Temporary residence card for investors or investment temporary residence card is granted to investors, capital contributors and enterprises in Vietnam. An investment temporary residence card allows foreign investor to reside in Vietnam for a limited period of time and is valid as a visa/visa replacement. According to the Law No. 51/2019/QH14, effective from July 01, 2020, there will be many new points should be noted during the application process for temporary residence card for investors.
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Regulations on the term of temporary residence cards for investors
According to the Law No. 51/2019/QH14 – Law on amending and supplementing a number of articles of the Law on entry, exit, transit and residence of foreigners in Vietnam, effective from July 01, 2020, the term of temporary residence card for investors is one of the new points in the Regulation on Temporary residence cards for investors.
- Temporary residence card with symbol ĐT1: Issued to foreign investors in Vietnam and representatives for foreign organizations investing in Vietnam with contributed capital of VND 100 billion or more, or investing in the industries, business lines with investment incentives and geographical areas with investment incentives as prescribed by the Government. The validity term of ĐT1 temporary residence card shall not exceed 10 years.
- Temporary residence card with symbol ĐT2: Issued to foreign investors in Vietnam and representatives for foreign organizations investing in Vietnam with contributed capital of between VND 50 billion and under 100 billion, or investing in the encouraged industries, business lines as prescribed by the Government. The validity term of ĐT2 temporary residence card shall not exceed 05 years.
- Temporary residence card with symbol ĐT3: Issued to foreign investors in Vietnam and representatives for foreign organizations investing in Vietnam with contributed capital of between VND 03 billion and under 50 billion. The duration of ĐT3 temporary residence card shall not exceed 03 years.
Regulations on converting visa purposes for investors
Previously, foreign investors in Vietnam often encountered difficulties that before establishing a new business in Vietnam, there was no agency or organization in Vietnam to sponsor their visa; hence, they had to enter on tourist visa, e-visa or visa exemption for some nationality prescribed by Vietnam regulations.
Accordingly, when the necessary procedures have been completed to be able to contribute capital and establish an enterprise in Vietnam, the foreign investor will have to leave Vietnam to apply for a Vietnam investment visa sponsored by the new established company. Such situation causes many troubles as well as costly for foreign investors.
However, with the Law No. 51/2019/QH14 effective from July 01, 2020, this difficulty can be resolved. According to Clause 2, Article 1 of this Law, the investors’ visa purpose can be converted if “There are papers proving that the investor or the representative of the foreign organization does investment in Vietnam according to regulations of the Vietnam laws”.
Some other regulations on the application for temporary residence cards for investors
In addition, when applying for a temporary residence card for an investor, it is important to note the following points:
- The company or the unit guarantees the temporary residence card for investors must have sufficient signboard, office of the company to prove its operation.
- There must be papers and grounds proving that the foreign investor has fully contributed the committed capital to the company to carry out production and business activities.
The above are all useful information about the latest regulations on temporary residence cards for foreign investors in Vietnam. If you need to use the service of applying for an investor's temporary residence card or need more advice on entry approval letter, Vietnam visa extension, Vietnam work permit, criminal record, etc. for foreigners, please contact Nhi Gia via the call center 1900 6654. A team of experienced specialists will support you wholeheartedly!