Question: We would like to set up a company which will be involved in import of beer from Czech republic to Vietnam.
Answer: This is reference to your conversation from which, we understand that your Client, (hereinafter referred to as “Client”) are now seeking legal advice for establishment of Foreign Invested Company in Vietnam (hereinafter referred to as “FIC”).
We further noted that upon establishment, FIC shall implement import right; wholesale distribution right (without establishment of wholesale facilities) and retail distribution right (without establishment of retail facilities) of beer.
Thus, we are pleased to present herewith our Legal Service Proposal for your kind reference.
The establishment of a FIC in Vietnam requires an Investment Certificate from the licensing authority. Depending upon the location of the company, the licensing authority may be the Provincial People’s Department of Planning and Investment (for companies located outside industrial or export processing zones) or the provincial Industrial and Export Processing Zones Management Authority (for companies located in industrial or export processing zones).
We would like to clarify that the procedure for establishment of a FIC in Vietnam generally takes a rather long time in comparison with other countries in the region.
Our practical experiences show that although the total time for establishment of a foreign invested company as stipulated under Vietnam Investment Law 2014 is only 15 days, the actual process may take a longer time due to that the competent authority must consult other relevant offices to evaluate the investment project.
In order to setup a FIC, it shall require you to undergo two following steps:
Step 1: Obtainment of Investment Certificate. The Law requires that within 15 working days from submission of the application dossier the competent authority shall have to issue the Investment Certificate for Foreign Investor. For granting the Investment Certificate, the relevant licensing authorities shall evaluate the legitimacy and the feasibility of such Investment Project to determine on granting of the Investment
Certificate on the following basis:
- Legal framework including Vietnam’s WTO Commitments, Vietnam Investment Law, Vietnam Enterprise Law, Regulations applicable to specific industries as well as the master economic development plan of the city or province that the FIC shall register its head-office.
- Your financial ability, investment capital to put in the Investment Project, facilities and human resources serving the implementation of such investment project in Vietnam.
Step 2: After obtainment of Investment Certificate, Client shall be required to obtain the Certificate of Enterprise Registration. The Law requires that within 05 working days from submission of application dossier, the competent authority shall have to issue the Certificate of Enterprise Registration for forming the FIC.
Step 3: After obtainment of Investment Certificate, Client shall be required to obtain the distribution from provincial People Committee. It shall take about 30 working days from submission of application dossier for the competent authority to issue Import/Distribution License to FIC.
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