Technology and Innovation: Financial Technology in Vietnam’s Emerging Tech Sector

  Vietnam’s rapidly evolving tech sector is not limited to traditional tech companies; it also encompasses the dynamic world of financial technology or FinTech. The FinTech landscape in Vietnam is flourishing, with startups and established players offering innovative solutions in payments, lending, and financial services. This article explores the burgeoning FinTech scene in Vietnam and the pivotal role that financial technology law firms in Vietnam play in assisting investors and entrepreneurs in navigating this exciting sector.

The FinTech Revolution in Vietnam

Vietnam’s FinTech sector has experienced remarkable growth in recent years, driven by several key factors:

1. Digital Transformation: As Vietnamese consumers increasingly embrace digital channels, there is a growing demand for digital financial services. FinTech companies are capitalizing on this shift by offering convenient and user-friendly solutions.

2. Unbanked and Underbanked Population: A significant portion of Vietnam’s population remains unbanked or underbanked. FinTech companies are bridging this gap by providing access to financial services, including banking, insurance, and investments.

3. Government Support: The Vietnamese government has taken steps to encourage the growth of the FinTech industry, recognizing its potential to boost financial inclusion and drive economic development.

4. Startup Ecosystem: Vietnam’s vibrant startup ecosystem, particularly in cities like Ho Chi Minh City and Hanoi, has fostered the growth of numerous FinTech startups, each bringing innovative solutions to the market.

The Role of Financial Technology Law Firms in Vietnam

Financial technology law firms in Vietnam are indispensable partners for investors and entrepreneurs looking to capitalize on the opportunities presented by the FinTech sector. Here’s how they assist with various aspects of FinTech investments:

1. Regulatory Compliance: The FinTech sector in Vietnam is subject to evolving regulations. Financial technology law firms in Vietnam ensure that entrepreneurs and investors are fully compliant with local laws and regulations, which can be complex and subject to change.

2. Licensing and Permits: To operate legally, FinTech companies often require licenses and permits. Law firms help navigate the licensing process, ensuring that the necessary approvals are obtained efficiently.

3. Data Privacy and Security: Data privacy and security are critical in the FinTech space, especially when dealing with sensitive financial information. Legal experts assist in developing robust data protection strategies that align with Vietnamese laws and international best practices.

4. Contract Drafting and Negotiation: FinTech ventures involve various agreements, including partnerships, user agreements, and agreements with financial institutions in Vietnam. Financial technology law firms in Vietnam ensure that these contracts protect the interests of all parties involved.

5. Intellectual Property Rights: Protecting intellectual property, such as proprietary software and algorithms, is vital in the highly competitive FinTech sector. Law firms help clients secure patents, trademarks, and copyrights, safeguarding their innovations.

6. Investor Relations: When seeking funding from investors, legal experts facilitate the investment process, ensuring that all parties understand their rights, responsibilities, and the financial terms of the investment.

7. Dispute Resolution: In the event of disputes, financial technology law firms in Vietnam provide mediation and dispute resolution services in Vietnam, helping parties reach fair and efficient resolutions while protecting their investments.

8. Compliance Audits: Law firms conduct regular legal compliance in Vietnam to ensure that FinTech companies remain in adherence to evolving regulatory requirements, reducing legal risks.

Financial technology law firms in Vietnam assist investors in various critical matters:

1. Risk Mitigation: Investors often face legal risks associated with investments in the FinTech sector. Law firms help identify these risks and develop strategies to mitigate them effectively.

2. Due Diligence: Conducting thorough due diligence in Vietnam on FinTech startups is essential to assess their viability and potential risks. Legal experts assist investors in this process, evaluating the legal, financial, and operational aspects of the venture.

3. Compliance Assurance: Financial technology law firms ensure that investors comply with all relevant laws and regulations, reducing the risk of legal issues that could harm their investments.

4. Investment Structuring: Law firms assist investors in structuring their investments optimally, choosing the right legal and financial models that align with their goals and risk tolerance.

