Route R8

Investing through a Business Cooperation Contract (R8)

Contract-based investment with a Vietnamese or foreign partner: no new company.

Route at a glance

  1. Market access
  2. Investment Policy Approval if applicable
  3. IRC
  4. BCC execution
  5. coordination mechanism
  6. BCC operating office if needed
  7. sector approvals
  8. operation

When this route applies

  • The investor cooperates with one or more partners under a contract to share profit or product, WITHOUT creating a new legal entity.
  • A BCC involving a foreign investor requires an IRC (confirm under the 2025 Investment Law with counsel).
  • Used in sectors where a contractual structure is customary or where a company is not possible or not wanted (for example some telecom, oil and gas and media arrangements).

Step-by-step roadmap

  1. Market-access check

    Authority
    No filing: internal analysis
    Investor action
    As in R1: market-access conditions apply to BCCs too
    Documents
    Business description
    Dependency
    None
    Output
    Go / no-go
    Can next step start?
    Yes
    Critical issue
    A BCC is not a way around ownership caps. Case-specific legal review required.
  2. Investment Policy Approval (if applicable)

    Authority
    Approving authority (confirm with counsel).
    Investor action
    As in R2
    Documents
    As in R2
    Dependency
    Step 1
    Output
    Approval decision
    Can next step start?
    No
    Critical issue
    Only for projects in approval categories.
  3. Agree BCC terms

    Investor action
    Negotiate the contract: contributions, profit / product sharing, management, term, exit
    Documents
    Agreed-form or signed BCC (conditional on IRC)
    Dependency
    Step 1
    Output
    BCC in agreed form
    Can next step start?
    Yes
    Critical issue
    A BCC normally forms part of the IRC dossier.
  4. IRC

    Authority
    Investment registration authority
    Investor action
    File the IRC dossier with the BCC
    Documents
    Application; project proposal; BCC; investor documents; financial capacity
    Dependency
    Steps 2-3
    Output
    IRC
    Can next step start?
    Yes
  5. BCC execution / effectiveness

    Investor action
    Sign or bring the BCC into effect
    Documents
    BCC
    Dependency
    Step 4
    Output
    BCC in force
    Can next step start?
    Yes
  6. Coordination mechanism

    Investor action
    Set up the coordination board agreed in the BCC; define authority and reporting
    Documents
    Coordination board rules
    Dependency
    Step 5
    Output
    Coordination board operating
    Can next step start?
    Yes
    Critical issue
    The board is not a legal entity; contracts are signed by a party.
  7. BCC operating office (if needed)

    Authority
    Investment registration authority
    Investor action
    Foreign party registers an operating office in Vietnam
    Documents
    Registration dossier (confirm list with counsel)
    Dependency
    IRC
    Output
    Operating office registration certificate
    Can next step start?
    Yes
    Critical issue
    The office may have a seal, account and staff within the BCC's scope (confirm with counsel).
  8. Capital and banking

    Authority
    Licensed bank in Vietnam
    Investor action
    Open the appropriate capital account for BCC funds
    Documents
    IRC; BCC
    Dependency
    IRC
    Output
    Funds channelled correctly
    Can next step start?
    Yes
    Critical issue
    See FX & CAPITAL.
  9. Sector approvals and operation

    Authority
    Sector regulator; tax
    Investor action
    Obtain sector licences (often held by the Vietnamese party); agree tax accounting method; GO-LIVE CHECKLIST
    Dependency
    All above
    Output
    READY
    Critical issue
    Tax treatment of BCCs needs early agreement between the parties.

Required approvals

Approval / registrationPosition on this routeAuthority
IRCRequired where a foreign investor is a party (confirm with counsel).Investment registration authority
Investment Policy ApprovalOnly if the project is in an approval categoryConfirm with counsel
ERCNot applicable: no new companyConfirm with counsel
Operating office registrationOptional: if the foreign party needs a presenceInvestment registration authority
Sector licencesCase-specific legal review required.Sector regulator

Document checklist

Typical: the authority may ask for more.

  • BCC (with the mandatory contents required by the Investment Law; confirm with counsel)
  • Legalised investor documents; financial capacity evidence
  • Project proposal
  • Operating office registration dossier (if used)

Critical risks

  • No limited liability shield: parties are exposed directly.
  • Licences held by only one party; dependence on the partner.
  • Tax, invoicing and accounting complexity.
  • Exit and asset ownership unclear unless drafted carefully.

When the investor may legally start operations

The investor may start a given business activity only when ALL of the following are in place for that activity: (1) the investment procedure is complete (IRC / approval, where required); (2) the company or other vehicle legally exists (ERC or equivalent); (3) capital has been contributed through the correct account and on schedule; (4) the premises may lawfully be used for the activity; (5) construction, environmental and fire-safety steps that apply are complete; (6) every sector-specific licence for that activity has been issued; and (7) tax, invoicing and employment registrations are done. Use the GO-LIVE CHECKLIST to confirm.

Common mistakes

  • Using a BCC to avoid market-access limits.
  • Starting cooperation before the IRC.
  • Leaving the coordination board's powers vague.

Statutory time limits are not shown on this page. Confirm the current period and its legal basis with counsel: practical timing is usually longer than the statutory period. Legal status reviewed as of 18 September 2026.

Terms used on this page