Question: I am an Hongkong Citizen, I wish to form a company in Vietnam in Ho Chi Minh City for foreign export and trading of seafood. Kindly guide me the requirements and the cost for it and also the type of company I can form?
Answer: Under Vietnam Law, you can establish Foreign Invested Company (FIC) for exporting goods from Vietnam. However, we also would like to note that goods to be exported from Vietnam must not include rare and valuable seafood such as European Otter, hairy-nosed otter, smooth-coached otter, small-clawed cotter and golden coin turtle.
In order to prepare application dossier to competent authority, we shall need you provide us specific list of goods to be exported with HS Code.
Regarding to capital of your FIC in this case, Vietnam Law does not impose any minimum capital rate. However, according to our experience, it should be 250,000USD upward.
It shall take us about 45 working days from submission of application dossier to competent authority to obtain Investment Certificate for FIC. In practice, the time duration may be longer as it requires competent authority to consult relevant ministries. In such case, we shall do our best to accelerate the licensing progress.
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