Which Sectors Attracting Investment in First Half of 2015?

 The trend of foreign direct investment (FDI) in Vietnam continues to tremendously increase into key sectors such as industrial processing and manufacturing, business and real estate, wholesale and retail, through setting up business in Vietnam.

Accordingly, the disbursed FDI inflows in June positively increased and exceeded the growth rate of last year. In June 2015, registered and new FDI is 1.19 billion dollars, bringing the total registered and new value to 5.49 billion dollars since the beginning of this year, equivalent to 80.2 % value of the same period in last year 2014.

In particular, FDI registered capital of 3.83 billion USD since the beginning of 2015 is equivalent to 79% FDI capital of the same period in 2014. Additional FDI capital was 1.65 billion in the first 6 months of 2015, equivalent to 83% FDI capital of the same period of 2014. The FDI project has disbursed a total of 6.3 billion, increase 9,6% value in the same period in 2014.

FDI in small-scale projects has a tendency to continue to play a leading role as the previous month. In June 2015, Vietnam has not had any large-scale projects yet. Meanwhile, small-scale projects including new and additional capital have increased. The number of new projects increased by 15% and the number of additional capital projects increased more than 28%.

Foreign investment in Vietnam in the past 6 months continuously focuses on key industries like processing industries, manufacturing, business and real estate, wholesale and retail.

Previous figures of Foreign Investment Agency (Ministry of Planning and Investment) stated that processing industries, manufacturing continues are the sector attracting the interest of foreign investors with 338 registered investment projects and 190 new projects increased capital, with total new and additional capital is 4.18 billion, which accounts for 76.2% of total registered capital. Real estate is second with 11 projects registered and 7 projects increased capital. The total investment of newly registered and additional capital is 465.5 million USD, accounting for 8.5% value of total capital investment. At third, the wholesale and retail sector with 119 new projects and 26 projects increased capital. The total investment of newly registered and additional capital is 276.5 million USD, accounting for 5% value of the total investment.

Compared with the same period of 2014 figures, it’s clearly that foreign capital invested in the retail sector is growing. In the first 6 months of 2014, FDI in retail sector figures stop at about 1.4% of total registered FDI capital in Vietnam. In the first 6 months of 2015, this figure has increased by 5%.

In conclusion, thanks to the considerably development in recent years, the retail industry has risen and competed against the construction industry, becoming one of three areas which attracts foreign capital the first six months of the year 2015.

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.

Read More

Strong Flows of FDI Into Vietnam in Jul 2015

 It has been reported foreign direct investment is strong in the month of Jul 2015 for which foreign investors have been putting more money into manufacturing through setting up business in Vietnam especially high tech area.

There were a series of FDI projects that are newly granted with the investment certificate in July 2015, such as the 274 million USD project of Far Eastern in Binh Duong; or the project of Regina Miracle Company will invest 88 million USD to build a shoes manufacturing plant in an area of ​​13.6 hectares in the VSIP Hai Duong. Moreover, VSIP has just received the investment certificate of the industrial park – urban area – services VSIP Nghe An project with the first phase investment capital of over 15 million USD, the entire project could be 76 million USD.

This trend will probably continue in the future, and not just relying on those large-scale projects mentioned above. In the mid-July, during the visit to the United States, leaders of Ho Chi Minh City (HCMC) have signed a written approval for the Jabil Group (US) to invest additional amount of 500 million USD to expand their factory in HCMC hi-tech park.

Jabil has invested in Vietnam since 2007 and recently they are continuously expanding their investment. According to the statistics of HCMC, Jabil’s revenue in HCMC have steadily increased by 50% / year over the last 5 years and accumulated until the end of June 2015, Jabil has exported 1.3 billion USD of the high-tech products, making great contributions to the socio – economic development of the city.

If this project soon to be granted the investment certificate, it will contribute not only to newly registered FDI capital, but more importantly, emphasis the intention to encourage investment in high-tech sectors was a right choice.

Not only in the field of high technology, in order to meet the opportunities brought up by the Trans-Pacific Partnership (TPP), many large FDI projects will flow into Vietnam in the coming time. The negotiations in an effort to resolve outstanding issues when joining TPP will be conducted this coming months. If completed, the TPP will bring many opportunities (and of course the challenges) for Vietnam.

Meanwhile, there are more and more foreign business delegations coming to seek investment opportunities through setting up factories in Vietnam. Last week, a South Korean business delegation came to Vietnam to survey the market and seek investment opportunities in the field of electronics industry in Vietnam.

South Korea is currently the largest investor in Vietnam, with total registered capital of over 39 billion USD and this figure will continue to rise sharply in the future. According to Mr. Kim Young Sun, general secretary of the ASEAN – Korea Center, Vietnam is an attractive investment destination for many Korean businesses, especially businesses in the electronics field.

In particular, with the Vietnam – Korea free trade agreement has just been signed, the expected two-way trade turnover will reach 70 billion USD by 2020. This will open up further extensive cooperation opportunities between Vietnam and Korea in various fields, including investment in Vietnam.

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.

Read More

Investment Through Signing Contracts in Vietnam

 Business co-operation contract (BCC) means the investment form signed between investors in order to co-operate in business and to share profits or products without creating a legal entity.

Build-operate-transfer contract (BOT) means the investment form signed by a competent State body and an investor in order to construct and operate commercially an infrastructure facility for a fixed duration; and, upon expiry of the duration, the investor shall, without compensation, transfer such facility to the State of Vietnam.

Build-transfer-operate contract (BTO) means the investment form signed by a competent State body and an investor in order to construct an infrastructure facility; and, upon completion of construction, the investor shall transfer the facility to the State of Vietnam and the Government shall grant the investor the right to operate commercially such facility for a fixed duration in order to recover the invested capital and gain profits.

