In order to make the business investment of enterprises progress well, many foreign investors are always concerned about which industries are not allowed to invest in business. LSX Lawfirm will give you the answer in following article: “Banned business lines in accordance with Vietnamese law”, as follows:
Legal grounds
Law on investment 2020
What are banned business lines?
Banned business lines are the lines that the law does not allow investors to operate in Vietnam. Applicable to investors and economic organizations engaged in business investment activities in Vietnam.
Banned business lines in accordance with Vietnamese law
Business in narcotic substances
Drugs are stimulant, addictive, natural or man-made substances that; when used by people, stimulate the nervous system, causing feelings of euphoria, euphoria, hallucinations, and dependence; cannot stop the use, thereby causing serious consequences for health as well as social order and safety.
Drugs banned from business investment are specified in Appendix I of the Investment Law; including 45 types, including the following typical narcotic substances: Acetorphine; Acetyl-alpha-methylfenany; Alphacetylmethadol, Alpha-methylfentanyl; Beta-hydroxyfentanyl; Brolamphetamine; Cannabis and cannabis products; Heroine; Methcathinone, etc.
Business in chemicals and minerals
A chemical is a form of matter whose compounds and chemical properties do not change. Minerals are naturally occurring compounds formed during geological processes. Chemicals and Minerals, if they do not know how to use or abused, are also dangerous to humans.
According to Appendix II of the Investment Law 2020; the types of compounds and minerals banned from business investment include 8 types of toxic chemicals such as O-Alky compounds; then phosphonofluoridate, Burning gases containing Sulfur, and vapors. Then; Spicy Nitrogen, Saxitoxin, Ricin, 4 types of precursors include Alkyl compounds (Me, Et, n-Pr or i-Pr) phosphonyldifluoride; O-Alkyl compounds; Chlorosarin; hlorosoma and Amphibolite colored asbestos.
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Business in specimens of wild flora and fauna
(The law prohibited Investment and trading of specimens of wild plants and animals and specimens of endangered and rare species of wild animals and plants of Group I of natural origin)
Accordingly; Specimens of wild plants and animals banned from business investment are specified in Appendix 1 to the International Convention of Endangered Species of Wild Fauna and Flora; divided into the phylum ofchordates, including: not only class of mammals; but also class of birds; reptiles; amphibians; cartilaginous fish, fish; finfish and echinoderms; arthropods; mollusks; and phylums.
In addition; Specimens of endangered and rare species of wild fauna and flora of Group I which originate from nature and the law banned from investment and business are specified in Appendix III of the Law on Investment 2020. Specifically, plants include industries. magnolia, pine industry. Animals include mammals, reptiles, and birds.
Prostitution business
According to the provisions of the Penal Code of Vietnam, the law prohibited and presecuted for penal liability prostitution is a profession that is, punished ; including various acts such as harboring prostitutes, brokering prostitution. Prostitution has a negative impact on a civilized lifestyle, distorts human personality, affects public order, and even affects human life and health. Therefore; this is an industry that the law prohibited from doing business in our country.
Human trafficking; trade in human tissues, corpses, human organs and human fetuses
Accordingly; the provisions of the Criminal Code of Vietnam, then the act of trafficking in human beings or human body parts is classified as a prohibited act; considered a crime and criminally prosecuted with imprisonment depending on the degree and severity of the crime. criminal acts; so this is also one of the industries that are prohibited from doing business in Vietnam.
Business activities pertaining to asexual human reproduction
Accordingly; from a biological perspective; asexual reproduction is understood as a form of reproduction in which the offspring are born from a single mother’s body; the offspring will be the exact genetic copy of the mother’s body. However, when performing asexual reproduction on the human body; there is a great risk, and at the same time; if this method is carried out in an uncontrolled way; it will cause disturbances to the inherent social order; moral degradation. human ethics; so this activity is also one of the industries banned from business investment in Vietnam.
Trade in firecrackers
Provision of debt collection services
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