Q: I come from India and I am trying to obtain information regarding the steps and procedures in order to start a foreign owned business in Hanoi under the figure of Private Enterprise.
The business concept is based on the purchase of the manufacture of cosmetic and personal care products in Vietnam as well as import some of them from countries such as Malaysia and China, and to sell them through large distributors.
In the business we are considering a high volume of advertising (TV, magazines and Internet) in order to promote our products
Please let me know if it is possible to start as a Private Enterprise (with 100% foreign capital), and if we can start working with your firm in order to begin all the paperwork.
A: It is my pleasure to know you and work with you. We understand that you intend to start up business in Vietnam for distribution of cosmetic products.
We further understand that cosmetic products shall include imported cosmetic products and cosmetic products purchased from manufacturers in Vietnam.
If so, you can setup wholly foreign owned company in Vietnam. However, we would like to note that under Vietnam Law, distribution is classified to conditional investment sector. Thus, we shall need to carefully check following factors:
– How long has your company involved with distribution of cosmetic products?
– What kind of cosmetic products will you distribute in Vietnam? If possible, please provide us cosmetic products with HS Code (Several cosmetic products are restricted from import into Vietnam).
Then, based on your information, we shall prepare our legal service proposal. We are looking forward to hearing from you soon.
