Set-up Joint Stock Company in Vietnam

Joint Stock Company is an enterprise which has charter capital divided into equal portions called shares. The minimum number of shareholders shall be three and there shall be no restriction on the maximum number.

Shareholders shall be liable for the debts and other property obligations of the enterprise only within the amount of capital contributed to the enterprise.

Joint Stock Companies may issue all types of securities to raise funds. Founding shareholders must together register to subscribe at least twenty per cent (20%) of the number of ordinary shares which may be offered for sale.

The main difference between Joint Stock Company and Limited Liability Company is the Joint Stock Company can raise funds by offering shares or securities. In addition, an enterprise tends to join the Stock exchanges or public company must be a Joint Stock Company. Management system of Joint Stock Company is more complicated than Liability Company.

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Set-up Representative Office in Vietnam

A foreign business entity or a foreign trader is allowed to establish Representative Office in Vietnam.

Representative office of a foreign business entity in Vietnam (referred as “Representative Office”) means a subsidiary unit of the foreign business entity, established in accordance with the law of Vietnam in order to survey markets and to undertake a number of commercial enhancement activities permitted by the law of Vietnam.

Representative Office will need to apply and obtain the establishment license; and have a seal bearing the name of the representative office.

Representative Office is not allowed to directly conduct profit making activities in Vietnam (i.e: the execution of contracts, direct payment or receipt of funds, sale or purchase of goods, or provision of services), but the representative Office is permitted to

-To operate strictly in accordance with the purposes, scope and duration stated in the license for establishment of such representative office;

-To rent offices and to lease or purchase the equipment and facilities necessary for the operation of the Representative Office;

-To recruit Vietnamese and foreign employees to work for the Representative Office in accordance with the law of Vietnam;

-To open accounts in foreign currency and in Vietnamese Dong sourced from foreign currency at banks which are licensed to operate in Vietnam, and to use such accounts solely for the operation of the Representative Office.

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Da Nang organizes the 9th urban development forum in the city of Yokohama, Japan

On September 9th, 2019, Danang organized the 9th urban development forum of the city in Yokohama, Japan. 

The forum was organized in 03 days from 09-11 September 2019. In this forum, the two cities reassessed the cooperation results over the past time, namely the implementation of the Memorandum of Understanding was signed between the two cities (in April 2019). In the coming time, the cities will focus on developing public transport, building port government projects, environmental issues, high technology, information technology and city construction. clever.

In the forum, the two cities summarized the achievements of economic cooperation between the two cities in recent years. Especially with the financial support from Japan International Cooperation Agency (JICA) in recent years such as: waste separation project, water pump supply project, Lien Chieu port research project. At the same time, the representative from Da Nang highly appreciated the mode of cooperation between the public and private sectors of Yokohama City through the Center of establishment the knowledge- Y-PORT and the Yokohama Urban Solutions Alliance – YUSA; Danang hope that Yokohama city will continue to share experiences for Danang City to learn and apply to develop similar models in the city.

In addition, representative of Da Nang mentioned specific matters that need Yokohama to coordinate and support in the future such as: support to raise awareness of waste separation at source, technical observation of water environment and air environment, human resource training in the field of information technology, high technology, smart city, training and caring for the elderly …

At the forum, leaders of the two cities witnessed the departments and units of the two localities signing the cooperation minutes, marking, committing and confirming the sustainable cooperation relationship of the two cities, including: (1) Framework for implementing the Memorandum of Cooperation between the two cities for the period of 2019-2022 (2) Promotion of energy saving project towards people in Da Nang city by JICA funding (3) Danang Industrial Wastewater Management Project.

In the coming time, Danang wishes the two cities to work together to develop together, to attract Japanese investors to Danang to invest in here through setting up company under foreign direct investment scheme, thereby helping the city to learn a lot of experience in construction and development in the future.

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Danang organizes roundtable discussion investment cooperation with Canada

On August 28, 2019, in the Toronto city, Canada, Chairman of Danang People’s Committee chaired a roundtable talk about Canada-Danang investment cooperation.

At the conference, the Chairman of Danang City People’s Committee introduced the investment and business environment, as well as exchanging cooperation and investment opportunities to investors in Canada. The city also expressed its desire to attract investment in high technology, information technology, education and tourism.

