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Saturday, September 23, 2017

Vietnam to slash conditional business sectors to give foreign investors wider market access

Updated: 15:38’ - 24/07/2014

Planning and Investment Minister Bui Quang Vinh told the National Assembly Standing Committee early this month that while drafting amendments to the Investment Law and Enterprise Law, the ministry would work with related agencies to revise existing 330 conditional business lines and professions and several dozen sectors banned from business and investment.
 

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A conference to promote investment in Vietnam stock market held
in Tokyo in April__Photo: Tran Viet/VNA

 

“The reasons for revision will be made public. It is expected that the revised list will be available in October,” Vinh said, adding that this change would help the country attract more investors, especially foreign companies eagerly waiting for Vietnam to open the doors to previously barred areas of business.

This move will also be in line with the Constitution which states that it is legal to operate in any business sector not precluded by law. 

The current list of banned sectors includes projects harmful to national security and defense and the public interest, projects that could damage historical sites, culture, morality and customs, and projects prone to harming health, natural resources and the environment.

After being pared down, the banned list will be outlined in a government decree, not in a law. The two revised laws will also make it easier for investors and enterprises in terms of procedures. However, investment registration certificates will be issued upon request, yet will remain compulsory for investors engaged in conditional business lines.


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