Doing Business in Vietnam: Essential Steps and Guidelines
Vietnam has become an attractive destination for foreign entrepreneurs, thanks to its robust economic growth and business-friendly environment. Doing business in Vietnam involves navigating legal requirements and preparing thoroughly to ensure compliance and smooth operations. Below is a comprehensive guide to help you get started.
Part 1: Choose Your Business Type
Selecting the right business type is crucial for effective operations. Here are the commonly recommended options:
1. Wholly Vietnamese-Owned Company
A limited liability company (LLC) owned entirely by Vietnamese individuals or entities.
- Advantages: Easier setup and legal access to industries restricted for foreign ownership.
- Practice: Foreign entrepreneurs can collaborate with a local partner to form a Vietnamese-owned company while safeguarding their benefits.
2. Wholly Foreign-Owned Company
A limited liability company (LLC) owned entirely by foreign individuals or entities.
- Focus: Suitable for industries open to foreign ownership.
3. Joint Venture Company
An LLC with at least two owners, one Vietnamese and one foreign.
- Purpose: Allows mutual collaboration in industries with limited foreign access.
4. Representative Office
An office functioning as a local representative of a foreign company, without the ability to earn revenue.
- Usage: Ideal for foreign companies seeking a presence in Vietnam for coordination purposes.
Part 2: Things to Prepare
Office Space
- Requirement: Businesses must provide a specific office address for license applications.
- Tip: Coworking spaces are a cost-effective option for SMEs and often offer virtual office services.
Legal Representative
- Eligibility: Can be a shareholder, owner, Vietnamese, or foreign individual.
- Flexibility: Companies can appoint multiple legal representatives.
Business License and Sub-License
- Timeline: Expect a 5-day processing period for Vietnamese-owned companies and up to 45 days for foreign-owned companies.
- Preparation: Consult with legal experts to determine necessary sub-licenses for your business activities and ensure all documents meet requirements.
Company Administration
- Compliance: Follow tax, accounting, and HR regulations as per Vietnamese law.
- Convenience: Hiring a consulting firm offering all-in-one services can save time and minimize complexities.
Contact LawPlus for Professional Support
For expert guidance on doing business in Vietnam, contact LawPlus:
- Website:
- Email:
- Hotline: 0965 052 039 (Vietnamese) | 0966 008 030 (English)
- Address: 86 Xuan Thuy Street, Thao Dien Ward, Thu Duc City, Ho Chi Minh City, Vietnam.
Related:
- Procedures for establishing reppresentative offices of foreign investors in Vietnam
- Procedures for termination of foreign representative office in Vietnam
- Investing into Vietnam
