Vietnam Sets Rules for Foreign Investment in Science and Technology Industry
Jul. 22 – A new decree will now require science, technology, research and training cooperation deals involving foreign investors to have a written agreement or memorandum of understanding.
Decree No 80/2010/ND-CP, issued on July 14, says that authorities must be informed when an agreement takes effect within 15 days from the date of execution.
Moreover, science and technology organizations using foreign funding must first obtain approval from the authorities as well as fulfill investment conditions and environmental standards. These include applying for an investment certificate and submitting a charter detailing the scope of activities, human resources and facilities.
Projects must also be approved by the local people’s committee where the office is located. Foreign science and technology organizations wanting to open representative offices in the country will only be allowed to do so after one year of operation. They will also be allowed to open a branch but only after five years of operation in Vietnam.
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