Build-transfer contract (BT) means the investment form signed by a competent State body and an investor in order to construct an infrastructure facility; and, upon completion of construction, the investor shall transfer the facility to the State of Vietnam and the Government shall create conditions for the investor to implement another project in order to recover the invested capital and gain profits or to make a payment to the investor in accordance with an agreement in the BT contract.

Foreign investors may sign BOT, BT and BTO contracts with a competent State body to implement infrastructure construction projects in Vietnam. Typically, the contracts are for projects in the fields of transportation, electricity production, water supply, drainage and waste treatment.

The rights and obligations of the foreign investor will be regulated by the signed BOT, BT and BTO contract. The Government encourages both public- and private-sector investors to participate in BOT, BTO and BT in the following sectors:

(i) Construction, operation and management of brand-new infrastructure facilities; and

(ii) Renovation, expansion, modernization, operation and management of the existing infrastructure facilities such as:

• Roads, bridges, tunnels, and ferry landings;

• Railway bridges and railway tunnels;

• Airports, seaports and river ports;

• Clean water supply systems; sewage systems;

• Wastewater, waste collecting and handling systems;

• Power plants and power transmission lines;

• Infrastructure works of health service, education, training, career training, culture, sport and offices of State agencies; and

• Other projects as may be determined by the Prime Minister

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.

Read More

Why Japan Investors Invest in Vietnam

 The depreciation of yen against dollar, more available funds for loans from Japanese banks, and the fast aging population make Japanese corporations increasing investment in foreign markets including Vietnam through setting up business venture.

In a morning of Jan 22nd 2015, the office of Ministry of Planning and Investment and Foreign Investment Agency have met and worked with small and medium business delegation of Japan to explore investment opportunities in Vietnam. The Japanese business delegation led by Mr. Shuichi Kageyama, vice president of Sumitomo Mitsui Banking, are representative of 21 companies operating in the area of construction, real estate, electronics, manufacturing, chemicals, pharmaceuticals products, medical devices. The visit has shown interests of Japanese investors in various sectors in the socio-economic development, environmental and investment policies of the government of Vietnam in attracting foreign investment. The Vietnam government also shows effort to support Japanese investor through improving on administrative procedures, and transparency.

The visit of Japanese delegation to Vietnam should be noted amid the strongest wave of Japanese corporations’ investment into foreign markets since 2006 after building up record cash on hands. The yen has been at weak level making M&A into foreign market expensive. However it is expected that yen will depreciate further against dollar over the year to come due to the policy of Mr. Shinzo Abe. In the meantime, Japanese banks are also ready to make more funds available for loans. Another fact is that Japanese population is aging faster. Those combined reasons together with Vietnam’s attractiveness for investors make Japanese corporations increase investment through making direct investment or acquiring other corporations in foreign markets including Vietnam.

According to the Foreign Investment Agency, as of Oct 2014, Vietnam has attracted more than USD 36.5 billion from Japan with more than 2,434 FDI projects. Japan ranks first in the number of countries and territories that have investment projects in Vietnam, in which, the first 10 months of the year 2014, total investment of newly registered and increased capital from Japan reached USD 1.66 billion. Thanh Hoa has 9 projects with a total investment of USD 9.68 billion; Hanoi has 607 projects at nearly USD 4 billion; Binh Duong province has 241 projects at USD 3.8 billion.

Japanese corporations invest in various area including retail, food processing, IT, manufacturing, constructions. Several prominent Japanese investors have been successful in Vietnam are Cannon, Isuzu Motors, Ajinomoto, Toyota Corporations, Logitem Logistics, Mitsubishi Corp, Kotobuki Holdings, Taisei Corp, Sumitomo Corp, Itochu Corp. The list will continue to grow as the time to come as Japan diversifies from China and Vietnam continues to emerge as an attractive destination.

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.

Read More

Open for Private Investment in Vietnam Railways

The revised Railway Law has just been passed by the National Assembly will create attraction for investors to set up company in Vietnam to invest in infrastructure and railway projects.

The revised Railway Law has just been passed by the National Assembly and is expected to come into force on July 1st 2018 with many preferential mechanisms that will create attraction for investors to invest in infrastructure and railway projects.

Up to now, Lotte E&C (Korea) is the most zealous foreign investor in the Yen Vien – Lao Cai Railway Upgrading Project and the project to build railway connecting Lao Cai – Ha Khau in the form of PPP. Previously, in mid-February 2017, a preliminary study including investment plan, capital size and project repayment capacity was submitted by the Korean investor to the Ministry of Transport. In addition to the proposal to apply the form of build – lease – transfer (BLT), Lotte also wants to receive some incentives during the implementation of the project.

It is known that with the type of BLT contract, Lotte will invest capital to build infrastructure. Upon completion, the investor is entitled to provide services on the basis of operating that facility in a determined period of 20 years. The competent state agency shall hire the service and pay to the investor, when expired, the investor shall return the facility to the competent State authority for management and use.

Moreover, the Railway Law (amended) has added a number of provisions, which are considered to be the great drive for the railway sector. Specifically, the rail transport business is defined as the industry that is entitled to investment incentives; Organizations and individuals engaged in railway activities shall be entitled to incentives and supports such as free land use fees for land area for infrastructure construction, the highest incentives level for enterprise income tax rate, enjoy the most preferential credit policy; applying the pricing mechanism for the mode of leasing or transferring the right to exploit railway infrastructure.

These regulations will create breakthroughs in investment resources, attracting businesses to concentrate resources on railway development, in fact many countries have similar policies.

Read More

Challenges in Preparing Documents for Representative Office Application

The representative office (RO) is a popular foreign investment vehicle which investors utilize when wishing to enter the Vietnamese market without committing too much investment. The representative office could help the foreign entity to hire local employee to carry out market research, business promotion.

A foreign company wishes to establish a representative office in Vietnam must submit an application dossier for a license to the Provincial Department of Industry and Trade (DIT).

