Vietnam is increasingly becoming an influential participant in global trade. Recognised by the U.S. International Trade Commission as a leading outsourcing destination, it demonstrates considerable potential in manufacturing, logistics, and technology. With a population exceeding 100 million and over 140,000 new companies registered each year, numerous opportunities are available.
However, rapid development brings about complexity. Issues such as shell companies, counterfeit invoices, fraud, and ambiguous ownership structures pose challenges in identifying reliable business partners. Additionally, limited transparency, language barriers, and inconsistent access to official records further complicate matters.
Despite these challenges, verifying companies in Vietnam can be straightforward with the right tools and access to government data. AsiaVerify’s enhanced Vietnamese data coverage makes the process faster, more accurate, and reliable, enabling better risk management and more informed decision-making.
Understanding company verification rules in Vietnam
Similar to other countries, setting up a business in Vietnam requires navigating various legal and regulatory processes. During registration, businesses must provide essential details such as:
- Enterprise Registration Certificate (ERC)
- Investment Registration Certificate (IRC) (for foreign investors)
- Tax Registration Certificate
- Legal Representative Documentation (Must reside in Vietnam)
- Business Address Proof (e.g., lease agreement)
- List of Founders/Shareholders
- Financial Proof & Statements
- Proof of Residency & Business Insurance
After registration, a company is permitted to open a bank account and engage in cross-border transactions. Vietnam’s business registration process is comprehensive, ensuring compliance, trust, and legitimacy, which makes verification an important step before forming partnerships.
How to Verify a Company in Vietnam
While the National Business Registration Portal (NBRP) provides high-level information, it has limitations in verifying a company’s financial health, compliance, and legitimacy. Below are more comprehensive verification steps:
- Check the National Business Registration Portal (NBRP)
Visit the National Business Registration Portal and search using:
- Company Name
- Tax ID Number
- Business Registration Number
- This database provides:
- Legal Representative Details
- Business Address
- Basic Company Registration Information
Limitations: The portal does not verify beneficial owners, financial transactions, or compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.
2. Verify the Tax ID Number
Use the Vietnam Department of Taxation’s database to confirm:
- Tax Compliance Status
- VAT Invoices & Payment Records
- Whether the company has been flagged for tax fraud.
This ensures the business is officially registered and updated with its tax obligations.
3. Request & Cross-Check Business Registration Documents
Ask the company to provide:
- Enterprise Registration Certificate (ERC)
- Investment Registration Certificate (IRC) (for foreign-owned businesses)
- Audited Financial Statements
- Company Charter (Structure & Governance Details)
- Business Licence (if applicable to specific industries)
Cross-reference these with official government records to ensure authenticity.
4. Confirm Business Address & Online Presence
- Google Maps & Local Directories: Verify the company’s physical address.
- Visit the Office (if possible): If conducting large transactions, in-person verification is highly recommended.
- Company Website & social media: A legitimate business usually has a functional website and an active social media presence.
5. Research the Company’s Reputation
- Look for online reviews and testimonials from previous clients, partners, or suppliers.
- Check business forums and industry news for reports on fraudulent activities.
- Verify their involvement in industry associations, such as the Vietnam Chamber of Commerce and Industry (VCCI).
6. Conduct a Financial Background Check
- Request audited financial reports or annual compliance certifications.
- Investigate court records & bankruptcy history to check for any past legal issues.
- Verify Ultimate Beneficial Ownership (UBO) to ensure transparency in corporate ownership structures.
Why Choose AsiaVerify?
Conducting business across borders can be complex, but verifying companies doesn’t have to be. AsiaVerify simplifies the process, offering instant access to trustworthy, official data that helps in making informed decisions.
- Instantly Verified from Official Sources – AsiaVerify is directly connected to the Vietnam National Business Registration Portal and the Department of Taxation, providing real-time access to authoritative records.
- Global-Ready, Local-Smart – The platform caters to international teams by delivering information in both English and Vietnamese, mitigating language barriers and delays.
- A Single Platform for Total Clarity – Access essential information all in one place:
- Business registration information (ERC, IRC)
- UBOs and shareholder details
- Tax and compliance status
- Court records and insolvency checks
Always One Step Ahead
AsiaVerify monitors local regulation updates and proactively alerts users to changes that could affect the verification process, ensuring preparedness.
Get Clarity Before You Commit
When sourcing a supplier, onboarding a new merchant, or entering a partnership, trust is essential.
AsiaVerify offers direct, real-time access to official data, eliminating guesswork and delays and providing clear answers as required. Want to see how it works? Book a free 30mins demo now.
Sources:
[1] https://www.macrotrends.net/global-metrics/countries/vnm/vietnam/population
[2] https://www.statista.com/statistics/1195001/vietnam-yearly-number-of-new-enterprises/
