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Investment Law 2020

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THE NATIONAL ASSEMBLY
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THE SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
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Law No. 61/2020/QH14 Hanoi, June 17, 2020
 
LAW ON INVESTMENT
Pursuant to Constitution of Socialist Republic of Vietnam;
The National Assembly promulgates the Law on Investment.
Chapter I
GENERAL PROVISIONS
Article 1. Scope
This Law provides for business investment activities in Vietnam and outward business investment activities.
Article 2. Regulated entities
This Law applies to investors, and agencies, organizations and individuals (hereinafter referred to as “entities”) involved in business investment activities.
Article 3. Definitions
For the purposes of this Law, the terms below are construed as follows:
1. “approval for investment guidelines” means a competent authority approving the objectives, location, scale, schedule and duration of a project; investor or form of selection of investor and special mechanisms or special policies (if any) to execute an investment project.
2. “investment registration authority” means a regulatory agency that issues, adjusts and revokes investment registration certificates.
3. “national investment database” means a collection of data on investment projects nationwide that is connected to databases of relevant agencies.
4. “investment project” means a collection of proposals for the expenditure of mid-term or long-term capital to carry out investment activities in a particular administrative division over a certain period of time.
5. “expansion project” means an investment project on development of a running project by expanding the scale, improving the capacity, applying new technologies, reducing pollution or improving the environment.
6. “new investment project” means a project that is executed for the first time or a project independent from any other running project.
7. “start-up project” means an investment project that implement ideas on the basis of exploiting intellectual property, technologies and new business models and is able to grow quickly.
8. “business investment” means an investor investing capital to do business.
9. “business investment conditions” mean those that must be satisfied by an individual or organization upon making business investment in conditional business lines.
10. “market access conditions applied to foreign investors” mean those that must be satisfied by foreign investors to make investment in the business lines on the List of business lines restricted to foreign investors specified in Clause 2 Article 9 of this Law.
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