The National Assembly on June 17 voted to approve the amended Law on Investment project (the "LOI 2020") with 7 chapters, 77 articles and 4 attached appendices.
The LOI 2020 removes 22 industries and trades of conditional business investment including service of commercial arbitration organizations; trade assessment services; franchising; logistic service business; business of services for training, fostering knowledge about real estate brokerage, operating real estate trading floors; business of services for training, fostering professional knowledge about, management skills of, and operating condominium apartments.
Besides, the LOI 2020 adds a number of conditional business lines such as tobacco detoxication services, HIV/AIDS treatment, care for the elderly, disabled people, children, trading in clean water (daily living water), architectural services, imported newspaper distribution service, registration of fishing ships, training and fostering crew members of fishing ships.
Foreign investors are eligible for application of market access conditions as prescribed for domestic investors, except for the business lines in the list of business lines of restricted access for foreign investors such as (i) business lines not yet allowed in the market; (ii) business lines allowed in the market with conditions.
Conditions for accessing the market for foreign investors prescribed in the list of business lines of restricted access for foreign investors include: (i) Conditions on ownership percentage of charter capital by foreign investors in economic organizations; (ii) Conditions on the form of investment; (iii) Conditions on investment scope; (iv) Conditions on the capacity of investors and partners participating in investment activities; (v) Other conditions prescribed in laws, resolutions of the National Assembly, ordinances, resolutions of the National Assembly Standing Committee, decrees and international treaties.
Business investment activities detrimental to national defense and security of investors will be suspended, stopped or terminated, whether investors directly invest in or buy capital contributions or shares in the business operating in Viet Nam.
The LOI 2020 will take effect on January 1, 2021 and replace the Law on Investment No. 67/2014/QH14, the Law No. 03/2016/QH14 amending and supplementing Article 6 and Annex 4 on the list of business lines subject to conditional business investment./.
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Golden Star is a professional consulting company specializes in providing accounting services, chief accountant services, tax procedure services, tax declaration services, tax consultancy services, tax agency services, tax refund services, services for representative office, company establishment services, company dissolution services in Vietnam, performing investment procedures for foreign investor in Vietnam, salary calculation services, payroll and labour services, law consultancy services, office leasing services, virual office services and other business advisory services.
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