Vietnam’s FinTech sector presents a wealth of opportunities for investors and entrepreneurs eager to participate in the digital transformation of the financial industry. However, navigating this dynamic sector requires a deep understanding of local regulations, intellectual property protection, and legal compliance.

Financial technology law firms in Vietnam serve as essential partners, guiding investors and entrepreneurs through the complexities of the FinTech landscape. They provide legal expertise, ensure compliance with ever-changing regulations, protect intellectual property rights, facilitate investment processes, and offer dispute resolution services.

As the FinTech revolution continues to reshape the financial services landscape in Vietnam, investors who engage with reputable financial technology law firms in Vietnam will be better positioned to navigate this exciting yet complex terrain, ensuring their investments contribute to the growth and innovation of Vietnam’s emerging FinTech sector.

ANT Lawyers, law firm in Vietnam

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers has lawyers in Ho Chi Minh city, Hanoi,  and Danang, and will help customers in doing business in Vietnam.

Source: https://antlawyers.vn/update/financial-technology-law-firms-in-vietnam-help-promote-innovation.html

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Cultural Nuances: Building Trust in Vietnamese Private Equity Deals

  Vietnam’s vibrant economy and emerging market status have attracted a growing number of private equity investors seeking opportunities in the country. In this, we will explore the importance of understanding these cultural dynamics and how private equity law firms in Vietnam play a pivotal role in helping investors establish trust and navigate the complexities of the market.

While the potential for lucrative investments is undeniable, navigating the Vietnamese business landscape requires more than just financial acumen. Cultural nuances, local customs, and building trust are vital components of successful private equity deals in Vietnam. 

Cultural Nuances in Vietnamese Business Environment

1. Relationship-Centric Approach: Vietnamese business culture places a significant emphasis on relationships. Building trust and rapport with local partners, business associates, and government officials is paramount. This often involves cultivating personal connections over time, sharing meals, and participating in social activities. Private equity investors need to appreciate the value of these relationships in securing deals and gaining access to opportunities.

2. Respect for Hierarchy and Age: Respect for hierarchy and age is deeply ingrained in Vietnamese society. It’s essential to show deference to senior leaders and decision-makers within an organization. This respect fosters goodwill and opens doors for collaboration. Private equity investors should be aware of these dynamics and adapt their communication and negotiation styles accordingly.

3. Face-Saving: “Saving face” is a fundamental concept in Vietnamese culture. Avoiding confrontation and embarrassment is crucial. Investors should handle disagreements delicately and maintain a harmonious atmosphere during negotiations. Private equity law firms in Vietnam can provide guidance on effective conflict resolution strategies that align with Vietnamese cultural norms.

4. Long-Term Orientation: Vietnamese businesses often prioritize long-term relationships and sustainable partnerships. Quick, transactional approaches may be met with skepticism. Investors who demonstrate a commitment to the local market and a willingness to invest time and resources in building lasting connections are more likely to succeed.

Private Equity Law Firms in Vietnam: Bridging the Cultural Gap

Private equity law firms in Vietnam play a pivotal role in assisting investors in navigating these cultural nuances and building trust. Here’s how they can help:

1. Local Expertise: Private equity law firms in Vietnam possess a deep understanding of the local culture, business practices, and legal landscape. They can provide valuable insights into the cultural dynamics at play, helping investors tailor their approach to establish trust effectively.

2. Partner Identification: Law firms can assist in identifying trustworthy local partners or businesses for collaboration. They conduct due diligence to ensure that potential partners have a solid reputation, strong relationships within the industry, and a commitment to ethical business practices.

3. Negotiation and Communication: Understanding the nuances of negotiation and communication is crucial. Private equity law firms in Vietnam can act as intermediaries, facilitating effective communication between foreign investors and their Vietnamese counterparts. They help investors convey their intentions while respecting cultural sensitivities.

4. Compliance and Regulatory Guidance: Navigating the legal and regulatory aspects of private equity deals in Vietnam is complex. Private equity law firms in Vietnam ensure that all transactions adhere to local laws and regulations, reducing the risk of misunderstandings or legal issues that could harm relationships.

