{"id":10173,"date":"2026-01-23T17:20:32","date_gmt":"2026-01-23T10:20:32","guid":{"rendered":"https:\/\/dtlaw.vn\/?p=10173"},"modified":"2026-03-10T16:13:25","modified_gmt":"2026-03-10T09:13:25","slug":"rui-ro-phap-ly-khi-nha-dau-tu-nuoc-ngoai-mua-von-gop-co-phan-ma-doanh-nghiep-viet-nam","status":"publish","type":"post","link":"https:\/\/dtlaw.vn\/en\/rui-ro-phap-ly-khi-nha-dau-tu-nuoc-ngoai-mua-von-gop-co-phan-ma-doanh-nghiep-viet-nam\/","title":{"rendered":"Legal Risks in Foreign Investment through Capital Contributions, Share Acquisitions, and M&A Transactions in Vietnamese Enterprises"},"content":{"rendered":"
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Issues and Legal Context<\/h2>\n

<\/p>\n

Trong qu\u00e1 tr\u00ecnh h\u00e0nh ngh\u1ec1 v\u00e0 t\u01b0 v\u1ea5n \u0111\u1ea7u t\u01b0 t\u1ea1i Vi\u1ec7t Nam, DTLaw<\/strong> nh\u1eadn th\u1ea5y r\u1eb1ng vi\u1ec7c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i mua v\u1ed1n g\u00f3p, c\u1ed5 ph\u1ea7n ho\u1eb7c th\u1ef1c hi\u1ec7n c\u00e1c giao d\u1ecbch mua b\u00e1n \u2013 s\u00e1p nh\u1eadp doanh nghi\u1ec7p Vi\u1ec7t Nam (foreign direct investment through M&A)<\/strong> l\u00e0 ph\u01b0\u01a1ng th\u1ee9c \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c l\u1ef1a ch\u1ecdn ng\u00e0y c\u00e0ng ph\u1ed5 bi\u1ebfn.<\/p>\n

<\/p>\n

So v\u1edbi h\u00ecnh th\u1ee9c th\u00e0nh l\u1eadp doanh nghi\u1ec7p m\u1edbi, FDI th\u00f4ng qua M&A<\/strong> cho ph\u00e9p nh\u00e0 \u0111\u1ea7u t\u01b0:<\/p>\n

<\/p>\n

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      <\/ul>\n<\/li>\n<\/ul>\n
        \n
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        • ti\u1ebfp c\u1eadn th\u1ecb tr\u01b0\u1eddng nhanh h\u01a1n;<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n

          <\/p>\n

            \n
          • \n
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            • t\u1eadn d\u1ee5ng ph\u00e1p nh\u00e2n, gi\u1ea5y ph\u00e9p v\u00e0 h\u1ec7 th\u1ed1ng v\u1eadn h\u00e0nh s\u1eb5n c\u00f3;<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n

              <\/p>\n

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                • gi\u1ea3m thi\u1ec3u th\u1eddi gian tri\u1ec3n khai d\u1ef1 \u00e1n.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n

                  <\/p>\n

                  <\/p>\n

                  Tuy nhi\u00ean, trong th\u1ef1c ti\u1ec5n t\u01b0 v\u1ea5n, DTLaw \u0111\u00e3 tr\u1ef1c ti\u1ebfp x\u1eed l\u00fd nhi\u1ec1u h\u1ed3 s\u01a1 m\u00e0 giao d\u1ecbch M&A ph\u00e1t sinh r\u1ee7i ro ph\u00e1p l\u00fd nghi\u00eam tr\u1ecdng<\/strong>, \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn hi\u1ec7u qu\u1ea3 \u0111\u1ea7u t\u01b0, quy\u1ec1n ki\u1ec3m so\u00e1t doanh nghi\u1ec7p v\u00e0 kh\u1ea3 n\u0103ng chuy\u1ec3n l\u1ee3i nhu\u1eadn ra n\u01b0\u1edbc ngo\u00e0i. Ph\u1ea7n l\u1edbn c\u00e1c r\u1ee7i ro n\u00e0y xu\u1ea5t ph\u00e1t t\u1eeb vi\u1ec7c ch\u01b0a \u0111\u00e1nh gi\u00e1 \u0111\u1ea7y \u0111\u1ee7 \u0111\u1eb7c th\u00f9 ph\u00e1p l\u00fd c\u1ee7a giao d\u1ecbch M&A c\u00f3 y\u1ebfu t\u1ed1 n\u01b0\u1edbc ngo\u00e0i t\u1ea1i Vi\u1ec7t Nam<\/strong>.<\/p>\n

