Wholly Foreign Owned Enterprise May Be Set Up in Real Estate Brokerage

On 10 February 2011 the Vietnamese Ministry of Construction (MOC) issued Official Letter No. 172/BXD-HDXD in reply to the Management Board of Saigon South (Ho Chi Minh City)'s official letter regarding the establishment of Tram Oanh Uc Limited Company.
The MOC gave the following opinions:

• The investment in establishing a wholly foreign owned enterprise to provide the service of real estate brokerage is eligible for being examined for issuance with an investment certificate as stipulated in the Law on Enterprises, the Law on Investment and legislation on real estate business.
• The application documents show that the investors comprise two individuals of Korean nationality, of whom Mr. Park Yong Hoon has a certificate of real estate brokerage issued by Seoul City Authorities. This complies with the provisions in Article 10 of the Law on Real Estate Business.

The MOC proposed the Management Board of Saigon South to examine the application documents under the latter's authority.

For inquiries related to this Legal Update, please contact:

Dao Nguyen (dao.nguyen@mayerbrown.com)

Thinh Dan (thinh.dan@mayerbrown.com)

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