Law on Investment 2020: Officially "Abolishing" Debt Collection Services

14:34, 10/07/2024

Investment Law 2020 was officially passed by the National Assembly Session XIV at the 9th Session, on June 17, 2020. Notably, from the date this Law takes effect, the debt collection service will be officially "abolished".

According to the Investment Law 2020, the business activity of debt collection services has been removed from the List of Conditional Investment and Business Sectors and officially moved to the List of Prohibited Investment and Business Sectors. Specifically, Article 6 of the Investment Law 2020 stipulates the prohibited investment and business sectors as follows:

Article 6. Prohibited Investment and Business Sectors
1. The following investment and business activities are prohibited:
….
h) Debt collection services.

Additionally, in the transitional provisions, the Investment Law 2020 also stipulates that contracts for the provision of debt collection services before the effective date of this Law (January 1, 2021) shall cease to be effective from the date this Law comes into effect. The parties involved in the contract are allowed to perform activities to liquidate the debt collection contract in accordance with civil law and relevant laws.

For detailed information, please refer to: Investment Law 2020, effective from January 1, 2021.

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