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Guide To Doing Business in Vietnam

1. BACKGROUND

1.1 Geography The territory of Vietnam comprises a land mass of 330,000 km2, a vast sea area including a large continental shelf, and a string of archipelagos stretching from the Gulf of Tonkin to the Gulf of Thailand.

On the map, Vietnam takes an elongated "S" shape. The national territory is approximately 1,750 km long, ranging from its Northernmost point to its Southernmost point, and its width varies from 50 km to 600 km. The total inland border line is 4,230 km in length, including 1,650 km of common border with China in the North, 1,650 km with the Laos People's Democratic Republic in the West, and 930 km with Cambodia in the West and South West.

The sea area in Vietnam is to the east, the South and the South West borders on the territorial water of Cambodia, Indonesia, Malaysia, the Philippine and Thailand. Vietnam possesses a large continental shelf, many coastal and offshore islands and archipelagos. The main islands and archipelagos are Phu Quoc Island (70 km off the Ha Tien coast), Hoang Sa (Paracel) archipelago (300 km off the Da Nang coast), Truong Sa (Spratly) archipelago (500 km off Cam Ranh coast) and Tho Chu archipelago (200 km off the Rach Gia coast).

Vietnam has a rather diversified topography of plains, midlands, and mountains. Mountains and forests with more than 7,000 vegetable breeds make up three fourths of the area of Vietnam and can be divided into four main zones: the North-eastern mountain area, or Viet Bac; the North-western region; the North Truong Son region; and the Central Highlands. The largest and potentially most fertile plains are the Me Kong River Delta in the South and the Red River Delta in North.

The capital of Vietnam is Hanoi, which lies in the North of the country. Principal cities include Ho Chi Minh City ("HCMC") in the South, Hai Phong on the north-east coast and Da Nang, Hue and Nha Trang, all on the east coast.

1.2 Climate

Vietnam lies in the tropical monsoon zones. The typical features of this zone include warmth, humidity and abundant seasonal rainfall.

In the North, climate changes occur in four seasons: spring (from January to April), the feature of which is drizzle and constant humidity; summer (from May to July), which is hot and rainy season, autumn (from August to October) and winter (from October to early January), the season with the lowest temperatures of the year.

In the Central and the Southern parts (from Da Nang southwards), it is hot all the year round and there are only two seasons: a rainy season (from May to October), and a dry season (from October to April).

1.3 Population and Demography

The total population of Vietnam is now accounting for about 80 million (not including 2 million Vietnamese living abroad). The population is composed of 54 ethnic groups, of which the Viet (Kinh) accounts for 85% and lives in the deltas and coastal areas.

Distribution of population is uneven, with rural population accounting for about 80% of the total. Also, the population is not evenly distributed within the regions, Red River and Mekong River Deltas, for instance, accounting for 17% of the total land area but are home to over 41% of the total population whereas the central and northern highlands which accounts for over 48% of the total land area but have only about 21% of the total population. As for urban areas, Hanoi and HCMC, for instance, are the two largest population-density cities, with about 3.0 and 4.5 million, respectively.

The average population growth rate now is about 2% per year which is among the highest rate in the region. Population growth rates are also different and vary sharply from region to region. Normally, the mountainous and rural areas have a much higher growth rate as compared with that in the urban areas, particularly in Hanoi and other principal cities. Thanks to the Government's enforcement in recent years, the future population growth rate is expected to likely be reduce to about 1.5% per year by the year 2010.

In addition, a matter of fact is that the rate of migration to urban areas is growing significantly in recent years and expected to continue in the future, from rural to urban areas and/or big cities. The main reason is that agricultural sector becomes more mechanized while high labor demand is arising in urban areas and in industrial zones.

1.4 Language

As earlier said, although the population of Vietnam comprises a number of ethnic groups, each with its own culture and language, Vietnamese (the language of the Viet) is used as the national standard for communications among all ethnic groups in Vietnam. Although the writing is the same throughout the country, there are in fact some differences in speaking by Vietnamese between the two parts, the North and the South.

Amongst foreign languages in Vietnam, English becomes now the most common one for communications in Vietnam after a very short of time practicing here. Although it is a generalization, it is seen that French and Chinese are still quite widely spoken in Vietnam by the older generations due largely to the historical reasons. Thanks to the close co-operations between Vietnam and other former socialist countries, including Soviet Union, East Germany, etc., in the past, a number of Vietnamese can now speak and understand Russian, and German.

Because of being quite common in use, English, French and/or Russian are used in support for Vietnamese, in some legal documents relevant to foreign trade and foreign direct investment

2. POLITICAL AND LEGAL ENVIRONMENT

2.1 Political and Legislative System

The Constitution in general establishes the mastery of the people under the leadership of the Communist Party, of which the highest representation is the Politburo and the Party Secretary General. The power of the people is to be exercised through the National Assembly at the central level and the People's Councils at different local levels.

The National Assembly is the supreme representative and legislative body and determines both domestic and foreign policy. It is elected by universal suffrage. The National Assembly in turn elects and may remove from office the President, Vice-President, Chairman of the National Assembly, Vice-chairman of National Assembly, members of the Standing Committee of the National Assembly, the Prime Minister, the Chief Justice of the People's Supreme Court and the Head of the Supreme Office of Prosecution. In addition, the National Assembly has the responsibility of sanctioning the Prime Minister's selection of Deputy Prime Ministers and Ministers.

The National Assembly is also responsible for approving the organization of the Government and its agencies, and is the supreme law making body. The duration of the National Assembly is 5 years and elections are held two months prior to the expiry of its term. The Standing Committee possesses the power to manage the day-to-day affairs of the National Assembly when it is not in session and during this time the Standing Committee assumes all its powers, including the law making power on matters entrusted to it by the National Assembly.

The Head of State is the President. He is elected by the National Assembly and represents the Nation internally and externally.

The highest executive body in Vietnam is the Government, formerly known as the Council of Ministers. It is charged generally with the management of the economy and the state. It is made up of the Prime Minister, Deputy Prime Ministers, Ministers and the Chairmen of the various State Committees and the Governor of the State Bank. Individual ministries and organizations equivalent to ministries aid the Prime Minister in the administration of the Country within the specific fields in which they have jurisdiction. The deputy prime ministers and the ministers are selected by the Prime Minister but must be approved by the National Assembly. With the exception of the Prime Minister, the members of the Government do not have to be members of the National Assembly. Decisions on major issues must be taken on a majority basis.

