return icon

Vietnam opening the field for foreign firms

 Vietnam will slash the number of conditional business sectors and professions in order to open up more investment opportunities for foreign companies.

Vietnam will slash the number of conditional business sectors and professions in order to open up more investment opportunities for foreign companies.


Minister of Planning and Investment Bui Quang Vinh told the National Assembly’s Standing Committee last week that while drafting the amendments to the laws on Investment and Enterprises, the Ministry of Planning and Investment (MPI) would work with other relevant agencies to revise all existing 330 conditional business sectors and professions, and several dozen sectors banned from business and investment.

“The number will be reduced. The reasons for revision will be made public. It is expected that the fully revised list will be available in October,” Vinh said. “It’ll be a tough bit of work as it relates to many ministries.”

“This breakthrough will help Vietnam attract more investors, especially foreign companies eagerly waiting for Vietnam to open the doors previously barred areas of business,” he said. “This will also be in line with the Constitution that states that it is legal to operate in any business sector not precluded by the law.”

Under the two draft laws expected to be adopted late this year by the National Assembly, the list of banned sectors include projects harmful to national security and defence and the public interest, projects that could damage historical sites, culture, morality and customs, and projects prone to harming health, natural resources and the environment.

However, the National Assembly Chairman Nguyen Sinh Hung was sceptical about the regulations

“These vague regulations mean we’re banning almost everything, and investors will have no investment opportunities because every sector in the economy would be affected by such broad-brush descriptions. For example, garment production also relates to culture and custom.” Hung said. “It is necessary to specify exactly what banned and conditional sectors include.”

After being pared down, the banned list will be outlined in a governmental decree, not in an actual law.

The two new laws will also make it much easier for investors and enterprises, in terms of procedures.

The draft amendment to the Investment Law has removed many investment procedures including the granting of an investment registration certificate for projects not banned or subject to any conditions. Investors can register their investment projects online. Such certificate, which replaces the existing investment certificate, will be issued upon request, yet will remain compulsorily for investors engaged in ‘conditional’ projects



Vietnamese network operators now manufacturing cameras

Most cameras provided in the local market are foreign made.

Vietnam’s most modern library

Located at National Economics University, the most modern library in Vietnam covers around 10,000 square metres and is funded by the World Bank through the Support for Autonomous Higher Education Project.

China purchases more Vietnamese fruit for lunar new year holiday

Chinese demand for fruit for the lunar new year holiday accounts for up to 50 percent of Vietnam’s total fruit exports. Experts warn that the products may get stuck at border gates.

Press agencies need to become technological institutions: minister

Twenty years ago, editors-in-chief took pride in the fact that while printing machines were working, distributors were sitting eating bread and waiting for the first newspapers to be put out to deliver.


Vietnamese innovative startups should strive to become regional, international “unicorns”: PM

Seven more prosecuted in bribery case at foreign ministry

The investigation agency under the Ministry of Public Security has issued decisions to prosecute, arrest and search the residences and workplaces of seven more individuals for their involvement in a bribery case at the Ministry of Foreign Affairs.


President arrives in Seoul, beginning state visit to RoK

IFC plans to pour 320 million USD into three Vietnamese banks

The International Finance Corporation (IFC), a member of the World Bank Group, has proposed a total investment of 320 million USD in three Vietnamese banks, reported the Nikkei Asia.

Girl with brittle bone disease opens class for poor students

As she wasn't able to fulfil her dream of becoming a teacher due to congenital vitreous disease, Nguyen Thi Ngoc Tam opened a free class for poor students.

Miniature-human sculptures popular with customers

The price of a sculpture ranges from one to five million VND, depending on the difficulty of the model. Eight to 19 ordered products are made per day to guarantee progress as well as the quality of the sculpture for the customer.

Lacquer village outlasts centuries-old craft

Alongside a wide range of products made from natural materials such as wood, bamboo and rattan, the village also has created new gold- and silver-inlaid products made from ceramic, pottery, and composite.

Local firms do business in P2P lending market

P2P Lending has become a hot issue in Vietnam, especially with the participation of Chinese businesses.

Vietnam to hold first cat fish festival soon

Vietnam’s first cat fish festival is scheduled to take place in the southern province of Dong Thap on December 16-17.

Control of bad content on social networks should be tightened

Tik Toker No O No, who criticized the poor, was boycotted by the community and forced to shut down by the authorities. He is not the first Tik Toker that has posted bad content on social networks.

Businesses struggle to keep workers as exports slow

Businesses have been struggling to maintain and support their workers as the Lunar New Year approaches.