Vietnam proposes to prohibit 11 sectors for foreign investments, which includes media activities and information collection in any form

Legal Department – The Ministry of Planning and Investment has proposed a list of industries that will limit the access for foreign investors in Vietnam.

According to the Legal Department – Ministry of Planning and Investment, there has not been a  specific list of sectors and industries that are prohibited for foreign investors in the Investment Law before, and it has not been specified in Decree No. 118/2015 / ND- CP, either (except for some principles on the conditions for foreign investors and implementation of regulations on investment conditions for foreign investors in Article 10 and Article 13 of Decree No. 118/2015 / ND-CP).

Therefore, the decree guiding the implementation of the Investment Law 2020 will stipulate and announce the “list of industries that limit market access for foreign investors”. The decree will specify industries in which foreign investors are not permitted to invest, and industries in which foreign investors are permitted to invest with conditions. It also provides information on principles of applying conditions to limit market access for foreign investors.

Specifically, 11 sectors in which investment will be prohibited for foreign investors include:

– Trading of goods and services exclusively exercised by the State in the field of commerce;

Media activities and information collection in any form;

– Catching or exploiting of fisheries;

– Investigation and security services;

– Administrative and judicial services, including judicial assessment service, redundancy service, property auction service, notary service, administrator service;

– Overseas employment services;

– Cemetery and cemetery parks business;

– Public opinion polling service;

– Blasting service;

– Automotive testing, inspection and certification services;

– Import and demolition of used ships.

Sectors in which foreign investors can participate under conditions include:

– Production and distribution of cultural products, including video recordings;

– Production, distribution, and projection of television programs and cinematographic works;

– Radio and television;

– Insurance, banking, securities and currency trading and brokerage, and other related services;

– Telecommunication services;

– Advertising services;

– Printing and publishing services;

– Geodesy and map services;

– Education services;

– Exploration, exploitation and processing of natural resources, minerals, oil and gas;

– Hydroelectricity and nuclear energy;

– Transport of goods and passengers by railway, air, road, sea, pipeline;

– Aquaculture;

– Forestry and hunting;

– Gamble business, casino;

– Services related to industrial property;

– Security services;

– Manufacture of military materials or equipment;

– Operation and management of river ports, seaports and airports;

– Real estate business.

– Legal service;

– Veterinary services;

– Distribution service;

– Technical inspection and analysis services;

– Travel services;

– Health and social services;

– Sports and entertainment services;

– Paper production;

– Manufacture of vehicles of over 29 seats;

– Developing and operating traditional markets;

– Commodity exchange;

– Domestic retail collection service;

– Auditing, accounting, bookkeeping and tax services;

– Valuation service, consulting service on enterprise valuation for equitization;

– Services related to agriculture, forestry and fishery;

– Manufacture of aircraft;

– Manufacture of railway locomotives and wagons;

– Tobacco production;

– Business lines do not exist in the Vietnamese territory at the time this Law takes effect.

Source: Ministry of Planning and Investment

Writer: Bonny Le, VietnamCredit – A member of BIIA