Below the Government are People's Committees and People's Councils. The People's Councils are elected by the people and in turn elect the People's Committees. These bodies occur at the levels of city/province, district and commune. Each city/province, district and commune is governed by a People's Committee.

The court and prosecution systems in Vietnam have a structure similar to the administrative system. In the central level, the Supreme People's Court is the highest juridical body in Vietnam and the Chief Justice is elected by the National Assembly for the term of the National Assembly. The Supreme Office of Prosecution has the highest power on prosecution in Vietnam and the Head is also elected by the National Assembly for the term of the National Assembly. In local levels, these bodies occur at the levels of city/province and district.

For information, the political system and State apparatus are outlined below:

Leaders of the State and Communist Party
Secretary General of the Communist Party Nong Duc Manh
President of the State Tran Duc Luong
Chairman of the National Assembly Nguyen Van An
Government
Prime Minister Phan Van Khai
Deputy Prime Ministers (3) Nguyen Tan Dung
Vu Khoan
Pham Gia Khiem
Ministries
Ministry of Planning and Investment Vo Hong Phuc
Ministry of Industry Hoang Trung Hai
Ministry of Trade Truong Dinh Tuyen
Ministry of Finance Nguyen Sinh Hung
Ministry of Science and Technology Hoang Van Phong
Ministry of National Resources and Environment Mai Ai Truc
Ministry of Construction Nguyen Hong Quan
Ministry of Agriculture and Rural Development Le Huy Ngo
Ministry of Labour, War Invalids and Social Affairs Nguyen Thi Hang
Ministry of Communication and Transport Dao Dinh Binh
Ministry of Education and Training Nguyen Minh Hien
Ministry of Health Tran Thi Chung Chien
Ministry of Culture and Information Pham Quang Nghi
Ministry of Fishery Ta Quang Ngoc
Ministry of Defense Pham Van Tra
Ministry of Public Security Le Hong Anh
Ministry of Foreign Affairs Nguyen Dy Nien
Ministry of Justice Uong Chu Luu
Ministry of Posts and Telecommunications Do Trung Ta
Ministry of Interior Do Quang Trung
Other State Agencies
Supreme People's Court Nguyen Van Hien
Supreme Office of Prosecution Ha Manh Tri
General State Inspection Quach Le Thanh
State Bank of Vietnam Le Duc Thuy

2.2 Legal System
In Vietnam, the legal system comprises of constitution, codes, laws, ordinances, decrees, decisions, circulars, directives, and official letters, to some extent. Although all have the force of law, only a law passed by the National Assembly is referred to as such.

Ordinances are issued by the Standing Committee of the National Assembly, commonly to regulate on an area where a law is not yet promulgated and/or regulated. On matters that the National Assembly entrusted to the Government, the Government issues decrees or decisions or directives to implement the issued laws or ordinances.

Circulars, decisions and regulations are normally issued by individual ministries and other State agencies including people’s committees, with respect to subjects within their sphere of responsibility and the force of subordinate legislation.

It should be noted when using that while codes, laws and ordinances are referred to by the name, decrees, decisions, circulars and directives are usually referred to by the number, signing date, and the name of issuer.

3. ECONOMIC ENVIRONMENT

3.1 Gross Domestic Product Growth

The down turn in world economic activity that began in 2001, has worsened after the horrific September attacks on the United States. The Iraq War triggered in the early 2003 again doubted the chance for a slight recovery in the same year as forecasted.

Even though the deteriorating external environment poses a threat to Vietnam’s goal of faster growth and poverty-reduction in the near-term, Vietnam still registered quite a high growth rate of 6.8% in 2001, increasing from that of 6.2% in 2000. A higher growth rate of 7.04% has been achieved in 2002, making Vietnamese economy have the second highest growth rate in the Asia Pacific Area after China in the same year. It is forecasted that the average annual growth rate of about 7.2% could be realistic for the period 2003-2005:

1999 2000 2001 2002 2003
GDP Growth 4.30% 6.20% 6.80% 7.04% 7.20%

3.2 Sectoral Growth

The structure of the Vietnam's economy which is basically made up of three sectors: agriculture, industry and construction, and services, has been undergoing a considerable transformation over the last few years, with the agriculture sector declining its contribution while the industrial and service sectors increasing their shares.

1999 2000 2001 2002 2003
Agriculture 03.63% 03.20% 04.04% 02.75% 04.06%
Industry and Construction 06.06% 06.00% 10.07% 10.36% 09.44%
Services 03.88% 04.91% 05.57% 06.13% 06.54%

(Sources: General Statistics Office, World Bank)

In 2002, the agricultural sector employed about 68.8% of the labour force and contributed to the Gross Domestic Products ("GDP") about 22.99%. Paddy was the dominant food crop, accounting for about 90% of food grain production, followed by maize, soybean, coffee, rubber, etc. The Northern and Southern regions accounted for about 40% and 60% of food grain production respectively. The Government is very keen on introducing new technology into this sector to improve farmers' business scale and hence the country export's competitiveness.
Amongst all sectors, industrial sector largely benefited by the economic reform process. During 1999-2002, the sector has achieved an annual growth rate of 7-10%.That slightly went down in 1999 as a consequence of the regional crisis, and rose again by over 10% in 2000 and 2001. Growth in energy production, including oil and gas and electricity, garment and textile production as well as food and foodstuffs contributed mostly to the sectoral development during that period. The entire sector now makes up about 38.55% of the GDP, and employs roughly 12.5% of the total labour force. However, the sector does not have a strong base in heavy industries, including steel, machinery and chemicals, while its facilities and technologies are mostly outdated. This could represent an obstacle to the further development of the sector.

The service sector has seen a continuous growth in the past years since 1999. Its share of the GDP accounted for roughly 38.46% in 2002. Posts and telecommunications, trading, tourism and consultancy are widely considered as areas that have the most potential in the sector for immediate growth. It is expected that the increase in service and trading demands, high profits and relatively low risk, could combine to fuel growth in this sector in the coming years.

3.3 Foreign Direct Investment Flow

Since 1988 up to October 2003, as many as 4,193 foreign invested projects with a total registered capital of over US$40.2 billion, had been licensed in Vietnam (except overseas investment). The average investment level per project has so far been estimated at around US$10.2 million. During the same period, 1,432 projects had increased their capital by US$7.05 billion. By that way, the total registered capital reached US$48.6 billion. There are 3.264 active projects with a registered capital of US$38.3 billion, the implemented capital reached US$22 billion which accounts for 57% of registered capital, a high proportion compared to other regional economies.