5. Conflict Resolution: In the event of disputes or conflicts, law firms can provide mediation and dispute resolution services that align with Vietnamese cultural norms. This approach helps maintain trust and ensures that issues are resolved amicably.

6. Long-Term Relationship Building: Private equity law firms can assist investors in establishing and maintaining long-term relationships with Vietnamese partners. They provide guidance on how to nurture these connections over time, which is crucial for the success of private equity investments in Vietnam.

Building trust in Vietnamese private equity deals is a multifaceted endeavor that requires a deep appreciation of cultural nuances and the assistance of experienced private equity law firms in Vietnam. Investors who take the time to understand the local culture and establish trust are better positioned to capitalize on the opportunities that this dynamic market offers. Private equity law firms serve as invaluable partners, bridging the cultural gap, ensuring compliance with legal requirements, and facilitating successful, long-term investments in Vietnam. In a market where relationships are key, the role of these law firms is indispensable for the success of private equity ventures.

ANT Lawyers, law firm in Vietnam

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers has lawyers in Ho Chi Minh city, Hanoi,  and Danang, and will help customers in doing business in Vietnam.

Source: https://antlawyers.vn/update/private-equity-law-firms-in-vietnam.html

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Regulatory Landscape of Food Supplements Registration Service in Vietnam

  In the vibrant and ever-evolving landscape of Vietnam’s consumer market, the demand for food supplements has witnessed exponential growth. As health-conscious consumers seek to bolster their well-being, businesses in the food supplement industry are eager to meet these demands.  This article delves into the complex procedures of food supplements registration service in Vietnam and emphasizes how a law firm can provide invaluable guidance to ensure a smooth market entry process.

Entering the Vietnamese market, like many others, requires compliance with stringent regulations, particularly in the realm of food supplements. 

The Booming Food Supplement Market in Vietnam

Vietnam’s robust economic growth, coupled with increasing health awareness among its populace, has created a lucrative market for food supplements. Consumers are increasingly turning to vitamins, minerals, herbal products, and dietary supplements to enhance their health and well-being. Consequently, foreign companies are eyeing Vietnam as a prime destination for expanding their food supplement businesses.

Navigating Regulatory Compliance: The Key to Success

Vietnam, like many countries, places a high premium on public health and safety, and this is reflected in its regulatory framework for food supplements. The Vietnam Food Safety Authority (VFSA) under the Ministry of Health is responsible for overseeing the safety and quality of food products, including supplements.

Food Supplements Registration Service in Vietnam

One of the fundamental requirements for any business looking to market food supplements in Vietnam is obtaining product registration approval from the VFSA. This process is designed to ensure that all supplements meet stringent safety and quality standards.

The Registration Process

The procedure for registering food supplements in Vietnam involves several steps, each requiring meticulous attention to detail and compliance with specific regulations. Here is an overview of the process:

Eligibility Assessment: Before proceeding with registration, businesses must ensure that their product complies with Vietnam’s regulations and is eligible for registration.

Product Testing: Extensive laboratory testing is often required to verify the safety, quality, and efficacy of the product. This includes tests for microbiological contamination, heavy metals, and active ingredient content.

Labeling and Packaging: Products must adhere to strict labeling and packaging requirements, which include providing accurate information about the product’s ingredients, recommended dosage, and usage instructions.

Dossier Preparation: The registration dossier, a comprehensive document outlining the product’s safety and quality data, must be prepared in accordance with Vietnamese regulations. This step is crucial, as any discrepancies or incomplete information can lead to delays or rejection.

Submission to VFSA: The dossier is then submitted to the VFSA for review and evaluation. This process may take several months, during which the VFSA assesses the safety and efficacy of the product.

Approval and Registration: Upon successful evaluation, the VFSA grants approval, and the product is officially registered. 

Post-Market Surveillance: After registration, businesses must continue to monitor their products in the market to ensure ongoing compliance with safety and quality standards.

The Role of a Law Firm in Food Supplements Registration Service in Vietnam

Navigating Regulatory Complexity

Given the intricate nature of food supplements registration in Vietnam, foreign businesses often find themselves grappling with regulatory complexities. This is where a law firm with expertise in food supplements registration service in Vietnam becomes an invaluable partner.