However, there are cases which the government agencies receiving the application would be different from department of industry and trade depending on the business lines carried out by the foreign entity.

Firstly, the trade service is bound in Vietnam’s Commitment in trade service in WTO but there are no existing specialized legislative documents:

When the trade service which the foreign entity provides does not fall under areas prescribed by specialized legislative documents in Vietnam, the licensing agency shall submit a written request for directions to the relevant ministries for opinions. The foreign entity shall wait for at least 15 working days for receiving a written notice of whether the license for establishment of the representative office is granted or rejected. This process not only extends duration of establishment of representative office but also rises risk of rejection.

Secondly, the trade service is not yet bound in Vietnam’s Commitment:

Where the scope of operation of the representative office is inconsistent with Vietnam’s commitments or the foreign trader is not located in the country or territory being party to treaties to which Vietnam is a signatory, there is an extra process in registration of representative office. The representative office shall be approved by relevant ministers, heads of ministerial agencies for establishment of the representative office.

Thirdly, trade services are supplied in foreign countries, but such does not exist in Vietnam:

The foreign entity has to apply codes as following to Vietnam standard industrial classification system or CPC. If the foreign entity can not define a code, it is merely impossible to register the representative office.

Read More

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.

Read More

Why foreign company should undertake policy and regulatory research before entering Vietnam market?

Currently, with Vietnam’s investment attraction policies, annual foreign direct investment (FDI) into Vietnam is constantly increasing, after Covid time. According to the report on foreign direct investment in nine months of 2021 of the Ministry of Planning and Investment, as of September 20th, 2021, the total newly registered capital, adjusted and contributed capital to buy shares, purchase capital contribution (GVMCP) of foreign investors reached 22.15 billion USD, up 4.4% over the same period last year 2020. Realized capital of foreign investment projects is estimated at 13.28 billion USD, down 3.5% over the same period in 2020.

However, when entering a new market, especially the business environment of a developing country like Vietnam, foreign company always have to be cautious and should undertake research investment environment and target company for M&A, or business cooperation carefully. Besides socio-cultural factors, the differences in political and legal factors are important issues. In particular, it is really necessary to study policies and legal regulations before investing in order to mitigate risks when operating in the Vietnam market.

Each country has its own policies and independent legal system to manage domestic company as well as foreign company. Therefore, when foreign investors wish to invest in Vietnam, they need to learn about legal policies that affect their expected business activities. Specifically, through the study of laws, economic policies… investors will identify constraints as well as incentives for their expected type of investment. Foreign investors will have more proactive preparation steps and have a basis to consider the benefits and potential risks when making an investment in Vietnam.

Firstly, on the legal system related to investment activities, Vietnam has a fairly complete but complex regulatory legal system. Due to too many types of legal documents being issued, overlapping, inconsistent and inconsistent jurisdictions are quite difficult obstacles for foreign investors when penetrating the Vietnamese market. Therefore, studying the regulatory is necessary and really a big challenge for foreign investors.

Specifically, for the investment, Vietnam law only allows foreign investors to do business in a number of industries that satisfy market access conditions. Therefore, foreign investors need to learn specific regulations on conditions of establishment, capital contribution, capital contribution ratio, etc. to have a plan to prepare capital, and to choose the type of investment in accordance with the regulations of Vietnam law and expected investment scale.

In addition, foreign investors also need to learn about the regulations on the organization of different types of businesses in Vietnam. It will be the basis for foreign investors to determine the level of capital contribution, rights and obligations when participating in investment. From there, foreign investors will have reasonable considerations and considerations in line with the investment plan, avoiding passive situations or the establishment and capital contribution not achieving the set goals before investing.

Second, about policies for foreign investors, investors need to study policies related to tax i.e. corporate income tax rates, tax rates for personal income taxes, and policies. avoid double taxation between Vietnam and other countries in order to comply with tax obligations and ensure its interests in the process of conducting investment in Vietnam.

Furthermore, to ensure cash flow transactions, foreign investors need to have an understanding of Vietnam’s foreign exchange policy. Understanding the bank’s foreign currency buying and selling policies will help foreign investors flexible in implementing project activities. Policies and regulatory understanding in international bidding or bidding or goods or service supply service for state owned company are also matter of concern. Labor policy is also an information that foreign investors need to know to ensure that the recruitment and payment of salaries and benefits are consistent with the policies of the state. Economic and financial policies are regulated by the State in each period such as policy on funding or lending capital, tax policy of the State, economic policy on foreign relations, foreign policy.

Policies, laws and politics have a great influence on investment activities in Vietnam. Through legislation, the state institutionalizes economic undertakings and policies into law, with provisions that are universally binding for all business activities. The legal regulations and policies related to foreign investors in Vietnam are very complicated and changing over different periods. Therefore, before investing in Vietnam, investors need to learn, check the information and the authenticity of the information collected to ensure the authenticity and validity of those regulations and policies.

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.

Read More

What Are Regulations on Debt Trading Contracts in Vietnam?

Along with the development of socio-economic activities, right to collect debt has become an asset right, hence its transferability is also recognized. Vietnam law recognizes debt as a commodity that can be traded through a debt trading contract. However, in order for the debt trading contract to be legally valid and ensure the rights and obligations are enforced, the parties need to pay attention to the provisions on the debt trading contract.

Firstly, in terms of the right to enter into a debt trading contract, according to the provisions of the Civil Code on the sale and purchase of property rights, the property right is the right to claim debt in Vietnam. Accordingly, the right to recover debt becomes the subject of a contract that the parties can transfer as if it were a special type of property. In addition, the debt trading contract aims to transfer ownership of the right of debt recovery and at the same time transfer the debt seller’s obligations to the debt purchaser. This is a transaction that does not affect the interests of the debtor totally. Therefore, the transfer of the right to demand does not require the consent of the obligor, whereby the parties can enter into a debt trading contract without the consent of the debtor.

