THE SOCIALIST REPUBLIC OF VIET NAM
Government News
Foreign-invested enterprises in VN to be licensed within 15 days
VNGOVNet – The Government on February 12 issued Decree 23/2007/NĐ-CP instructing in details the Law on Trade in terms of commodity trading and other related activities carried out by foreign-invested enterprises in Vietnam. Accordingly, within 15 working days since receiving the opinions of the Ministry of Trade (MoT), provincial People’s Committees shall decide the issuance of business license for the enterprises.
Simplifying procedures to license business and investment – Photo: Saigongiaiphong online
The Decree clearly defines that, one of the conditions for foreign-invested businesses to be licensed to trade in commodities in Vietnam is that their investment forms must be appropriate to the roadmap pledged by Vietnam under international conventions which are suitable to Vietnamese laws and the country’s commitments to open its markets.
The foreign investors who do their first investment in Vietnam in the field of commodity trading or related activities will submit their application at the State agency in charge of investment management. The agency will consult the MoT and issue the Investment Certificate for commodity trading and related activities if the MoT agrees in writing. In this case, the Investment Certificate is considered as the Business License.
Decree 23/2007/NĐ-CP also stipulates procedures to revise and supplement the Business License for foreign-invested enterprises in Vietnam. Within ten working days since receiving valid documents from businesses, the agencies in charge of license issuance shall revise or supplement the Business License if the revisions and supplementations are suitable to Vietnamese laws and international conventions under which Vietnam is a member. If the revisions and supplementations are rejected, the agencies in charge of license issuance shall inform in writing to the enterprises, clearly declaring the reasons for rejection.
By Hoàng Nguyên