Hanoi Ranks the 3rd in Attracting Foreign Investment

 

This is the information published by the Department of Planning and Investment

Accordingly, the situation of industrial production in the first 8 months of 2016 in Hanoi is relatively stable with positive growth rate.

In particular, attracting foreign direct investment (FDI) increased, accrued to the date of August 30th 2016 reached 374 FDI projects (including 256 new projects and 118 projects that increase the capital). The total registered capital reached 2079.37 million USD, exceeding the target of 2016.

Currently in the city there are 3,686 valid projects with the total registered capital of 24.07 billion USD from 72 countries, regions and Hanoi now also ranks the 3rd in attracting FDI in the whole country.

According to the city leaders, the city will greatly improve the investment environment, promote production and business activities, use the public investment capital effectively…

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How to Set Up Company in Hanoi? | ANT Lawyers

 The Law on investment 2021 has a lot of investment incentive policies in economic sectors in Vietnam for foreign investors.

Foreign investors that invest in Vietnam in general and Hanoi in particular for the first time must have investment projects and fill in investment registration or examination procedures at state agencies in charge of investment in order to be granted Investment Registration Certificates (“IRC”) and Enterprise Registration Certificate (“ERC”). Company with 100% foreign capital has founded and operated from the date of issuance of the investment certificate.

The investor who wishes to apply for IRC in Hanoi, s/he need to have a possible project which is accepted by the Government (The Department of Planning and Investment of Hanoi City). The dossier on applying for IRC

For Investment Registration Certificate, the investor must prepare the dossier included:

i) An application form for execution of the investment project, including a commitment to incur all costs and risks if the project is not approved;

ii) A document about the investor’s legal status;

iii) Document(s) proving the financial capacity of the investor including at least one of the following documents: the investor’s financial statements for the last two years; commitment of a parent company to provide financial support; commitment of a financial institution to provide financial support; guarantee for the investor’s financial capacity; other document proving the investor’s financial capacity;

iv) Proposal for the investment project including the following main contents: investor or method of investor selection, investment objectives, investment scale, investment capital and plan for raising capital, location, duration and schedule of the investment project, information about the current use of land in the location of the project and proposed demand for land use (if any), demand for labor, proposal for investment incentives, impact and socio – economic efficiency of the project and preliminary assessment of environmental impact (if any) in accordance with regulations of law on environmental protection.

If the law on construction requires formulation of a pre-feasibility study report, the investor is entitled to submit the pre-feasibility study report instead of a proposal for the investment project.

v) If the project does not require the State to allocate or lease out land or to permit land repurposing, a copy of the document regarding the land use rights or other document identifying the right to use the location for execution of the investment project is required to be submitted;

vi) Contents of the explanation for the technology to be used in the investment project if the project requires appraisal and collection of opinions on the technology in accordance with the Law on Technology Transfer;

vii) The business cooperation contract if the investment project is executed under a business cooperation contract;

viii) Other documents relating to the investment project, and requirements on the eligibility and capacity of the investor in accordance with regulations of law (if any).

After having the project, the investor needs to apply for Enterprise Registration Certificate, the dossier included:

i) An application for enterprise registration;

ii) The enterprise’s charter;

iii) A list of members of a limited liability company with two or more members or a list of general partners;

iv) A notarized copy of identity card or valid passport of individual member;

v) A notarized copy of the Enterprise Registration Certificate of the organization’s member;

vi) A notarized copy of valid identity card or passport of the organization’s legal representative;

vii) The copy of Investment Registration Certificate.

The time for applying the investment project is 15 working days and the time for applying the company is 03 working days after the date of submitting the valid dossier.

We help clients overcome cultural barriers and achieve their strategic and financial outcomes, while ensuring the best interest rate protection, risk mitigation and regulatory compliance. ANT lawyers have Attorneys in Hanoi, Attorneys in Ho Chi Minh and Attorneys in Danang.

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Policies to Attract Foreign Investment in Hanoi | ANT Lawyers | ANT Lawyers

Over the years, Hanoi city has organized quality conferences of foreign investment attraction, focusing on implementing measures to attract transnational corporations engaged in investment and business in Hanoi.