Legal Expertise and Compliance

A reliable law firm in Vietnam possesses a deep understanding of the country’s regulatory landscape. They can provide expert guidance on compliance with local laws and regulations, ensuring that businesses adhere to the stringent requirements set forth by the VFSA.

Risk Mitigation

Food supplements registration is not without risks. Delays, rejection, or compliance issues can pose significant setbacks to market entry. A law firm can help identify and mitigate potential risks, ensuring a smoother registration process.

Documentation and Dossier Preparation

Preparing a comprehensive and accurate registration dossier is a critical aspect of the process. Law firms can assist businesses in compiling the necessary documentation, ensuring that it aligns with Vietnamese regulations and standards.  All documents need to be translated, and notarized before being submitted.

Communication with Authorities

Establishing effective communication channels with regulatory authorities is vital. A law firm can act as an intermediary, liaising with the VFSA and other relevant agencies on behalf of the business, streamlining the process and expediting approvals.

Post-Registration Support

Even after successful registration, businesses must remain vigilant to ensure ongoing compliance. A law firm can provide post-registration support, including monitoring and addressing any legal issues that may arise.

The potential rewards of entering Vietnam’s burgeoning food supplement market are substantial. However, the road to success is fraught with regulatory challenges. Businesses seeking to navigate the intricacies of food supplements registration service in Vietnam would be wise to partner with a reliable English speaking law firm. These legal experts not only provide essential guidance but also serve as guardians of compliance, risk mitigation, and market entry success. As Vietnam continues to embrace the health and wellness movement, businesses equipped with the right legal support can thrive in this promising market.

How Can We Help?

ANT Lawyers is capable to carry out proclamation of quality  specifications procedures or food supplements registration services in Vietnam for clients being manufacturers, importers and distributors including:

• Provide consulting advice relating to proclamation of quality specifications of products.
• Act as authorized representatives to draft documents, filing of statement with the competent State agencies.
• Provide consulting advice to overcome the problems arising in the course of registration;
• Act as authorized representatives to draft documents, filing of application at the competent State agencies.
• Act as authorized representatives to draft documents, filing for certificate extension at the competent State agencies.

A number of documents to be provided:

• Products specifications;
• Product label;
• Samples;
• Copy of the business registration certificate;
• Certificates of Good Manufacturing Practice (GMP), Hazard Analysis and System Critical Control Point (HACCP);
• Certificate of Free Sale or Health Certificate;
• Power of attorney;

About ANT Lawyers, a law firm in Vietnam

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers has lawyers in Ho Chi Minh city, Hanoi,  and Danang, and will help customers in doing business in Vietnam.

Source: https://antlawyers.vn/library/food-and-food-supplements-registration.html

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Plan to Simplify Regulations on Telecom, Gaming, Internet Service

  In the process of economic integration and development, in order to create favorable conditions for business and service sectors under the management of the Ministry of Information and Communications, Vietnam has approved the plan to reduce and simplify regulations a number of regulations under its control.

Accordingly, Decision No. 1994/QD-TTg agreed to reduce and simplify regulations related to business lines: Provision of pay radio and television services; Provide G1, G2, G3, G4 video games online; Newspapers; Telecommunications service business; publisher’s activities; Business in printing services, except for packaging printing; Publishing services business; Postal services; Information Technology; Science and technology; Domain name registration and maintenance services; Internet; Network information security products and services in Vietnam.  It is important for the company operating in the areas of concern to consult with telecom, internet business, media lawyers to follow up with specific changes in law in Vietnam.

These are industries with fast-growing trends and have a strong impact on other industries as well as on the overall economic development. Therefore, the facilitation and restriction of procedures will contribute to attracting foreign investment and creating development motivation for businesses, quickly catching up with the rapid changes of services, improving the quality of services and improving the quality of services information and communication products.

