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Set Up a Financial Company in Vietnam

Set Up a Financial Company in Vietnam

Vietnam is one of the most performant economies in Asia at the moment, among the reasons for such results being the financial industry which attracts a great number of local, but most of all, foreign investors. Those who want to open companies in the financial sector in Vietnam have various branches they can choose from.

Below, our company formation agents in Vietnam explain the requirements for starting a financial company in this country.

Types of financial companies in Vietnam

There are several types of companies one can establish in the financial industry in Vietnam. Among these, the most prolific ones are:

  • commercial and non-commercial banks;
  • insurance and reinsurance companies;
  • investment companies;
  • brokerage companies;
  • financial advisory companies;
  • fintech companies.

Fintech companies can be set up by foreign enterprisers without any minimum share capital if their main object of activity is a non-financial one. These types of companies can engage in activities such as the creation of cryptocurrency.

 A particularity of Vietnam is that the country has two main stock exchanges, which are also among the largest in the Southeast Asian region. These are the Ho Chi Min Stock Exchange (HOSE) and the Hanoi Stock Exchange (HNX).

Our Vietnam company registration consultants can offer information on the legislation related to starting a financial company here.

How to register a financial business in Vietnam

Investors who want to open financial companies in Vietnam must comply with several requirements. Among these are the share capital requirements which depends on the type of company established:

  • in the case of banking institutions, these will be imposed by the Vietnam National Bank on a case-to-case basis;
  • in the case of insurance companies, it will depend on the type of services offered, however the minimum amount of money starts at 300,000 billion VND.

The Vietnam National Bank is the main institution issuing the license for any type of financial company. It should be noted that a few years back, the National Bank liberalized the market and foreign investors are allowed to fully own financial companies in Vietnam.

For full information on the creation of financial companies, please contact our Vietnam company registration specialists.  Besides guiding you about setting up a financial company in Vietnam, you can also get in touch with our accountants for their services. Accountants assist clients with their businesses by identifying issues that limit profitability and growth, as well as taxes and records. Computer system consulting, business assessments and retirement planning are among the services that our CPA in Vietnam offer.