Vietnam has introduced a significant overhaul of its investment regulatory framework with Decree No. 96/2026/ND-CP, effective March 31, 2026, implementing the Law on Investment 2025 (LOI 2025) that took effect on March 1, 2026. The new decree replaces Decree 31/2021/ND-CP and introduces several key changes that reshape the market entry process for foreign investors — with implications for enterprises across manufacturing, services, and technology sectors.
越南通过第96/2026/ND-CP号法令对其投资监管框架进行了重大改革，该法令于2026年3月31日生效，实施自2026年3月1日起施行的《2025年投资法》。新法令取代了第31/2021/ND-CP号法令，引入了若干关键变化，重塑了外国投资者的市场准入流程——对制造业、服务业和科技行业的企业均有影响。
The headline reform: ERC before IRC
The most consequential change under Decree 96 is the permission for foreign investors to establish an economic organization — i.e., obtain an Enterprise Registration Certificate (ERC) — either before or after securing an Investment Registration Certificate (IRC). Under the previous framework, the IRC was a prerequisite for company formation, creating a sequential bottleneck that could delay market entry by weeks or months.
核心改革：先拿ERC再拿IRC
96号法令最重大的变化是允许外国投资者在获得投资登记证（IRC）之前或之后设立经济组织，即取得企业登记证（ERC）。在旧框架下，IRC是公司设立的前提条件，形成了可能导致市场准入延迟数周甚至数月的顺序瓶颈。
This flexibility allows investors to begin the enterprise registration process in parallel with investment project approvals, potentially accelerating the overall timeline for establishing operations in Vietnam. However, several implementation issues remain unresolved: it is unclear whether the ERC-before-IRC route applies where an Investment Policy Approval (IPA) is required; the enterprise registration procedures for non-special investment projects have not been fully articulated; and key application forms do not yet accommodate the new submission requirements.
这一灵活性使投资者能够在投资许可审批的同时启动企业注册程序，可能加快在越南设立运营的整体时间表。但若干执行问题仍未解决：尚不清楚先ERC后IRC的路径是否适用于需要投资政策批准（IPA）的情形；非特殊投资项目的企业注册程序尚未完全明确；关键申请表格也尚未适应新的提交要求。
The 12-month countdown
Decree 96 imposes a critical timeline: where a foreign investor establishes an economic organization before obtaining an IRC, the organization must secure the IRC within 12 months from its date of establishment. Until the IRC is issued, the entity cannot implement the investment project or amend its enterprise registration — including changes to business lines. Notably, Decree 96 does not specify the consequences of failing to meet this 12-month deadline, creating a regulatory grey zone that practitioners are watching closely.
12个月倒计时
96号法令设定了关键时间线：外国投资者在获得IRC前设立经济组织的，该组织必须自设立之日起12个月内取得IRC。在IRC颁发之前，该实体不能实施投资项目，也不能修改企业登记——包括变更经营范围。值得注意的是，96号法令未明确未在12个月内取得IRC的后果，形成了从业者密切关注的监管灰色地带。
Capital contribution complexity
While the economic organization may contribute capital according to the schedule in the IRC, unresolved questions surround the interaction with standard enterprise law requirements. Under the Law on Enterprises, charter capital must typically be fully contributed within 90 days of ERC issuance — yet the investment project cannot proceed until the IRC is obtained. Furthermore, opening a Direct Investment Capital Account (DICA) may prove difficult before IRC issuance, as banking regulations generally require an IRC for capital contribution transfers. DFDL, a leading ASEAN law firm, advises investors to engage early with both the licensing authority and their intended bank to resolve these procedural tensions.
资本出资复杂性
虽然经济组织可以按照IRC规定的时间表出资，但与标准企业法要求之间的互动仍存在未解问题。根据《企业法》，注册资本通常必须在ERC颁发后90天内全额缴纳——但投资项目在获得IRC之前不能推进。此外，在IRC颁发前开设直接投资资本账户（DICA）可能面临困难，因为银行法规通常要求IRC才能进行出资转账。东盟领先律所DFDL建议投资者尽早与许可机构和意向银行沟通，解决这些程序性矛盾。
M&A approval: tentative value disclosure
A further practical reform concerns merger and acquisition (M&A) approvals. Under the previous application framework, parties were required to disclose the actual transaction value. Decree 96 replaces this with disclosure of the tentative transaction value, providing greater flexibility — parties need not finalize pricing before filing. The Ministry of Finance subsequently issued Circular No. 55/2026/TT-BTC on May 15, 2026, revising the prescribed forms accordingly.
并购审批：暂定价值披露
另一项实际改革涉及并购审批。在旧申请框架下，各方需披露实际交易价值。96号法令改为披露暂定交易价值，提供了更大灵活性——各方无需在提交申请前最终确定定价。财政部随后于2026年5月15日发布第55/2026/TT-BTC号通知，对规定表格进行相应修订。
Broader context: Vietnam's FDI trajectory
These regulatory refinements arrive as Vietnam continues to strengthen its position as a leading FDI destination in ASEAN. The OECD's FDI Qualities Review of Vietnam notes that the country's FDI Regulatory Restrictiveness Index remains competitive relative to ASEAN peers, though room for improvement exists in screening and approval procedures. Decree 96 can be seen as a direct response to investor feedback on procedural bottlenecks — particularly the sequential nature of licensing that added friction to the market entry process.
更广泛背景：越南FDI走势
这些监管完善恰逢越南持续巩固其作为东盟领先FDI目的地地位之际。经合组织《越南FDI质量评估》指出，越南的FDI监管限制指数在东盟内部仍具竞争力，但在审批和核准程序方面仍有改善空间。96号法令可被视为对投资者关于程序瓶颈——尤其是增加市场准入摩擦的许可顺序性——反馈的直接回应。
For Chinese and international enterprises considering or expanding operations in Vietnam, Decree 96 represents a meaningful procedural improvement — but one that requires careful navigation. Early engagement with competent licensing authorities, thorough due diligence on the applicable procedures in the target locality, and proactive coordination with banking partners are essential to realizing the flexibility the new framework promises.
对考虑或扩大在越南经营的中国及国际企业而言，96号法令代表了有意义的程序改进——但需要谨慎操作。尽早与主管许可机构沟通，对目标地区的适用程序进行充分尽职调查，以及与银行合作伙伴的主动协调，对于实现新框架所承诺的灵活性至关重要。
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