                  <\/p>\n

                  C\u0103n c\u1ee9 ph\u00e1p l\u00fd \u00e1p d\u1ee5ng<\/h2>\n

                  <\/p>\n

                  Lu\u1eadt \u0110\u1ea7u t\u01b0 s\u1ed1 61\/2020\/QH14 (Law on Investment)
                  Lu\u1eadt Doanh nghi\u1ec7p s\u1ed1 59\/2020\/QH14 (Law on Enterprises)
                  Ngh\u1ecb \u0111\u1ecbnh s\u1ed1 31\/2021\/N\u0110-CP h\u01b0\u1edbng d\u1eabn Lu\u1eadt \u0110\u1ea7u t\u01b0
                  C\u00e1c quy \u0111\u1ecbnh ph\u00e1p lu\u1eadt c\u00f3 li\u00ean quan v\u1ec1 thu\u1ebf, ngo\u1ea1i h\u1ed1i v\u00e0 \u0111\u1ea7u t\u01b0
                  Th\u1ef1c ti\u1ec5n t\u01b0 v\u1ea5n mua v\u1ed1n, M&A c\u1ee7a C\u00f4ng ty Lu\u1eadt DTLaw<\/p>\n

                  <\/p>\n

                  C\u00e1c r\u1ee7i ro ph\u00e1p l\u00fd th\u01b0\u1eddng g\u1eb7p khi FDI mua v\u1ed1n, M&A doanh nghi\u1ec7p Vi\u1ec7t Nam<\/h2>\n

                  <\/p>\n

                  R\u1ee7i ro v\u1ec1 \u0111i\u1ec1u ki\u1ec7n ti\u1ebfp c\u1eadn th\u1ecb tr\u01b0\u1eddng (market access conditions)<\/h3>\n

                  <\/p>\n

                  M\u1ed9t trong nh\u1eefng r\u1ee7i ro ph\u1ed5 bi\u1ebfn m\u00e0 DTLaw th\u01b0\u1eddng g\u1eb7p trong th\u1ef1c ti\u1ec5n l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i cho r\u1eb1ng vi\u1ec7c mua v\u1ed1n doanh nghi\u1ec7p Vi\u1ec7t Nam kh\u00f4ng b\u1ecb h\u1ea1n ch\u1ebf nh\u01b0 th\u00e0nh l\u1eadp m\u1edbi<\/strong>. C\u00e1ch hi\u1ec3u n\u00e0y kh\u00f4ng ho\u00e0n to\u00e0n ch\u00ednh x\u00e1c.<\/p>\n

                  <\/p>\n

                  Theo ph\u00e1p lu\u1eadt \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam, nhi\u1ec1u ng\u00e0nh ngh\u1ec1:<\/p>\n

                  <\/p>\n

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                      <\/ul>\n<\/li>\n<\/ul>\n
                        \n
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                        • thu\u1ed9c danh m\u1ee5c h\u1ea1n ch\u1ebf ti\u1ebfp c\u1eadn th\u1ecb tr\u01b0\u1eddng \u0111\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i;<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n

                          <\/p>\n

                            \n
                          • \n
                              \n
                            • ch\u1ec9 cho ph\u00e9p s\u1edf h\u1eefu v\u1ed1n \u1edf m\u1ed9t t\u1ef7 l\u1ec7 nh\u1ea5t \u0111\u1ecbnh (foreign ownership ratio);<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n

                              <\/p>\n

                                \n
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                                • ho\u1eb7c y\u00eau c\u1ea7u \u0111\u00e1p \u1ee9ng c\u00e1c \u0111i\u1ec1u ki\u1ec7n b\u1ed5 sung v\u1ec1 gi\u1ea5y ph\u00e9p, n\u0103ng l\u1ef1c ho\u1eb7c kinh nghi\u1ec7m.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n

                                  <\/p>\n

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                                  Trong c\u00e1c tr\u01b0\u1eddng h\u1ee3p n\u00e0y, n\u1ebfu kh\u00f4ng \u0111\u00e1nh gi\u00e1 k\u1ef9 t\u1eeb \u0111\u1ea7u, giao d\u1ecbch M&A c\u00f3 th\u1ec3 kh\u00f4ng \u0111\u01b0\u1ee3c ch\u1ea5p thu\u1eadn ho\u1eb7c bu\u1ed9c ph\u1ea3i \u0111i\u1ec1u ch\u1ec9nh c\u01a1 c\u1ea5u s\u1edf h\u1eefu sau khi \u0111\u00e3 ho\u00e0n t\u1ea5t, \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn quy\u1ec1n ki\u1ec3m so\u00e1t v\u00e0 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i.<\/p>\n