To perform domestic and international cooperation activities on investment promotion. Hanoi is constantly promoting and improving the efficiency of investment promotion activities, creating a reasonable and effective connection between domestic and foreign investment promotion activities in Hanoi in all fields, economic sectors; connecting investment promotion activities with trade promotion, tourism, and other related activities.

In addition, Hanoi has issued the preferential policies according to priority development groups in each locality based on the advantages and potentials of each locality; innovating the implementation method to well perform the works of attracting, calling and directing foreign investment; renovating mechanisms and policies to attract maximum financial resources from all economic sectors, especially mobilize idle capital from the population to develop production and business.

Hanoi is one of the cities that has favorable business conditions for high technology investors. The improvement of the business environment has greatly contributed to attracting domestic enterprises, foreign enterprises, and corporations to invest in industrial areas in Hanoi. Hanoi not only focuses on developing preferential policies for investors but also promotes the completion of industrial areas, especially high-tech parks. Many FDI enterprises and corporations investing in Hanoi appreciate the improvement of the business environment of Vietnam in general and Hanoi in particular. So the FDI corporations have affirmed that they will choose Hanoi as a place to expand their investment and business in the coming years, especially in the high-tech field.

According to the government in Hanoi, in recent years, Hanoi has become a center of attracting FDI of Vietnam. Currently, this city has more than 6,300 valid FDI projects with a total registered capital is more than 46,8 billion USD. In 2020, despite the Covid-19 epidemic influence, Hanoi still has attracted 4 billion USD of FDI capital and 145,000 billion of domestic capital.

Based on the attracting FDI schedule, from 2021 to 2025, Hanoi will attract 30-40 billion USD of foreign investment capital, in which 20-30 billion USD of disbursed capital. To achieve this goal, Hanoi will promote the investment attraction, focus on the investment in economic infrastructure development, developing the high-tech parks, industrial areas, industrial clusters according to planning, making the investment attraction lists for regions, fields, and products, selecting the investment for the projects using high technology which help the investors could make the investment in the city in an easy way.

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UKVFTA- the cooperation between Vietnam and UK | ANT Consulting

On December 29th, 2020, representatives of Vietnam and the United Kingdom signed the free trade agreement negotiation between the Socialist Republic of Vietnam and the United Kingdom of Great Britain and Northern Ireland (UKVFTA) in London, United Kingdom. It would open up opportunities for flow of goods and that investors from UK to make investment in Vietnam through setting up company, and manufacturing facilities.

After December 31st, 2020, the Vietnam – EU free trade agreement (EVFTA) will no longer apply to the UK due to Brexit, so the implementation of the signing of a free trade agreement between the two countries is essential to sustaining and developing economic cooperation. The UKVFTA is expected to help reduce import duties on goods from the UK to Vietnam and vice versa. In addition, the commitments in the Agreement will help develop trade and investment between the two countries in the coming time.     

In recent years, the UK is a major trading partner of Vietnam in Europe, the import-export turnover between the two countries has increased significantly, especially products of seafood, garments, wood products, agricultural products etc. Besides opportunities to promote exports, improve business investment environment, expand commodity supply, the UKVFTA also poses certain challenges in meeting the quality of goods to qualify for pressure tax incentives in the Agreement.

In order to make the most of the economic effects from the UKVFTA, there are UK investors to invest and produce products that meet the quality and demand conditions for the UK market is essential for Vietnam. Besides, in addition, the advantages of British investors such as finance, pharmaceuticals, chemicals…will benefit Vietnam. Investing in Vietnam in this industries will enable investors to take advantage of highly skilled labor, perfect facilities as well as investment attraction policies in Vietnam to bring the best benefits for investors. On that basis, Vietnam also learn the operations, management and experience from British investors, thereby helping to develop the domestic market. In addition, Vietnam also needs to import raw materials for UK manufacturing industries such as textile materials and leather to ensure compliance with the rules of origin in order to make the best use of incentives from the Agreement.

With the negotiation of the Agreement, this is a new beginning for the economic relationship between the two countries Vietnam and the UK during a period of many difficulties due to epidemics and economic crisis. In addition, this is a step towards further developing the diplomatic, cultural and educational relationship between the two countries in the future.

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