(SB Law) According to the Center Product Classification System of United Nation, Advertisement Services are classified to CPC 871. With respect to services classified to CPC 871, under Vietnam WTO’s Commitments, it is provided that, foreign investor making investment in the field of advertisement services must joint venture with a Vietnamese Partner who has been granted right to operating in the field of advertisement services.
Upon applying to set up such joint venture company in Vietnam, it must undergo the investment evaluation procedure as stipulated under Vietnam Investment Law. Provincial Department of Planning and Investment; Provincial People Committee, Ministry of Planning and Investment and Ministry of Information and Communication shall involve such investment evaluation procedure. Foreign investor must provide a reasonable explanation on implementation of such investment project in Vietnam to obtain license for joint venture company. Generally, the licensing procedure shall be as follows:
Step 1: Preparation of application dossier
Step 2: Licensing Procedure
Step 3: Post Licensing Procedure