Vietnam has been attracting a large number of foreign direct investment (FDI) enterprises; the process of international economic integration is taking place vigorously and strongly. So, what are the procedures for foreign investors to obtain an investment license when establishing an economic organization in Vietnam?
First, the investor must apply for an Investment Registration Certificate (IRC). After that, the enterprise shall proceed with the application for an Enterprise Registration Certificate (ERC).
So, what does the application dossier for the Investment Registration Certificate (IRC) include?
- A written request for the implementation of the investment project, including a commitment to bear all costs and risks if the project is not approved;
- Documents evidencing the legal status of the investor;
- Documents proving the investor’s financial capacity, including at least one of the following: the investor’s financial statements for the last 02 years; a commitment of financial support from the parent company; a commitment of financial support from a financial institution; a guarantee of the investor’s financial capacity; or other documents proving the investor’s financial capacity;
- Proposal of the investment project;
In cases where the law on construction requires a pre-feasibility study report, the investor may submit the pre-feasibility study report instead of the investment project proposal; - If the investment project does not request the State to allocate or lease land, or to permit a change of land use purpose, a copy of land use right documents or other documents identifying the right to use the location for the implementation of the investment project must be submitted;
- Explanation on the technology to be used in the investment project, applicable to projects subject to appraisal and consultation on technology in accordance with the Law on Technology Transfer;
- BCC contract, for investment projects implemented under the form of a Business Cooperation Contract (BCC);
- Other relevant documents relating to the investment project, requirements on conditions, and the investor’s capacity.
Legal basis:
- Article 33 of the Law on Investment 2020;
- Article 36 of Decree No. 31/2021/ND-CP guiding the implementation of the Law on Investment.
