Living and working in Vietnam is always the dream of many people. Of course, Vietnam does not stop at drawing people to its French-style urban architecture as well as the golden tropical beaches, the mighty thirsty hill tribe treks, the dynamic nightlife, and the exquisite sights to see.
Vietnam will always give you a lot of stories to tell, especially if you seek to adventure this unforgettable country in Southeast Asia.
Moreover, if you plan to work or invest in Vietnam, you will be spoiled for choice, with the explosion of investment opportunities, courtesy of the unprecedented economic growth in the country. Businesses are opening almost every week, further giving you a lot of reasons to venture into this country.
But first, you need to have a temporary residence card to go about your business in Vietnam.
For Starters: What’s a Temporary Residence Card (TRC)?
A Temporary Residence Card (TRC) can be described as an essential document for expats, who intend to reside in Vietnam, for a specified period. Moreover, based on a specific case, this document can be allotted for a different period and may as well call for additional papers.
If you desire to live and work in Vietnam, you then must acquire a TRC. This document can be termed as a long-term visa card.
Contrary to a visa, TRC has a more extended validity period, typically lasting for about one to two years. As a TRC holder, you will be exempted from visa, and this will save you a lot of time and money for visa application, including an extension for exit or entry into Vietnam, including residence. Furthermore, your family members can also submit their request for TRC for them to stay in Vietnam. They will as well be allocated equal terms just like you. This is why a TRC is considered a multiple visas.
The following are the people who are eligible to apply for TRC in Vietnam:
- A foreigner with a Vietnam Work Permit that is valid for not less than one year, at the time of applying for TRC;
- Foreigners who also are members of diplomatic missions linked to the United Nations (UN), their spouses, children below the age of 18. On the same note, housemaids, who go along with the term of office, are typically given TRC with a symbol of NG3.
- Foreigners granted LV1, LV2, ĐT, NN1, NN2, DH, PV1, LD, TT visas are issued with TRCs with symbols that are related to visa symbols.
Temporary Residence Card Vietnam Benefits
As a TRC holder, you are bound to enjoy a lot of benefits in Vietnam. The benefits of TRC include the following:
- As a foreigner who has been issued with a TRC, you have the right to buy apartments in Vietnam with ease. This can be a fantastic move for you, especially if you intend to venture into the real estate industry.
- Moreover, you can still buy a house or houses on that note, implying that you can acquire a home of your own or simply venture into the construction industry. You can build and sell houses in Vietnam without any restrictions. However, as a TRC holder in Vietnam, you are required by the Ministry of Construction in the country to ensure that any real estate issues are solved amicably. This means that your real estate business must be clean for you to be allowed to conduct this business in Vietnam. In a nutshell, you need to be certain that your real estate clients are always satisfied by offering high-quality real estate services.
- As a foreigner with TRC is allowed to live in Vietnam for a set period, while your TRC still remains valid/legal without leaving Vietnam.
- As a foreigner with TRC, you will save a lot of money by acquiring a TRC. This is because you will not have any reason to apply for a visa extension multiple times. This also helps save on a lot of travel costs and inconvenience.
- As a foreigner with a TRC, you have the right to engage in trading activities of your choice freely. Moreover, you have the right to fall in love with someone and get married without any issue in Vietnam.
Temporary Residence Card Vietnam for Investors
TRC for foreign investors is issued for people who intend to start a business venture in Vietnam. However, you must apply for a business license in Vietnam that allows you to do business in Vietnam freely. It would be best if you also had an investing license and permits that establishes the enterprises you wish to undertake in Vietnam. Upon completing these few requirements and licensing, you can now head to the immigration department of Vietnam to apply for your TRC. Therefore, it is essential to mention your primary objective of entering Vietnam before you move to apply for a TRC so that you can be guided through the process as a foreign investor.
The best thing to note is that Vietnam is a fast-growing country with abundant economic ventures for you. There is an evident rise in market demand in healthcare and consultancy services, including infrastructure (communication, building, and construction), beauty and cosmetics, real estate industry, automobile industry, and agriculture. These industries are creating a lot of opportunities for you as a foreigner. Once you acquire your TRC and all the necessary business licensing documentation, you can pick on any industry of your choice and begin to make an impact in this developing country.
As long as you have sufficient knowledge, skills, and background in your chosen industry, you will be better placed in investing in Vietnam. Mainly, you must understand the scope and nature of the business investment and all the necessary licensing requirements. You also must be aware of any foreign ownership limitations tagged along with your investment option. It may also be advisable to work hand in hand with a local professional to help with making easy entry into the market. Most of all, you must be informed about the tax implications surrounding your investment industry.
Temporary Residence Card Vietnam with Work Permit
In many cases, TRC and work permit in Vietnam can be pretty confusing, especially for first-time visitors in Vietnam. So many foreigners are investing in Vietnam, which includes creating jobs for both local and foreign employees/workers who need a work permit. Some are contractors, and executive officers who create foreign direct investment (FDI) projects in Vietnam in a multiplicity of industries in Vietnam.
Vietnam allows people to hire or recruit foreigners to work as executive officers, experts, and professionals. This is more so when the country cannot have the right personnel that will meet the requirements for the business or venture.
However, for you to validate the need for foreign employees, in 30 days before hiring the international employees, you must publicize the recruitment for the positions to Vietnamese job seekers in Vietnam’s media outlets, such as newspapers and online web portals. A prove of this announcement needs to be put in an application for work permits for foreign employees. Still, you can recruit foreign employees via a government-controlled employment service agency. Above all, you must adhere to all the legal requirements and procedures, all under acquiring work permits for foreign employees.
Temporary Vietnam Residence Card Price
In reference to Circular, No 157/2015/TT-BTC dated October 8, 2015, of the Immigration Law, your application for NG3 TRC needs to be made to the Ministry of Affairs. However, other ways of applying for other forms of TRC need to be made at the Immigration Authority Office, at the same administrative office that the inviting organization is founded or resides.
In this regard, for TRCs than NG3, your papers must be filled at the Immigration Department. On this note, the government price may vary based on the duration of time of your TRC, for example, one year – 80 USD and one to two years – 100 USD. Moreover, two to three years will be equal to 120 USD.
It’s time to venture into Vietnam and witness your business expand as a result of the fast-rising economy of this beautiful country in Southeast Asia. You will not lose anything by giving it a try.
But if it is your first time venturing in Vietnam or possibly if you are not convinced where to start from, we can help you go about the compliance process as an expatriate in Vietnam. You will not face any trouble in terms of requirements from Vietnam’s agencies as you focus on your business ventures.
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We pride in offering our clients with one-stop solutions as well as services that go beyond the limits when it comes to creating resources and trading ventures for hundreds of local and foreign investors. We also help foreign employees to adhere to all the domestic laws and rules in the correct and optimal ways.
We understand your expectations, and we are here to deliver positive results for you. What are you waiting for? Call us today!