For Foreign Investors

How to Invest in Vietnam — Step by Step

A practical guide for international investors looking to enter Vietnam's fintech and financial services market, covering legal structures, licensing, tax planning, and operations.

Choose Your Investment Structure

Direct FDI

Set up a 100% foreign-owned company (LLC or JSC) — full control, takes 3-6 weeks

Best for: Operating businesses, fintech companies

Joint Venture

Partner with a Vietnamese entity — required in some sectors (banking, media)

Best for: Regulated sectors, local market access

VIFC Registration

Best for: Financial institutions, fintech, blockchain

Representative Office

No revenue-generating activities, used for market research and liaison — 1-2 weeks setup

Best for: Market exploration phase

Portfolio Investment

Invest in listed securities via foreign investor account at a licensed broker

Best for: Public equity, bonds

Understand Foreign Ownership Rules

100% Foreign Owned

Allowed in most sectors including fintech, technology, consulting, manufacturing

Best for: Default for most investors

49% Cap

Banking, telecom, crypto exchanges, media — foreign ownership capped

Best for: Must find local partner

30% Cap

Public listed companies (standard cap, can apply for higher)

Best for: Stock market investment

No Cap (VIFC)

100% foreign ownership for most financial activities within VIFC zone

Best for: Financial institutions targeting VIFC

Register Your Business

Business Registration Certificate

Apply at Department of Planning & Investment (DPI) — online at National Business Registration Portal

Best for: First step for all entities

Investment Registration Certificate (IRC)

Required for FDI projects — apply at DPI or Industrial Zone authority

Best for: Projects with foreign capital

VIFC Registration

Apply via VIFC e-Registration portal — concurrent with IRC application

Best for: Financial services entities

Sector License

Additional license from SBV (banking/payments), SSC (securities), or MOF (insurance)

Best for: Regulated financial activities

Tax Planning

Standard CIT

20% corporate income tax — standard rate for most businesses

Best for: Non-incentivized sectors

VIFC Incentive

0% first 4 years, 5% next 9 years, 10% thereafter — for qualified VIFC entities

Best for: Financial services in Da Nang

SEZ/Hi-Tech Incentive

10-17% CIT for companies in special economic zones or hi-tech parks

Best for: Tech companies, R&D centers

Withholding Tax

Dividends to foreign shareholders: 0% (already taxed at CIT level). Interest: 5%. Royalties: 10%

Best for: Tax treaty planning

Transfer Pricing

Vietnam follows OECD guidelines — arm's length principle, documentation required for related-party transactions

Best for: Multinational structures

Set Up Operations

Office Space

Grade A office: Da Nang $8-15/sqft, HCMC $25-40/sqft, Hanoi $20-35/sqft

Best for: Physical presence required for most licenses

Bank Account

Open direct investment capital account (DICA) at any commercial bank — Vietcombank, BIDV, Techcombank recommended for foreign companies

Best for: Required for capital contribution

Work Permits

Required for foreign employees — apply at DOLISA, takes 2-4 weeks. VIFC has streamlined process

Best for: All foreign staff

Accounting & Compliance

Vietnam Accounting Standards (VAS) — annual audit required for FDI companies. Tax filing monthly/quarterly

Best for: Hire local accounting firm

Repatriate Profits

Profit Repatriation

Freely allowed after fulfilling tax obligations — no approval needed, just tax clearance certificate

Best for: Annual after audit

Capital Repatriation

Allowed upon dissolution or capital reduction — requires Investment Registration amendment

Best for: Exit planning

Tax Treaties

Vietnam has 80+ double taxation agreements — check treaty with your home country for reduced withholding rates

Best for: Optimize via holding structure

Estimated Setup Costs

Typical costs for establishing a financial services entity in Vietnam

Item	Estimated Cost	Timeline
Company Registration	$500-2,000	3-6 weeks
VIFC Registration	$1,000-3,000	2-4 weeks
Banking License	$50,000+	6-12 months
Payment Intermediary License	$5,000-15,000	3-6 months
Securities License	$10,000-30,000	3-6 months
Office (12-month lease)	$3,000-15,000/year	1-2 weeks
Work Permit (per person)	$400-600	2-4 weeks
Annual Audit	$2,000-10,000	Annual
Legal Counsel (setup)	$5,000-20,000	Ongoing