▶ 本文作者：Nguyen Tien Hai Duong，Tran Tuan Hung
前言 • Foreword
Does the target company operate in a sector where foreign ownership is capped, and at what percentage? Must you obtain approval before the shareholder change, or can you simply sign the contract and go straight to the business registration authority? And once the purchase price is remitted from abroad, which account must it flow through so that you can repatriate profits later? These three questions determine whether your deal closes in weeks or stalls for months. More to the point, the legal framework governing this activity changed twice during 2026, and most of the guidance circulating online still reflects the old rules. This article analyses the current legal framework, the implementation sequence and the risks to avoid.
目标公司是否属于外资持股比例受限的行业，上限为多少？在变更股东之前是否必须取得批准，还是签署合同后可直接前往企业登记机关办理？从境外汇入的股份收购价款又应当通过哪个账户流转，才能确保日后可以汇出利润？这三个问题可能决定您的股份收购是在数周内完成交割，还是要拖延数月之久。更值得注意的是，该领域的法律框架在2026年内已经历两次变动，而网络上流传的多数指引仍按旧规定撰写。为此，本文系统阐述外国投资者收购越南在营公司的现行法律框架、实施程序以及应予规避的风险。
The current legal framework for acquiring an operating Vietnamese company
收购一家在营越南公司的现行法律框架
Where a foreign investor wants to own a Vietnamese business that is already running, the most common route is not incorporating a new entity but contributing capital to, purchasing shares in, or purchasing the capital contribution of that very company. The advantage is obvious: you inherit the licences, contracts, customers and workforce immediately instead of starting from zero.
外国投资者希望持有一家越南企业时，最常见的路径并非设立新公司，而是对已在运营中的公司进行出资、购买其股份或购买其出资额。收购在营公司的优势十分明显：您可立即承接现有的许可证、合同、客户与团队，而无需从零开始。
The directly governing instruments are the Law on Investment No. 143/2025/QH15, effective 01/03/2026, together with Decree 96/2026/ND-CP implementing it. The first point to grasp is that not every deal requires prior approval. The Law identifies only three categories of mandatory cases.
直接规范外资并购的法律文件为自2026年3月1日起施行的《投资法》第143/2025/QH15号，以及配套实施的第96/2026/ND-CP号议定。首先应当明确的是，并非所有交易均须事先取得批准。法律仅将三类情形列为强制登记范围。
"A foreign investor shall carry out the procedure for registration of capital contribution, share purchase or purchase of capital contribution in an economic organisation before the change of members or shareholders where the transaction falls into one of the following cases: a) The capital contribution, share purchase or purchase of capital contribution increases the ownership ratio of foreign investors in an economic organisation operating in a sector subject to conditional market access for foreign investors; b) The capital contribution, share purchase or purchase of capital contribution results in the foreign investor... holding more than 50% of the charter capital of the economic organisation...; c) The foreign investor contributes capital to, purchases shares in, or purchases the capital contribution of an economic organisation holding a Land Use Right Certificate on an island, or in a commune, ward or special zone in a border area; a coastal commune or ward; or another area affecting national defence and security."
Article 21, Clause 3, Law on Investment 2025 (Điều 21 khoản 3, Luật Đầu tư năm 2025)
"外国投资者在变更成员、股东之前，属于下列情形之一的，应当办理对经济组织出资、购买股份、购买出资额的登记手续：a) 该出资、购买股份、购买出资额致使外国投资者在经营对外国投资者实行有条件市场准入行业的经济组织中的持股比例增加；b) 该出资、购买股份、购买出资额致使外国投资者……持有该经济组织百分之五十以上的注册资本……；c) 外国投资者对在岛屿及边境地区的社、坊、特区，沿海社、坊，以及其他影响国防、安全区域持有土地使用权证书的经济组织进行出资、购买股份、购买出资额。"
--2025年《投资法》第21条第3款 (Điều 21 khoản 3, Luật Đầu tư năm 2025)
What this means for you: if you acquire a small stake in a company operating in an unrestricted sector, with no land in a sensitive area, and you still hold below 50% of the charter capital after closing, you proceed directly to the business registration authority to change the member or shareholder. In practice, however, most acquisitions aim at control, meaning the stake exceeds 50%, which places the deal squarely in the mandatory registration group.
