Vietnam continues to attract foreign investment, and with that comes updates to how companies are set up. In 2026, several regulatory adjustments are shaping the way businesses approach company registration.

One question keeps coming up: can you obtain an Enterprise Registration Certificate (ERC) first, and deal with the Investment Registration Certificate (IRC) later to save time?

At first glance, this sounds like a practical shortcut. In reality, the answer is not that simple.

What Is an ERC in Vietnam?

An Enterprise Registration Certificate, or ERC, is essentially the legal identity of a company in Vietnam. Without it, a business does not officially exist in the eyes of the law.

In simple terms, the ERC confirms:

1. The company’s name and legal status
2. Its registered address
3. Its business activities
4. Its legal representative
   

For local companies, the ERC is often the main document required to begin operations. However, things work differently when foreign investment is involved.

What Changed in 2026?

The 2026 updates do not completely rewrite the system, but they do affect how applications are reviewed and processed.

A few key shifts stand out:

1. Closer review of business activities linked to foreign investment
2. More attention to compliance at the early stage
3. Less flexibility in how application steps are sequenced
   

In other words, while the structure remains familiar, the room for “creative shortcuts” is narrower than before.

Can You Apply for an ERC First?

This is where many investors get confused.

On paper, it may seem possible to register a company first and sort out the investment approval later. But in practice, this depends heavily on the ownership structure.

For companies with foreign investors:

1. The IRC is usually required before the ERC
2. Authorities expect to see approved investment details upfront
   

For locally owned companies:

1. The ERC can be obtained directly
2. No IRC is needed
   

So, trying to secure an ERC first while planning to add foreign investment later can raise questions during the review process. In some cases, the application may not move forward as expected.

What Are the Risks?

Taking the ERC-first approach without a clear structure can lead to several issues:

1. Application delays due to missing or inconsistent information
2. Rejection risks if the ownership plan is not aligned with regulations
3. Extra adjustments later, especially when adding foreign capital
4. Compliance concerns that may affect future licensing
   

What looks like a time-saving move at the beginning can easily turn into a longer process overall.

A More Practical Approach for 2026

Instead of focusing on what might be possible, it is often more useful to look at what tends to work smoothly in real situations.

For foreign investors, this usually means:

1. Clarifying the investment structure early
2. Securing the IRC before moving to the ERC
3. Keeping both applications aligned from the start
   

This approach may seem more structured, but it often reduces back-and-forth with authorities and avoids unnecessary revisions.

For many businesses, moving faster is less about changing the order, and more about getting the structure right from the beginning.

Conclusion

The idea of obtaining an ERC first to speed up company registration in Vietnam is understandable, especially under time pressure. However, under the 2026 regulatory environment, this approach is not always practical for foreign investors.

While the process may look flexible at first, the actual review tends to follow a more defined path. Trying to reverse that order can create more complications than advantages.

In many cases, a clear structure from the start makes a noticeable difference in how smoothly the process moves forward.