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| PREFACE | Vietnam embarked on the socio-economic reform policy (known as Doi Moi) in 1986, through which the country undertook to transfer the centrally-planned economy into the socialist-oriented market economy. On the way towards integration into the world economy, Vietnam has concluded multilateral and bilateral trade and investment agreements, 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). Along with trade and investment agreements, Vietnam has also concluded tax treaties with numerous countries.
Accession to WTO has been seen as the country’s continued resolved to integrate into the world economy and to boost the economic reform policy. Vietnam has attracted substantial investments since the start of its market reform. As of September 2009, Vietnam has received 10,747 foreign-invested projects with the total registered investment capital in excess of 168 billion USD from nearly 100 different countries and territories. Doi Moi and foreign investment has changed the face of our country in terms of economy, culture and society. Vietnam has now become a destination for foreign investment. As a leading law firm for years in the foreign investment consultancy, LuatViet has witnessed the progressive development of the country’s economy in parallel 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 for the ease of establishing and running businesses in Vietnam. The contents cover some of the frequently asked questions about investing and doing business under Vietnam business law in areas such as incorporation, forms of investment, finance market, and employment, WTO commitments on market opening, land and real estate, intellectual property, 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 are delighted to present this booklet to you and trust that it will be of value to your successful investments in Vietnam. |