这对您意味着什么：若您收购的是非限制行业公司的少数股权，该公司在敏感区域并无土地，且交易完成后您持有的注册资本仍低于50%，则可直接前往企业登记机关办理成员或股东变更。但实务中，绝大多数企业收购交易均以取得控制权为目的，即突破50%的界限，因而落入强制登记的范围。
The next question is the business lines. This is precisely where the market is most flooded with conflicting answers. The principle is in fact clear: Decree 96/2026/ND-CP publishes the List of sectors subject to restricted market access for foreign investors in Appendix I, divided into two parts. Section A lists sectors where foreign investors have no market access at all, meaning investment is not permitted. Section B lists sectors with conditional market access, typically conditioned on ownership ratio, form of investment or investor capability. Outside those two sections, foreign investors enjoy market access on the same terms as domestic investors.
接下来的问题是行业。这正是市场上信息最为混乱、各方说法不一的环节。其实原则相当清晰：第96/2026/ND-CP号议定在附录一中公布了对外国投资者实行限制市场准入的行业目录，分为两个部分。A节列举外国投资者尚未获得市场准入的行业，即不得投资的行业。B节列举有条件市场准入的行业，条件通常涉及持股比例、投资形式或投资者资质。除上述两节所列行业外，外国投资者可按照与境内投资者相同的条件进入市场。
The correct answer to "can I buy 100% of this company" therefore always begins with examining each business line currently registered by the target, checking it against Appendix I and against the international investment treaties to which Vietnam is a party. One detail many overlook: where the target has registered several different business lines carrying different foreign ownership caps, the ratio applicable to the company as a whole is the lowest of those caps. Put differently, a single redundant business line sitting in the licence is enough to pull down the stake you are allowed to own.
因此，对于"我是否可以收购这家公司100%的股权"这一问题，正确的回答始终应当从逐项核查目标公司现已登记的行业代码入手，并与附录一及越南作为缔约方的国际投资条约相对照。有一处细节常被忽略：若目标公司登记了多个行业，而这些行业适用的外资持股上限各不相同，则适用于公司整体的比例为其中最低的上限。换言之，营业执照上仅存留一个多余的行业代码，就足以拉低您可以持有的股份比例。
The deal sequence from due diligence to recording the investor's name
从尽职调查到投资者登记的交易流程
A foreign investor acquiring an operating Vietnamese company can lose control of the deal entirely because one procedural step was taken out of order: signing the contract and wiring the money first, then discovering the transaction required registration with the investment registration authority. At that point the funds have left the account but the investor's name is not yet recorded in the member register, and every right of the buyer is left hanging.
外国投资者收购越南在营公司时，仅因一个程序步骤的先后顺序颠倒，就可能彻底丧失对交易的掌控：先签署合同并汇付价款，之后才发现该交易属于须向投资登记机关办理登记的情形。此时资金已经汇出，但投资者的姓名尚未记载于股东名册，买方的各项权利均悬而未决。
The standard sequence has five steps, and the order between them carries real legal consequence.
标准的交易流程分五个步骤，各步骤之间的先后顺序具有实质性的法律意义。
Legal due diligence on the target and structuring the deal. Examine the registered business lines, check whether the company holds land use rights in a border, coastal or island area, review tax arrears, social insurance arrears, pending disputes and whether existing members have fully paid in the charter capital. This step drives the purchase price and determines whether the deal is viable at all.
对目标公司开展法律尽职调查并确定交易方案。核查已登记的行业代码，确认公司是否在边境、沿海、岛屿区域持有土地使用权，梳理欠缴税款、欠缴社会保险费、未决争议，以及现有成员是否已足额缴纳注册资本。该步骤决定收购价格，也直接决定交易是否具备可行性。
Sign a principle agreement. The capital contribution registration dossier requires a written principle agreement between the foreign investor and the company, or between the foreign investor and the transferring member or shareholder. This is why you should not sign the transfer contract outright and pay at this stage.
