I. What is a Foreign Trader?

A foreign trader is a trader established and registered according to foreign laws or recognized by foreign laws. Foreign traders are allowed to establish representative offices, branches in Vietnam, and set up foreign-invested enterprises in Vietnam according to the forms prescribed by Vietnamese law.

II. Cases of Termination of Foreign Traders’ Activities

According to Article 23 of the 2005 Commercial Law, foreign traders terminate their operations in Vietnam in the following cases:

• The expiration of the operation period stated in the license.
• Termination of operations in Vietnam at the request of the trader and with the approval of the competent state management agency.
• Termination due to a decision by the competent state management agency for violating laws and license provisions.
• Termination due to the foreign trader’s declaration of bankruptcy.
• Termination of operations in Vietnam when the foreign trader ceases to operate under foreign laws regarding representative offices, branches, or business cooperation contracts with Vietnamese parties.
• Other cases as prescribed by law.

Before terminating operations in Vietnam, foreign traders are obliged to settle all debts and fulfill other obligations to the State, organizations, and individuals in Vietnam.

III. Documents for Termination of Foreign Traders’ Activities

Documents for the termination of foreign traders’ activities in Vietnam include the following: Notification of termination of the representative office or branch signed by the foreign trader’s authorized representative, except in cases of license revocation.

Additionally, a copy of the document from the licensing agency not renewing or revoking the establishment license (if any) is required. The documents should also include a list of creditors and unpaid debts, including tax and social insurance debts, as well as a list of employees and their current benefits. The foreign trader must submit the original establishment license of the representative office or branch.

Other required documents may include a commitment to fulfill tax and customs obligations, along with a plan for debt settlement.

IIV. About Us, Hankuk Law Firm

■ Hankuk Law Firm – Introduction

The goal of the legal services provided by HANKUK LAW FIRM is to support businesses, investors, and people. Our organization employs skilled Korean lawyers, partners, and professionals to provide legal services to businesses related to corporations and litigation.

To support the startup process, our lawyers and staff provide a wide range of services, including business law consulting, tax and immigration law consulting, real estate services, business consulting, marketing and communications, human resources, product distribution, franchise options, etc. We provide expert advice on every aspect of your business needs.

To protect the legitimate rights and interests of our clients and achieve the best results, we provide legal advice and participate in civil lawsuits related to business, labor, marriage, family, and inheritance.

■ Contact us now

For reliable and effective legal advice, please contact HANKUK LAW FIRM now. We are committed to providing you with the best possible answers and our team of experienced lawyers has extensive knowledge in many legal fields. We are always here to provide the most competent and dedicated support, whether you are dealing with contractual issues, commercial disputes or need guidance on foreign investment. HANKUK LAW FIRM is honored to have assisted hundreds of domestic and international clients in skillfully resolving complex legal issues as their trusted legal partner. Do not let legal issues hinder your success. Let us accompany you towards legal achievement and comfort. For prompt guidance and support to ensure your rights are always maintained at the highest standards, contact HANKUK LAW FIRM now.

■ Contact Hankuk Law Firm

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