Secondly, in terms of the form of the debt trading contract, based on the provisions of law prescribing debt trading contract by credit institutions and foreign bank branches, debt trading contract is a written agreement on the transfer of the right to collect debt for a debt arising from a lending operation, payment on behalf of the guarantee, whereby the debt seller transfers ownership of the debt to the debt purchaser and receives payment from the debt purchaser. Therefore, the debt trading contract must be made as a written document.

Furthermore, the debt trading contract must be signed by the legal representative or the authorized representative of the debt purchase and sale parties. Therefore, according to this provision, the debt trading contract does not require the parties to be notarized or authenticated. If necessary, the parties can agree on the notarization or authentication of the debt trading contract. In addition, the parties can make an agreement that the contract can be made in a foreign language and the parties need to consent on which language of the contract will be used in case of a dispute arisen. In addition, in case the debt purchaser and debt seller are organizations with legal status, in addition to the legal representative to sign, the contract needs to be stamped. These are strict regulations on the established form to ensure the legality of the contract’s form.

Thirdly, when drafting a debt trading contract, it must contains the following principal contents: (i) Time for signing the debt trading contract; (ii) Names and addresses of the parties to the debt trading contract; (iii) Name and title of the representative of the parties to the debt trading contract; (iv) Name and address of the debtor and related parties (if any) to the purchased or sold debt; (v) Details of debt purchased and sold: Loan amount, loan period, purpose, book value of the debt up to the time of debt purchase and sale; (vi) Security measures for the debtor’s payment obligation for the purchased or sold debt (if any); (vii) Debt selling price, payment method, payment term; (viii) Time, method and procedures for transferring debt documents and records, including dossiers and documents on debt security (if any); The time the debt purchaser becomes the subrogator, the debt seller has obligations; (ix) Rights and obligations of debt sellers and debt buyers; (x) Liability of the parties for breach of contract; (xi) Settlement of arising disputes. These are the basic and mandatory contents of a debt trading contract. In addition, the parties can make agree on other contents in the debt trading contract that are not contrary to the provisions of the laws.

In addition, during the implementation of the debt trading contract, the law allows the parties to agree to amend, supplement or cancel the content of the debt trading contract. However, the decision to amend, supplement or cancel must be based on ensuring compliance with the provisions of law.

Therefore, the establishment of a debt trading contract in Vietnam is basically the same as other property rights transfer transactions. However, debt is a special object of property rights, therefore the parties need to strictly comply with the provisions of law on the content and form of the contract to ensure the legality of the contract as well as the rights and obligations of the parties. It is suggested to engage lawyers with specialization in debt recovery and dispute resolution to assist drafting or reviewing debt trading contract for its effective usage.

Read More

How to Transfer Shares in a Joint Stock Company?

According to Vietnam law, joint stock company is one form of typical company types in Vietnam. For a joint stock company to be set-up, there should be at least three shareholders. In the joint stock company, the charter capital is divided into equal parts called shares. Shareholders have the right to freely transfer their shares to others, but there will be some certain restrictions.

Within three years from the establishment of the company and the issuance date of the Certificate of Enterprise Registration, the ordinary shares of founding shareholders may be transferred to other founding shareholders and may only be transferred to a person that is not a founding shareholder if the transfer is accepted by the General Meeting of Shareholders. In this case, the transferor does not have the right to vote on this transfer. In addition, if the company’s charter has provisions restricting the transfer of shares, the transfer of shareholders must also comply with the provisions of the Charter and these regulations will only applicable if they are written in the certificates of the shares subject to restriction.

The transfer of shares is usually made by the parties by contract or transaction on the securities market. In case of transfer under a contract, the documents shall bear the signatures of the transferor and the transferee or their authorized representatives. In case shares are transferred on the securities market, the transfer procedures prescribed by securities laws shall apply.

Shareholders of a joint-stock company have the right to donate part or all of their shares in the company to other individuals or organizations; use shares to pay off debt. At that time, individuals and organizations that are given or received the donation or debt payment will become a shareholder of the company. However, they will only become shareholders of the company from the time their information is fully recorded in the register of shareholders.

In case of the death of a shareholder that is an individual, his/her heir at law or designated by a will shall become a shareholder of the company. If such shareholder dies without an heir or the heir refuses the inheritance or is disinherited, his/her shares shall be settled in accordance with civil laws.

The last point to pay attention is when there is a share transfer event, the company shall register the changes of shareholders in the shareholder register as requested by relevant shareholders within 24 hours after the request is received.

Read More

Rights Shareholder Holds in Joint Stock Company

Shareholders are individual or organization that owns at least one share of the joint-stock company and also are owner of the joint-stock company. Along with these roles, their interests are tied to business operations although they may not directly manage the day-to-day company affairs. In order to implement governance, the powers and responsibilities of each interest group such as shareholders, the board of directors, managerial personnel, etc. should be assigned based on the statutory principles and procedures.

According to the regulations on shareholders in the Law on Enterprise 2020, the rights of shareholders can be categorized into the following groups: economic rights, governance rights, information rights, and litigation rights.

Economic rights

Economic right is the right to gain all pecuniary interest with respect to the shares. The purpose of starting a business or investing in securities comes mainly from earning income or gaining profits. Economic rights accordingly include:

-Right to entitlement to dividends

-Right to transfer ownership

-Priority right to acquire the newly issued shares

-Right to entitlement to a portion of the assets after dissolution or bankrupt

-Appraisal Right

Among these above rights, right to entitlement to dividends and right to transfer ownership are the fundamental economic rights of a shareholder.

Dividend of common shares is determined according to the realized net profit and the dividend payment from the company’s retained earnings. Despite right to entitlement to dividends, shareholders are still subject to a number of limitations in law and in fact. Dividend entitlement is determined by the General Meeting of Shareholders based on the recommendation of the Board of Directors, after the company has fulfilled tax obligations and other financial obligations, contributed to reserve fund, paid for previous losses and met the solvency for all due debts and other property obligations. Dividend is not required to be distributed annually. Depending on the business situation, the General Meeting of Shareholders may decide to retain profits for reinvestment.

