06 mandatory contents in business investment conditions in Vietnam as of January 1, 2021

06 mandatory contents in business investment conditions in Vietnam as of January 1, 2021 (Internet image)

Specifically, according to Article 7 of the Law on Investment 2020, regulations on business investment conditions in Vietnam shall contain the following:

- Subjects and scope of the business investment conditions;

- Forms of fulfillment of the business investment conditions;

- Contents of the business investment conditions;

- Documentation and administrative procedures for compliance with the business investment conditions (if any);

- Regulatory agencies and agencies that have the power to handle administrative procedures regarding business investment conditions;

- Effective dates of licenses or certificates or other written confirmation or approval (if any).

According to the Law on Investment 2020. business investment conditions in Vietnam to be fulfilled are those specified in:

- Licenses;

- Certificates;

- Credentials;

- Written confirmation or written approval;

- Other requirements that must be satisfied by individuals and business organizations to conduct business investment activities without obtaining written confirmation from a competent authority.

Note: Conditions for making business investment in the business lines mentioned in the List of conditional business lines and Resolutions of the National Assembly, Ordinances and Resolutions of the Standing Committee of the National Assembly, Decrees of the Government and international treaties to which the Socialist Republic of Vietnam is a signatory. Ministries, ministerial agencies, People’s Councils, People’s Committees at all levels, and other entities must not issue regulations on conditions for making business investment.

More details can be found in the Law on Investment 2020, which comes into force from January 1, 2021.

Le Hai

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