Investor: We are Singapore Investors and would like to open compnay to implement import and export right against electronic products and manufacture electronic products in Binh Duong Province, please guide us.
Lawyer: In this case, we understand that the FIC that the Client intends to setup shall (i) implement import and export right against electronic products and (ii) manufacture electronic products in Binh Duong Province.
We would like to recommend you essential factors to be carefully considered by Client as follows:
(i) Locating the suitable land lot:It is noted that all land in Vietnam is owned and administered by the State. As such, there is no private ownership of land and all land is thus rented from the state. Before being granted the right to use land for business purposes, all land users must obtain a Land Use Right Certificate. Despite of that Vietnam Authority shall grant the Land Use Right Certificate only after completion of obtaining the Investment Certificate of Investment for the FIC, Client shall need to carefully work with the provincial People Committee of Binh Duong Province to consult the availability of suitable land lot before starting the Licensing Process. An in-principal approval for Client’s plan on establishment of FIC in Binh Duong issued by People Committee of Binh Duong Province is one of essential documents for obtaining Investment Certificate for FIC.
(ii) Obtaining Investment Certificates: After obtaining In-principal Approval from People Committee of Binh Duong Province, Client shall be required to commence the Licensing Procedure for obtaining Investment Certificate. Under Vietnam Law, obtaining Investment Certificate for the project with investment capital from at least 300 billion Vietnam Dong (about 15,000,000USD) or Investment Certificate in the conditional investment sectors such as banking, finance, real estate, culture etc shall be subjected to Investment Evaluation Process. Accordingly, Client shall need to prepare the Feasibility Study for the Project of setting up and operating the
(iii) Investment Project. Time limit for obtaining Investment Certificate under the Investment Evaluation Process is 45 working days from submission of application dossier for the Investment Certificate. However, in practice, the process can be much longer as it requires the Licensing Authority to consult relevant Ministries before granting Investment Certificate. Thanks to our strong relationship with the Ministries, we can help you to accelerate the process of getting their opinions.
(iv) Obtaining Certificate of Land Use Right: Vietnam Law requires all Entities to obtain Certificate of Land Use Right before being granted right to use land for business purpose. Time limit for obtaining Certificate of Land Use Right is about 10 working dates from the submission of application dossier to competent authority.
(v) Obtaining Construction Permit: Syngenta shall be required to obtain Construction Permit before commencing its construction work. Time limit for obtaining Construction Permit under Vietnam Law is 20 working days from submission of application dossier for construction permit.
Get in touch with us