Posted 17.11. 2020 by Cekindo
Foreigner investors are in favour of establishing a logistics company in Vietnam due to its rapidly increasing young population, GDP, domestic manufacturing and consumption, e-commerce, and the adoption of new technologies. According to the World Bank, the market is forecast to grow 14-16% per year from now until 2024.
The logistics market in Vietnam has now created so many opportunities for both local and foreign companies to profit due to the rising demand.
For investors considering establishing a logistics company in Vietnam, you have two options: a logistics company set up with foreign investments or with domestic investments.
1. Domestic-invested Logistics Company in Vietnam
Establishing a domestic-invested logistics company in Vietnam is simpler than setting up a foreign-invested one. A local investor can fully own a company with local capital and acquire a business license for certain logistics services from state-level authorities.
Steps involved in setting up a local logistics company in Vietnam include the following:
a. Submit the following required documents along with forms from the Department of Plan and Investment.
b. Announce information publicly regarding the company’s establishment on Vietnam’s National Business Registration Portal. Published information consists of the below:
c. Create a company seal and notify Vietnam’s Business Registration Department with the seal sample.
d. Apply for specific business licenses for conditional business lines.
2. Foreign-invested Logistics Company in Vietnam
a. Publish information of invested projects on Vietnam’s National Investment Information Portal.
b. Submit the required documents to the Investment Registration Department within 15 working days starting from the online publication date. The dossier includes the following documents:
c. Investors will receive an account from the Investment Registration Department. This account allows investors to access Vietnam’s National Foreign Investment Information Portal.
d. All application processes and results are updated in the portal. The agency will issue a project code to investors if the application is approved.
e. Investors will receive the Investment Certificate.
f. Investors must announce their commencement of business publicly similar to the steps conducted for a domestic logistics company in Vietnam.
g. Specific business licenses are also necessary for conditional business lines.
Vietnam is the ideal destination to start a logistics company not only because it is one of the global’s most dynamic business hubs, but it is also the 4th largest economy in Southeast Asia.
As logistics companies in Vietnam must legally set up their entities, they will have to possess more resources and credibility to apply for relevant business licenses, bank accounts, and credits.
Cekindo is your respected business consulting firm in Vietnam that has built trust and reliability by doing business with large organisations and businesses of other sizes.
Cekindo can provide you with business solutions for your global logistics company in Vietnam beyond the initial setup. We also make sure that no time is wasted in unnecessary formalities, saving you significant time and resources.
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