签署原则性协议。出资登记文件要求提交外国投资者与公司之间，或外国投资者与转让方成员、股东之间的书面原则性协议。这正是不宜在此阶段直接签署转让合同并支付价款的原因。
Register the capital contribution, share purchase or purchase of capital contribution with the investment registration authority. The target company files one dossier where its head office is located, comprising the written registration of capital contribution, documents evidencing the legal status of the investor and of the company, the principle agreement, and information on land use rights where the case requires review. The investment registration authority reviews the file within 10 working days from receipt of a valid dossier and issues a written notice. Where the company holds land in an area affecting national defence and security, the procedure includes an additional step of consulting the provincial Military Command and the provincial Police, who have 05 working days to respond.
向投资登记机关办理出资、购买股份、购买出资额登记。目标公司在其总部所在地提交一套文件，包括出资登记申请书、投资者及公司的法律主体资格文件、原则性协议，以及属于须予审查情形的土地使用权信息。投资登记机关自收到有效文件之日起10个工作日内审查并出具书面通知。若公司在影响国防、安全的区域持有土地，程序中另增征求省级军事指挥部与省级公安机关意见的环节，上述机关应在05个工作日内答复。
Change the member or shareholder at the business registration authority. Only once the approval is in hand should the transfer contract be signed and the change registration filed. For a limited liability company with two or more members, the dossier comprises the application for registration of changes, the list of members, the transfer contract or documents evidencing completion of the transfer, a copy of the legal status documents of the transferee organisation, and a copy of the investment registration authority's approval. The enterprise must complete this within 10 days from the date of the change, and the provincial business registration authority processes it within 03 working days.
在企业登记机关办理成员或股东变更。取得批准文件后，方可签署转让合同并办理变更登记手续。两名以上成员有限责任公司的文件包括变更登记申请书、成员名册、转让合同或证明转让已完成的文件、受让方组织法律主体资格文件的副本，以及投资登记机关批准文件的副本。企业应自变更之日起10日内完成该手续，省级企业登记机关在03个工作日内予以办理。
Complete post-closing obligations. Open or adjust the investment capital account at the bank, declare the enterprise's beneficial owner information, update the tax registration, and declare and pay the tax arising from the transfer.
完成交割后义务。 在银行开立或调整投资资本账户，申报企业实际受益人信息，更新税务登记，并申报和缴纳该转让所产生的税款。
One legal milestone to remember: the rights and obligations of a foreign investor as a member or shareholder are established only upon completion of the member or shareholder change procedure at the business registration authority. The investment registration authority's approval is a necessary condition, not the moment you become an owner.
一个需要记住的法律里程碑：外国投资者作为成员或股东的权利和义务，只有在企业登记机关完成成员或股东变更程序时才确立。投资登记机关的批准是必要条件，而非你成为所有权人的时刻。
IMPORTANT NOTE
重要提示
Copies of the legal status documents of the foreign transferee organisation (certificate of incorporation, charter, document appointing the authorised representative) must be consularly legalised before filing. Where the documents were issued by a State party to the Apostille Convention, the Apostille certification mechanism applies instead. Skip this step and the dossier is returned, pushing the entire deal timetable back.
受让方外国组织的法律主体资格文件副本（设立证书、章程、指定授权代表的文件）须在提交前办理领事认证。若该文件由《海牙认证公约》缔约国出具，则适用附加证明书（Apostille）认证机制。缺少该环节，文件将被退回，整个交易进度亦须相应顺延。
Cash flow and the capital account under the rules effective from 18/8/2026
自2026年8月18日起，新规下的资金流转与投资资本账户
This is the most recent change and also the easiest to get wrong, because almost all guidance still in circulation was written under the old rules.
这是最新的变动，也是最容易出错的部分，因为目前流传的多数指引仍按旧规定撰写。
On 31/7/2026 the State Bank of Vietnam issued Circular 38/2026/TT-NHNN on foreign exchange management for foreign investment activities in Vietnam. The Circular takes effect on 18/8/2026 and replaces Circular 06/2019/TT-NHNN, which had applied for the previous seven years. Three changes bear directly on acquisition deals.