Accordingly, on procedures for granting certificates of eligibility to provide public electronic game services, for the application components “Plan for the location of the computer room of the public video game service point suitable according to the prescribed area” and “Pay the fee for the issuance of the Certificate of eligibility to operate the point of supply providing public video game services” were abolished. Especially, it is subject to change immediately after the time of licensing. Therefore, the information of the location of the machine room option at the time of consideration for licensing is of little significance. Besides, the Decision also mentions supplementing the form of implementing administrative procedures on electronic means (changing the form of paper copies into electronic ones) to be flexible and ensure consistency with the Enterprise Law 2020 in the implementation for businesses.

The decision also abolishes administrative procedures for granting licenses to provide G1, G2, G3, G4 video game services online. According to the plan, many procedures with G1 online game service will be abolished such as: licensing procedures; license re-issuance; license renewal or procedures for amending and supplementing the license to provide G1 video game services on the internet… This is a meaningful abolition decision for the practice of licensing video games. Because, it is challenging for state agencies to request enterprises to apply for permits and report every time they change their business plans, affecting the autonomy of enterprises as well as creating huge inadequacies in terms of business administrative procedures.

In addition, business conditions: “The publisher’s office has an appropriate area, meets the provisions of the law on standards and norms for using the office” has been simplified to ” having an office that meets the provisions of law on standards and norms for using the office”. This change is reasonable, because the criterion of suitable area has no basis for explanation. Moreover, the area of ​​the publisher’s headquarters is not related to the management of the State. With the new regulations, publishers can be autonomous in choosing the right area, ensuring space for business activities. At the same time, the Decision also combines two administrative procedures including re-issuance and renewal of licenses for printing and publishing publications into one administrative procedure, limiting cumbersome procedures, saving time and costs for businesses.

In addition, in the field of publication distribution service business, the Decision simplifies the process of granting certificates of registration for publishing and publishing electronic publications in the direction of only performing the verification process determining the project of publishing and distributing electronic publications. Therefore, if the project is eligible and accepted, the enterprise will be granted a certificate of operation registration immediately.

According to the simplified version of the Decision, the Postal Business Registration Certificate and the Postal Investment Certificate in Vietnam will be merged into the Business Registration Certificate.

Therefore, the introduction of Decision No. 1994/QD-TTg has reduced and simplified procedures; help the process of preparing documents quickly; save time for organizations and individuals when carrying out administrative procedures and minimize the cost of administrative compliance.

Source: https://antlawyers.vn/library/plan-to-simplify-regulations-on-telecom-gaming-internet-service.html

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From Compliance to Excellence – Corporate Governance Lawyers in Vietnam

 How can corporate governance lawyers in Vietnam help investors?

In the dynamic landscape of global business, Vietnam has emerged as a vibrant hub for foreign investment and economic growth. As multinational corporations and entrepreneurs set their sights on this promising Southeast Asian nation, they encounter a range of opportunities and challenges. One vital aspect of navigating Vietnam’s business environment is ensuring that corporate governance standards are not only met but exceeded. This is where corporate governance lawyers in Vietnam play a pivotal role, helping investors invest confidently while adhering to local regulations and achieving excellence in corporate governance.

The Vietnamese Business Landscape: Opportunities and Challenges

Vietnam’s economic transformation over the past few decades is nothing short of remarkable. The country has shifted from a centrally planned economy to a dynamic market-oriented one, attracting foreign direct investment (FDI) across various sectors. From manufacturing and technology to real estate and financial services, Vietnam offers abundant opportunities for investors seeking to tap into its potential.

However, with great opportunities come significant challenges. Navigating the Vietnamese business landscape requires a nuanced understanding of local laws, regulations, and cultural nuances. Corporate governance, in particular, demands careful attention. Ensuring that your business complies with Vietnamese corporate governance standards can be complex, as these standards are continuously evolving.

The Role of Corporate Governance Lawyers in Vietnam

Corporate governance encompasses a wide range of practices, processes, and policies that guide how a company operates and makes decisions. In Vietnam, as in many countries, corporate governance is a critical factor in building trust among investors, stakeholders, and the public. Corporate governance lawyers in Vietnam act as guides, helping businesses adhere to local laws, regulations, and best practices.

