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Formation of Advertisement company in Vietnam

Formation of Advertisement company in Vietnam. (SBLaw) If client would like to form a Joint Venture company (Newco) for Advertisement Services and Value Added Services in Vietnam, we would like to provide some information as follows:
Generally, establishment of the NewCo requires an Investment Certificate from the licensing authority.
Depending on the location of the company, the licensing authority may be the provincial People’s Committee (for companies located outside industrial or export processing zones) or the provincial Industrial and Export Processing Zones Management Authority (for companies located in industrial or export processing zones). 
Furthermore, under Vietnam Law on Investment, Advertisement Service is classified to the conditional investment sector. Particularly, the road map for opening Vietnam’s advertisement service’s market to foreign investor, it is stipulated that foreign advertisement service’s supplier must co-operate with a Vietnamese Partner having been granted license for providing advertisement services to setup a joint venture company in Vietnam.
The request for establishment of such joint venture company must be undergone the evaluation of Ministry of Information and Communication, Ministry of Planning and Investment and Ministry of Finance.

For ease of reference of licensing procedure, we hereinafter draw an overview roadmap of licensing procedures for this service package as follows:
Step 1 Step 2 Step 3 Step 4 Step 5
Preparation of application dossier Submission of application dossier to Department of Planning and Investment Comments from Ministry of Information and Communication, Ministry of Planning and Investment, Ministry of Finance Provincial Pepple’s Committee grant the  Investment Certificate Publication on News Paper
Comments from People’s Committee of District where the head office of the Joint Venture Company is registered
Time frame
Step 1 5-10 working days from receipt of necessary information and documents from client
Step 2 03 working days from receipt of signed and sealed documents from client
Step 3 2-3 months from submission of dossier to Provincial Department of Planning and Investment
Step 4 5-10 working days from receipt of comments from relevant competent authorities
Step 5 03 working days from receipt of the Investment Certificate
» Establishment of foreign invested company in Vietnam
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