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| PREFACE | Vietnam embarked on the socio-economic reform policy (known as Doi Moi) in 1986, through which its centrally-planned economy was transformed into the socialist-oriented market economy. On its way towards globalization, Vietnam has executed multilateral and bilateral trade and investment agreements with numerous countries, and now has membership in many international organizations: World Bank and International Monetary Fund (1992); Association of Southeast Asian Nations (ASEAN) (1995); ASEAN Free Trade Area with a Common Effective Preferential Tariff (CEPT) scheme (1995), Vietnam - U.S. Bilateral Trade Agreement (BTA - 2001); World Trade Organization (WTO) (2007); and Vietnam – Japan Economic Partnership Agreement (VJEPA - effective as from October 1, 2009). Especially, upon several years of continued and restless negotiations, the accession to WTO on 11 January 2007 marked the development and maturity of Vietnam’s economy.
Vietnam has attracted substantial investments since the start of its market reform. By December 2010, Vietnam has received 11,716 foreign-invested projects with the total registered investment capital in excess of 186.6 billion USD from nearly 100 different countries and territories. Doi Moi and foreign investment have changed the face of our country in terms of economy, culture and society. Moreover, with the freely investment environment, which is protected by its improved legal system, Vietnam has proved that it is the promising destination for foreign investors. As a leading law firm in the foreign investment consultancy for years in Vietnam, LuatViet has witnessed that Vietnam’s economy has been progressively developing in conjunction with our client’s successful projects. The humble ambition of this guide book is nothing but to provide the investors with an overview on Vietnam business law system in consideration of establishing and running businesses in Vietnam. First published in April 2009, this guide book has now been updated to include recent changes in the Vietnamese legislation. The contents of this guide book cover almost major issues on the business - investment law of Vietnam such as incorporation, forms of investment, finance market, labor, WTO commitments on freeing the accession to Vietnam’s market, real estate, intellectual property, acquisition and merger, dispute resolution and immigration. Discussions presented in each section are based on the practical experience of LuatViet lawyers as well as the perspective of investors, especially foreign investors. We hope that it will be of value to investors and interesting readers. Ho Chi Minh City, 20 May 2011 Tran Duy Canh, Esq. Managing Partner |