By sectors, heavy industry (including mechanics, automobiles, metallurgy, etc.) absorbs the largest quantity of foreign capital into Vietnam, estimated at about US$8.84 billion, with 1150 projects. Followed behind is investment in light industry, with about US$5.94 billion and 1140 projects. Office Building & Apartment, Construction, Hotel and Tourism rank third, fourth, fifth with the investment capital of US$ 3.5 billion, US$ 3.45, US$ 3.20, respectively.

By localities, 61 cities and provinces of Vietnam have been covered by foreign investment. Nation-wide, foreign investors prefer to investing in the South, especially HCMC, Dong Nai, Vung Tau and Binh Duong, because of better market economy system. Among the principal cities and provinces, HCMC and Hanoi are the most attractive ones which accounted for 26.7% and 18.8% of the total invested capital in Vietnam. Dong Nai, Binh Duong and Ba Ria-Vung Tau, all in the South, stand behind, with the invested capital accounted for 15.6%, 8.2% and 4.9% out of total capital.

By nationality, 63 different countries and territories have so far invested in Vietnam, among which Asia accounts for 64%, Europe 21% and Caribbean countries 13%. Singapore is the biggest foreign investor with 285 projects and US$7.3 billion of registered capital, followed by Taiwan, Japan, South Korea, Hong Kong, etc. These top five economies have invested in 2.062 projects (59.7% of the total licensed projects) with total committed capital of US$ 22.6 billion (53.5% of the total committed capital).. Other countries like France, B.V. Islands, Netherlands, Thailand and the United Kingdom ("UK"), , which have given impetus to get a steady foothold in Vietnam, and are now among the top ten. The “top ten” investors account over 75% of the total licensed projects and committed capital in Vietnam.

3.4 Foreign Trade

The ratification of the US-Vietnam BTA and its implementation by end of 2001 means that Vietnam is having “normal access” for the first time to the large US market. Despite a weakening US economy, Vietnam could generate growth in its exports to this market, especially if a lower-priced niche market in manufactures can be developed. As a consequence, in 2002, after Japan, the US became the second largest importer of Vietnam. Other major importers were Australia, China, Taiwan, ASEAN, the EU, etc. Vietnam’s major suppliers were Japan, South Korea, Singapore, Australia, China, ASEAN, the US, etc.

Vietnam’s traditional exports are crude oil, textile and garment, marine products, rice and agricultural products, handicrafts, etc. Its major imports are machineries, fabrics, refined petroleum, steel, fertilizer, etc.

During the past decades, Vietnam always has to suffer trade deficit due to the growth in imports exceeds that of exports. The trade deficit tends to be wider for the past five year, though it is expected narrower in 2003 compared with the same of 2002.

Unit: US$ million
1999 2000 2001 2002 2003
Imports 11,200 14,500 16,150 19,300 21,500
Exports 11,000 14,000 15,000 16,500 19,500
Trade deficit 200 500 1,150 2,800 2,000

(Sources: General Statistic Office, International Monetary Fund, World Bank)

3.5 Multilateral and Bilateral Relationship

A large number of donors have launched multilateral and bilateral aid programs in Vietnam so far (i.e. around 22 bilateral and 16 multilateral donors), among them World Bank (WB), Asian Development Bank (ADB), AUSAID, Japan Bank for International Co-operation ("JBIC"), Danish Business Co-operation Program of which Danida PSD Program is a part, Canadian International Development Agency ("CIDA") from Canada, Swedish International Development Co-operation Agency ("SIDA"), Mekong Project Development Facility ("MPDF"), an IFC-initiative, seem to be among the most active and effective ones in Vietnam.

The common objective of those donors toward Vietnam are to support Vietnam's socio-economic reforms, infrastructure development, sectoral development, increase the productivity capacity of the poor, support the development of the private sector through co-operations between entities from the two countries, technical assistance and technology transfer, and promote human rights.

4. SOCIAL ENVIRONMENT

4.1 Education

Vietnamese are most well-educated, with a literacy rate of over 90%. As for university and college training alone, there are in total about 140 universities and colleges throughout the country, attracting nearly million students each academic year.

Although having not a State school for foreigners in Vietnam, foreign diplomatic and economic institutions have set up schools for their staff's children. Recently, expatriates in Hanoi can enroll their children aged 4 to 15 years old at the United Nations International School, meantime the same in HCMC can join the International Grammar School.

4.2 Accommodation

The quality and availability of international hotels has increased dramatically in recent years in Vietnam. Five and four-star international hotels are well abundant in Hanoi and HCMC. Besides, mini hotels are plentiful, easy to find and very cheap in comparison with the said first-tier hotels. For recent years, the current supply has been outstripping the demand.

In addition to hotels, housing space is now easy to find in big urban areas, especially Hanoi and HCMC. Many high-class and international standard residential buildings are now open for rent, with much lower prices compared to few years ago. Local standard housing space is also abundant, mainly from individual landlords, with cheaper prices. The former are often preferred by individual foreigners.

4.3 International and Local Travel

International flights are daily available from Hanoi and HCMC. Vietnam Airlines and other foreign airlines have booking offices in both cities. Local flights are also daily busy from Hanoi to HCMC and vice versa. For local travel, Vietnam Airlines and Pacific Airlines are the two players. Both airlines now use French or American made aircrafts. The ticket rates for foreigners are still being double in comparison with the same for Vietnamese.

By land travel, buses and trains are very common for local transportation of passengers around towns/cities and for inter-province trips including from Hanoi to HCMC and vice versa. For a few years, metered-radio taxis are available in the major cities and at Noi Bai (Hanoi) and Tan Son Nhat (HCMC) airports. Car hire is relatively cheap and for shorter journeys cyclos (pedal driven transport) can be hired.

4.4 Media and Communications

The international communications system (telephone, telefax and telex) has been upgraded so as to respond the increasing market demand. Also, electronic communications are quite common in Vietnam, especially in urban and industrial areas.

English-language newspapers are well available in Vietnam at present. The Vietnam News Agency publishes daily the English-language Vietnam News newspaper. In addition, there are a number of local newspapers and magazines in English language being published in Vietnam, which include the weekly Vietnam Investment Review newspaper, the weekly Vietnam Economic News Magazine, the monthly Vietnam Economic Times Magazine, etc. A number of other business magazines, published in neighboring countries, are also available.

