Viet Nam's Law on Investment 2025

LAW ON INVESTMENT 

Pursuant to the Constitution of the Socialist Republic of Viet Nam, which was amended and supplemented under Resolution No. 203/2025/QH15;

The National Assembly hereafter enacts the Law on Investment

Chapter I

GENERAL PROVISIONS

Article 1. Scope 

This Law regulates business investment activities in Viet Nam and Viet Nam's overseas business investment activities.

Article 2. Regulated entities 

This Law shall apply to investors, agencies, organizations, and individuals related to business investment activities.

Article 3. Interpretation of terms

In this Law, the following terms shall be construed as follows:

1. Approval of investment guidelines means the approval by a competent state authority regarding the objectives, location, scale, schedule, and duration of a project; the investor or the form of investor selection, and special mechanisms and policies (if any) to execute an investment project.

2. Investment registration authority means a competent state authority authorized to issue, adjust, and revoke Investment Registration Certificates.

3. National database on investment means a collection of investment projects nationwide that is connected to the database system of relevant agencies.

4. Investment project means a collection of proposals for medium-term or long-term capital expenditure to carry out business investment activities in a specific geographic area and over a certain period of time.

5. Expanded investment project means the development of a running project by expanding the scale, improving the capacity, innovating the technology, reducing pollution, or improving the environment.

6. New investment project means an investment project that is executed for the first time or an investment project that is independent of any other running investment project.

7. Innovative startup investment project means an investment project that implements an idea based on the exploitation of intellectual property, technologies, or new business models, with the potential for rapid growth.

8. Business investment means an investor investing capital to conduct business activities.

9. Business investment conditions mean the conditions that organizations and individuals must satisfy when conducting business investment activities in conditional business investment lines, excluding technical standards and regulations issued by competent agencies regarding the quality of products and services.

10. Market access conditions for foreign investors mean the conditions that foreign investors must satisfy to invest in the business lines specified in the List of business lines with restricted market access for foreign investors as provided for in Clause 2, Article 8 of this Article.

11. Investment registration certificate means a physical or electronic document bearing information of an investment project registered by an investor.

12. National investment information system means a system of specialized professional information used to monitor, evaluate, and analyze the investment situation nationwide in service of state management, and to assist investors in conducting business investment activities.

13. Outward investment activity means the transfer of investment capital from Viet Nam to a foreign country by an investor, or the use of profits derived from such investment capital to conduct business investment activities in a foreign country.

14. Business cooperation contract (hereafter referred to as BCC) means a contract signed between investors for business cooperation, profit-sharing, or product-sharing in accordance with the provision s of law without establishing an economic entity.

15. Export processing zone means an industrial park specialized in manufacturing export goods and providing services for export goods manufacturing and export activities.

16. Industrial park means an area with defined geographical boundaries, specialized in manufacturing industrial goods and providing services for industrial production.

17. Economic zone means an area with defined geographical boundaries consisting of multiple functional zones, established to achieve the objectives of investment attraction, socio-economic development, and national defense and security safeguarding.

18. Investor means an organization or individual conducting business investment activities, including domestic investor, foreign investor, and foreign-invested economic entity.

19. Foreign investor means an individual holding foreign nationality or an organization established under foreign law that conducts business investment activities in Viet Nam.

20. Domestic investor means an individual holding Vietnamese nationality, or an economic entity whose members or shareholders are not foreign investors.

21. Economic entity means an entity established and operating in accordance with Viet Nam's law, including enterprises, cooperatives, cooperative unions, and other entities conducting business investment activities.

22. Foreign-invested economic entity means an entity whose members or shareholders are foreign investors.

23. Investment capital means money and other assets prescribed by the civil law and international treaties to which the Socialist Republic of Viet Nam is a signatory for the purpose of carrying out business investment activities.

Article 4. Application of investment law and relevant laws

1. Business investment activities within the territory of Viet Nam shall comply with this Law and other relevant laws.

2. In cases where there are inconsistent provisions between the Law on Investment and other laws enacted prior to the effective date of the Law on Investment regarding the banned business investment lines or conditional business investment lines, the provisions of the Law on Investment shall apply.

Provisions on the names of banned business investment lines and conditional business investment lines in other laws must be consistent with the provisions of Articles 6 and 7 and the Appendices attached to the Law on Investment.

