A question many investors ask: is obtaining an Investment Registration Certificate (IRC) “harder” or “slower” for a foreign individual’s project than for a foreign organization’s? The short answer: procedures, timelines, and receiving authorities are identical — the differences lie mainly in the document components evidencing the investor’s status.
This article compares the current rules under the Law on Investment 2025 (No. 143/2025/QH15, effective March 1, 2026) and Decree No. 96/2026/ND-CP (effective March 31, 2026).
1. Common legal framework: no individual/organization distinction
Under Point a, Clause 1, Article 26 of the Law on Investment 2025, investment projects of foreign investors — both individuals and organizations — are subject to the IRC issuance procedure.
For projects not subject to investment policy approval, Article 39 of Decree No. 96/2026/ND-CP uniformly provides:
- Dossier: one set per Clause 1, Article 32 of Decree No. 96/2026 (project implementation request; legal status documents; financial capacity documents; project proposal; site documents);
- Timeline: 10 working days from receipt of a valid dossier (Clause 3, Article 39);
- Issuance conditions: not in prohibited business lines (Article 6, Law on Investment + international treaties); project site identified; conformity with planning; investment-rate/labor conditions (if any); foreign-investor market-access conditions; technology conditions (if applicable).
This framework applies uniformly — there are no separate procedures or timelines for individuals vs. organizations.
2. Comparison: which documents differ?
| Item | Foreign individual | Foreign organization |
|---|---|---|
| Legal status | Certified copy of the investor’s passport | Establishment license / business registration certificate, consular-legalized + notarized translation; investor’s decision; authorized representative appointment; passports of the legal representative / capital-managing representative |
| Financial capacity | Bank balance confirmation (notarized translation) | Audited financial statements for the 2 most recent years, or parent-company / financial-institution support commitment, or financial capacity guarantee |
| Procedure | Identical (Art. 39, Decree 96/2026) | |
| Timeline | 10 working days | |
| Receiving authority | Identical (Dept. of Finance / IZ management board per Art. 27, Law on Investment 2025) | |
3. Note on consular legalization
The biggest “complexity” gap: a foreign organization’s documents (establishment license, financial statements) must be consular-legalized by the competent authority abroad before notarized translation into Vietnamese — typically adding 2–4 weeks.
By contrast, a foreign individual’s dossier is leaner — mainly the passport and bank balance confirmation. However, individuals should note: the financial capacity shown must be proportionate to the proposed project scale, or the dossier risks being assessed as inadequate.
4. Foreign individuals titling projects: any restrictions?
Investment law does not prohibit foreign individuals from titling investment projects and obtaining IRCs. Practical notes:
- After the IRC, the individual typically must establish an enterprise to implement the project (a private enterprise has no legal personality separate from its owner — consider the enterprise form carefully);
- Some conditional sectors may require institutional investors;
- Personal income tax on individuals’ capital transfers follows a separate framework.
Frequently asked questions
Must foreign individuals prove investment experience?
The law imposes no investment-experience condition on individuals. The focus is clear legal status and financial capacity proportionate to the project.
Does the 10-day timeline include dossier supplementation time?
No. The 10 working days run from receipt of a valid dossier. If the dossier is incomplete, the investment registration authority notifies the investor to supplement — the 10-day clock only starts once the dossier is valid.
Preparing an IRC application for your project? Contact us for a pre-filing review.
Reviewed by the FLAW AI Legal Council and submitted to the owner for approval. This article is for reference only and does not constitute legal advice for your specific case.