Starting a business in Vietnam

Member since 20 September 2017

GissellelimMember20 September 2017 13:42:34

Hi there,

My boss is interested in starting a business in Vietnam and there some things that I would like to ask the expats here.

1) Is it possible for a foreigner to start a business in Vietnam?
1a) How long does the whole process take?
1b) What are the documents needed?

2) How can the fund get in and out of Vietnam?
As i understand the limit is 5000USD when carry by hand to Vietnam and its not easy to open a bank account in Vietnam.

3) How about the Tax in Vietnam work?

Will appreciate if the expats here can help. Thank you!

Nguyen Danh Cong Member

Member since 08 July 2017

Nguyen Danh CongMember21 September 2017 00:09:51

Hello,

I am lawyer Cong, a Partner of DIMAC Law Firm in Vietnam. I see your post on expat.com, so please see the below for my initial advice for your reference:

1) Is it possible for a foreigner to start a business in Vietnam? Lawyer Cong: It is possible for the foreigner to start business in Vietnam subject to the business scope to be implemented in Vietnam. Please let me know the business intended to do for my further advice.
1a) How long does the whole process take? Lawyer Cong: Subject to the business intended to do, it takes around 1 - 1,5 months.
1b) What are the documents needed? Lawyer Cong: Subject to the business intended to do and the investor being individual or company, the required documents are different. Therefore, let me know further information on this matter, I will further advice.

2) How can the fund get in and out of Vietnam? Lawyer: Subject to the purpose of fund getting in and out of Vietnam, if it is for the legal purpose and having the valid supporting documents, it may get in and out of Vietnam. Please give me further information on this, I will further advice.
As i understand the limit is 5000USD when carry by hand to Vietnam and its not easy to open a bank account in Vietnam. Lawyer Cong: Yes, you can carry by hand max of USD 5,000/a person/a time when getting into Vietnam. The foreigner can open bank account in Vietnam subject to its purpose.

3) How about the Tax in Vietnam work? Lawyer Cong: There are some types of tax in Vietnam such as: Corporate Income Tax (CIT), Personal Income Tax (PIT)聽 Value Added Tax (VAT), Import tax, Excise Tax. Please further information on specific tax, I will further advice.

I hope this is helpful to you. Look forward to receiving further information from you to further advice. Please check your inbox. Thank you.