3. In cases where there are inconsistent provisions between the Law on Investment and other laws enacted prior to the effective date of the Law on Investment regarding order and procedures for business investment or investment assurance, the provisions of the Law on Investment shall apply, except for the following cases:

a) The competence, order, and procedures for public investment as well as management and use of public investment shall be prescribed in the Law on Public Investment;

b) The competence, order, and procedures for investment and project execution; the law governing project contracts; investment assurance, and mechanisms for state capital management applied directly to investment projects under public-private partnership shall comply with the provisions of the Law on Investment under Public-Private Partnership Method;

c) The implementation of construction, housing, and urban area investment projects shall comply with the Law on Construction, the Law on Housing, and the Law on Real Estate Business after obtaining approval of investment guidelines or approval of adjustment to investment guidelines from competent agencies in accordance with the Law on Investment.

d) The competence, order, procedures, and business investment conditions shall comply with the Law on Credit Institutions, the La on Insurance Business, and the Petroleum Law;

dd) The competence, order, procedures, business investment conditions, and activities related to securities and the securities market on the Vietnamese stock market shall comply with the provisions of the Law on Securities.

e) Specific mechanisms and policies shall be provided in the Law on the Capital and Resolutions of the National Assembly.

4. In cases where there are inconsistent provisions between Article 28 of this Law and other laws, the provisions in Article 28 of this Law shall apply.

5. In case where a law enacted after the effective date of the Law on Investment requires specific investment regulations that differ from the Law on Investment, it must explicitly specify the matters to be implemented or not implemented in accordance with the Law on Investment, and the matters to be implemented under such other law.

6. For contracts in which at least one party is a foreign investor or an economic entity specified in Clause 1, Article 20 of the Law on Investment, the parties may agree in the contract to apply foreign law or international investment customs, provided that such agreement is not contrary to the provisions of Vietnamese law.

Article 5. Business investment policies

1. Investors shall the right to conduct business investment activities in the sectors that are not prohibited by this Law. For conditional business investment lines, investors must satisfy all business investment conditions as prescribed by law.

2. Investors shall self-determine and take self-responsibility for business investment activities in accordance with the provisions of this Law and other legal regulations; and have access to and use credit capital, support funds, land, and other natural resources in accordance with the law.

3. Investors shall have their business investment activities suspended, terminated, or ended if such activities cause harm or pose a risk of causing harm to national defense and national security.

4. The State shall recognize and protect investors' ownership rights over assets, investment capital, income, and other legitimate rights and interests.

5. The State shall treat investors equally, adopt policies to encourage and create favorable conditions for investors to conduct business investment activities and sustainably develop economic sectors.

6. The State shall respect and implement international treaties on investment to which the Socialist Republic of Viet Nam is a signatory.

Article 6. Prohibited business investment lines

1. The following business investment activities shall be prohibited:

a) Trade in narcotic substances specified in Appendix I attached to this Law;

b) Trade in chemicals and minerals specified in Appendix II attached to this Law;

c) Trade in specimens of wild fauna and flora species naturally harvested as specified in Appendix I of the Convention on International Trade in Endangered Species of Wild Fauna and Flora; specimens of endangered, precious, and rare forest flora, forest fauna, and aquatic species of Group I naturally harvested as specified in Appendix III attached to this Law;

d) Prostitution business;

dd) Human trafficking, trade in human tissues, corpses, human organs, or human fetuses;

e) Business activities related to human cloning;

g) Trade in firecrackers;

h) Trade in debt collection services;

i) Trade in national treasures;

k) Export of relics and antiques;

l) Trade in e-cigarettes and heated tobacco products.

2. The production and use of the products specified in Points a, b, c, Clause 1 of this Article for analysis, testing, scientific research, healthcare, pharmaceutical production, criminal investigation, national defense and security protection shall comply with the regulations of the Government.

3. Based on socio-economic conditions and state management requirements in each period, the Government shall review the prohibited business investment lines and submit to the National Assembly to amend and supplement this Article and the Appendices attached to this Law.

Article 7. Conditional business investment lines

1. Conditional business investment lines mean the business investment lines within the territory of Viet Nam in which the performance of business investment activities must satisfy necessary conditions for reasons of national defense, national security, social order and safety, social morality, or public health. The List of conditional business investment lines is specified in Appendix IV promulgated together with this Law.