Besides dividend entitlement from the company’s operating results, shareholders can also gain profits by share transfer. This kind of investment is popular with respect of shares or securities of public companies, investors do not aim for corporate governance rights as well as dividend, they intend to earn benefits by the difference of the market values of stocks, especially when the stock value increases.

Governance rights

Modern corporate governance has two principles, one is to separate ownership and governance and to separate governance and management. It means that the major shareholders should not hold senior managerial positions in the company and Chairperson of the Board of Directors should not be assigned to other senior managerial positions such as General Director and/or Director.

Shareholders may be an individual or organization which they have their own different interests, goals and abilities. The separation between ownership and management makes the situation of whom the owner is and how the share get transferred not to affect the business operation. In the meantime, the separation helps gather professional managers to implement target intended by the company. According to the laws, members of the Board of Directors of a public company concurrently holding several executive titles must be reduced to the minimum to ensure the independence of the Board of Directors, specially the Chairperson of the Board of Directors shall not be the Director/General Director in a public company as of August 1st, 2020. There are no similar rules applicable to joint stock companies which are not public company.

Attendance, speaking and voting at General Meeting of Shareholders are fundamental in governance right of common shareholders, applicable to all shareholders holding at least one share. ty. In principle, being a shareholder who holds shares of the company regardless of the number has equal rights to attend and vote at the General Meeting of Shareholders. By the General Meeting of Shareholders, the shareholders holding a certain number of shares can impact decisions on some matters such as election, dismissal, and removal of members of the Board of Directors and Controllers, amendment and supplementation of internal documents, major transactions, and others as stipulated in law on enterprise or charter. In addition to the above rights, the majority shareholders also have a number of other rights related to governance as follows:

The shareholder or group of shareholders holding at least 5% of the total number of common shares (charter may require a smaller percentage) is entitled to:

-Call a General Meeting of Shareholders

-Request Board of Controllers to inspect each specific matter relating to management, governance of company affairs if necessary

-Recommend matters to be included in agenda of General Meeting of Shareholders

-The shareholder or group of shareholders holding at least 10% of the total number of common shares (charter may require a smaller percentage) is entitled to nominate candidates for the Board of Directors, Board of Controllers

Information rights

Shareholders have the right to access documents and information of the company. In addition to the basic documents such as the charter, list of shareholders, meeting minutes and resolutions of the General Meeting of Shareholders, shareholders have the right to access to reports related to the business affairs.

However, some information is only reviewed by shareholders who own required percentage of share:

-Access and extract information on full name and contact address as specified in list of shareholders having voting right and list of shareholders having right to attend General Meeting of Shareholder; request to adjust his/her inaccurate information

-Access, extract and scan charter of company, meeting minutes of General Meeting of Shareholder and its resolution

-Access, extract and copy partial or whole list of involved persons and their contracts, transaction of which the company is other party, interests of Board of Directors, Controllers, Directors or General Directors and other managerial positions of company

-Access and extract minutes and resolutions of Board of Directors, annual or mid-year financial reports, reports of Board of Controllers, contracts and transaction approved by Board of Directors and other documents, excepting for documents related to company’s know-how and trade secrets (applicable to shareholder and group of shareholders who own at least 5% of total number of common shares, the charter may require a smaller percentage)

-Access profit and loss statements, financial reports, governance and management assessment reports; inspection reports of Board of Controllers (applicable to shareholder who own shares at least 1 consecutive year, the charter may require a smaller percentage)

Different to common joint stock company, a public company must announce fully, accurately and promptly the periodic and extraordinary information on business, finance and governance. Other information must be announced if it influences share price and investment decisions of shareholders and investors.

Litigation rights

The Law on Enterprises has provided a mechanism to request the Court or Arbitration to rescind the resolution of the General Meeting of Shareholders or sue the managerial personnels when they fail to fully and properly implement their tasks, including:

The shareholder or group of shareholders holding at least 5% of the total number of common shares (charter may require a smaller percentage) is entitled to:

-Request to rescind resolutions of the General Meeting of Shareholders when the orders and procedures of calling the meeting and making resolution of the General Meeting of Shareholders seriously violate the regulations of the Law on Enterprises and company’s charter

-However, the resolution of the General Meeting of Shareholders adopted by 100% of the total number of voting shares is legal and effective even when the orders and procedures of calling the meeting and adopting such resolution violates regulations of the Law on Enterprises and company’s charter.

-Request to rescind resolutions of the General Meeting of Shareholders when its provisions violates the laws or company’s charter

-The shareholder, group of shareholders holding at least 1% of the total number of common shares is entitled to:

-Sue members of Board of Directors, Directors, General Directors separately or jointly under certain circumstances

The Chairperson of Board of Directors or the Director or General Director usually acts as the legal representative of the company, representing the company to perform rights and obligations arising from the company’s transactions, representing the company to take proceedings before the court or arbitrator. However, when their interests conflict with those of the shareholders, shareholders have the right to initiate a lawsuit claiming benefits or compensation. The Law on Enterprise also permits shareholders to sue on behalf of the company when the above managerial personnels commit violations, causing damage directly to the company and indirectly to shareholders.

Not all shareholders have the right to sue for the above managerial personnels, only those who own at least 1% of the total number of common shares. This restriction makes sense with respect of public companies, in order to eliminate unfair competition actions conducted by minority shareholders who is controlled by the rival companies because amount of 1% in public company is not a small number.

Similar to a lawsuit against a manager, shareholder or group of shareholders is also required to own at least 5% of the total number of common shares to request rescission of the resolution of the General Meeting of Shareholders if there is violation on substantive law and procedural law. Accordingly, all resolutions of the General Meeting of Shareholders violating the substantive laws or the company’s charter are rescinded at the request of shareholders, but only serious procedural violations may be rescinded. There is no specific instructions for serious procedural violations at this time, the assessment will depend on personal perspective of the court and arbitrator.

