The list of banned and conditional business lines that finally appeared in the draft revision of the Investment Law has been sent to National Assembly (NA) deputies.
The NA Standing Committee has reported that after consideration, the number of business lines, trades, goods and services banned from investment or business has been reduced from 51 to 11 while that of conditional business lines has been narrowed down from 386 to 326.
According to the NA Standing Committee, the list of conditional business lines has been reviewed with the aim of eradicating a number of unnecessary conditional business lines or those with unclear state management objectives. Unreasonable and non-transparent business conditions will be eradicated or modified in order to remove investors’ burden of compliance costs.
In addition, a number of business and investment conditions, such as the norm for grant of license, will be replaced with the application of self-registration for implementation and technical standards for products and services.
The revised law also eradicates conditional business lines (even those made under Vietnam’s accession commitments to the World Trade Organization and other treaties) to ensure transparency in law enforcement.
In the latest draft revision of the Investment Law, banned business lines are listed in Article 4 enclosed with a number of appendixes.
The draft also sets out criteria for determining conditional business lines and assigns the Government to regularly make public an updated specific list of conditional business lines after reporting it to the NA Standing Committee.-