Set-up business in DaNang

Until June, 2019, Canada has 10 foreign direct investment projects in Danang with a total registered capital of nearly USD 1 million, mainly in the field of management consulting service, equipment leasing. In terms of trade exchange, in 2018, exports from Danang to Canada reached 27 million USD, with the main export items including garments, children’s toys, components, auto parts, crafts. Meanwhile, the import value reached US $ 1.6 million with the main import items such as machinery, equipment and transport vehicles. At the roundtable seminar, Canadian investors expressed their interest in projects in the field of renewable energy, education, assembly, and production of auto parts in Danang.

For investors interested in the opportunity to cooperate in the production of automobile parts, Danang said the city has many mechanical businesses capable of cooperating to produce automobile parts with foreign partners. At the same time, the strategic location of Danang is also an advantage for investors in terms of product transportation and distribution system when opening the factory here.

In the field of education – training, city leaders encourage projects of building international schools and joint training programs according to international programs in Danang of Canadian investors.

In addition, Danang also wishes to cooperate with the city of Brampton, Ontario province – a city possessing strengths in logistics, information technology in Canada. At the meeting, representatives of city agencies answered the investors’ questions related to investment support and preferential policies; especially in the field of high technology, renewable energy, financial support for small and medium enterprises, protection of intellectual property rights …

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Legal Validity of Criminal Records Card in Vietnam

Criminal record or judicial record is a record of criminal convictions of convicted persons with criminal judgments and decisions of courts which have taken legal effect, judgment execution status and ban on individuals to hold positions or setting up company in Vietnam, or managing enterprises and cooperatives in Vietnam in cases where enterprises or cooperatives are declared bankrupt by Courts.

The competent state authority will grant individuals a criminal or judicial record card, which is issued by the department of justice or data center of judicial records to provide information whether or not an individual has any criminal record; prohibited or not prohibited from holding the position, establishing company in Vietnam, managing enterprises and cooperatives in Vietnam in case the enterprise or cooperative is declared bankrupt. Within the enterprise, judicial record cards will support human resource management, business registration, establishment, management of enterprises, cooperatives … Besides, many government agencies and organizations requesting individuals to provide judicial record cards for some necessary activities i.e. criminal record requirement for employment, criminal record for work permit application, criminal record for immigration purposes. According to Clause 1, Article 44, Law on Judicial Records 2009, there are two types of judicial record cards, including:

– Judicial record card No. 1 issued to Vietnamese citizens, foreigners who have or are residing in Vietnam to serve the purpose of human resource management, business registration, establishment, management of enterprises and cooperatives.

– Judicial record card No. 2 issued to Vietnamese citizen or foreigners whom have or are residing in Vietnam to serve the purpose of immigration, or others.

Depending on the purpose of using judicial record cards, individuals, agencies and organizations request the issuance of judicial record cards No. 1 or No. 2.

Pursuant to the Law on Judicial Records in 2009, Decree 111/2010 / ND-CP guiding the implementation of the Law on Judicial Records, the time limit for judicial record cards of Vietnam so far has not been clearly defined. Criminal record card’s time limit depend on the provisions in the documents of each relevant legal field and depending on the decision of the agency or organization that need to verify the status of judicial record of this individual.

As Articles 20, 24 and 28 of the Nationality Law of 2008, amended and supplemented in 2017, the application for admission, renunciation and return to Vietnamese nationality must have a judicial record card issued within no more than 90 days. For visa applications (VISA) at the US Embassy or the US Consulate General, the individual must have a judicial record card issued within 1 year for immigration verification.

Therefore, when individuals are required to provide judicial record cards at agencies and organizations, they must consider the regulations on the time limit that such agencies allow for judicial record cards. It is not contrary to the Law on Judicial Records in 2009, because the Law does not clearly stipulate the legal effect on two judicial record cards No. 1 and 2, as well as there are no regulations limiting the agencies and organizations to set the time limit for the criminal record cards in Vietnam.

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Da Nang – Japan Signed a Memorandum of Establishing Cooperative Relations between Da Nang city and Kisararu city

On July 26th, 2019, representatives of Da Nang City People’s Committee and representatives of Kisararu city, Japan signed a Memorandum of establishing cooperative relations between the two cities, to promote business and investment in Vietnam.

