Latest integrated document of Law on Investment available in Vietnam

Latest integrated document of Law on Investment available in Vietnam (Internet image)

Regarding this issue, LawNet would like to answer as follows:

1.  Integrated document of Law on Investment available in Vietnam

The latest ntegrated document of the Law on Investment is the Integrated document  28/VBHN-VPQH dated December 29, 2022, consolidating the following documents:

- Law on Investment 2020, effective from January 1, 2021

- Law on Environmental Protection 2020, effective from January 1, 2022;

- Law No. 03/2022/QH15 amending and supplementing a number of articles of the Law on Public Investment, the Law on Investment under the mode of public-private partnership, the Law on Investment, the Law on Housing, the Law on Bidding, the Law on Electricity; Law on Enterprises, Law on Special Consumption Tax and Law on Civil Judgment Execution, effective from March 1, 2022;

- Law on Cinematography 2022, effective from January 1, 2023;

- Law on Insurance Business 2022, effective from January 1, 2023;

- Law No. 09/2022/QH15 amending and supplementing a number of articles of the Law on Radio Frequency, effective from July 1, 2023.

2. Regulations on the application of the Law on Investment and related laws in Vietnam

The application of the Law on Investment and related laws is as follows:

- Investment and business activities in the Vietnamese territory shall comply with the provisions of the Law on Investment and other relevant laws.

- Cases with different provisions between the Law on Investment and another law promulgated before the effective date of the Law on Investment in respect of industries or trades banned from business investment or conditional business lines or industries, shall comply with the Law on Investment.

Regulations on names of industries and trades banned from business investment, lines of business investment subject to conditions in other laws must be consistent with Article 6 and the Appendices of the Law on Investment.

- Case with different provisions between the Law on Investment and other laws promulgated before the effective date of the Law on Investment regarding the order and procedures for business investment and investment security shall comply with the Law on Investment, except for the following cases:

+ The investment, management, and use of the State's investment capital in enterprises shall comply with the provisions of the Law on management and utilization of state capital invested in the enterprise’s manufacturing and business activities;

+ The authority, order, and procedures for public investment and the management and use of public investment capital shall comply with the provisions of the Law on Public Investment;

+ Competence, order, and procedures for investment and project implementation; the law governing the project contract; an investment guarantee, state capital management mechanism applied directly to investment projects under the mode of public-private partnership shall comply with the provisions of the Law on Investment under the mode of public-private partnership;

+ The implementation of construction investment projects, houses, and urban areas shall comply with the provisions of the Law on Construction, the Law on Housing, and the Law on Real Estate Business after receiving the approval of the investment policy from the competent authority, the adjustment of the investment policy in accordance with the provisions of the Law on Investment;

+ Competence, order, procedures, and conditions for business investment in accordance with the provisions of the Law on Credit Institutions, the Law on Insurance Business, and the Petroleum Law;

+ Competence, order, procedures, and conditions for investment, business, securities, and securities market activities on the Vietnamese stock market shall comply with the provisions of the Law on Securities.

- In case other laws promulgated after the effective date of the Law on Investment need specific provisions on investment different from those of the Law on Investment, the implementation or non-implementation must be specified according to the provisions of the Law on Investment, and the contents comply with the provisions of such other laws.

- For a contract in which at least one party is a foreign investor or an economic organization specified in Clause 1, Article 23 of the Law on Investment, the parties may agree in the contract on the application of foreign laws or international investment practices if such an agreement is not contrary to the provisions of Vietnamese law.

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