As mentioned in the previous article regarding 5 STEPS OF ENTERPRISE REGISTRATION FOR FOREIGN INVESTMENT IN VIETNAM, foreign investors wanting to register their business in Vietnam must apply for an investment registration certificate (IRC) and enterprise registration certificate (ERC).
Driven by the lowest rate of car ownership among Southeast Asian peers, the advantages from numerous current and potential free trade agreements, the ongoing US – China trade war and the Government’s success in containing the COVID-19, Vietnam’s automobile industry is expected to expand rapidly.
After being issued the IRC, ERC and company seal, investors still cannot start their production without an approved environmental protection plan (EPP) or evironmental impact assessment report (EIAR).
Economic growth, political stability and geographic and labor advantages will certainly help Vietnam to be an essential partner and market in Southeast Asia within the next decade.
When choosing to move part of their production line out of China to minimize risks, most of the world's leading CCE manufacturing companies choose Vietnam as a priority thanks to its geographical advantages, qualifications, and attractive domestic market.
Biggest greatest advantages of establishing electrical equipment (EE) factories in Vietnam is the growing domestic demand while domestic production capability is limited.