2026年7月31日，越南国家银行发布关于越南境内外国投资活动外汇管理的第38/2026/TT-NHNN号通告。该通告自2026年8月18日起施行，取代此前适用七年的第06/2019/TT-NHNN号通告。其中三项变动对收购交易具有直接影响。
First, the threshold determining which enterprise must open an investment capital account moves from "ownership of 51% or more of the charter capital" to "holding more than 50% of the charter capital". The gap between 50.01% and 51% looks trivial but is the dividing line between an enterprise having to move onto the investment capital account regime and continuing to use an indirect investment account. That threshold now also aligns with the "more than 50%" threshold in the Law on Investment 2025, rather than sitting out of step as before.
第一，判定企业须开立投资资本账户的门槛，由"持有注册资本51%及以上"调整为"持有注册资本50%以上"。50.01%与51%之间的差距看似细微，实为企业须转入投资资本账户机制抑或继续使用间接投资账户的分界线。该门槛现已与2025年《投资法》中"50%以上"的标准相衔接，不再如以往那样彼此错位。
Second, the account is renamed from "direct investment capital account" to "foreign investment capital account in Vietnam". When dealing with banks and when drafting contracts, using the correct term avoids unnecessary rounds of explanation.
第二，账户名称由"直接投资资本账户"变更为"越南境内外国投资资本账户"。在与银行沟通及起草合同时使用准确术语，可以避免不必要的反复说明。
Third, the rules on payment of transfer consideration have been rewritten more clearly around the residency status of the parties.
第三，关于转让价款支付的规则，已按照各方居民身份予以更清晰的重述。
"Payment of the transfer consideration for shares or capital contribution in a foreign-invested economic organisation... shall be made as follows: a) Between investors who are non-residents... or between investors who are residents, payment shall not be made through the investment capital account; b)... between an investor who is a non-resident and an investor who is a resident, payment must be made through the investment capital account."
Article 10, Clause 1, Circular 38/2026/TT-NHNN (Điều 10 khoản 1, Thông tư 38/2026/TT-NHNN)
"外商投资经济组织股份、出资额转让价款的支付，按下列规定执行：a) 非居民投资者之间……或者居民投资者之间，不通过投资资本账户支付；b) ……非居民投资者与居民投资者之间，须通过投资资本账户支付。"
--第38/2026/TT-NHNN号通告第10条第1款 (Điều 10 khoản 1, Thông tư 38/2026/TT-NHNN)
The typical acquisition scenario is a foreign investor (a non-resident) buying the capital contribution from a Vietnamese business owner (a resident). That case must be settled through the investment capital account. The currency is constrained as well: a transaction between a resident and a non-resident must be priced and settled in Vietnamese dong, and may not be priced in foreign currency. Many contracts drafted from international templates state the price in US dollars, and that is an error to correct before signing.
收购交易的典型情形，是外国投资者（非居民）自越南企业主（居民）处受让出资额。该情形必须通过投资资本账户完成支付。币种同样受到约束：居民与非居民之间的交易须以越南盾计价并支付，不得以外币计价。不少依据国际范本起草的合同以美元列示价款，这是签署前必须更正的错误。
The reason for getting this right from the outset is entirely practical: when you later want to repatriate profits or capital, the bank will trace the original inbound flow. If the share purchase money entered through a channel that did not comply, proving its lawful origin in order to send it out will be very difficult.
自始依规操作的理由十分现实：日后您拟汇出利润或资本时，银行将比对最初的入账资金流。若股份收购价款系通过不合规渠道汇入，则在汇出时证明其合法来源将极为困难。
Tax obligations and the economic concentration notification threshold
税务义务与经营者集中申报门槛
Both obligations sit outside the scope of the Law on Investment, which is exactly why they are so often overlooked, yet the consequences of overlooking them are far from small.