The official Voice and Television of Vietnam broadcast news in English and other widely-used language, for instance, French. TV and Radio programs broadcast by foreign stations such as BCC, TV5, etc. are also available.

5. FOREIGN DIRECT INVESTMENT

5.1 Legislation

Foreign investment in Vietnam is currently regulated by the latest Law on Foreign Investment in Vietnam ("FIL") which was adopted on 12 November 1996 in replacement of the primary law of 29 December 1987. To well respond to the actual variations, the FIL however has just been amended for the first time, on 9 June 2000 (the amended FIL came into full effect from 1 July 2000). Attaching to the FIL are series of decrees, decisions, and circulars, among them particularly Decree No.24/2000/ND-CP of 31 July 2000 of the Government, which provides detailed regulations on implementation of the FIL and its amended Decree No.27/2003/ND-CP dated 19 March 2003.

The FIL firmly states to guarantee the legal capital and assets of foreign investors, and allows foreigners to invest in most sectors of the economy, except for those which are prejudicial to the national security, defense and public interests, and others of similar nature. It especially encourages foreign investment in the following fields:

(i) Production, processing with at least 80% export
(ii) Processing of agricultural, forestry (other than wood processing) and aquatic products from domestic material sources, with at least 50% export;
(iii) Production of new breeds of high quality and economic efficiency;
(iv) Cultivating and breeding in agricultural, forestry and aquatic sectors;
(v) Production of new and rare materials; application of new biological technology; application of new technology for production of telecommunication and informatics products;
(vi) Projects of high-tech level;
(vii) Projects in development research;
(viii) Production of waste treatment facilities/ equipment;
(ix) Production of input materials for anti-biotic products;
(x) Environmental pollution treatment and protection, waste treatment;
(xi) Investing in the form of Build-Operate-Transfer ("BOT"), Build-Transfer-Operate ("BTO") and Build-Transfer ("BT");
(xii) Production of high-quality steel, alloy, non-ferrous metals, special metals, steel billet, sponge iron; iron metallurgy;
(xiii) Producing medical equipments for analytical and extractive medical technologies;
(xiv) Manufacturing machines, equipments, and set components in exploitation of oils and gas, mining, energy; production of big lifting equipments, metal processing machines and iron metallurgy equipments;
(xv) Production of foodstuff toxicity testing equipments; and
(xvi) Production of information technology products.

5.2 Vehicles of Foreign Direct Investment
Under the FIL, foreign investors are entitled to select one of the following vehicles or forms for their investment in Vietnam:

(i) Business Co-operation Contract ("BCC");
(ii) Joint Venture Company ("JVC");
(iii) Wholly Foreign Owned Company ("FOC");
(iv) BOT;
(v) BTO; and
(vi) BT

Amongst all, JVC has shown to be the most common vehicle in Vietnam so far, but in practice foreigners most prefer FOC thanks to the decision-making independence and flexibility. BCC is often chosen for projects in the oil and gas exploration and exploitation, erection and exploitation of telecommunication network, and advertisement. BOT, BTO and BT are regarded respectively as the fourth, fifth and sixth vehicle, which are often selected for infrastructure construction and development.
Details concerning each vehicle are described hereunder.

(i) BCC
BCC is a partnership signed by two or more parties with the objective of conducting jointly one or more business operations in Vietnam, on the basis of mutual allocation or responsibilities and sharing of profits or losses, without creating or forming a legal entity in Vietnam.

As BCC is not a separate legal entity, the contractual rights and obligations of the parties must be shared. To co-ordinate the daily operation of a BCC, a co-ordination board can be set up when necessary, with presence of the equal nominees from the parties.

(ii) JVC

JVC is established pursuant to a joint venture contract signed by one or more Vietnamese parties and one or more foreign parties; or between an existing JVC or existing FOC and one or more foreign parties or one or more Vietnamese parties or other existing JVC or existing FOC, for the purpose of carrying out business activities in Vietnam.

JVC is a separate legal entity and has limited liability. The J/V parties’ liability to third parties and to each other is limited to their legal capital contribution to the JVC.

It is required that the legal capital of the JVC must be at least 30% of its total investment capital. The capital contribution of the J/V parties may be made in cash or in kinds as stipulated in the FIL. However, the foreign party must contribute at least 30% (or less in special cases subject to the licensing agency's approval) of the JVC's legal capital. Profits and losses are shared in proportion to the parties' contribution to the legal capital of the JVC (unless otherwise agreed in the joint venture contract).

JVC is managed by the Board of Management ("BOM"). Members are nominated by the parties in proportion to their contributions. A general director and deputy general director(s) appointed by the BOM are responsible for the day-to-day management and business of the JVC. In all cases, either general director or first deputy general director must be a representative of the Vietnamese party.

(iii) FOC

FOC is a company established and wholly owned by foreign investor(s) in Vietnam, who self manage(s) and take(s) full responsibilities of the business results. FOC is a limited liability company, and has the legal person status in accordance with the laws of Vietnam. A FOC can be also established by and between an existing FOC and another FOC in Vietnam and/or foreign investor(s).

Like a JVC, a FOC must have the legal capital equal to at least 30% of its investment capital (the lower rate must be subject to the licensing agency's approval). The legal representative of a FOC is the general director. If the general director is not a permanent resident of Vietnam, then the representative may be the authorisee who must be a permanent resident of Vietnam.

(iv) BOT, BTO and BT

Compared to the said vehicles, regulations covering BOT, BTO and BT are quite few, causing difficulties for implementing.

A written contract which must be signed by foreign investor(s) and an authorized agency, constitutes the principal legal basis for implementing a BOT, BTO or BT project. It differs from BOT to BTO in the right to commercial exploitation of the completed project for getting back investments. This right is realized for a fixed time before transferring to the State of Vietnam in the case of BOT, but in the case of BTO, it follows after transferring. As for BT, foreign investor(s) must hand over the project to the State of Vietnam upon its completion, and instead of commercial exploitation like the case of BOT and BTO, foreign investor(s) is/are provided with opportunities to carry out other projects to get back investments.

In all and every case, a FOC can be established by foreign investor(s) to carry out the project, in accordance with applicable procedures as described hereof.

5.3 Project Classification and Licensing Agencies

Projects are principally classified into three groups A, B and the rest, causing the variations of the licensing agencies. Group A projects are decided by the Premier, but the license is issued by MPI. Group B projects are approved and licensed by MPI itself. And, the rest are approved and licensed by 61 city/province-level people's committees with respect to projects outside EPZs and IZs, and city/province-level administration boards of EPZs and IZs with respect to projects inside EPZs and IZs.

