Chapter I
GENERAL PROVISIONS
Article 1. Scope
This Law deals with business investments in Vietnam and outward business investments.
Article 2. Regulated entities
This Law applies to investors, other organizations and individuals (hereinafter referred to as entities) involved in business investment.
Article 3. Interpretation of terms
In this Law, the terms below are construed as follows:
1. Register office means the regulatory body competent to issue, adjust, and revoke Certificates of investment registration.
2. Investment project means a collection of proposal to make midterm or long-term capital investment in business in a particular administrative division over a certain period of time.
3. Expansion project means a project to make investment to expand the scale, improve the capacity, apply new technologies, reduce pollution or improve the environment.
4. New investment project means a project that is executed for the first time or a project independent from any other running project.
5. Business investment means an investor’s investing capital to do business by establishing a business organization; making capital contribution, buying shares or capital contributions to a business organization; making investments in the form of contracts or execution of investment projects.
6. Certificate of investment registration means a paper or electronic document bearing registered information about the investment project of the investor.
7. National investment database means a system of professional information meant for monitoring, assessment, and analysis of investments nationwide in order to serve state management tasks and support for investors’ investment making process.
8. Public-Private Partnership contract (hereinafter referred to as PPP contract) means a contract between a competent authority and an investor or project management enterprise to execute an investment project as prescribed in Article 27 of this Law.
9. Business cooperation contract means a contract between investors for business cooperation and distribution of profits, products without establishment of a new business organization.
10. Export-processing zone means an industrial park specialized in manufacturing of exported products or provision of services for manufacturing of exported products and export.
11. Industrial park means an area with a defined geographical boundary specialized in industrial production and provision of services for industrial production.
12. Economic zone means an area with a defined geographical boundary which consists of multiple sectors and is meant to attract investments, develop socio-economic, and protect national defense and security.
13. Investor means an organization or individual that makes business investments. Investors include Vietnamese investors, foreign investors, and foreign-invested business organizations.
14. Foreign investor means an individual holding a foreign nationality or an organization established under foreign laws an making business investment in Vietnam.
15. Vietnamese investor means an individual holding Vietnamese nationality or a business organization whose members or shareholders are not foreign investors.
16. Business organization means an organization established and run in accordance with Vietnam’s laws. Business organizations include companies, cooperatives, cooperative associations, and other organizations that make business investments.
17. Foreign-invested business organization means a business whose members or shareholders are foreign investors.
18. Capital means money and other assets used invested in business.
Article 4. Application of the Law on Investment, relevant laws and international agreements
1. Investments made within Vietnam’s territory must comply with this Law and relevant laws.
2. Where regulations on banned business lines, conditional business lines, or investment procedures in this Law and other laws are inconsistent, regulations of this Law shall apply, except for investment procedures prescribed in the Law on Securities, the Law of credit institution, the Law on Insurance, and the Law on Petroleum.
3. Where regulations of this Law and those of an international agreement to which the Socialist Republic of Vietnam is a signatory are inconsistent, the latter shall apply.
4. With regard to any contract to which at least a party is a foreign investor or a business organization defined in Clause 1 Article 23 of this Law, the parties to which may reach an agreement on whether to apply foreign laws or international practice if such agreement does not contravene Vietnam’s laws.
Article 5. Policies on business investment
1. Investors are entitled to make investments in the business lines that are not banned in this Law.
2. Investors may decide their business investments on their own in accordance with this law and relevant laws; may access and make use of loan capital, assistance funds, land, and other resources as prescribed by law.
3. The ownership of assets, capital, income, another the lawful rights and interests of investors are recognized and protected by the State.
4. The State shall treat investors equitably; introduce policies to encourage and enable investors to make business investment and to ensure sustainable development of economic sectors.
5. International agreements on business investment to which Socialist Republic of Vietnam is a signatory are upheld by the State.
Article 6. Banned business lines
1. The investments in the activities below are banned:
a) Trade in the narcotic substances specified in Appendix I hereof;
n) Trade in the chemicals and minerals specified in Appendix I of this Law;
c) Trade in specimens of wild flora and fauna specified in Appendix 1 of Convention on International Trade in Endangered Species of Wild Fauna and Flora; specimens of rare and/or endangered species of wild fauna and flora in Group I of Appendix 3 hereof;
d) Prostitution;
dd) Human trafficking; trade in human tissues and body parts;
e) Business pertaining to human cloning.
2. The Government’s regulations shall apply to production and use of products mentioned in Points a, b, and c Clause 1 of this Article during analysis, testing, scientific research, medical research, pharmaceutical production, criminal investigation, national defense and security protection
Article 7. Conditional business lines
1. Conditional business lines are the business lines in which the investment must satisfy certain conditions for reasons of national defense and security, social order and security, social ethics, or public health.
2. The List of conditional business lines is provided in Appendix 4 hereof.
3. Conditions for making investments in the business lines mentioned in Clause 2 of this Article are specified in the Laws, Ordinances, Decrees, and the international agreements to which the Socialist Republic of Vietnam is a signatory. Ministries, ministerial agencies, the People’s Council, People’s Committees, and other entities must not issue regulations on conditions for making business investments.
4. Conditions for making business investments must be appropriate for the objectives in Clause 1 of this Article, ensure transparency, objectivity, not wasting time or money of investors.
5. The conditional business lines and the corresponding conditions shall be posted on the National Company Registration Portal.
6. The Government shall elaborate the announcement and control of conditions for business investments.
Article 8. Amendments to the Lists of banned business lines and the List of conditional business lines
Depending on the socio-economic conditions and state management requirements in each period, the Government shall review the banned business lines, conditional business lines and propose amendments to Article 6 and Article 7 to the National Assembly.
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