The content of the Memorandum include the discussion of the experience and cooperation in the investment attraction of the two cities. In addition, the parties committed to create the most favorable conditions for the investors of the parties to explore the market and invest in each city. In addition, Da Nang City pledged to regularly hold periodic local seminars to introduce investment opportunities, potentials and investment areas.

In addition, the parties are committed to supporting each other in introducing each other’s information to the businesses of the parties. The parties also proactively proposed organized Vietnam-Japan cultural exchange activities, aimed at promoting the culture and tourism of the two cities and promoting the labor exchange of the two parties. Kisarazu City will assist Da Nang City in training Japanese interpreters and the parties will make efforts to organize exchange programs for students and students to enhance mutual understanding.

Da Nang City and Kisarazu City starts to cooperate as well as sign the Memorandum in an extremely favorable time, promising to bring good results in the future. Danang wishes that in the coming time, the two cities’ Governments will cooperate more strongly in exchanges and exchange of experiences on urban management and personnel training.

It is the most favorable time for Japanese investors to invest in Da Nang. The Memorandum is the first step for Japanese investors to research the market and invest in Da Nang in the future through foreign direct investment projects to be carried out in Vietnam.

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Da Nang and Austria cooperate to develop tourism and investment

In July 2019, the delegation of Danang city attended the Introduction and Promotion Program in Danang in Vienna, Austria. The delegation of Danang Promotion Agency discussed the development of tourism with Graz city (Austria) of the two cities and investment into Vietnam.

The representative of Vietnam emphasizes that Danang is one of the most attractive tourist destinations in Vietnam and invited Austrian travel companies to set up travel programs to bring tourists to Vietnam and promote investment through setting up company in Danang.

During the program, the delegation worked with the City Mayor of Graz city and the representatives of Graz City Council on the promotion of the establishment of local-level cooperation between Danang and Graz. Graz city is the second largest city in Austria with a developed economy based on tourism, education and training pillars, high technology. These are also business lines that Danang City is very interested in.

The representatives of Danang city and representatives of Graz City Council have many programs to attract the tourism of both cities and wish to further develop the relations in many fields, including investment.

In the coming time, the investment cooperation of Austria and Danang city will have positive changes, this will create favorable conditions for Austrian investors to invest in Danang. Investors in the tourism and high-tech sector will be investors have many opportunities to invest in Danang in the future.

Echoing the initiative between Da Nang and Graz, Mr Tuan Nguyen of ANT Lawyers visited Vienna and Graz, Austria during the business trip between Jul 10 to Jul 12, 2019 to meet with long term European law firm partner Mr Markus Leitner of Leitner & Hirth, a law firm in Graz, Austria

And together meet and discuss potential business plan with a number of Austrian clients whom are interested in expanding business to Vietnam through different forms i.e. set up company in Vietnam to distribute plug and play hydroelectric power plant or establish factory to produce sustainable non-woven bags for export, or export agricultural machinery from Austria to Vietnam, in particular:

Doro Turbine Gmbh, represented by Stefen Stein, CEO

An award-winning start-up company, based in Graz-Austria, that is developing solutions for the simple utilisation of hydropower with very low heads. The doro-C Compact comes totally prefabricated in a 20ft standard container, which includes not just the turbine itself, but also the entire automation system as well as the electrical components. This makes doro-C the first plug & play hydroelectric power plant, especially designed for non-experts, which are simple, reliable & affordable.

Weforyou, represented by Armin Amirpanah, CEO

-International developer, producer and consultant of biopolymers and sustainable packaging solutions with a focus on the needs of retailers and polymer processing markets.

-Produce and provide customized PLA and PLA compounds. All weforyou’s bioplastics are 100% biodegradable, 100% compostable and 100% non-GMO.

RWA Wien AG, represented by Stefen Mariel

-A wholesaler of agricultural products and inputs as well as energy, building materials and products for home & garden;

-A wholesaler and retailer of agricultural machinery and spare parts;

-A franchisor for building & garden centres and building materials under the Lagerhaus brand;

-A developer of high quality own brands for the Lagerhaus cooperatives;

-A service provider enabling synergies in the areas of IT, modern business organisation, marketing and legal advice.

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