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 set up company 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.

Source: https://www.antconsult.vn/news/7-basic-steps-to-set-up-a-business-and-comply-with-vietnam-laws.html

  Japan is a familiar investor in the Vietnamese market, many Japanese companies have set up business in Vietnam and IHI Corporation is not an exception.

Recently, Hai Phong People's Committee has been working with the delegation of IHI Corporation (Japan) to explore opportunities to participate in transportation projects in Hai Phong. At the meeting, Mr Atsushi Kutawa - Managing Director of Operations, President in charge of business of IHI Corporation has talked about the company's business situation with city leaders.

In particular, IHI has successfully built Binh bridge (Hai Phong) and Nhat Tan bridge (Hanoi). In 2015, the Group has built the IHI Infrastructure Asia (IIA) plant at Dinh Vu Industrial Park, which specializes in the manufacture of steel structures, supplying for bridge construction projects, thermal power plants and engineering facilities, serving for key construction works in the city.

Through investigation, it is known that there are plans to deploy Hai Phong transportation expansion projects, in which Nguyen Trai bridge and many key bridges connecting trade between the city and the northern provinces will be built. Hence, IHI Corporation wishes to have the opportunity to contribute their accumulated experiences to the cooperation and construction of these bridges.

Accordingly, Chairman of Hai Phong People's Committee has highly appreciated the effective cooperation between Vietnam - IHI in the past time and also provide information about the bridge construction projects of Hai Phong in the coming time, like Nguyen Trai bridge, Vu Yen bridge...

In addition, he also expressed his wish that in the near future, IHI will explore and promote the cooperation in building bridges of Hai Phong. At the same time, in coordination with the Japan International Cooperation Agency (JICA), speed up the implementation of transportation projects, focusing on the Nguyen Trai bridge project.

Hai Phong always take care and create conditions for qualified contractors with high quality products. With the potential, efficiency and experiences of the IHI Corporation that has been confirmed, Hai Phong city will create the best conditions for the IHI Corporation to participate in the transportation development projects of Hai Phong in the coming time.

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.

Source: https://www.antconsult.vn/news/ihi-corporation-japan-wants-to-participate-in-transportation-projects-in-hai-phong.html

  60 enterprises coming from Guangdong, Hong Kong (China) are visiting Hanoi, exploring opportunities to set up business in Vietnam.

The conference between Vietnam and Guangdong, Hong Kong enterprises is organized in Hanoi. In addition to 60 businesses wishing to explore investment opportunities with Vietnam enterprises, the conference also attracted delegates including Government and business leaders from 12 provinces and cities of Vietnam, Guangdong and Hong Kong, along with enterprises, leaders of many provinces and cities of Vietnam, especially the provinces bordered with China such as Lang Son, Lao Cai...

The enterprises from Guangdong and Hong Kong operating in the field of manufacturing and trading in the fields of electrical equipment, electrical appliances, consumer goods... Meanwhile, Vietnamese enterprises doing business in such sectors as transportation, general import and export, agricultural products, industrial zone infrastructure...

With the two-way trade turnover between Vietnam and Guangdong reached 17 billion USD in 2016, increased by 2.9% compared with 2015, Guangdong is the province playing significant role in promoting the growth of two-way trade between Vietnam and China. In addition, Guangdong's total production value in 2016 reached 1.160 billion USD, Guangdong continues to be one of China's leading localities for economic and trade cooperation with Vietnam.

Meanwhile, the Vietnam consumer market has increasing scale and purchasing power, creating conditions for Guangdong enterprises to bring goods to Vietnam for consumption. In the opposite direction, with a population structure of more than 100 million people, this is also a potential market for a wide range of commodities, especially Vietnam agricultural products. It is expected that the value of Vietnam's agricultural products exporting to Guangdong will soon reach billions of dollars.

Source: https://www.antconsult.vn/news/guangdong-hong-kong-businesses-seeking-opportunities-in-vietnam.html

  Natural beauty of Phu Quoc, the policy mechanisms and long-term orientation are reasons why this island attracts many major investors.

2015 is considered to be a difficult year for the tourism industry as the number of tourists coming to Vietnam decreased compared to the previous year and also the first year that the number of tourists coming to Vietnam decreased since 2009. However, in the general context, there is an island in Vietnam goes upstream as seen in the number of tourists increased by 30%. That's Phu Quoc Island.

Every day, Phu Quoc has 50 coming and going flights. In the first 6 months of 2016, the number of tourists traveling to Phu Quoc has reached 1 million. Within 5 recent years, Phu Quoc Island has attracted large number of investors, in which among them there are almost all of the largest investors in Vietnam in the field of resort tourism.

Phu Quoc Island is known as the jewel in the southwestern sea areas of Vietnam. Phu Quoc Island has 27 large and small islands with the natural area of nearly 600km2, which is nearly equal to the natural area of Singapore. With this location, Phu Quoc is only 2 hours fly to capital cities of ASEAN countries, connecting by sea with the ASEAN countries that have sea, locating on the important maritime transportation and marine tourism axis, which is axis of Singapore - Thailand - Vietnam - Northeast Asian countries.

Phu Quoc Island has a coastline of 150km with beautiful and famous white sandy beaches. Phu Quoc Island has nearly 100 mountains and 36,000 hectares of forests with diverse ecosystems. Forest coverage accounts for over 60% of the area of Phu Quoc.

In particular, although Phu Quoc is island but there are abundant freshwater resources to ensure social and economic development of the island and a rich and unique marine ecosystem. In addition to the natural ecological tourism, Phu Quoc has unique features in terms of social and culture which are the famous pepper, fish sauce and pearl farming 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.