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flag Vietnam Vietnam: Operating a Business

In this page: Setting Up a Company | The Active Population in Figures | Working Conditions | Cost of Labor | Social Partners

 

Setting Up a Company

Private company
Number of partners: 1 member.
Capital (max/min): No minimum capital required except for the finance, banking, real estate, tourism and employment sectors.
Shareholders and liability: Limited to capital for members / shareholders
Limited Liability Company
Number of partners: Minimum 2 partners, with a maximum of 50. Single member Limited Liability Company: one partner.
Capital (max/min): No minimum capital required except for the finance, banking, real estate, tourism and employment sectors.
Shareholders and liability: Limited to capital for members / shareholders
Joint-stock company
Number of partners: Minimum of 3 partners.
Capital (max/min): No minimum capital required except for the finance, banking, real estate, tourism and employment sectors.
Shareholders and liability: Limited to capital for members / shareholders
Partnership
Number of partners: At least 2 co-owners
Capital (max/min): No minimum capital required except for the finance, banking, real estate, tourism and employment sectors.
Shareholders and liability: Unlimited to all partners
The Competent Organization
The State Committee for Co-operation and Investment is the organization where status must be registered.
 
Setting Up a Company Vietnam East Asia & Pacific
Procedures (number) 10.0 7.0
Time (days) 34.0 36.0

Source: Doing Business.

 
Business Setup Procedures
Consult Doing Business Website, to know about procedures to start a Business in Viet Nam.
Company Registration Office

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The Active Population in Figures

201120122013
Labor force 48,230,00049,180,00052,930,000

Source: CIA - The world factbook

 
200920102011
Total activity rate -71.90%77.10%
Men activity rate 76.00%81.10%81.20%
Women activity rate 68.00%73.10%73.20%

Source: UN - United Nations

 
For Further Statistics
General Statistic Office
For Further Information About the Labor Market
Ministry of Labor, Invalid and Social Affairs

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Working Conditions

Legal Weekly Duration
People usually work 48 hours a week spread over 5 and half days. Employees in the Administrative Sector work 40 hours a week.
Retirement Age
55 years old for women and 60 years old for men.
Working Contracts
There are two types of labor contracts:

- An indefinite term labor contract: the two parties do not determine the term and the time for termination of the validity of the contract;

- A definite term labor contract: the two parties determine the term and the time for termination of the validity of the contract as a period of twelve (12) to thirty six (36) months; or a labor contract for a specific or seasonal job with a duration of less than twelve (12) months.

Labor Laws
Consult Doing Business Website, to obtain a summary of the labor regulations that apply to local entreprises.

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Cost of Labor

Minimum Wage
VND 730,000 per month (source: ILO, 2010).
Average Wage
Gross average monthly wage of men: VND 2,668,000 (source: ILO, 2010);
Gross average monthly wage of women: VND 2,297,000 (source: ILO, 2010).
Social contributions
Social Security Contributions Paid By Employers: 15 %.
Social Security Contributions Paid By Employees: 5 %.

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Social Partners

Social Dialogue and Involvement of Social Partners
The General Confederation of Labor co-ordinates provincial and local trade unions with regards to problems concerning labor and companies supervision for labor conditions.
Unions
Vietnam General Confederation of Labour
Unionization Rate
The rate of unionization is close to 100%.
Labor Regulation Bodies
Ministry of Labor, Invalids and Social Affairs
Vietnam General Confederation of Labor

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Last Updates: October 2014