Incorporation in Vietnam
Vietnam is another fast-rising economy in Asia. According to some experts, the country will be the fastest growing nation by 2025, and will have a gross domestic product bigger than Singapore, Norway or Portugal by 2050.
The main economic sectors are based on natural resources like bauxite and crude petroleum as well as agricultural products such as coffee, tea and black pepper, textiles and tourism. Manufacturing, IT and high-tech industries are sectors promoted by the Vietnamese government.
Officially a communist country, Vietnam also follows a five-year development plan similar to China and has opened its economy quickly. Still many important companies are state operated or controlled. The legal system is controlled by the communist party. And even though the constitution of Vietnam grants fundamental rights such as freedom of speech, freedom of the press, freedom of assembly and freedom of belief to citizens, censorship and restrictions by the government are still commonplace. Vietnam is member of the World Trade Organisation (WTO) and of the ASEAN Free Trade Area (AFTA).
Depending on the number of associates or stockholders, there are basically two major alternatives to incorporate a company in Vietnam:
- A single investor can set up either a Private Company or a Private Limited Liability Company (LLC) with just one associate or stockholder
- Two or more investors can either found a limited incorporation (LLC) with two to 50 associates or stockholders, or a Shareholding Company with at least three stockholders.
At KAYRO, our dedicated employees help clients identify their needs in accordance to their business plan. Each of our Vietnam clients is handled by a dedicated and experienced team of professional partners who will do their very best for the business success in Vietnam.