From the time the application was received to the issuance of the certificate, the process took less than two weeks - so fast that he called it a “record.” 

Previously, he explained, the enterprise sought to invest in AI, the digital economy, and various sectors across the United States and several developed countries, but had consistently failed to clear "mountains" of administrative procedures.

The company will initially invest $60-70 million, with the amount potentially doubling later.

The businessman’s excitement was a result of the amended Investment Law passed in 2025, which took effect in March 2026. The law abolished the requirement on in-principle investment approvals for outward projects while maintaining the requirement on registration certificates for projects subject to mandatory registration.

Eliminating one gate while retaining another

The draft 2025 Law on Investment originally contained a more radical proposal: eliminating both in-principle approval and Outward Investment Registration Certificates, requiring investors merely to register with the State Bank of Vietnam when transferring capital.

The business community initially welcomed and strongly supported this proposal.

Regrettably, that option failed to achieve consensus. By the National Assembly session on November 11, the draft settled on removing only in-principle approvals. 

Reviewing bodies posed a challenging question: If registration certificates are scrapped entirely, what data will track capital flows? They suggested a project notification or registration mechanism without prior approval, linking data with the State Bank of Vietnam to reconcile outgoing funds.

The result was a compromise. The 2025 law removed the approval step but retained the certificate for projects subject to registration.

The Ministry of Finance must still report to the Prime Minister for consideration and approval before issuing certificates for large-scale projects or those seeking special support mechanisms. 

A subsequent decree set the threshold for large-scale projects at VND1.6 trillion. Ordinary projects with capital of less than VND7 billion that do not operate in conditional business sectors are exempt from the certificate requirement. The State has removed one procedural gate, but has not abandoned certification or prior review for certain projects.

A procedure spanning 2-3 ministerial terms

When the 2024 Investment Law was amended, then Minister of Planning and Investment Nguyen Chi Dung said the ministry would decentralize the authority to license industrial parks and overseas investment projects.

Unfortunately, the latter proposal - decentralizing approval of overseas investment projects - failed to win consensus and was not included in the draft Investment Law submitted to the National Assembly.

Go back another 10 years. When drafting the 2014 Investment Law, several members of the drafting committee proposed that Minister of Planning and Investment Bui Quang Vinh abolish licensing procedures for overseas investment projects. 

They wanted Vietnamese businesses to seek markets, partners and profits around the world instead of remaining confined to the domestic market. 

Vinh strongly supported the idea. However, even he could not persuade the relevant parties. The law passed at the end of that year retained the procedure for deciding on investment policies for certain projects, as well as the Overseas Investment Registration Certificate.

Two generations of ministers had recognized the need for change. It was not until the 2025 amendment that the National Assembly managed to remove the approval step. That marked an 11-year journey for an idea that had once failed to make it through the drafting stage.

Going abroad to bring profits home

The argument made by those who had advocated reform when the Investment Law was drafted in 2014 was not simply that businesses needed more places to make profits. Overseas investment can be a way for Vietnamese enterprises to enter global technology ecosystems, find talent, learn management practices and bring new connections back to support domestic production.

Singapore currently has programs to help businesses explore overseas markets and establish investment operations abroad. Japan’s JETRO provides consulting, connections and support for businesses in overseas markets.

Each country has its own regulatory approach, but one notable common feature is that they view the overseas presence of domestic businesses as something worth encouraging.

Looser regulations governing outward investment in the Law on Investment 2025 will certainly assist more enterprises in expanding internationally.

Following 11 years of debate, this represents tangible change. The next expectation is that Vietnamese enterprises will no longer treat rapid procedural completion as a rare occurrence.

When businesses venture abroad seeking technology, markets, and opportunities, the state should facilitate their expansion rather than restrict their progress.

Tu Giang