On June 17, 2020, the National Assembly officially passed the Law on Investment 2020, replacing the Law on Investment 2014 and it will take effect from January 1, 2021. This law has reduced 41 business conditional investment sectors compared to the current regulations.
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Investment Law 2020: Reducing 41 Conditional Business Investment Industries - Illustrative photo
LIST OF CONDITIONAL BUSINESS INVESTMENT INDUSTRIES 2021
To be specific, according to Clause 1, Article 7 of the Investment Law 2020: "Conditional business investment industries are those in which business investment activities must meet necessary conditions for reasons of national defense, national security, social order and safety, social ethics, or community health."
The list of conditional business investment industries is stipulated in Appendix IV of the Investment Law 2020, which has reduced 41 conditional business investment industries compared to those regulated in the Investment Law 2014, such as:
- Services activities of commercial arbitration organizations;- Practicing as a trustee;- Business of domestic consolidated cargo services;- Business of customs inspection services within and outside border gate areas;- Business of insurance agency training services;- Business of consulting services for enterprise valuation for equitization;- Debt collection services;- Debt trading services;- Casino business;- Betting services;- Business of inorganic fertilizers;- Franchising;- Coal trading;- Logistics services;- Business of conformity assessment services related to specific industry pressure equipment, lifting equipment, industrial chemicals, industrial explosives, mining equipment, and oil and gas equipment, excluding exploration and extraction equipment and facilities on offshore installations;- Vocational training activities;- …
The reduction of many conditional business investment industries from January 01, 2021 aims to eliminate unnecessary and unreasonable industries, facilitating the market entry for citizens and businesses.
See the detailed list of conditional business investment industries for 2021 HERE.
Additionally, according to the Investment Law 2020, the regulations on business investment conditions must include the following contents:
- Subjects and scope of application of business investment conditions;- Forms of application of business investment conditions;- Content of business investment conditions;- Dossier, procedures, and administrative procedures to comply with business investment conditions (if any);- The state management agency, the competent agency for resolving administrative procedures regarding business investment conditions;- The effective duration of permits, certificates, or other documents of certification and approval (if any).
Furthermore, business investment conditions are applied in the following forms: Permits; Certificates; Certifications; Written confirmations or approvals; and other requirements that individuals or economic organizations must meet to carry out business investment activities without needing written certification from a competent authority.
More details can be found in: Investment Law 2020, effective from January 01, 2021, replacing the Investment Law 2014.
Thu Ba