Under the FIL, group A projects involve in the following fields:

(i) Regardless capital projects: Building up infrastructures of IZs, EPZs, High-Tech Zones, Residential Zones, and carrying out BOT, BTO and BT projects; Building up and trading sea and air ports; carrying out sea and air transport; Oil and gas operations; Postal and telecommunication services; Culture; publication, press; audio, visual broadcasting; healthcare; training and education; scientific research; pharmaceutical products for human beings; Insurance, finance, auditing and specialized assessment; Rare and precious natural resource investigation and exploitation; Building up residential houses for commercial sale; and • National defense and security;
(ii) Projects having invested over US$40 million in the fields of: electricity, mining, metallurgy, cement, engineering, chemicals, hotels, apartments, office building, tourist and entertainment resorts;
(iii) Projects using over 5 ha of urban land or over 50 ha of land in other categories;
(iv) Printing services (except projects for printing of technical materials, printing of packaging, printing of labels of goods, and printing of normal patterns on textiles and garments, leather and footwear); and
(v) Advertisement services having advertising publications; cinematographic activities; artistic performance; and trading in games having prizes.

Group B projects are not those of group A decided by the Premier and the rest licensed people's committees and administration boards of EPZs and IZs.
And, people's committees have the right to grant licenses to foreign invested projects which meet the following criteria:

(i) Projects complying with the approved master plan of socio-economic development;
(ii) Projects are not of Group A, having capital scale in accordance with the regulations of the Premier.

Regardless of the capital scale, the projects in the following fields are not empowered people's committees to grant licenses:

(i) Construction of national roads, and railways;
(ii) Cement production, metallurgy, electricity, sugar, alcohol, beer; production and assembly of automobiles and motorbikes;
(iii) Travel tourism;
(iv) Projects investing in culture, education, and training; and
(v) Construction of and trading in supper markets.

Administration boards of EPZs and IZs are authorized to grant licenses to investors who invest in EPZs and IZs.
5.4 Application Document Requirement

An application file for submission to licensing agencies, normally includes:

(i) Application for business/investment license;
(ii) BCC or JV contract, as the case may be
(iii) Charter of a FOC or JVC, as the case may be
(iv) Technical-economic explanation or feasibility study for a BCC, FOC or JVC;
(v) Statements certifying the legal status and financial capacity of investors;

In addition, the following papers would be also required, as the case may be:

(vi) Draft technology transfer contract or technical assistance contract (this is applicable to the case in which foreign investors contribute to the legal capital of a BCC and JVC by technology value or technical assistance);
(vii) Environmental impact assessment report;
(viii) Application file for land lease or in-principle agreement on premise lease; and
(ix) Planning certificate and the preliminary design indicating the proposed architecture of the project.

12 sets of the application file are required for group A projects and 8 sets are required for the rest, of which an original set is compulsory. Vietnamese language is lawfully required, but a widely-used foreign language may also be accompanied, for instance, English. In principle, the two languages have equal legal weight in determining the parties' intentions.
It is worthy of note that the Registration file shall be applicable instead of Application one, towards projects which meet simultaneously the following criteria ('Projects subject to Registration Procedures):

(i) Being not of Group A projects which fall within the power of the Prime Minister;
(ii) Complying with approved master plan (or is agreed by the ministry in charge where the approved plans are not in existence); and
(iii) Being not of projects to which Environmental Impact Assessments ('EIA') are required;

In addition, those must satisfy one of the following:

(i) 80% export;
(ii) Investing in IZs, not belonging to Group A projects but falling within the List of specially encouraged investment projects or the List of encouraged investment projects; or
(iii) Engaging in production activities, having invested capital of up to US$5 million.

Feasibility study is not required by the laws, and the Licensing Agencies can in no way reject the licensing to such kind of projects which are properly submitted

5.5 Licensing Procedures and Timing
All the JVCs, FOCs, BOTs, BTOs and BTs are required to get investment licenses, meanwhile BCCs need business licenses. The licensing procedures and timing for obtaining the licenses are in the same and described hereunder.

(i) Group A projects

Application files must be lodged to MPI which is liable for submitting within 30 working days from its receipt of the satisfactory files, its recommendation to the Premier for his approval. The Premier shall have to make decisions within 10 working days, from the receipt of MPI's recommendation. MPI, for its part, shall have to grant licenses to the applicants within 5 working days from the receipt of approval from the Premier.

To enable to make its recommendation, MPI has to deliver the Application files, within 3 working days from the receipt, to various central and local agencies, to collect their comments. They are, in most cases, the Ministry of Finance ("MOF") concerning taxes, people's committees concerning land rental and project compatibility, and other agencies, subject to project type and investment size. Within 15 working days from the receipt of MPI's request, those agencies shall have to make their responses. Consent shall be deemed to be given if after that time-limit, no responses are received by MPI from those agencies.

(ii) Group B projects

MPI is in charge of all the receipt, evaluation and licensing within 30 working days from the receipt of the satisfactory file. As a routine, MPI has to deliver the Application files, within 3 working days from the receipt, to various central and local agencies, to collect their comments, before licensing. Within 15 working days from the receipt of MPI's request, those agencies shall have to make their responses. Consent shall be deemed to be given if after that time-limit, no responses are received by MPI from those agencies.

(iii) The rest

People's committees shall grant licenses to applicants within 30 working days from the receipt of the satisfactory file. People's committees have to deliver the application files, within 3 working days from the receipt, to various central and local agencies, to collect their comments, before licensing. Within 15 working days from the receipt of the people's committees' request, those agencies shall have to make their responses. Consent shall be deemed to be given if after that time-limit, no responses are received by people's committees from those agencies.

The time-limit for licensing by administration boards of EPZs and IZs to projects locating inside EPZs and IZs under their power, is only 15 days from the receipt of the files.

Instead of Application procedures, the Registration procedures are simply required for Projects subject to Registration Procedures. The licenses shall be granted within 15 working days from the registration.

5.6 Shareholding FIEs

Existing FIEs in Vietnam can opt for operation under the form of shareholding foreign invested companies (“SFIEs”) in accordance with the Government’s Decree No. 38/2003/ND-CP dated 15 April 2003 on transformation of some FIEs into shareholding companies.

