Posted on 10-May-2019

DTLAW - International Law Firm in Vietnam

According to the Vietnam’s Law on Investment (2014), there are various forms for investment in Vietnam including investment under business cooperation contract (“BCC”). Nowadays, domestic and foreign investors tend to choose BCC as a form of investment in Vietnam.
BCC means a contract between a Vietnamese investor with a foreign investor, or between foreign investors for business cooperation and distribution of profits and products. This form of investment does not creat a new and separate legal entity. Therefore there is no limitation on liability of parties which arises from or relates to BBC contract.
The parties to a BCC contract shall establish a coordinating board to supervise the performance of the BCC contract. The functions, duties and powers of the coordinating board shall be agreed by the parties. At anytime during performance of the BCC contract, the parties to the contract are entitled to establish an enterprise in accordance with the Vietnam’s Law on Enterprises (2014). Foreign investors who participate in BBC contract are allowed to established representative offices in Vietnam, which are entitled to have its own seal, open banking account, recruit employees, and implement other activities in order to perform the BBC contract.
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