Scenario: a 100% Korean-owned LLC building an electronics-components plant in the Duc Hoa industrial park cluster (Duc Hoa district, Long An — now part of Tay Ninh province following the merger under Resolution 202/2025/QH15, effective 12 June 2025) has just received its Investment Registration Certificate from the provincial Industrial Parks Management Board and its Enterprise Registration Certificate. The chief accountant asks the director: “We have the licenses — what must be done first, and what can wait?” This article answers with a four-week roadmap, sequenced by how the procedures depend on one another.
Week one: seal, digital signature, signboard — the tools for signing everything that follows
The first job is not tax; it is the instruments needed for every later filing. Under Article 43 of the Enterprise Law 59/2020/QH14, a company decides for itself the type, quantity, form and content of its seal; since 1 January 2021 the old duty to notify the seal specimen to the business registration office (required under the 2014 Enterprise Law) has been abolished. In practice in Duc Hoa: have the round seal engraved at a licensed engraver and issue an internal regulation on seal management and custody (who keeps the seal, who may authorize its use, a seal-use log) — tax offices, banks and counterparties will ask for this if a signature is ever disputed. In parallel, buy a public digital signature from a licensed provider: without one you cannot sign electronic tax returns, cannot issue e-invoices and cannot file online. End week one by mounting the signboard at the premises inside the industrial park, showing the exact company name and enterprise code — a small matter, but the park’s joint inspection teams do note it during site visits.
Week two: initial tax and invoicing — the procedures with statutory deadlines
The moment the enterprise code (which doubles as the tax code) is issued, the company is a taxpayer. The initial tax dossier goes to the tax office directly managing the area of the head office — for a Duc Hoa project, the tax authority administering Duc Hoa district in Tay Ninh province. Three dates to remember: first, the license-fee (mon bai) declaration is due no later than 30 January of the year following the year of establishment, under Clause 1, Article 10 of Decree 126/2020/ND-CP; the first year is exempt under Decree 22/2020/ND-CP (amending Decree 139/2016/ND-CP) — but the declaration must still be filed. Second, register the applicable VAT calculation method. Third, register to use e-invoices under Decree 123/2020/ND-CP (19 October 2020), as amended by Decree 70/2025/ND-CP (effective 1 June 2025): file the registration via the tax authority’s electronic portal and issue invoices only after acceptance. Practical experience: do not let e-invoice registration slip into week three, because every expense from week two onward needs valid input invoices.
Weeks two to three: banking and capital flows — open the right accounts, contribute on time
A foreign-invested company needs two kinds of accounts: a VND payment account and a foreign investment capital account in Vietnam (ICA account) at a licensed bank. The current framework is Circular 38/2026/TT-NHNN (effective 18 August 2026), which replaced Circular 06/2019/TT-NHNN in its entirety — note the terminology change: the old “direct investment capital account (DICA)” is now the “foreign investment capital account in Vietnam (ICA)”, and every account-opening form and contract signed from now on must use the new term. A welcome change: investors may open the capital account right after the Enterprise Registration Certificate is issued, where the company is established before the investment registration procedure. All capital contributions, profit remittances and other investment-related receipts and payments must pass through this account. On capital contribution: Clause 2 of Article 47 (multi-member LLCs), Clause 2 of Article 75 (single-member LLCs) and Clause 1 of Article 113 (joint-stock companies) of the Enterprise Law 59/2020/QH14 set a 90-day deadline from issuance of the Enterprise Registration Certificate to fully contribute the committed charter capital, excluding time for transporting or importing contributed assets and completing ownership-transfer procedures. In practice: transfer contributions with a clear “charter capital contribution” payment description and keep the bank slips as accounting vouchers — tax inspectors and auditors will reconcile these figures.
Weeks three to four: labor and insurance — complete before mass recruitment
Before hiring in bulk for the Duc Hoa workshop, the company needs internal labor regulations, a salary scale and properly typed labor contracts. Register first-time participation in social, health and unemployment insurance with the local social insurance agency under the Social Insurance Law 41/2024/QH15 (effective 1 July 2025). For Korean experts and technicians coming to run the production line: obtain work permits under Decree 219/2025/ND-CP (which replaced Decree 152/2020/ND-CP) — the dossier requires documents prepared abroad (criminal record, health certificate, diplomas), so start in week one rather than waiting until the expert has arrived. Note: foreign employees falling within the statutory categories must join compulsory social insurance under Decree 158/2025/ND-CP (effective 1 July 2025, replacing Decree 143/2018/ND-CP) — many FDI firms overlook this and face retroactive collection during inspections.
Sub-licenses: fire-safety appraisal, environment dossier and construction acceptance before trial runs
The Investment Registration Certificate records the project implementation schedule, so any sub-license delay puts the committed timeline at risk. For an electronics-components workshop inside a Duc Hoa industrial park, the minimum list includes: fire-prevention design appraisal and acceptance; the environmental dossier matching the project scale (environmental impact assessment or environmental registration); and acceptance of the completed construction works before commissioning. Local experience in the Duc Hoa parks: the park infrastructure developer usually runs a one-stop support desk for these procedures — use it from week one instead of visiting each agency yourself.
Frequently asked questions
Long An is now part of Tay Ninh — where do we file tax and insurance dossiers?
Documents issued before the merger remain valid. New filings go to the tax office and social insurance agency administering Duc Hoa district in Tay Ninh province under Resolution 202/2025/QH15 (effective 12 June 2025). When filing, check the agency’s new name on the appointment slip or the locality’s website so the recipient is recorded correctly.
Can we issue invoices and sign contracts before fully contributing charter capital?
Yes. Within the 90-day period, members and shareholders enjoy rights and obligations corresponding to their committed capital under the 2020 Enterprise Law. In practice, however, banks reviewing loan applications and counterparties signing large contracts routinely check actually contributed capital in the financial statements, so plan early contributions rather than bunching them at the deadline.
A newly established company with no revenue — must it still file tax returns?
Yes. From the issuance of the enterprise code (which serves as the tax code), the company is a taxpayer and must file periodic returns under the current tax administration law (Tax Administration Law 108/2025/QH15, effective 1 July 2026, replacing Law 38/2019/QH14), even for periods with no tax payable, except where filing exemption applies.
Can the investment capital (ICA) account be opened at any bank?
It must be opened at a bank licensed for foreign-exchange operations in Vietnam. In practice, use one ICA account per investment project so that contribution flows, profit remittances and State Bank reporting reconcile cleanly; multiple accounts for the same project only complicate later explanations.