Read More

Granting Investment Registration Certificate in Vietnam

As Vietnam integrates further into the global supply chain, foreigners are more and more encouraged to invest in Vietnam in many areas for pursuing profit. The foreign direct investment of the foreigners is required to be registered at Vietnam state authority to protect the rights of the investor.

According to the Law on Investment 2014, investment projects of foreign investors; projects of setting up a economic organization in which foreign investors holding 51% of charter capital or more or the majority of the general partners are foreigners in a partnership; projects of BCC contract between domestic investors and foreign investors or between domestic investors and economic organization which foreign investors holding 51% of charter capital or more or the majority of the general partners are foreigners shall need to conduct the procedure of applying investment registration certificate as regulations of law.

Preparation of dossier

-A written request for permission for execution of the investment project;

-A copy of the ID card or passport (if the investor is an individual); a copy of the Certificate of establishment or an equivalent paper that certifies the legal status of the investor (if the investor is an organization).

-An investment proposal that specifies: investor(s) in the project, investment objectives, investment scale, investment capital, method of capital rising, location and duration of investment, labor demand, requests for investment incentives, assessment of socio-economic effects of the project;

-Copies of any of the following documents: financial statements of the last two years of the investor; commitment of the parent company to provide financial support; commitment of a financial institutions to provide financial support; guarantee for investor’s financial capacity; description of investor’s financial capacity;

-Demand for land use; if the project does not use land allocated, leased out by the State, or is not permitted by the State to change land purposes, then a copy of the lease agreement or other documents certifying that the investor has the right to use the premises to execute the project shall be submitted;

-Explanation for application of technologies to the project which specifies: names of technologies, origins, technology process diagram, primary specifications, conditions of machinery, equipment and primary technological line;

-The business cooperation contract (BCC) (if the project is executed under a BCC).

Order and Procedure

-Investors submit the dossier at Department of Planning and Investment (or management of economic zones, high-tech zones);

-Within 15 working days from the date of receipt of a complete and valid dossier, the competent authority shall grant the investment registration certificate for investors.

In practice, the time duration would be lengthened due to the time for preparation of documents from investor, getting them notarized, legalized and authenticated before being accepted in Vietnam. The documents in foreign languages shall need to be translated into Vietnamese. The actual time for processing paper at the State authority would also last longer in practice when the State authority evaluate the project plan of the investor to ensure that its investment purpose is achievable economically and in accordance to the regulations of Vietnam. It is advised that the client engage professional law firms in Vietnam to assist with advisory and investment registration process.

Read More

Forms of Company to be Set-up in Vietnam

According the Vietnam Law on Enterprises, there are four common types of companies:

-Private enterprise is an enterprise owned by an individual who is liable for all of its operations with his/her entire property;

-Partnership is an enterprise in which (i) there are at least two partners who are co-owners of the company, jointly conduct business under one common name; in addition to general partners, there may also be limited partners; (ii) general partners to a partnership must be individuals who are liable for all obligations of the partnership with his/her own entire property; (iii) Limited partners shall be liable for debts of the partnership only to the extent of their capital contribution to the partnership;

-Joint stock company is an enterprise where (i) Its charter capital is divided into equal portions known as shares; (ii) Shareholders may be organizations and/or individuals; the minimum number of shareholders shall be three and shall not be restricted to any particular maximum number; (iii) Its shareholders shall be liable for debts and other property liabilities of such enterprise within the limit of the value of their capital contribution to the enterprise; (iv) Shareholders shall be entitled to freely transfer their shares according to the provisions of law;

-Limited liability company (multi-member limited liability company and single-member limited liability company). A one-member limited liability company is an enterprise which is owned by one organization or individual (hereinafter referred to as the company owner); the company owner is liable for debts and other property liabilities of the company within the charter capital of the company. A limited liability company is an enterprise of which: (i) Members may be organizations and/or individuals; the total number of members shall not exceed fifty; (ii) Members are responsible for debts and other property liabilities of the enterprise within the amount of capital that they have committed to contribute to the enterprise; (iii) Capital shares of the members may only be transferred in accordance with the provisions of law.

Read More

Hau Giang Reduces 50% Investment Licensing Time

Hau Giang province affirmed to speed up administrative procedures reformation, reducing 50% of the time for granting investment licenses and business registration, creating favorable conditions for investors when they set up business.

In which, Hau Giang province is calling for investment in 7 key projects, including industrial zone infrastructure development, hi-tech agriculture and ecotourism… with a total investment of nearly 300 million USD.

According to the vice chairman of Hau Giang People’s Committee, besides the policies in accordance with general regulations, localities also have their own incentive mechanisms for investors such as tax incentives, land rent exemption and reduction, investment support for manufacturing, preservation and processing facilities…, especially projects for sustainable development of agriculture and high technology application…

Furthermore, Department of Planning and Investment of Hau Giang province affirmed that the local authorities will shorten the maximum time for carrying out procedures, creating favorable conditions for enterprises and investors. Specifically, the business registration procedure is 3 days according to the law, but the locality can complete in 1.5 days. Regarding the investment policy, the law regulates 32 days but it is shortened to 15 days by the locality; time to receive and appraise for issuing investment certificate is only 3 days; discounted 2 days as prescribed.

Read More

What to Note When Signing Labour Contract with Foreign Workers?

With the policy of opening the economy in Vietnam, not only Vietnam attracts investors to set up company, but also the demand for foreign workers in enterprises grows and diversifies. However, in order for Vietnam companies to be able to use foreign workers, they must sign a labor contract.

