................................................................................................................ 20 Prime Minister .............................................................................................................................................. 20 Provincial People’s Committee ..................................................................................................................... 21 .... Environmental Protection ......................................................................................................................................... 21 .... Transfer of Investment Project ................................................................................................................................. 21 .. Termination of Investment Project ........................................................................................................................... 21 3 Doing Business in Vietnam Legal Entities ................................................................................................................................................................. 23 .... Introduction .............................................................................................................................................................