Company dissolution in Vietnam

Closing your company with finality in six steps

Your company continues to exist as a legal entity until you decide to dissolve it. The windup process for Vietnamese companies and representative offices can be drawn out and time-consuming, primarily due to the tax finalisation and tax clearance required as part of the process. We work with investors to understand their needs, provide realistic timeframes for windups, and to control the process so that they can efficiently finalise the windup.

In Vietnam, the overall process for winding up a company, regardless of your operation status, includes six primary stages related to accounting, tax and statutory work.

1. Announcement on dissolution of the Vietnam company

Application for enterprise dissolution notification at the Business Registration Division, Ho Chi Minh City Department of Planning and Investment (DPI).

2. Tax procedures

Lodging enterprise dissolution notifications with the authorities, closing your accounts and fulfilling any outstanding tax obligations, such as income tax filings and a final audit. This process continues through to obtaining written confirmation from the tax authority on fulfilment of tax obligations.

3. Insurance procedures

Applying for written confirmation from the Insurance Department on no outstanding insurance debts.

4. Application for closing the bank account

Working with your bank and undertaking relevant procedures to close your company’s corporate bank account.

5. Registration for the dissolution to the Business Registration Division

Collecting information, preparing documents, and lodging them with DPI, and obtaining the notification from DPI on updating the company’s dissolution status.

6. Termination of investment project at the Investment Registration Office

Preparing the application file, collating other required documents, and lodging them with the DPI until obtaining the document issued by the DPI regarding investment project dissolution status.

If your entity was inactive, the estimated timeline for the company dissolution process is around six months. The specific duration is, however, dependent on the related authorities. Estimated fee is subject to change based on case complexity.