According to the Schedule of Specific Commitments in Services of Vietnam in the WTO, foreign investors are allowed to provide construction services in Vietnam if they are juridical persons of a WTO Member.
In addition, this business line is subject to investment conditions with regard to foreign investors (Clause 1 Article 10 of Decree No. 118/2015/ND-CP ).
Accordingly, in case an investor being a foreign individual (he/she has nationality of a WTO Member) acquires the whole shares in Vietnam of a foreign – invested company to execute a construction project, the investor has to carry out procedures for registration of capital contribution, purchase of shares according to Clause 3 Article 46 of Decree No. 118/2015/ND-CP .
Conditions must be met when an investor transfers the whole or part of a project to other one are regulated in Clause 1 Article 45 of 2014 Law on Investment.
|Published||Vietlaw's Newsletter No. 473|
Regarding offshore remittance of profits (2/9/2018)