A FIE may be converted into SFIEs if it meets all of the following conditions:

(i) Its legal capital as recorded in the Investment Licence has been fully contributed;
(ii) It has been officially operated for at least three years, including the last yielding year before conversion; and
(iii) It applied for the conversion.

SFIEs shall enjoy all preferences and rights as they did before conversion in accordance with the FIL and their previous Investment Licence. Decree No.38 further confirms protection of all rights of foreign investors in to-be-converted FIEs.
A SFIE must have no less than one foreign founding shareholder and total stakes hold by foreign founding members must equal to at least 30% of the chartered capital of the company during its course of operation.

SFIEs shall be entitled to listing in domestic stocks markets in accordance with prevailing regulations and overseas stocks markets as well after having acceptance of competent authority in Vietnam.

6. REPRESENTATIVE OFFICE

Representative office ("RO") is not a separate legal entity under the laws of Vietnam. The activities of a RO are limited to business promotion; identification and accelerating the trade opportunities; and supervising the implementation of contracts signed between its parent/ represented company (ies) and local partners. However, a RO may sign commercial contracts on behalf of its parent companies.
In this Section, only ROs of foreign businesses, which fall within the jurisdiction of the peoples' committees of provinces or cities ("PCs") are focused (ROs of foreign banks, auditing, law firms, tourism organizations, fall within the power of the State Bank of Vietnam ("SBVN"), the Ministry of Finance, the Ministry of Justice ("MOJ"), and Vietnamese Administration of Tourism, respectively). It is noted that a foreign business shall be entitled to set up one or several ROs in Vietnam.

6.1 Legislation

Decree No.45/2000/ND-CP, on representative offices and branches of foreign businesses and foreign tourism organizations in Vietnam, which was issued by the Government on 6 September 2000, in replacement of Decree No.82/CP, dated 2 August 1994, of the Government, constitutes now the legal base for setting up and operation of foreign businesses' ROs in Vietnam. Decision 53/1999/QD-TTg, dated 14 June 1999, of the Premier and its implementing Circular No.73/1999/TT/BTC of 14 June 1999 of MOF, provide a new tariff for the RO license which took effect from 1 July 1999. Circular No. 20/2000/TTLT-BTM-TCDL dated 20 October 2000 of the Ministry of Trade and Vietnamese Administration of Tourism sets forth a set of guidelines for implementing Decree 45.

6.2 Requirements

Under Decree 45, the conditions for obtaining a RO license are simplified. Instead of three compulsory conditions as required by Decree 82, i.e.:

(i) It is established in accordance with the laws of its own country;
(ii) It has been operating for at least 5 years; and
(iii) It has feasible investment or commercial projects with local partners, and the implementation of which will assist the local economic and commercial development.

A RO license can be granted if the applicant, foreign business, has duly registered its business, in accordance with its own country's laws.
6.3 Applications

The procedures for establishing a RO under Decree 45 are much easier than the same for the vehicles, not only under the FIL, but also under the former Decree 82. An application file must be in Vietnamese and may be, in another widely-used language, for instance, English. Instead of several papers as required in Decree 82, the following are simply included in an application file in accordance with Decree 45:

(i) Application letter, requesting for the RO license; and
(ii) A copy of the Business Registration Certificate which is duly certified by relevant agency (ies) in applicant's country, and its Vietnamese translation which has to be legalized by local notary office or by abroad diplomatic representative office or consulate office of Vietnam.

6.4 Licensing Timing
A RO license will be granted within 15 days from the receipt of the satisfactory file. It is worthy of note that in comparison with Decree 82, there is no provision under Decree 45 defining the definite term of a RO license as well as its extension. Thanks to Decision No.53/1999/QD-TTg of 14 June 1999, the license fee has so far been reduced to VND1 million from US$5,000 as previously. No renewal fee has been required since then.

The license fee would be paid upon the approval of the application file.

6.5 Permitted Activities

According to Decree 45, a RO will be entitled to do the functions as stipulated in the granted license. Unlike Decree 82, Decree 45 is now silent on regulating the rights of a RO to lease premises for its head office, residential houses for expatriates; to recruit local employees; opening bank accounts; etc.

Operational functions of a RO are limited to:

(i) Business promotion;
(ii) Identification, accelerating the trade opportunities in Vietnam;
(iii) Supervising the implementation of contracts signed between its parent/ represented company (ies) and local partners.

A RO shall have the following rights and obligations:

(i) RO shall be entitled to do the functions as stipulated in the granted license;
(ii) The Head of the RO shall have the right to sign good purchase contracts, service supply contracts with other foreign and local businesses;
(iii) RO's staff shall be subject to relevant tax obligations in accordance with the laws of Vietnam;
(iv) RO shall have to report PCs, once a year, the RO's operations.

6.6 Taxation
No taxes are applicable to ROs' operation, except for personal income tax charged their staff which will be further described in Section 16 hereunder.

8. TECHNOLOGY TRANSFER

8.1 Legislation

The Civil Code passed by the National Assembly on 28 October 1995 is the principal legal basis for technology transfer activities in Vietnam recently. Guiding the Civil Code, on the technology transfer, are Decree No.45/1998/ND-CP of 1 July 1998 of the Government, and its implementing Circular No.1254/1999/TT-BKHCNMT issued by the former Ministry of Science, Technology and Environment (now the Ministry of Science and Technology or "MOST"), on 12 July 1999.

8.2 Scope of Technology Transfer

The scope of technology transfer is quite broad, which includes:

(i) Industrial property rights including inventions, solutions, industrial designs and trade marks which are protected in Vietnam and can be transferred;
(ii) Technological know-how and knowledge in the form of technological and technical solutions, processes, documents, technical designs, formulas, technical parameters, drawings, technical diagrams, computer software, database on the transferred technology, accompanied or unaccompanied with machinery and equipment;
(iii) Solutions for production rationalization and technology renovation;
(iv) Various services in support of the technology transfers to create products and/or services of the quality determined in the contracts; and
(v) Machinery, equipment and technical facilities accompanied one or several contents mentioned above.

8.3 Contents of the Contract

A technology transfer contract has to include the principal features of the technology, the right to the technology, the power and responsibility effecting the technology transfer. The contact has to include also details of the timing and place of technology transfer, warranty terms, the price, and the term and method of payment. A contract can have duration of no more than 7 years (or up to 10 years maximally, provided that a special permission is received).

To be uniform, a suggested form of the contract which contains all the required information has been published by MOSTE in Circular No.1254/1999/TT-BKHCNMT. It is required that a technology transfer contract must be in writing, in Vietnamese language together also with a widely-use foreign language, for instance, English.

