Chương 1 Nghị định 29/CP: Những quy định chung

Chapter I

GENERAL PROVISIONS

Article 1.- The objects of the Law on Promotion of Domestic Investment include:

1. Enterprises of various economic sectors:

a) State-owned enterprises.

b) Enterprises of the political and social organizations.

c) Cooperatives.

d) Limited liability companies.

e) Joint-stock companies.

f) Private enterprises.

2. The business units operating under Decree No.66-HDBT on the 2nd of March 1992 of the Council of Ministers.

3. Organizations and individuals that buy stocks or invest capital in enterprises.

4. Enterprises which are direct investments in Vietnam by Vietnamese who reside overseas.

5. Enterprises which are direct investments in Vietnam by foreign permanent residents.

Article 2.- The Vietnamese who reside overseas (hereafter referred to as overseas Vietnamese) include people who bear Vietnamese citizenship and reside overseas, and people who are of Vietnamese descent but have a foreign nationality.

Overseas Vietnamese who make direct investment in Vietnam are entitled to being subject to either the Law on Foreign Investment or the Law on Promotion of Domestic Investment. But for each investment project, they can adhere only to one law.

Article 3.- In order to make a direct investment under the Law on Promotion of Domestic Investment, a person of Vietnamese descent and bearing foreign nationality must declare his/her origin and must comply with the provisions of Vietnamese laws on investment and the establishment of enterprises.

If requested by the authorized Vietnamese State agency, a person of Vietnamese descent and bearing a foreign nationality must obtain a written certificate from an overseas Vietnamese diplomatic representation, or from the authorized State agency of the country to which he/she belongs, on his/her Vietnamese origin in one of the commonly used international languages.

Article 4.- The foreign permanent resident in Vietnam is the foreigner who has been registered for permanent residence in Vietnam by the authorized Vietnamese State agency.

Article 5.- To be licensed for direct investment in establishing an enterprise in Vietnam, the overseas Vietnamese and the foreign permanent resident in Vietnam must satisfy the following conditions:

1. Aged 18 years or above.

2. Not insane.

3. Not subject to prosecution for criminal liability; not a sentence-serving convict in Vietnam or a foreign country; not banned from doing business by the ruling of a foreign court.

4. Having an investment capital at least equal to the legal capital required for the form and nature of the business by Decrees No.221-HDBT and No.222-HDBT on the 23rd of July 1991 of the Council of Ministers (now the Government).