这两项义务不在《投资法》的范围之内，因而极易被遗漏，但遗漏所带来的后果并不轻微。
Tax on capital transfer
资本转让所涉税款
The taxpayer is the transferor, that is, the Vietnamese owner who is selling. The buyer should nonetheless pay attention, because an unsettled tax obligation is one of the reasons a change registration dossier gets held up, and because the tax figure routinely lands on the price negotiation table.
纳税义务人为转让方，即出售方越南企业主。尽管如此，买方仍应予以关注：一方面，税务义务未了结是变更登记文件受阻的原因之一；另一方面，税款金额通常会被纳入价格谈判。
Where the seller is a resident individual, personal income tax is calculated under the Law on Personal Income Tax No. 109/2025/QH15.
若出售方为居民个人，个人所得税依照第109/2025/QH15号《个人所得税法》计算。
"Personal income tax on income from capital transfer of a resident individual shall be determined by multiplying (x) the assessable income by the tax rate of 20% for each transfer... Where the purchase price and the costs related to the capital transfer cannot be determined, personal income tax shall be determined by multiplying (x) the transfer price by the tax rate of 2%."
Article 13, Clause 1, Law on Personal Income Tax 2025 (Điều 13 khoản 1, Luật Thuế thu nhập cá nhân năm 2025)
"居民个人资本转让所得的个人所得税，按每次转让的应纳税所得额乘以（x）百分之二十的税率确定……无法确定购入价格及资本转让相关费用的，个人所得税按转让价格乘以（x）百分之二的税率确定。"
--2025年《个人所得税法》第13条第1款 (Điều 13 khoản 1, Luật Thuế thu nhập cá nhân năm 2025)
Where the seller is a Vietnamese enterprise, income from the capital transfer is included in taxable income for corporate income tax purposes. Where the seller is a foreign enterprise without a permanent establishment in Vietnam, for instance where you are buying out another foreign investor's stake, the tax is calculated at 2% of the taxable revenue arising in Vietnam under Decree 320/2025/ND-CP, and the declaration and payment obligation rests with the very Vietnamese enterprise in which the foreign party invested.
若出售方为越南企业，资本转让所得计入企业所得税应纳税所得额。若出售方为在越南境内无常设机构的外国企业，例如您受让另一名外国投资者的股权，则依照第320/2025/ND-CP号议定，按其在越南产生的计税营业额的2%计算税款，且申报缴纳义务由该外方投资所在的越南企业本身承担。
Economic concentration notification
经营者集中申报
Under the Law on Competition 2018, acquisition of an enterprise means one enterprise purchasing all or part of the capital contribution or assets of another enterprise sufficient to control or dominate it. This is a form of economic concentration. If the deal reaches the statutory threshold, the parties must file a notification dossier with the National Competition Commission and await the appraisal outcome before implementation.
根据2018年《竞争法》，收购企业是指一家企业购买另一家企业全部或部分出资额、资产，且足以控制、支配该企业的行为。这是经济集中的一种形式。若交易达到法定门槛，各方须向国家竞争委员会提交申报文件，并在取得审查结果后方可实施。
"a) The total assets on the Vietnamese market of the enterprise or of the group of affiliated enterprises of which that enterprise is a member reach VND 3,000 billion or more in the immediately preceding financial year...; b) The total sales revenue or purchase turnover on the Vietnamese market... reaches VND 3,000 billion or more...; c) The transaction value of the economic concentration is VND 1,000 billion or more; d) The combined market share of the enterprises intending to participate in the economic concentration is 20% or more on the relevant market..."
Article 13, Clause 1, Decree 35/2020/ND-CP (Điều 13 khoản 1, Nghị định 35/2020/NĐ-CP)
"a) 该企业或其所属关联企业集团在越南市场的总资产，于紧邻的上一财政年度达到3万亿越南盾以上；b) 在越南市场的销售总收入或采购总额……达到3万亿越南盾以上；c) 经济集中的交易金额达到1万亿越南盾以上；d) 拟参与经济集中的各企业在相关市场的合计市场份额达到百分之二十以上……"
--第35/2020/ND-CP号议定第13条第1款 (Điều 13 khoản 1, Nghị định 35/2020/NĐ-CP)
Meeting any one of the four criteria triggers the notification obligation. The trap lies in the words "group of affiliated enterprises": total assets or revenue are measured across the entire group, not the target alone. A large foreign group buying a small Vietnamese company can still cross the threshold because the group's assets in Vietnam already exceed it. The preliminary appraisal period is 30 days from receipt of a complete and valid dossier, so this is a milestone to build into the deal timetable from the start rather than deal with afterwards.
四项标准中触及任何一项，即产生申报义务。容易出错的地方在于"关联企业集团"一语：总资产或营业收入按集团整体计算，而非仅计目标公司。规模较大的外国集团收购一家小型越南公司，仍可能因该集团在越南的资产已超过门槛而触发申报。初步审查期限为自收到完整、有效文件之日起30日，因此这是一个应当纳入交易时间表的节点，而非事后处理的事项。
Legal risks and mistakes commonly seen in practice
实务中常见的法律风险与错误
Running the sequence backwards: signing and paying first, registering later. This is the mistake that causes the greatest damage. Where the deal required registration but the parties have already transferred funds and signed the transfer contract, the dossier at the business registration authority is rejected for want of the investment registration authority's approval. The investor is left having paid without being a member, without voting rights and without access to the books. If the seller changes position or a dispute arises in that window, recovering the money means a lengthy civil action.
流程颠倒：先签约付款，后办理登记。这是损害最大的错误。交易本属须登记情形，而各方已汇付价款并签署转让合同的，企业登记机关将以缺少投资登记机关批准文件为由驳回该文件。投资者由此陷入已付款却尚非成员、没有表决权、亦无权查阅账簿的境地。若在此期间出售方改变主意或发生争议，追回款项便意味着一场旷日持久的民事诉讼。
Proceeding without meeting the capital contribution conditions. This conduct attracts an administrative penalty.
未满足出资条件仍予实施。此种行为将受到行政处罚。
"A fine of from VND 80,000,000 to VND 100,000,000 shall be imposed on the act of contributing capital to, purchasing shares in, or purchasing the capital contribution of an economic organisation without satisfying the prescribed conditions."
Article 16, Clause 1, Decree 122/2021/ND-CP (Điều 16 khoản 1, Nghị định 122/2021/NĐ-CP)
"对不符合规定条件而对经济组织出资、购买股份、购买出资额的行为，处8000万越南盾至1亿越南盾罚款。"
--第122/2021/ND-CP号议定第16条第1款 (Điều 16 khoản 1, Nghị định 122/2021/NĐ-CP)
The fine is not the greatest loss. The real problem is that the transaction goes unrecorded, and the entire ownership structure you paid for does not hold.
罚款金额并非最大的损失。真正的问题在于交易未获登记，您付出对价所欲取得的整个持股架构无法成立。
Skipping the economic concentration notification. The exposure here is measured against revenue rather than a fixed amount. The Law on Competition sets the maximum fine for a violation of the economic concentration rules at 05% of the total revenue of the violating enterprise on the relevant market in the financial year immediately preceding the year of the violation. On a deal worth several hundred billion dong, that figure can far exceed the advisory cost of the entire process.
忽略经济集中申报。此处的风险按营业收入而非固定金额计算。《竞争法》规定，违反经济集中规定行为的罚款上限，为违法企业在实施违法行为年度紧邻的上一财政年度于相关市场取得的总营业收入的百分之五。对于数千亿越南盾规模的交易而言，该数额完全可能远超整个流程的法律顾问费用。
Buying into a business line that caps foreign ownership. A familiar scenario: the target registered fifteen business lines "to keep options open", one of which falls into the conditional market access group with a low foreign ownership cap. The investor wants 100% but is blocked by that very line, even though the company has never actually operated in the field. The fix is to review and remove unused business lines before negotiating, not after signing.
收购中触及持股上限受限的行业。常见情形是：目标公司为"拓宽经营范围"登记了十五个行业代码，其中一个属于外资持股上限较低的有条件市场准入行业。投资者拟收购100%股权，却恰恰被该行业代码所阻，即便公司从未在该领域实际经营。应对方案是在谈判之前而非签约之后，梳理并注销未使用的行业。
Inheriting a company together with hidden liabilities. Unlike incorporating a new entity, acquiring an operating business means taking on its history: tax arrears, social insurance arrears, unexecuted administrative fines, labour disputes, contracts with unfavourable terms, even charter capital that the former members never fully paid in. Thorough legal due diligence before fixing the price is the only way to bring these items onto the negotiating table instead of onto the buyer's head after signing.
连同隐性负债一并承接公司。与设立新公司不同，收购在营企业意味着您一并承接其历史：欠缴税款、欠缴社会保险费、尚未执行的行政处罚、劳动争议、含有不利条款的合同，甚至原成员尚未足额缴纳的注册资本。唯一途径是在确定价格之前进行充分的法律尽职调查，将这些事项摆上谈判桌，而非在签约后落到买方头上。
Using a Vietnamese nominee to sidestep market access conditions. This route is still passed along as a shortcut, but the consequences are severe. On the documents, the nominee is the true owner, and the foreign investor has no legal basis to demand a transfer once a falling-out occurs. Since 2025, the Law on Enterprises has additionally imposed an obligation to declare the enterprise's beneficial owner, meaning the individual who in fact owns the charter capital or has the power to dominate the enterprise, and the enterprise must notify the provincial business registration authority within 10 days from the date of any change. A nominee structure therefore carries civil risk and sits at odds with a declaration obligation that is being tightened.
借用越南人名义代持以规避市场准入条件。此种做法仍被作为捷径口口相传，但后果十分严重。就文件而言，名义持有人才是真正的所有权人，一旦产生纠纷，外国投资者并无请求转让的法律依据。自2025年起，《企业法》另行增设申报企业受益所有人的义务，即实际拥有注册资本或有权支配企业的个人，且企业须自变更之日起10日内向省级企业登记机关报告。因此，代持架构既存在民事层面的风险，也与日趋收紧的申报义务相抵触。
Conclusion
结论
To acquire an operating Vietnamese company as a foreign investor, the sequence runs in five steps: (1) review the target's business lines, land, tax position and disputes to establish the permitted ownership ratio and the real purchase price; (2) sign a principle agreement rather than the transfer contract outright; (3) file the registration of capital contribution or share purchase with the investment registration authority and await written approval within 10 working days if the deal falls into one of the three mandatory cases; (4) sign the transfer contract and register the member or shareholder change with the provincial business registration authority within 10 days from the date of the change; (5) open the investment capital account, declare the beneficial owner and complete the tax obligations. The four errors that most often stretch out or derail a deal are: paying before the approval is issued, settling outside the investment capital account or pricing in foreign currency where the seller is a resident, overlooking the economic concentration notification threshold, and failing to strip out restricted business lines before negotiating the ownership ratio. If you are at the stage of assessing a target, bring counsel in at the due diligence step rather than at the filing step, because most of the risk is settled before the dossier is ever drafted.
外国投资者收购一家越南在营公司，流程共分五步：（1）核查目标公司的行业代码、土地、税务及争议情况，以确定可持有的比例与真实收购价格；（2）签署原则性协议，而非直接签署转让合同；（3）若交易属于三类强制情形，向投资登记机关提交出资、购买股份登记文件，并在10个工作日内取得批准文件；（4）签署转让合同，并自变更之日起10日内向省级企业登记机关办理成员、股东变更登记；（5）开立投资资本账户，申报受益所有人，完成税务义务。最常导致交易拖延或失败的四项错误是：在取得批准文件之前付款；出售方为居民时未通过投资资本账户结算或以外币计价；忽略经济集中申报门槛；以及在谈判持股比例之前未清理受限行业代码。若您正处于评估目标公司的阶段，建议自尽职调查环节就委托律师介入，而非等到提交文件环节，因为绝大部分风险在文件起草之前便已注定。
