Establish a business in Vinh Phuc Province

Vinh Phuc is a province that is depended on the Red River Delta region, is a province which is located in the Hanoi Capital region planning, a Northern Center Economic Area, and is one of the provinces that has the most developed economy in the North. Vinh Phuc approved the plan with 20 industrial areas and 41 industrial clusters by the Prime Minister in the development planning project of Vinh Phuc industry to 2020 and orientation to 2030. With the large land fund and multiple industrial areas, this place has attracted over 15.000 enterprises, including over 9.500 operating enterprises and it is still an ideal location for all investors in the future. To support and provide the best legal services for enterprises, Viet An Law would like to provide clients with information related to establish a business in Vinh Phuc Province.

Legal basis

• Law on Enterprises 2020;
• Decree No. 01/2021/ND-CP regulates about register for enterprises;
• Decree No. 31/2021/ND-CP stipulates a detailed implementation guideline for several articles of the Law on Investment.

Natural conditions of Vinh Phuc Province

About the geographical location

Vinh Phuc has a square of 1236 km², with 3 distinct ecological regions: plains, midlands, and mountains; the East border of Thai Nguyen Province, the West border of Phu Tho Province, the South border of Ha Noi Capital, the North border of Tuyen Quang Province; has the convenient transportation system: road, railway, river on the economic development axle of Vietnam.

About the climate

The weather is cool with the annually temperature average is 23,8 °C. With the profitable nature of landscapes, wonders, monuments, and tourism areas, Vinh Phuc is always the first alternative for the relaxing trip and enjoying the most peaceful.

About the socio-economic situation

Although the year 2023 is extremely disadvantaged, 13/15 socio-economic targets of Vinh Phuc Province all met and exceeded the goals. There are 2 unmet targets: economic growth and budget revenue; however, the domestic budget revenue of the province is expected to remain in the top 8^th of the highest revenue provinces in Vietnam, the economic growth is the only local with negative growth that has regained the growth momentum. The disbursement of the published investment capital on the top 7/63 locals; the proportion of the disbursement and the figure of the published investment capital disbursement was the highest from 2016 to now.

The figures for income, and individuals living all in the top 10 provinces which have the best figure in Vietnam: Human Development Index (HDI) in the top 9^th; Gross Regional Domestic Product (GRDP) in the top 9^th, Gross Domestic Product (GDP) on the top 9^th in Vietnam.

Procedures for establishing a business in Vinh Phuc Province

Step 1: Foreign investors apply for granting an Investment Certificate

For the projects which must be approved for investment guidelines, investors need to prepare the dossier to apply for issuing an Investment Certificate according to the provisions in Decree No. 31/2021/ND-CP including:

• A written request for implementation of an investment project, including a commitment to bear all costs and risks if the project is not approved.
• Documents on the investor’s legal status: a copy of ID card or citizen ID card or passport (as an individual); a copy of the establishment certificate or equivalent document and the passport of the capital manager (as an organization);
• The investment project proposal. In case the law on construction regulates for the preparation of a pre-feasibility study report, the investor may submit a pre-feasibility study report to modify the investment project proposal;
• Documents proving the financial capacity of the investor include at least one of the following documents: financial statements of the last 2 years of the investor; commitment to the financial support of the parent company; financial institution’s commitment to supporting the financial; guarantee on the financial capacity of the investor; other documents proving the investor’s financial capacity;
• In case the investment project does not request the State to allocate or lease land or permit the change of land use purpose, it must submit a copy of the document on land use rights or other documents determining the right to use the site for implementation the investment project;
• The explanation of the technology used in the investment project, for the project subject to appraisal and consultation on technology under the law on technology transfer;
• Other documents related to the investment project, requirements on conditions, and capacity of the investor as prescribed by law (if any);
• Power of Attorney for Viet An Law.

Place of application: Department of Planning and Investment in Vinh Phuc Province.

Performing deadline: Within 15 days of receiving the complete and valid dossier, the Department of Planning and Investment will issue the Investment Registration Certificate to the foreign investor. In case of refusal, the Department of Planning and Investment will reply in writing and clearly state the reason.

Step 2: The dossier for establishing an enterprise

The dossier for establishing an enterprise is stipulated in Decree No. 01/2021/ND-CP including the following main documents:

• An application for the enterprise registration;
• The company charter;
• List of founding shareholders and shareholders being foreign investors (if it is a joint stock company); List of company’s members (if it is a multi-member limited liability company);
• A certified copy of ID card or citizen identification card or passport (if it is an individual); establishment decision, enterprise registration certificate or equivalent documents and citizen ID card or ID card or passport enclosed with the authorization written for the capital manager in Vietnam (if it is an organization);
• A certified copy of the issued Investment Registration Certificate;
• Power of attorney for Viet An Law;

Place of application: Department of Planning and Investment in Vinh Phuc Province.

Performing deadline: 03 – 06 working days from the date of submitting the complete dossier.

Step 3: Engrave the company’s seal

After an enterprise is established and receives an Enterprise Registration Certificate, it has the right to engrave the legal personal seal of the company to serve the business operation.

A company can own multiple seals based on the usage purpose and must take responsibility for this usage.

Step 4: Publish the seal in the National Enterprise Registration Portal

The dossier including:

• A copy of an Enterprise Registration Certificate.
• Notifying the usage of enterprise’s seals.
• A notification record about the usage of the enterprise’s seals, apply for the multi-member limited liability company and joint stock company.
• The decision dossier for notifying about the usage of enterprise’s seals.

Deadline for handling the dossier: From 03 to 05 business days.

Step 5: Publish the enterprise registration information

Enterprises can be directly submitted to the dossier in the Department of Planning and Investment in Vinh Phuc Province or submitted online on the National Enterprise Registration Portal.

Performing deadline: Within 30 days from the date of granted an Enterprise Registration Certificate.

Deadline for handling the dossier: From 04 – 06 business days from the date of receiving the full dossier.

Information of the Business Registration Office – Department of Planning and Investment in Vinh Phuc Province

Office’s address: 40 Nguyen Trai, Dong Da Ward, Vinh Yen City, Vinh Phuc Province.

Number phone: 02113 840 610

Email: sokhdt@vinhphuc.gov.vn

Business establishment service of Viet An Law Firm

• Consulting on conditions of the dossier, and procedures for establishing a company in Vinh Phuc Province;
• Preparing the dossier and performing procedures for establishing an enterprise when customers use services.
• Representing for customers to work with the competent state agency in the enterprise establishment process.
• Following the process and consulting on immediately modifying the arising legal issues;
• Regular consulting for clients after establishing.

Clients who need to establish a company in Vinh Phuc Province, please contact Viet An Law for the best support!