Vietnam has great potential for aquaculture development. The coastline is more than 3,260 km long with 112 estuaries and creeks with rich potential for brackish and salt water aquaculture. The system of rivers and canals of our country is very diverse and interlaced with up to 15 rivers with a basin area of 300 km2 or more. In addition, there are thousands of large and small islands scattered along the sea which are areas where aquaculture can be developed all year round. In the sea, there are 4,000 large and small islands, of which there are large and populated islands such as Van Don, Cat Ba, Phu Quy, Con Dao and Phu Quoc, with many bays, pools, crevices, and ocean currents. Therefore, aquaculture from being a sub-productive occupation with self-sufficient nature has become a concentrated commodity production industry with advanced technical level, developed in all aquatic resources. Not only domestic investors do business in this field, but also foreign investors have paid attention and invested to set up foreign-invested companies in aquaculture. Viet An Law summarizes specific contents for foreign investors to consider when investing in aquaculture as follows:
Table of contents
Vietnam may adopt or maintain any measure relating to the operation of an enterprise within the meaning of points 1€ and 1(m) of Article 8.2 (Definitions) that is inconsistent with paragraph 2 of Article 2. 8.5 (National Treatment), provided that the measure is not inconsistent with the commitments set out in Annex 8-B (Vietnam’s Schedule of Specific Commitments) for fisheries and aquaculture sub-sectors and sub-sectors.
Appendix NCM II-VN-29: Seafood
Vietnam reserves the right to adopt and maintain any measure relating to fishery activities in waters under Vietnam’s sovereignty and jurisdiction as provided for in the 1982 United Nations Maritime Convention.
Investment licenses are not granted to foreign investors in the following areas:
Appendix NCM II – Sub-Appendix A
Company in Vietnam with foreign investment in aquaculture must be licensed by the Ministry of Agriculture and Rural Development for aquaculture at sea to foreign investors and foreign-invested economic organizations as prescribed in Article 38 of Decree No. 26/2019/ ND-CP (as amended and supplemented by Decree No. 12/2020/ND-CP).
Procedures for setting up a company in Vietnam with foreign investment in aquaculture
If the projects do not use land (without direct land lease from the state) that do not use technologies on the list of restricted transfers), the procedures for approval of investment policies are not required. Foreign investors carry out the procedures for applying for an Investment Registration Certificate.
Dossier for issuance of Investment Registration Certificate to a foreign-invested company:
The agency that submits the application for the Investment Registration Certificate to the company with 100% foreign capital at the investment registration agency
After obtaining the Investment Registration Certificate, investors need to prepare documents to set up a business.
Dossier of establishment of a foreign-invested company
The agency that submits the application for an enterprise registration certificate to a company with 100% foreign capital
Business registration agency : Provincial Department of Planning and Investment.
Duration to issue business registration certificates for companies with 100% foreign capital: 05 working days from the date of receipt of complete and valid documents
After an enterprise is granted an enterprise registration certificate, it must make a public announcement on the national business registration portal according to the order and procedures and pay fees as prescribed.
The content to be announced includes the contents of the Business Registration Certificate and the following information:
Executing agency: Reporting division of the Business Registration Authority – Provincial Department of Planning and Investment.
After obtaining the Enterprise Registration Certificate and having posted the enterprise establishment statement. The enterprise conducts seal engraving at one of the licensed seal engraving units. Enterprises decide by themselves the number and form of seals within the scope permitted by law.
Customers wishing to set up a company in Vietnam with foreign investment in aquaculture, provide legal advice during the implementation of an investment project in Vietnam, please contact Viet An Law Firm for the best support!
#3rd Floor, 125 Hoang Ngan, Hoang Ngan Plaza, Trung Hoa, Cau Giay, Hanoi, Vietnam