VIETNAM -- Company Formation
As the financial crisis spreads, Vietnam, much like the rest of the world, has been unable to avoid its consequences. The country's economy has, perhaps inevitably, succumbed to the global recession, and its flow of FDI and portfolio investments in particular has suffered.
In 2008, Vietnam reached the GDP growth rate of 6.5%, down from around 8% in 2005, 2006 and 2007. IMF forecast that Vietnam's economy would growth 5% this year, while the World Bank predicted a 6.5% growth. It is currently estimated that Vietnam will received less FDI and remittances, and its exports will dwindle as in other regional countries, in the face of the global crisis. However, trade deficit is expected to halve, and inflation will be curbed at single-digit level in mid-2009.
Earlier this year, to support the economy and to stimulate domestic demand, the government of Vietnam introduced a US$6 billion economic stimulus package, of which US$1 billion is used to support local companies to seek lower interest financing from banks.
Despite the recession's inescapably global reach, many foreign investors still view Vietnam as potentially valid market from a long-term perspective. This is attributed to: Vietnam's emerging market, with a population of 86.5 million people, ranking 13th in the world; the country's strategic location for prospective investors; its socio-political stability; its various natural resources; plus its skilled workforce and rapidly developing infrastructure.
Though Vietnam has been registered as a WTO member since 11 January 2007, its legal system is still in a state of flux. While much improvement has been made in recent years, there still exists overlap and sometimes contradiction between the laws adopted by the National Assembly (our legislative body), and the implementing regulations (such as decrees, circulars, regulations and even decisions) from the government, and various ministries / agencies.
It is recommended that a foreign company or investor aspiring to set up business in Vietnam should seek support from a professional law firm in Vietnam, so as to assess any potential legal risks involved.
In relation to setting up business for foreign clients, our professional services rendered are categorised in two areas of practice, namely: inward investment (foreign investment), and corporate & commercial. In the area of inward investment, we have advised and assisted various foreign investors to set up investment projects in Vietnam. The main aspects of our Inward Investment Practice are: market entry advice - including legal research and assessment including legal due diligence; investment structure and licensing matters - providing advice and preparing legal documentation for obtaining investment approval for 100% foreign-owned business vehicles; representing clients in negotiations of legal documentation; attending to government / administrative procedures; handling post-licensed procedures for foreign-invested projects; and advising on regulatory issues for foreign-invested projects in Vietnam.
Source: Corporate UK Magazine
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