Certain contractual restrictions are prohibited in a technology transfer contract, which include:

(i) Forcing the transferee to buy or receive from the transferor or a third party designated by the transferor, the following: input materials, production means, intermediary products, manual labour, and the right to use industrial property;
(ii) Forcing the transferee to accept a number of given norms regarding: production scope and product quantity; sale price of products; designating product outlets for the transferee;
(iii) Restricting the product consumption markets, export markets, the quantity and types of products to be exported;
(iv) Restricting the going on with transferred technology by the transferee or receipt of similar technology from other sources;
(v) Forcing the transferee to unconditionally transfer to the transferor the right to use the results of technological modifications or renovations created by the transferee based on the transferred technology, the right to apply for the protection of industrial property and rights relating to such modifications or renovations;
(vi) Exempting the transferor's liabilities for its faults in the technology transfer, provision of machinery and equipment; and
(vii) Forbidding the transferee to continue using the transferred technology after the expiry of the contract's duration.

8.5 Approval, Registration and Timing

To create more favorable condition for investors, the Government has issued Decree No.59/2002/ND-CP dated June 04, 2002 on abrogating some certificates and replacing some certificate by other management modes. Circular No. 11/2002/TT-BKHCN on guiding the implementation of Decree 59/2002/ND-CP issued by the MOST has specified several news issues relating to technology transfer.

According to this Circular, the technology transfer contracts which shall be registered instead of submitted for approval, are including:

(i) Domestic technology transfer contracts;
(ii) Foreign technology transfer contracts applicable for projects not using State capital; and
(iii) Foreign technology transfer contracts applicable for projects using State capital of less than US$30,000.

Domestic technology transfer contracts shall be registered at provincial Departments of Science and Technology, and the others shall be registered at MOST. The contract registration certificate must be automatically issued within 15 days from the receipt of the satisfactory file.

Foreign technology transfer contracts applicable for projects use State capital using over US$30,000 shall be subject to the approval of MOST. Relevant ministries have also the power of approving a few of contracts which do not fall within the jurisdiction of MOST. The contract approval must be issued within 45 days from the receipt of the satisfactory file.

A file for approval of technology transfer contract must include the following:

(i) Application letter;
(ii) Technology transfer contract;
(iii) Explanation on the objective and capability of realization of transferred technology;
(iv) The estimation of the total cost of transferred technology;
(v) Information about: legal and financial status, representatives of the parties to the contract, papers certifying the right to transferred technology, etc.; and
(vi) The Note certifying that the fee for contract approval is paid.

A file for contract registration certificate is quite simple in comparison to the above, in which Item (iii) and (iv) above are basically not required.
8.6 Taxation

Taxes applicable to transferors are well described in Section 16 hereunder.

9. FOREIGN CONTRACTOR

Foreigners can take part in biddings for doing projects and other undertakings in Vietnam. However, it is quite confused for them to do business in Vietnam because of the absence of general regulations on this matter.

9.1 Legislation

There is few specific regulations covering the activities of foreign contractors and sub-contractors in Vietnam. Apart from Circular No.169/1998/TT-BTC of 22 December 1998 of MOF, introducing the tax regime, there exist only Decree No.88/1999/ND-CP which has newly been issued on 1 September 1999 by the Government, publishing the new Regulations on biddings, and a few of regulations destining for foreign construction contractors and sub-contractors. Decree 88 was amended by the Government’s Decree No. 14/2000/ND-Cp dated 5 May 2002.

Below are some regulations on foreign construction contractors and sub-contractors.

9.2 Requirements

To become a foreign construction contractor or sub-contractor in Vietnam, an applicant must satisfy the following criteria:

(i) Having the legal person status and winning a bidding in Vietnam;
(ii) Committing to enter into an association contract with local partner(s), for carrying out the winning project;
(iii) Having eligible capital (US$5 million as to main construction contractors, US$100,000 as to design contractors, and 20% of such figures as to sub-contractors);
(iv) Having a good financial base for the last 2 years; and
(v) Possessing of an adequate base of facilities and manpower.

9.3 Applications

For a construction contractor license, application file must be submitted to the Ministry of Construction ("MOC") in 4 sets, each of which must contain the following papers:

(i) Application letter;
(ii) Report on bidding process and result lodged by investor to competent agencies;
(iii) Legal papers in connection to the investor and bidding project;
(iv) Legal papers of foreign construction contractor; and
(v) Association contract(s) with local partner(s).

Subject to the nature and scale of the bidding projects, construction contractor license shall be issued by either MOC or city/province-level departments of construction, within 20 days from the receipt of the satisfactory file.

9.4 Permitted Activities

Once being licensed, foreign construction contractors can do the following:

(i) Lease office;
(ii) Open bank accounts with banks being licensed and operating in Vietnam;
(iii) Register the right to use public utilities for their operation; and
(iv) Register the right to use Vietnamese accounting system.

9.5 Taxation

Taxes applicable to foreign contractors and sub-contractors in Vietnam are well described in Section 16 hereunder.

10. PROCESSING ACTIVITIES

Foreigners can request for local processing of goods of all kinds. The said request must be in writing, and subject further to the MOT's consent with respect to goods being prohibited or ceased temporarily from the import and export.

10.1 Legislation

Local processing for foreigners are being governed by the Trade Law and its implementing Decree No.57/1998/ND-CP of 31 July 1998 of the Government.

10.2 Contents of the Contract

Having the similar contents of a formal economic contract, a processing contract must include the description about the goods to be processed, the required quality and quantity, the time and place for delivery of goods, the processing price, the terms and method of payment, and the duration. Trademark and the origin of goods in relation to the processing activities are normally falling within the responsibilities of the foreign processes.

As a matter of fact, a list of input materials for processing activities should be present in the contract, with a defined rate of consumption and waste. Dealings on relevant equipment are also contracted due to the fact that equipment are often leased to local processors from foreign processes in most cases. Both input materials and equipment can be imported into Vietnam on the basis of temporary import and re-export.

10.3 Permitted Activities

Foreign processes are entitled to receive and remit abroad finished products, surplus input materials and leased equipment. To supervise the local processing activities and guide on technical issues, foreign experts can be seconded to Vietnam by foreign processes.