After meeting the conditions specified in the Labor Code on meeting the requirements for recruitment and working in Vietnam, the foreign worker working in Vietnam shall sign a labor contract before the expected date intend to work for the employer. In this contract, the employer and the foreign worker will agree on all issues arising in the process of working as well as using labor together.

Firstly, on the working position in the labor contract, it must show the correct position and position for which the employer has determined the needs with the competent authority and in accordance with the working position shown in the document and the work permits which have been granted to foreign workers.

Regarding the working time, it will normally be agreed upon by the two parties but must not exceed the number of working days (hours) as prescribed by Vietnamese law. The number of overtime hours must be based on voluntary work and must ensure rest time, rest during working time and weekends for foreign workers.

According to the provisions of the Labor Code, in addition to Vietnamese public holidays and New Year’s holidays, foreign workers are allowed to take one more day off for the national traditional New Year and one national day of the country. This is a humane regulation, respecting the national culture of Vietnam. Therefore, the employer needs to learn about the National Day and the traditional Tet holiday of foreign workers so that the employees can take leave in accordance with the provisions of the law.

Regarding the term of the labor contract, the term of the labor contract for foreigners is also governed by the duration of the work permit issued by the competent Vietnamese authority. Accordingly, the term of the labor contract for foreign workers working in Vietnam must not exceed the term of the work permit. Therefore, the employer should pay attention to conclude the contract term in accordance with regulations.

In addition, employers and foreign workers should be aware of the terms of disputes which could potentially arise. Because, contract terms are an important legal basis to resolve when a labor dispute arises, agreeing in advance on how to resolve a dispute when a dispute arises will create a clear legal foundation for easy settlement by both parties. Dispute lawyers are suggested to be consulted at an early stage to avoid dispute escalation.

At most, it is important that the employers and foreign workers need to pay attention and strictly comply with the provisions of the law so that the process of entering into and performing the contract is conducted smoothly and in compliance with the law in Vietnam.

Read More

Technology supply chain plans to leave China for Vietnam?

China has been considered a place where world leading technology investors chose to set up production factories due to cheap labor costs and abundant resources. However, recently with the changes of power supply in plant operation, it has affected the operation of technology enterprises, supply chain and product productivity. Therefore, many technology enterprises have planned to leave China to find other countries, including Vietnam to set up company.

Moving a factory out of China to set up a factory in another country is a big and extremely complicated decision for investors. However, the reason why foreign investors are reluctant to continue production in China is because the widespread power outage has directly affected the production activities of enterprises. Especially in the current time, every business wishes to increase the amount of goods produced to serve the large consumption demand of customers in the first period of the new year. However, the power outage has taken place since the middle of 2021 and is happening more and more often, affecting the normal operation of technology businesses.

In addition, foreign investors began to realize that they were not appreciated and treated fairly. Because while the production activities of international enterprises must depend on the schedule of power outages, domestic enterprises are still provided with electricity for production. Moreover, many investors also believe that their manufacturing activities do not bring much value to China, nor are they valued and facilitated for development.

In the long term, this will disrupt supply chains in manufacturing operations. Because the power outage not only causes delays in the delivery of orders, reduces output product productivity, but also affects the price, reputation and quality of goods of enterprises. This is also an issue of instability that investors fear will get worse. Currently, technology investors are planning to move out of China, in which, Vietnam is a country with enough factors to become a suitable destination. Vietnam is implementing priority policies, technology development, along with policies to support, exempt and reduce taxes for science and technology enterprises. These policies, regardless of domestic or international enterprises, are the first conditions to help Vietnam become a worthy investment destination today. In addition, Vietnam has a young, abundant, and appropriately trained workforce that meets the business and development conditions of technology enterprises in the world. In addition, the cost of renting space in Vietnam is relatively low compared to other countries in the region, and its geographical location near China will make it convenient for businesses to move out of China.

In the coming time, with policies to attract and develop investment in science and technology, Vietnam will be an investment destination for international technology enterprises to establish business.

Read More

Whats New in the Draft of the Decree on Amending the Decree 52 on E-Commerce?

The Decree No.52/2013/ND-CP (Decree 52) on e-commerce will be effective from July 1st, 2013. However, this Decree does not have specific regulations on e-commerce activities for foreign investors conducting e-commerce activities in Vietnam. Therefore, the draft of the Decree amending Decree 52 shall fill the missing gap for foreign investors with particulars in conducting e-commerce activities in Vietnam.

The draft decree has supplemented regulations on management of e-commerce activities for foreign investors setting up business in Vietnam. Specifically, the draft decree (i) adds specific regulations on foreign traders and organizations conducting e-commerce activities in Vietnam; (ii) supplements market access conditions for foreign investors in accordance with the Law on Investment; and (iii) provides the exclusion of foreign investors investing in economic organizations that are innovative and creative enterprises in order to promote innovation activities in accordance with the law on support small and medium enterprises.

In particular, the draft decree also provides plans for e-commerce activities of foreign investors in Vietnam. According to the draft decree, foreign investors can set up an e-commerce website under the Vietnamese domain name or an e-commerce website with the display language in Vietnamese. The option of setting up an e-commerce exchange floor with a specified number of transactions from Vietnam in a year is also considered for selection.

In addition, foreign investors setting up e-commerce websites in Vietnam must notify and register e-commerce activities according to regulations. At the same time, they need to ensure the fulfillment of obligations on protection the interests of consumers. The quality of the goods need to be protected by their representative office, designation of a legal representative in Vietnam.

Foreign investors selling goods on Vietnamese e-commerce exchanges must comply with the operating regulations of e-commerce exchanges in Vietnam. When providing Vietnam e-commerce exchanges, foreign investors are responsible for verifying their identities. In addition, foreign investors conducting e-commerce activities are responsible for complying with the provisions of Vietnamese law on the right to export and import goods in accordance with the laws.

The draft decree also specifies that e-commerce service is a conditional market access industry for foreign investors. Market access conditions will also be considered accordingly. In addition, the control and domination of enterprises providing e-commerce services are also clearly regulated.

