With long operation in investment consultation, one of best law firm in Hanoi in investment, Dragon Law, find out that foreign investions plan to open new investment project in Vietnam is always caring about the Central Product Classification (CPC code) of United Nations, especially when Vietnam is one of the WTO members. In the Schedule of Service Commitment under WTO Commitment, all services which Vietnam commits to open market are listed with CPC code corresponding with international standard.
Investors could check business lines which they wish to invest against the Schedule of Service Commitment under WTO Commitment of Vietnam as well as specialty regulations under laws of Vietnam to define their business lines and consider its practicability.
If this business line was committed to open market with foreign investors, the investors could perform investment into Vietnam.
For the business lines not yet committed, Vietnam has full rights on approval or refusal on permitting foreigner investors to carry out investment in Vietnam market. In special cases, Vietnam government could consider the issuance of investment certificate with the non-committed services based on scale, capital, and location of project, however, Vietnam has full rights to offer conditions that investors must meet before issuance of license, and still guarantee to comply basic principle of GATS (General Agreement on Trade Service).
Beside business lines, investors also need to pay attention to form and rate of commercial presence in Vietnam. Accordingly, except other regulations at each sector and sub-sector of the Schedule of Service Commitment, foreign company can supply goods/services through the boundary; consume in abroad; commercial presence or presence of natural persons.
And under the current conditions of Vietnam government, foreign investor only can join in the market in the following types: setup joint venture company, wholly foreigner-owned company, business cooperation contract, representative office, branch office.
Famous law firm in Hanoi, Dragon Law, is available to advise and provide client with service and representation for setting up business in Vietnam via enterprise consultation hotline 1900.599.979 or detail at:
Dragon Law Firm - Hotline: 1900.599.979
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