The Government shall promulgate the List of conditional business investment lines that require licenses and certificates prior to the performance of of business investment activities, and the List of conditional business investment lines whose management mechanism must transition from licensing and certification to the publication of business conditions and requirements for management under post-inspection mechanism.

2. Business investment conditions for lines specified in Clause 1 of this Article shall be prescribed in laws, resolutions of the National Assembly, ordinances and resolutions of the National Assembly Standing Committee, Decrees of the Government, and international treaties to which the Socialist Republic of Viet Nam is a signatory. Ministries, ministerial-level agencies, provincial-level People's Councils, provincial-level People's Committees, and other agencies, organizations, individuals shall not be permitted to issue regulations on business investment conditions.

3. Business investment conditions must be prescribed in accordance with the provisions of Clause 1 of this Article and must ensure publicity, transparency, objectivity, and savings of time and compliance costs for investors.

4. Regulations on business investment conditions must include the following contents:

a) Entities and scope of application of the business investment conditions;

b) Forms of application of the business investment conditions;

c) Contents of the business investment conditions:

d) Dossiers, order, and administrative procedures for complying with the business investment conditions (if any);

dd) Competent agencies responsible for processing administrative procedures;

e) Validity period of licenses, certificates, practicing, or other written confirmations or approvals (if any).

5. Business investment conditions shall be applied in the following forms:

a) Licenses:

b) Certificates;

c) Practicing certificates;

d) Written confirmations or approvals isued by competent agencies;

dd) Other requirements that individuals and economic entities must satisfy to perform business investment activities without requiring written confirmation from competent agencies.

6. Amendment and supplementation of conditional business investment lines:

a) Based on socio-economic conditions and state management requirements in each period, the Government shall review the List of conditional business investment lines in the Appendix IV and submit to the National Assembly to amend and supplement this Article and Appendix IV of this Law.

b) The amendment and supplementation of conditional business investment lines or business investment conditions must be consistent with the provisions of this Article.

7. Conditional business investment lines and business investment conditions for such lines must be published on the National Business Registration Portal.

8. The Government shall elaborate on the publication and control of business investment conditions.

Article 8. Business lines and market access conditions for foreign investors

1. Foreign investors shall be eligible for market access conditions applied as prescribed for domestic investors, except for the cases specified in Clause 2 of this Article.

2. Based on laws and resolutions of the National Assembly, ordinances and resolutions of the National Assembly Standing Committee, Decrees of the Government, and international treaties to which the Socialist Republic of Viet Nam is a signatory, the Government shall promulgate the List of business lines subject to market access restrictions for foreign investors, including:

a) Business lines not yet open to market access;

b) Business lines subject to conditional market access.

3. Market access conditions for foreign investors specified in the List of business lines subject to market access restrictions for foreign investors shall include:

a) Ownership percentage of charter capital by the foreign investor in an economic entity;

b) Investment method;

c) Scope of investment activities;

d) Capacity of the investor; partners participating in investment activities;

dd) Other conditions prescribed by laws and resolutions of the National Assembly, ordinances and resolutions of the National Assembly Standing Committee, Decrees of the Government, and international treaties to which the Socialist Republic of Viet Nam is a signatory.

4. The Government shall elaborate on this Article.

Chapter II

INVESTMENT GUARANTEES

Article 9. Guarantee for property ownership rights

1. Lawful property of investors shall not be nationalized or confisticated by administrative measures.

2. Where the State compulsively purchases or requisitions property for reasons of national defense, security, or national interests, emergency situations, or national disaster prevention and control, the investors shall be reimbursed or compensated in accordance with the law on compulsory purchase and requisition of property and other relevant laws.

Article 10. Guarantee for business investment activities

1. The State shall not require investors to fulfill the following requirements:

a) Prioritizing the purchase or use of domestic goods and services, or only purchasing or using goods and services from domestic manufacturers or service providers;

b) Achieving a certain export ratio goods and services at a specified ratio; restricting the quantity, value, or types of goods and services exported, produced, or supplied;

c) Importing goods in quantities and values corresponding to the quantities and values of exported goods or balancing foreign currencies from export sources to satisfy import demands;

d) Achieving a specified localization rate for domestically manufactured goods;

dd) Achieving a specified level or value in domestic research and development activities;

e) Supplying goods or services at a specific location domestically or abroad;

g) Establishing headquarters at a location required by competent agencies.

