How Many Enterprises Can One Individual Establish in Vietnam?

Short answer: The law does not limit the number of enterprises an individual may establish — one individual may simultaneously be the owner/member/shareholder of multiple LLCs and joint stock companies. However, there are two important exceptions: (1) each individual may establish only 01 private enterprise; (2) a private enterprise owner may not simultaneously be a household business owner or a general partner of a partnership. Legal basis: Articles 17 and 188 of the Law on Enterprises 2020 (amended by Law No. 76/2025/QH15).

Legal basis

• Law on Enterprises 2020, as amended and supplemented by Law No. 76/2025/QH15 — Article 17 (right to establish, contribute capital, purchase shares/stakes and manage enterprises), Article 188 (private enterprises).

General principle: no quantitative limit

Article 17 of the Law on Enterprises 2020 recognizes the right of organizations and individuals to establish, contribute capital to, purchase shares/stakes in, and manage enterprises. The law does not provide that an individual may establish only one enterprise. Therefore, an individual may:

• Simultaneously own multiple single-member LLCs;
• Simultaneously be a member of multiple multi-member LLCs;
• Simultaneously be a shareholder of multiple joint stock companies;
• Combine these roles across different enterprises.

In these companies, the individual’s liability is limited to the contributed/committed capital — the companies are independent legal entities, with no joint liability among them.

Exception 1: only 01 private enterprise may be established

Each individual may establish only one private enterprise. Reason: the private enterprise owner bears unlimited liability with all their assets; allowing one person to head multiple private enterprises would blur the boundary of liable assets.

Exception 2: a private enterprise owner may not simultaneously be a household business owner or general partner

Article 188 provides that a private enterprise owner may not simultaneously be a household business owner or a general partner of a partnership. Apart from these two cases, a private enterprise owner may still contribute capital to LLCs and purchase shares of joint stock companies.

What to note when establishing multiple enterprises?

1. Capital contribution obligations at each enterprise

Each company is an independent legal entity with its own contribution obligation (90 days). Declaring charter capital at many companies without actual contribution capacity multiplies liability risks.

2. Tax and reporting obligations of each enterprise

Each enterprise must declare and pay taxes, maintain accounting and reporting independently. Obligations may not be offset between companies.

3. Transactions between commonly-owned companies

Transactions between companies owned/controlled by the same individual must be transparent and at market prices; avoid transfer pricing and asset stripping that harm creditors, members or minority shareholders — which may give rise to legal liability.

4. Competition and conflicts of interest

Managers running multiple enterprises in the same sector should heed the duty of loyalty and avoid conflicts of interest as prescribed.

Frequently asked questions

Can one person be both a private enterprise owner and a director of an LLC?

Yes, if the LLC’s charter permits and there is no violation of concurrent-position rules. The prohibition applies only to simultaneously being a household business owner or a general partner.

Is it allowed to establish many companies to “split” revenue and evade tax?

No. This violates tax law and may result in tax arrears collection, administrative penalties or criminal prosecution for tax evasion.

Must ownership of multiple enterprises be disclosed?

Enterprise managers must notify the company of enterprises they own or in which they hold shares/stakes as prescribed — for conflict-of-interest control.

Notes on applying current legal provisions

The right to establish multiple enterprises is a protected freedom of business, but it comes with governance, tax and compliance responsibilities at each legal entity. A “one person, many companies” model should be properly designed from the start regarding ownership structure, cash flows and compliance. Contact ANT Legal’s lawyers at 0966.475.966 for advice on a suitable ownership structure.

Common risks to note

• One individual heading 02 private enterprises — a violation;
• Declaring high charter capital at many companies without full contribution;
• Non-transparent related-party transactions, determined to be transfer pricing;
• Missing tax or reporting obligations of one of the companies.

How can ANT Legal help?

ANT Legal advises on multi-enterprise ownership structures, company establishment, charter drafting, and tax compliance and internal governance reviews. For quick advice, please contact our lawyers at 0966.475.966.

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