NEW REGULATION ON TEMPORARY RESIDENT CARD VIETNAM FOR FOREIGN INVESTORS FROM JULY 2020

Tuesday, 03/03/20

With changes to the new immigration law, taking effect in July 2020, foreign nationals will be allowed to change the visa purpose “entry purpose” in-country without leaving the country under some specific circumstances, and visa-waived nationals will no longer be subject to a 30-day cooling-off period. One of the big changes impact on the temporary residence card Vietnam for foreign investors is that, in the new law, they will be granted temporary residence cards “TRCs” with a duration up to 10 years (current law is maximum duration of 5 years) depending on the investment amount (the value of their contributed investment) on the investment and business registration certificate, dependents of foreign investors will be granted a visa or temporary residence card with a maximum of 3 years duration, renewable.

NEW REGULATION ON TEMPORARY RESIDENT CARD VIETNAM FOR FOREIGN INVESTORS FROM JULY 2020

[1] - Visa types/ symbols for foreign investors are divided into 4 categories as ĐT1, ĐT2, ĐT3, ĐT4 (current law has only 1 type: ĐT)

ĐT1 – issued to foreign investors and representatives of organizations investing in Vietnam whose contributed capital is or over VND100 billion, or who are investing in sectors, professions or geographical regions of investment priorities regulated by the Government.
ĐT2 – issued to foreign investors and representatives of organizations investing in Vietnam whose contributed capital is from VND50 billion to less than VND100 billion or who are investing in sectors, professions entitled to investment incentives regulated by the government .
ĐT3 – issued to foreign investors and representatives of organizations investing in Vietnam whose contributed capital is from VND03 billion to less than VND50 billion.
ĐT4 – issued to foreign investors and representatives of organizations investing in Vietnam whose contributed capital is less than VND03 billion.

[2] - The maximum term of Visa and temporary residence card is ONE YEAR for small investors whose contributed investment is less than VND3 billion.

ĐT1 – valid for no more than 10 years.
ĐT2 – valid for no more than 05 years.
ĐT3 – valid for no more than 03 years.

ĐT4 – Investors of this type is not subject to a TRC issuance, however, they are allowed for temporary residence of up to 12 months with the visa.

[3] - Increasing the maximum duration of temporary residence card up to 10 YEARS for huge investors if their contributed investment is more than VND100 billion (holders of ĐT4 visa and TRC).

[4] - Permitting a foreign corporate investor to nominate a representative to Vietnam and that person will be entitled to a temporary residence card or visa based upon the capital of the foreign investor.

WHAT ARE THE BENEFITS OF THE NEW REGULATIONS?

It is not hard to see that the law is aiming to encourage more investors into Vietnam. Some of the key changes that foreign investors will benefit from the new regulations are:

Investors with huge amount of contributed investment are now able to stay in Vietnam for a longer period of time (up to 10 years).
Representatives of entities investing in Vietnam are also subject to the ĐT visa and temporary residence card categories, which means that those representatives now are treated equally to investors who are natural persons.

OTHER ARTCLES OF VIETNAM'S VISAS AND TEMPORARY RESIDENCE CARD

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NEW REGULATION ON TEMPORARY RESIDENT CARD VIETNAM FOR FOREIGN INVESTORS FROM JULY 2020

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