In the coming time, Vietnam will continue to receive comments to supplement and complete the draft of decree amending Decree 52 on e-commerce activities. It is important to create a clear and appropriate e-commerce operating environment to attract foreign investors with experience and capability to invest, set up company and operate in Vietnam in the area of e-commerce to facilitate goods transaction, protect intellectual property, reduce cost. However, it is also equally important to ensure the management of investment activities of foreign investors in the field of e-commerce in Vietnam.

Read More

Billions of dollars investment flows into Vietnam in during the Covid-19 pandemic time

According to the data of the Ministry of Planning and Investment, until September 20th, 2021, 1,212 foreign investment projects had been registered (a decrease of 37.8% in 2020), however, the total of registered capital reached USD 12.5 billion (an increase by 20.6% over the same period). This information shows that the foreign investment projects in Vietnam had been increased in scale.

In addition, the total of newly registered capital, adjusted and contributed capital to buy shares, buy capital contribution of foreign investors through M&A reached USD 22.15 billion, increased 4.4% over the same period in 2020. There were 678 times of projects registered to adjust their investment capital (a decrease of 15% last year), however, the total registered capital increased to over 6.4 billion USD (an increase of 25.6% over the same period). There are proofs to show that investors already present in Vietnam are continuing to put their faith in the business plan in Vietnam.

In 2021, although Vietnam’s economy meets many challenges because of the Covid-19 pandemic, many foreign investors still believe in the future recovery and invest in Vietnam.

In Dong Nai province, in the first 9 months of 2021, investors establish company with the total amount of new investment increased by 25% over the same period and reached 88% of the plan of 2021. In which, there were 42 new projects with the registered capital increasing by 50.1% over the same period and reaching 62.7% of the plan of 2021.

Bac Ninh province is the province that attracted USD 20.4 billion from foreign investors. For many years, Bac Ninh province focuses on attracting FDI company to set up company to invest in high technology, with electronic technology as the main product. In the total foreign investment capital, the number of FDI investment capital in the technology sector accounted for 86%. Therefore, Bac Ninh is the province nation’s leading technology development, second in export turnover and 6th in attracting investment.

General Director of Samsung Vietnam shared: Not only for Samsung but also for all foreign investors, Vietnam is providing an attractive investment environment such as abundant labor source, stable socio-political situation, production and circulation infrastructure, and investment incentives. “Recently, there have been many negative effects arising from the COVID-19 pandemic, however, in the long term, Vietnam remains an attractive investment destination for foreign investors”.

Based on the opinion of the Ministry of Planning and Investment, the foreign-invested business community highly appreciates the Government’s efforts in responding to the epidemic, expressing optimism about Vietnam’s economic recovery and commits to continue investing and doing business in the long term, especially when the Prime Minister directs to build a safe adaptation roadmap and determine a new perspective on anti-epidemic.

Read More

Thua Thien-Hue promotes investment attraction in 2021

Implementing Resolution No.54/NQ-TW dated December 10th, 2019 of the Politburo on construction and development of Thua Thien Hue province to 2030, with a vision to 2045, Hue City is making efforts to implement development directions, solutions and projects; actively create conditions for enterprises and investors to expand production and business; thereby speeding up the economic development as well as the urbanization process to become a “core city” worthy of Hue city under the Central Government in the near future.

In the period 2015-2020, Thua Thien-Hue province achieved and exceeded the plan 11/14 key targets, in which there were many exceeding targets such as: total social investment capital increased by 10% / year; tourism revenue increased by 17%/year; revenue from social services increased by 13%/year; industrial production value – handicraft increased 12%/year.

Key projects and projects on urban infrastructure have been implemented, completed, and promoted effectively. Specifically, basically completed the project to improve the water environment in the south of Hue city. In addition, the city re-planning the central urban space, investing in infrastructure in association with expanding the boundary of Hue city; coordinate with the provincial branches to invest in developing the main infrastructure system of the city such as: ring road axis, bridge over Huong river, routes connecting with satellite towns (Huong Thuy, Huong Tra, Binh Dien,…).

As one of the centers of culture, tourism, specialized health care, education and training, science and technology of the Central Highlands and the whole country, Hue city has great potential to attract investment. Besides, Hue city has a convenient traffic system, located on National Highway 1A, Trans-Vietnam Railway, Phu Bai international airport, near Thuan An and Chan May ports… have a transparent post and telecommunications infrastructure; diversified development of banking and insurance system; stable national grid…

In 2020, due to the impact of the Covid-19 epidemic, investment promotion plans have been changed and adjusted to adapt to reality, in which, strengthening on-site investment promotion, reviewing investment procedures, land, supporting investors to accelerate the construction of licensed projects. Currently, the city is promoting attracting to investors in all fields to set up company in Vietnam: tourism, travel services, real estate; industrial cluster infrastructure; manufacturing, processing and manufacturing industries; calling for investment in sectors that are significant in terms of social security, education and training; supporting industry for textile and garment industry and other supporting industries.

Hue City determines that catching up with the Industrial Revolution 4.0 is a top priority. Accordingly, it will focus on promoting investment promotion in related fields such as information technology, cultural industry to exploit cultural values, heritage of Hue ancient capital, high technology, applied agriculture which apply the high technology, new materials, biotechnology and a number of other related industries in accordance with the development orientation.

In order to create conditions for businesses in the area to develop in a stable direction, the city has strictly controlled administrative procedures, publicity and transparency, shortening the settlement time for businesses; building diverse information channels to effectively deploy the publication of legal documents, documents and laws for easy access by enterprises. The city actively arranges and arranges capable and responsible officials in guiding the preparation of documents, receiving and handling administrative procedures to ensure the schedule according to regulations; Publicize a phone hotline, a support website to directly receive feedback and guide the settlement of administrative procedures for businesses and investors in the area…

Read More