A Vietnamese company with head office located in an Industrial Zone is subject to the management of the Business Registration Authority under the provincial People’s  Committee (Local PC). On the other hand, a foreign-invested company with head office located in an Industrial Zone is subject to the management of the provincial Management Board of the Industrial Zones (IZ Board). Therefore, a foreign investor acquires a majority of the ownership interest in a local company located in an Industrial Zone may need to apply for an Investment Certificate from the local IZ Board instead of the Local PC. Given that the Business Registration Certificate (or Enterprise Registration) of the target  company is issued by the Local PC, there needs to be cooperation between the Local PC and the IZ Board in order for the new Investment Certificate to be issued to replace the existing Business Registration Certificate. Otherwise, the licensing process for the investment by the foreign investor may face unexpected result.