Vietnam became the 150th member of the World Trade Organisation (WHO) in 2007. This opened the door for foreigners to invest and operate businesses in Vietnam. Individuals and organisations are allowed to choose their area of investment, the structure of their business and the method by which capital is raised, as long as their choices are in compliance with Vietnamese law, international treaties and commitments.
Economic organisations can consist of limited liability companies with multiple members, limited liability companies with one member, shareholding companies, private companies, cooperative companies or joint economic cooperation.
For investment projects requiring the use of land, investors shall contact competent land management agencies of the localities where projects are to be executed in order to carry out land assignment or land lease procedures. The process and procedures for land assignment and land lease shall comply with the provisions of land law.
With respect to domestic investment projects which have an invested capital of below fifteen (15) billion Vietnamese dong and which are not included in the list of sectors of investment subject to conditions, the investors shall not be required to perform the procedures for investment registration.