1. Navigating Legal and Regulatory Frameworks: Corporate governance lawyers are well-versed in the legal and regulatory frameworks that govern businesses in Vietnam. They provide essential advice on compliance with local laws and regulations, including corporate governance codes and requirements.

2. Structuring and Compliance: One of the initial steps for foreign investors is choosing the right business structure, whether it’s a joint venture, wholly foreign-owned enterprise, or another form of business. Corporate governance lawyers assist in selecting the appropriate structure and ensure it complies with local laws.

3. Corporate Governance Best Practices: Excellence in corporate governance goes beyond mere compliance. Corporate governance lawyers help businesses adopt international best practices, promoting transparency, accountability, and ethical conduct within the organization.

4. Corporate Social Responsibility (CSR): As the world becomes more socially conscious, CSR initiatives have gained prominence. Corporate governance lawyers can guide businesses in developing CSR programs that align with their values and contribute positively to the Vietnamese community.

5. Conflict Resolution: In the event of disputes or conflicts within the company or with external parties, corporate governance lawyers play a crucial role in dispute resolution, protecting the interests of the business and its stakeholders.

Key Considerations in Vietnamese Corporate Governance

To invest confidently in Vietnam, it’s essential to consider some key areas where corporate governance lawyers in Vietnam provide invaluable assistance:

1. Ownership Structure: Vietnam has restrictions on foreign ownership in certain sectors. Corporate governance lawyers help investors navigate these limitations and identify strategies for compliance.

2. Corporate Disclosure: Transparency is vital in corporate governance. Lawyers ensure that businesses provide accurate and timely information to shareholders, regulators, and the public.

3. Board of Directors: Corporate governance lawyers in Vietnam assist in structuring boards of directors that are diverse, experienced, and aligned with the company’s goals.

4. Ethical Conduct: Upholding ethical standards is a cornerstone of corporate governance. Legal professionals help companies establish and enforce ethical guidelines.

5. Risk Management: Identifying and mitigating risks is crucial for long-term success. Corporate governance lawyers in Vietnam work with businesses to develop risk management strategies that protect their interests.

6. Data Privacy and Cybersecurity: With the increasing importance of data, lawyers help businesses navigate data privacy laws and cybersecurity threats.

7. Environmental and Sustainability Compliance: Aligning with global sustainability trends, businesses in Vietnam need to focus on environmental and sustainability practices. Corporate governance lawyers in Vietnam help in ensuring compliance with environmental regulations.

Investing with Confidence

Investing in Vietnam is not without its challenges, but the rewards can be substantial. Corporate governance lawyers in Vietnam act as trusted advisors, helping businesses invest confidently, comply with local regulations, and excel in corporate governance.

By working closely with legal experts who understand the intricacies of Vietnam’s business environment, investors can position themselves for success. From structuring businesses for optimal results to implementing ethical and transparent practices, corporate governance lawyers play a vital role in ensuring that businesses not only comply with the law but also thrive in the Vietnamese market.

As Vietnam continues its journey as an attractive destination for foreign investment, corporate governance lawyers in Vietnam are indispensable partners for investors aiming to navigate the complexities of the Vietnamese business landscape. These legal professionals provide the expertise, guidance, and strategies necessary for businesses to invest confidently, comply with local regulations, and achieve excellence in corporate governance, ultimately contributing to their long-term success in this thriving Southeast Asian nation.

ANT Lawyers, law firm in Vietnam

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers has lawyers in Ho Chi Minh city, Hanoi,  and Danang, and will help customers in doing business in Vietnam.

Source: https://antlawyers.vn/update/corporate-governance-lawyers-in-vietnam.html

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How to Set-up Travel Services Business in Vietnam

  Foreign investor could only set-up joint venture with Vietnam travel agency to set-up travel services business in Vietnam because transport of passenger belongs to investment areas with conditions applied to foreign investor in Vietnam.

No one could deny that information technology has tremendously changed the way travel services business operates. The use of booking reservation system application on smartphone and internet are widespread that make travel has never been easier.  Foreign investor would be interested to explore the travel services market. However, 100% foreign owned company is not allowed to set-up travel services business in Vietnam. As this investment area is conditional, it is advised that a law firm in Vietnam should be consulted to ensure compliance with local regulations.

