1.  A foreign company shall be granted a permit to establish in Vietnam its representative offices when fully satisfying the following conditions:

a)       Being a company recognized by the law of the country or the territory (hereinafter referred to collectively as the country) where it has been lawfully established or made its business registration;

b)       Having been operating for at least one year after its lawful establishment or  business registration in its country.

2. A foreign company shall be granted permit to establish in Vietnam its branches when fully satisfying the following conditions:

a)       Being a company recognized by the law of the country where it has been lawfully established or made its business registration;

b)       Having been operating for at least five years after its lawful establishment or business registration.

c)       Permits for establishment of Vietnam-based representative offices or branches of foreign traders shall each have a valid term of five years, which must, however, not exceed the remaining valid term of such foreign traders’ business registrations or papers of equivalent value in case foreign laws specify valid terms of business registrations of foreign traders.