Gov’t proposes to remove licenses for 25 business lines

On behalf of the Government, Minister of Finance Nguyen Van Thang on Tuesday briefed legislators on major amendements to the Law on Investment at the on-going 10th working session of the 15th National Assembly.

Nguyen said the amendments aim to remove obstacles, simplify investment and business procedures, and create favorable conditions for citizens and enterprises.

Under the 2020 Law on Investment, there are 234 business lines requiring licenses. However, many of these can be managed through existing standards and technical regulations to reduce market entry barriers for businesses and promote business freedom, the minister noted.

The Government also proposes to abolish the procedure for obtaining investment policy approval for outbound investments.

project worth less than VND20 billion (currently under the authority of the National Assembly or the Prime Minister). Instead, a project worth less than VND20 billion (approximately US$760,000) would only need to register foreign exchange transactions with the State Bank of Viet Nam to transfer money abroad.

20 tỷ đồng trở lên (760.000 USD) hoặc thuộc ngành, nghề đầu tư ra nước ngoài có điều kiện cần thực hiện thủ tục cấp giấy chứng nhận đăng ký đầu tư.

For a project worth VND20 billion or more or involving conditional outbound investment sectors, investors would still need to obtain an investment registration certificate./.