The application process and documents requirements are briefly as following:

I. Required documents:

1. Application for the International Travel Business License (form);
2. Certificate of business registration (copy – certified)
3. Business plan for the international travel agency;
4. Tour schedule
5. Proof of at least 4 years of experience in international travel business operations
6. Certified copies of the tourist guides’ cards whereby at least 3 international tourist guides are required
7. Confirmation of bank deposit (as per regulations);
8. Proof of office premises or legally registered place of business

II. Business License Application Procedure

1. Submission of the required documents to the correct authority (Department of Culture, Sports and Tourism of the province/city where the business is headquartered).
2. The Department of Tourism of the province/city completes the records of appraisal and submits a written request with the agency’s records to the Ministry of Culture, Sports and Tourism in Vietnam within ten working days from the date of receipt of a valid application. When cases are not eligible for the proposed permit to the state agencies, the provincial tourism department shall cite the specific reasons for refusal.
3. The state management agency of tourism (VNAT – Ministry of Culture, Sports and Tourism) is responsible for reviewing and licensing the international travel business within ten working days from the date of both receipt of the file and written request of the state agency of tourism in the province. In case of refusal, the ministry shall state the specific reasons to the state and provincial tourism authorities

III. Number of records

– Submission to the Department of Culture, Sports and Tourism: 01

– Tourism Authority Filed in: 01

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers have Attorneys in Hanoi, Attorneys in Ho Chi Minh and Attorneys in Danang.

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How to Invest, Do Business and Reside in Vietnam in 2022?

  With economic opening policies, especially after the Covid-19 pandemic, Vietnam is an attractive destination for foreign investors. Accordingly, the number of foreign investors in Vietnam is constantly increasing. In order to create favorable conditions for individual investors with direct capital investment or representatives of foreign organizations investing in Vietnam to live, work, Vietnam has policies, suitable for each type of investor in being granted temporary residence cards in Vietnam.

Investors using visas, temporary residence cards under the investment category sponsored  by foreign investment companies and with the temporary residence card symbol DT, are divided into three types of temporary residence cards as follows: (i) DT1 – Issued to foreign investors in Vietnam and representatives of foreign organizations investing in Vietnam with a contributed capital of VND 100 billion (USD 4.5 mil) or more or investing in industries, professions eligible for investment incentives, geographical areas with investment incentives decided by the Government; (ii) DT2 – Issued to foreign investors in Vietnam and representatives of foreign organizations investing in Vietnam with a contributed capital of between VND 50 billion (USD 2.3 mil) and under VND 100 billion or investing in industries, trades to encourage development investment decided by the Government; (iii) DT3 – Issued to foreign investors in Vietnam and representatives of foreign organizations investing in Vietnam with capital contribution from VND 03 billion (USD 136k) to less than VND 50 billion. Temporary residence cards with a specific term for investors and representatives of foreign organizations investing in Vietnam are as follows: Temporary residence cards with symbol DT1 have a term of not more than 10 years; Temporary residence card with symbol DT2 is valid for no more than 05 years; Temporary residence card with symbol DT3 is valid for no more than 03 years. In case foreign investors and representatives of foreign organizations investing in Vietnam with a contributed capital of less than VND 03 billion, they will not be granted a temporary residence card, instead they will apply for a signed visa DT4 which is valid for no more than 12 months.

The application file for applying for a temporary residence card to a foreign investor must be documents proving the status of the sponsoring agency, organization, individual; documents proving the relationship between the investor and the sponsoring agency, organization or individual; information of the sponsored investor; relevant document information to determine the type of temporary residence card issued to investors; and declarations in accordance with the law.

If foreign investors and representatives of foreign organizations investing in Vietnam wishing to stay in Vietnam, they need to apply for a temporary residence card according to the conditions, documents, procedures of Vietnamese law.  It is important to consult with immigration law firm in Ho Chi Minh City, or in Hanoi, Da nang for effective solutions.

Source: https://antlawyers.vn/library/how-to-invest-do-business-and-reside-in-vietnam-in-2022.html

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