Procedures for Obtaining an Investment Visa for Foreigners Who Own a Company in Vietnam

1. What is an Investment Visa?

An investment visa is a type of visa issued by the Government of Vietnam to foreigners who establish or contribute capital to a company operating in Vietnam.

2. Types of Investment Visas for Foreigners in Vietnam

• DT1 Visa: Issued to foreign investors in Vietnam and representatives of foreign organizations investing in Vietnam with capital contributions of VND 100 billion or more, or investments in industries, professions, or geographical areas prioritized by the Government. The maximum validity is 10 years.
• DT2 Visa: Issued to foreign investors in Vietnam and representatives of foreign organizations investing in Vietnam with capital contributions from VND 50 billion to less than VND 100 billion, or investments in industries or professions encouraged by the Government for development. The maximum validity is 5 years.
• DT3 Visa: Issued to foreign investors in Vietnam and representatives of foreign organizations investing in Vietnam with capital contributions from VND 3 billion to less than VND 50 billion. The maximum validity is 3 years.
• DT4 Visa: Issued to foreign investors in Vietnam and representatives of foreign organizations investing in Vietnam with capital contributions of less than VND 3 billion. The maximum validity is 1 year.

3. Conditions for Obtaining an Investment Visa for Foreigners

To apply for an investment visa or investment TRC for a foreigner, the individual must meet the following conditions:

• Purchase shares in a company in Vietnam.
• Contribute capital to a company in Vietnam.
• Establish their own company in Vietnam.

Additionally, representatives of the capital contribution of the investment organization will also be granted an investment visa.
Documents proving investor status include:

• Investment Certificate or Certificate of Capital Contribution.
• Business registration, operating license of the company.
• Documents proving the capital contribution: Financial statements or bank confirmation.

4. Application Documents for an Investment Visa for Foreigners

• Investment Certificate or business license in Vietnam.
• Written request for the issuance of a Vietnam investment visa according to form NA5, signed and stamped.
• Information declaration form about the foreigner applying for the investment visa.
• Two passport-sized photos (2x3 cm) with a white background.
• Original passport valid for more than 6 months with at least 2 blank pages.
• Documents proving temporary residence registration at the local authority.

Processing Time for Issuing a Visa or TRC for Foreigners: According to current regulations, the processing time is 5 working days from the date the enterprise submits a complete and valid application.

5. Differences in Local Procedures

The process of obtaining an Investor Visa and Temporary Residence Card (TRC) can vary slightly depending on whether you're in Hanoi, Da Nang, or Ho Chi Minh City due to local administrative procedures and regulations. However, the fundamental legal requirements are governed by national laws. Here are some key differences and best practices to keep in mind when applying in these cities:

a) Differences in Local Procedures

Hanoi:

• In Hanoi, the administrative process can sometimes take longer due to the city's complex system. The approval process for investment documents, especially at the Department of Planning and Investment, may involve more detailed scrutiny.
• Best Practice: Ensure your documents, especially investment certificates and financial records, are in perfect order and anticipate a longer wait time.

Ho Chi Minh City:

• HCMC tends to have a faster, more streamlined process for both the Investor Visa and TRC due to its higher volume of foreign investors. The Department of Immigration and Department of Planning and Investment are accustomed to processing large numbers of applications.
• Best Practice: Ensure you submit online applications (if applicable) to expedite the process.

Da Nang:

• As a smaller city, Da Nang's administrative procedures tend to be more straightforward and may have fewer delays compared to Hanoi. The city is increasingly foreign-investor-friendly, and the Da Nang Department of Immigration offers fairly prompt services.
• Best Practice: Leverage the relatively simpler bureaucracy, but ensure that your business aligns with the city’s development priorities (e.g., tourism, tech startups) to avoid potential delays in processing investment visas.

b) Different Processing Times

• Hanoi: Processing times may be slower, especially for new investors or those dealing with industries that are heavily regulated.
• HCMC: Faster processing but the volume of applications can lead to occasional delays.
• Da Nang: Moderate processing time, generally more responsive due to lower application volumes.

c)  Best Practices

• Use Local Representation: For each city, it's beneficial to use local consultants or legal firms who are familiar with the city’s specific nuances. This can help avoid unnecessary delays.
• Submit Complete and Accurate Applications: Double-check your paperwork, as missing or incomplete documents can lead to delays or denials, especially in cities like Hanoi where scrutiny is higher.
• Contact the Local Immigration Department in Advance: For both the visa and TRC, it’s a good idea to make appointments ahead of time and inquire about specific requirements, as they might vary slightly between cities.

While the core requirements for obtaining an Investor Visa and TRC are the same across Vietnam, local procedures, processing times, and bureaucratic efficiency vary between Hanoi, Da Nang, and Ho Chi Minh City. Working with local consultants like Zora Consulting ensures that you understand the specific requirements for your city and helps expedite the process effectively.