On the morning of December 11, with 425/436 National Assembly deputies present voting in favor (accounting for 89.85%), the National Assembly officially passed the Investment Law (amended).
One of the notable points in the Law on Investment (amended) recently passed by the National Assembly is the regulation prohibiting investment and trading activities including: Trading in drugs; trading in chemicals and minerals; trading in specimens of plant and wildlife species of natural origin; prostitution; trading in human, tissue, remains, and body parts, human fetuses; trading activities related to infertility on humans; trading in firecrackers; trading in debt collection services; trading in national treasures; trading in exporting relics and antiques; trading in electronic cigarettes and heated tobacco products.
The Government stipulates the handling of investment projects in the production of electronic devices for e-cigarettes and heated tobacco products in Vietnam only for export that have been registered or approved, permitted in writing by competent state agencies according to the provisions of law before January 1, 2025.
Previously, Minister of Finance Nguyen Van Thang, authorized by the Prime Minister, presented a Report explaining, accepting and revising the draft Law on Investment (amended).
Regarding business investment conditions, the Minister said that in response to the opinions of the Standing Committee of the National Assembly, the Ministry of Finance has coordinated with relevant ministries and branches to review regulations on conditional business investment and professions, in order to screen and determine which industries and professions really need to be "pre-inspected", and at the same time transfer the industries and professions that are regulating business investment conditions to apply to output products and services that can be controlled by technical standards and regulations to the "post-inspection" mechanism, ensuring compliance with the spirit of Resolution No. 68 and Resolution No. 198.
The draft Law on cutting, amending and supplementing conditional business lines and professions. Accordingly, 38 investment and business sectors with conditions for not meeting the criteria under Article 7 of the Law on Investment were reviewed and cut, including: Tax procedures; customs procedures services; insurance auxiliary services; trade appraisal services; temporary import and export of goods with special consumption tax; temporary import and export of frozen food; temporary import and export of goods on the List of used goods...
In addition, the Law also stipulates the sectors and professions of conditional business investment. Accordingly, the investment and business sector and profession has the condition of being a business sector and profession in Vietnam, and the implementation of activities in that sector and profession must meet the necessary conditions for reasons of national defense, security, social order and safety, social ethics and public health. The list of sectors and occupations for conditional business investment is specified in Appendix IV issued with this Law.
The Government announces the List of industries and occupations with business investment conditions that require licensing and certification before conducting business investment activities; and the List of industries and occupations with business investment conditions conditions that require transfer from licensing and certification to announcing business requirements and conditions for management according to the post-inspection method.
Conditions for business investment in industries and occupations are stipulated in laws, resolutions of the National Assembly, decrees, resolutions of the Standing Committee of the National Assembly, decrees of the Government and international treaties to which the Socialist Republic of Vietnam is a member.
Ministries, ministerial-level agencies, People's Councils, People's Committees at all levels, agencies, organizations and individuals are not allowed to issue regulations on investment and business conditions. Investment and business conditions must ensure publicity, transparency, objectivity, saving time and compliance costs for investors.
The industry and profession of business investment with corresponding conditions and conditions must be posted on the National Portal on Business Registration. The Government stipulates in detail the announcement and control of investment and business conditions.