10.4 Taxation

Input materials and equipment serving for the local processing activities are in principle, being exempted from taxes prevailing in Vietnam

11. AGENT ACTIVITIES

Foreigners can request for local agent for sale and purchase of goods of various kinds. Like the processing contract, the request for a local agent must be in writing, and subject further to MOT's consent with respect to goods being prohibited or ceased temporarily from the import and export. Under the Trade Law, agent activities vary by the following forms: commission agent, package agent, exclusive agent and general agent.
11.1 Legislation

The same legal basis applicable for the processing for foreigners is effective to the agent activities for foreigners in Vietnam.

11.2 Contents of the Contract

A sale and purchase agent contract is requested to contain quite simple contents in comparison to the other types of commercial or economic contracts. Only the following are compulsory present therein: the description about both principals and agents, the contractual goods, types of agents, and remuneration for the local agents.

11.3 Permitted Activities

Amongst others, foreign principals can decide at their own discretion the sale and purchase price, receive deposits or documents on mortgaged assets from the agents, and request the agents to make payment or deliver goods in accordance with the signed contracts. To supervise the contract performance, foreign principals can second their people to agents’ facilities in Vietnam.

As a matter of fact, the following actions are often carried out by local agents instead of foreign principals, which include the dealing with the import/export procedures, the declaration and payment of relevant taxes on behalf of foreign principals.

11.4 Taxation

Contractual goods are likely subject to the import/export duties of Vietnam.

12. HOLDING COMPANY STAKES

Foreigners irrespective of individual or institutional ones, may hold or acquire up to 30% stake in all types of local companies and cooperatives. This is really a positive change toward foreign investors because foreign shareholding was limited previously in Vietnam.

12.1 Legislation

The Law on Promotion of Domestic Investment of 20 May 1998 ("LPDI") and the Law on Enterprises of 12 June 1999, both constitute the principal legal base for foreigners to buy stakes or shares of local companies. This right is now further detailed by Decision 36/2003/QD-TTg, dated 11 March 2003, issuing the regulations on capital contribution and buying by foreign investors in local companies, which replaced the former Decision No.145/1999/QD-TTg dated 28 June 1999 and provides more spaces for foreign investors to acquire stakes in all types of local companies and cooperatives.

12.2 Requirements

At present, all equitized SOEs, join stock companies, limited liability companies, partnerships, and cooperatives can offer stakes to foreign buyers. While keeping the maximal or ceiling rate that foreigners can acquire (up to 30% of the registered capital), the new Decision removes restriction on having stakes by an individual or institutional buyer/ investor, and allow each can have individually up to the ceiling rate of 30% of the registered capital of a local company or cooperative.

According to the prevail regulations, foreigners can purchase stakes and remit abroad dividends and principals, directly or indirectly through local and foreign banks licensed and operating in Vietnam. To facilitate these transactions, foreign stake holders are entitled to open local bank accounts in Vietnam.

It is firmly assured that the legal rights and benefits of foreign stake holders are protected by the laws and the State of Vietnam.

12.3 Permitted Activities

Being stake holders, foreigners can:

(i) Involve or not involve in the company management and administration;
(ii) Convert their dividends and all others receipts from local into foreign currency before remitting abroad;
(iii) Mortgage and pledge by using stakes in hands for their credit transactions;
(iv) Be exempted from personal income tax imposed on the earnings from the capital invested in local companies or cooperatives;
(v) Be granted with multiple visas for entry and exit of Vietnam; and
(vi) Enjoy the equal rights and benefits as given to local stakeholders.

12.4 Buying Procedures

Much simpler than it was in the past when any buying/ selling capital by local companies to foreign investors was subject to the decision by the Prime Minister, the recent regulations allows the owners or top management of the local companies or cooperatives to have the right to decide in accordance with the company charters or regulations. With respect to the equitized SOEs having the demand of selling capital to foreign investors, the State agencies who decide the equitization shall be the decision makers.

12.5 Taxation

It is not very clear that foreign stake holders shall be enjoy withholding tax holiday applicable to their abroad remitted dividends and other earnings upon remittance like it is recently allowed towards foreign direct investors under the Law on Foreign Investment in Vietnam.

13. EXPORT PROCESSING ZONES, INDUSTRIAL ZONES AND HIGH-TECH ZONES

13.1 Legislation

The FIL and the LELI constitute the principal legal base for the establishment and operation of EPZs and IZs. Guiding the laws is Decree No.36/CP issued by the Government on 24 April 1997, publishing the Regulations on EPZs, IZs and High-Tech Zones (HTZs), and then Circular No. 08/KHDT issued by the Ministry of Industry on 29 July 1997, providing guidance for implementation of the list of industries which are encouraged or limited or prohibited from investing in the zones.

For HTZs alone, the Government recently issued Decree No.99/2003/ND-CP on 28 August 2003, providing the regulations of the HTZs, which replaces the regulations on HTZs in the said Decree No.36/CP.

13.2 Features of EPZs, IZs and HTZs

EPZs and IZs mean the zones with specific boundaries and without any inhabitant, being established by the Government or the Premier, and containing EPZ and IZ enterprises. Having the same features, HTZs as defined in Decree No.99 however is a multi functional economic and technical zone to be established to carry out research and development (R & D) and application of high technology, training of highly technical personnel, and to manufacture and trade in high-tech products. It is noted that EPZs, bonded warehouses and dwelling buildings may be located in an HTZ.

Under the FIL, EPZs, Izs and HTZs are not typical vehicles for foreign investment, however, the EPZs and IZs play an important role in attracting foreign investment in Vietnam. That is why they are described herein. The purpose of EPZs and IZs is to provide an efficient and single base for manufacturing, processing and assembling products (for export only in the case of EPZs). Foreign capital projects are encouraged to locate in the zones by the assurance of modern infrastructure, such as good transportation and utility services, as well as the availability of necessary services.

In principle, an investment in development of an EPZ, IZ and HTZ must follow the same procedures and be governing by the same regulations as applicable to foreign investment in the zones as well as in rest of the country. To attract more investments in infrastructures, a number of preferential treatments and/or incentives are provided to foreigners who invest in developing EPZs and IZs, among them the easier licensing, longer duration and tax incentives.

[b]13.3 Advantages of Locating in

noaharkrider · Joined: 21 Apr 2005 Posts: 4 Home Country: NULL

Can foreigners own businesses and land in Vietnam? What is the process to do so?

bullmarket · Joined: 23 Jun 2005 Posts: 6 Home Country: vietnam

thanghoa · Posted: Tue Aug 07, 2007 6:18 am Post subject: