Nationality – Challenge and opportunity to return to Vietnam investment and business

Vietnam’s economy is developing at a rapid pace, and being rated by the world for a few dozen years, Vietnam will have a strong development as South Korea has ever been. Two years ago, “startup” is the word mentioned in Vietnam. As of late 2017, Vietnam has about 1800 startups, and in proportion to population size, this figure is higher than China, Malaysia.

Many startups have received the invested amount of up to tens, even hundreds of millions of DOLLARS, bringing the business to the dominant Vietnamese market in just a few years since its establishment and preparing to conquer the outside world. Typically startups like Got IT, Vntrip.vn, Momo, Foody, F88, Toong,… The attraction of “startup” also launched the TV program Shark Tank Vietnam.

The rapid and powerful development of startups has attracted a large amount of investors and overseas Vietnamese personnel. Because in the past, when the Vietnamese economy is weak, their talents are not in the utmost use, so Vietnam is not a good choice for them to work. For now, they can bring their knowledge and skills, to contribute to the introduction of Vietnamese businesses outside the world.

However, there were long-distance Vietnamese expatriates, for various reasons they lost their nationality to Vietnam. In the course of business, investing in Vietnam, they are restricted to some of the benefits that are worth them to be entitled to.

From 2015, Viet Kieu when no longer nationality Vietnam is still allowed to buy homes, and real estate investment in Vietnam. However, there are restrictions under regulatory law, making it difficult to invest in their real estate.

For example, you are an overseas Vietnamese, you have capital and want to invest in real estate in Vietnam. However, since you have lost the original nationality, and you have not done it again, therefore you are not allowed to own more than 30% of the apartment in a building, or not more than 250 individual homes in one area. If you sell the apartment is not yet formed for the customer, you can only collect 50% of the amount, but for domestic investor, this number is 70%.

You will spend more time filling up the complex legal procedures, costly when establishing businesses in Vietnam. It will be easier for people with Vietnamese nationality. Because of the complexity of the establishment of enterprise procedures, many people have asked Vietnamese nationality to stand as a business owner. And this again causes some other bad consequences such as the risk of losing the property or the Deportation act of the authorized person.

From 2008, Vietnam has issued legislation allowing Vietnamese overseas to have ownership of two nationalities. For example, you’ve lived and worked long, and you’ve got US citizenship. Now that you want to return to Vietnam for investment and business, you still have the right to register more Vietnamese nationality, you own two nationalities at the same time as US and Vietnam. This is more convenient for you in the process of investing, trading or living in Vietnam.

When you register for the original nationality, you are fully recognized the rights of a Vietnamese citizen. Investing in real estate or any other sector, you are also given priority. You will be more supportive state when investing and trading here.

While in Vietnam, you are a citizen of Vietnam, and you are entitled to all benefits of Vietnamese citizen. You are entitled to move to South East Asian countries without Visa. When you return to the country of the remaining nationality, such as the US, you become a U.S. citizen, and you receive the benefits of an American citizen.