To attract domestic and foreign investors, our State has issued investment policies with various incentives and supports in many fields and industries. However, in order to ensure a sustainable investment environment, the 2020 Investment Law stipulates a number of conditional business lines. To help readers better understand this issue, LSX Lawfirm would like to introduce the following article: “Conditional business lines under Vietnamese law foreigner need to know”:
Law on investment 2020
What does the conditional business line?
Conditional business lines are the business lines in which the business investment must satisfy certain conditions for reasons of national defense and security, social order and security, social ethics, or public health.
Conditional business lines under Vietnamese law foreigner need to know
Accordingly; conditions for making business investment must be appropriate for the reasons in the Investment Law 2020 and be public, transparent, objective and economic in terms of time and costs of compliance by investors.
Regulations on business investment conditions under Vietnamese law foreigner need to know shall contain the following
- Firstly; subjects and scope of the business investment conditions.
- Secondly; forms of fulfillment of the business investment conditions.
- Thirdly; contents of the business investment conditions.
- Documentation and administrative procedures for compliance with the business investment conditions (if any).
- Regulatory agencies and agencies that have the power to handle administrative procedures regarding business investment conditions.
- Finally; effective dates of licenses or certificates or other written confirmation or approval (if any).
Business investment conditions under Vietnamese law foreigner need to know to be fulfilled are those specified in
- Written confirmation or written approval
- Individuals and business organizations satisfied other requirements to conduct business investment activities without obtaining written confirmation from a competent authority.
The conditional business lines and the corresponding conditions shall be posted on the National Business Registration Portal.
When meeting the conditions for business investment as prescribed by law, organizations and individuals have the right to be granted documents such as licenses, certificates of eligibility, practice certificates, insurance certificates, professional responsibility, written confirmation or other documents, or the right to conduct investment and business activities without certification or approval.
In case of refusal to grant, extend, amend or supplement a permit, the competent state agency must notify the organization or individual in writing and clearly state the reasons therefor.
Particularly for the case of carrying out administrative procedures to apply for a license or fulfill business investment conditions without a certificate or approval, the enterprise does not need to write the conditional business lines in the Certificate. business registration certificate.
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