                                  <\/p>\n

                                  R\u1ee7i ro li\u00ean quan \u0111\u1ebfn th\u1ee7 t\u1ee5c \u0111\u0103ng k\u00fd M&A (M&A approval and notification)<\/h3>\n

                                  <\/p>\n

                                  Trong qu\u00e1 tr\u00ecnh h\u00e0nh ngh\u1ec1, DTLaw th\u01b0\u1eddng g\u1eb7p c\u00e1c giao d\u1ecbch m\u00e0 c\u00e1c b\u00ean:<\/p>\n

                                  <\/p>\n

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                                      <\/ul>\n<\/li>\n<\/ul>\n
                                        \n
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                                        • \u0111\u00e3 k\u00fd h\u1ee3p \u0111\u1ed3ng chuy\u1ec3n nh\u01b0\u1ee3ng;<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n

                                          <\/p>\n

                                            \n
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                                            • \u0111\u00e3 thanh to\u00e1n ho\u1eb7c chuy\u1ec3n ti\u1ec1n \u0111\u1ea7u t\u01b0;<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n

                                              <\/p>\n

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                                                • nh\u01b0ng ch\u01b0a th\u1ef1c hi\u1ec7n ho\u1eb7c th\u1ef1c hi\u1ec7n kh\u00f4ng \u0111\u00fang th\u1ee7 t\u1ee5c \u0111\u0103ng k\u00fd mua v\u1ed1n theo Lu\u1eadt \u0110\u1ea7u t\u01b0.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n

                                                  <\/p>\n

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                                                  \u0110\u1ed1i v\u1edbi m\u1ed9t s\u1ed1 tr\u01b0\u1eddng h\u1ee3p c\u1ee5 th\u1ec3, th\u1ee7 t\u1ee5c \u0111\u0103ng k\u00fd M&A l\u00e0 \u0111i\u1ec1u ki\u1ec7n b\u1eaft bu\u1ed9c tr\u01b0\u1edbc khi giao d\u1ecbch c\u00f3 hi\u1ec7u l\u1ef1c<\/strong>. Vi\u1ec7c th\u1ef1c hi\u1ec7n sai tr\u00ecnh t\u1ef1 c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn:<\/p>\n

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                                                      <\/ul>\n<\/li>\n<\/ul>\n
                                                        \n
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                                                          \n
                                                        • giao d\u1ecbch kh\u00f4ng \u0111\u01b0\u1ee3c ghi nh\u1eadn h\u1ee3p ph\u00e1p;<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n

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                                                            • nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng \u0111\u01b0\u1ee3c c\u00f4ng nh\u1eadn t\u01b0 c\u00e1ch ph\u00e1p l\u00fd t\u1ea1i doanh nghi\u1ec7p;<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n

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                                                                • ph\u00e1t sinh x\u1eed ph\u1ea1t vi ph\u1ea1m h\u00e0nh ch\u00ednh v\u00e0 r\u1ee7i ro h\u1eadu ki\u1ec3m.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n

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                                                                  R\u1ee7i ro ph\u00e1p l\u00fd ti\u1ec1m \u1ea9n t\u1eeb doanh nghi\u1ec7p m\u1ee5c ti\u00eau (target company liabilities)<\/h3>\n

                                                                  <\/p>\n

                                                                  M\u1ed9t r\u1ee7i ro \u0111\u00e1ng l\u01b0u \u00fd kh\u00e1c l\u00e0 c\u00e1c ngh\u0129a v\u1ee5 ph\u00e1p l\u00fd t\u1ed3n t\u1ea1i c\u1ee7a doanh nghi\u1ec7p m\u1ee5c ti\u00eau tr\u01b0\u1edbc th\u1eddi \u0111i\u1ec3m M&A<\/strong>. Trong nhi\u1ec1u h\u1ed3 s\u01a1 DTLaw t\u1eebng r\u00e0 so\u00e1t, doanh nghi\u1ec7p m\u1ee5c ti\u00eau t\u1ed3n t\u1ea1i:<\/p>\n

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                                                                        • vi ph\u1ea1m v\u1ec1 \u0111\u1ea5t \u0111ai, x\u00e2y d\u1ef1ng (land and construction compliance);<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n

                                                                          <\/p>\n

                                                                            \n
                                                                          • \n
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                                                                            • ngh\u0129a v\u1ee5 thu\u1ebf ch\u01b0a ho\u00e0n th\u00e0nh (tax liabilities);<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n

                                                                              <\/p>\n