2. Based on socio-economic conditions and investment attraction needs in each period, the Prime Minister shall decide on the application of forms of State guararantees to execute investment projets falling under the authority of investment policy approval of the National Assembly, or the Prime Minister, and other important infrastructure development investment projects.

3. The Government shall elaborate on Clause 2 of this Article.

Article 11. Guarantee for transfer foreign investors' assets abroad

After fulfilling financial obligations toward the State of Viet Nam in accordance with the law, foreign investors shall be allowed to transfer the following assets abroad:

1. Investment capital and proceeds from investment;

2. Income derived from business investment activities;

3. Money and other assets under the lawful ownership of the investors.

Article 12. Guarantee for business investment in the event of changes in laws

1. Where a newly promulgated legal document provides new or higher investment incentives, the investor shall be entitled to enjoy the investment incentives in accordance with such new legal normative document for the remaining period of the incentive enjoyment of the investment project, except for special investment incentives applicable to investment projects falling under the case specified in Point a, Clause 5, Article 17 of this Law.

2. Where a newly promulgated legal document provides less favorable investment incentives than those previously enjoyed by the investor, the investor shall continue to enjoy the incentives as previously prescribed for the remaining incentive period of the investment project.

3. The provisions of Clause 2 of this Article shall not apply where the provisions of a legal normative document are amended for the reasons of national defense, national security, social order and safety, social morality, public health, or environmental protection.

4. Where an investor is no longer eligible for investment incentives pursuant to Clause 3 of this Article, the following measures shall apply:

a) Deducting the actual damages suffered by the investor from the investor's taxable income;

b) Adjusting the operational objectives of the investment project;

c) Assisting the investor in remedying damages.

5. With regard to the investment guarantee measures specified in Clause 4 of this Article, the investor must submit a written request within three years from the effective date of the newly promulgated legal normative document.

Article 13. Resolution of disputes in business investment activities

1. Disputes arising from business investment activities in Viet Nam shall be resolved through negotiation and conciliation. If the negotiation or conciliation fails, the dispute shall be resolved by Arbitration or a Court in accordance with Clauses 2, 3, and 4 of this Article.

2. Disputes between a domestic investor and a foreign-invested economic entity, or between a domestic investor, or a foreign-funded economic entity and a competent state agency relating to business investment activities within the territory of Viet Nam shall be resolved through a Vietnamese Arbitration or a Vietnamese court, except for the case specified in Clause 3 of this Article.

3. Disputes between investors in which at least one party is a foreign investor, or an economic entity specified in Points a, b, and c, Clause 1 of Article 20 of this Law shall be resolved through one of the following bodies or organizations:

a) Vietnamese court

b) Vietnamese arbitration;

c) Foreign arbitration;

d) International arbitration;

dd) An arbitral tribunal established as agreed upon by the disputing parties.

4. Disputes between a foreign investor and a competent state agency relating to business investment activities within the territory of Viet Nam shall be resolved through Vietnamese arbitration or a Vietnamese court, unless otherwise agreed under a contract or provided by an international treaty to which the Socialist Republic of Viet Nam is a signatory.

Chapter III

INVESTMENT INCENTIVES AND SUPPORT

Article 14. Investment incentives and support

1. Beneficiaries of investment incentives shall include:

a) Investment projects in sectors eligible for investment incentives specified in Article 15 of this Law;

b) Investment projects in geographical areas eligible for investment incentives specified in Article 15 of this Law;

c) Large-scale investment projects, labor-intensive investment projects, or key national investment projects aligned with socio-economic development orientations in each period as prescribed by the Government.

2. Forms of investment incentives shall include:

a) Corporate income tax incentives, including the application of corporate income tax rates lower than standard rates for a definite period or for the entire duration of the investment project; tax exemption, reduction, and other incentives in accordance with the law on corporate income tax;

b) Exemption from import duty on goods imported to create fixed assets; raw materials, supplies, and components imported for manufacturing in accordance with the law on import and export duties;

c) Exemption from or reduction of land use levies, land rental, and land use tax;

d) Accelerated depreciation and increase of deductible expenses when calculating taxable income;

dd) Other investment incentives prescribed by the Government.

3. Form of investment support shall include:

a) Support for the development of technical and social infrastructure system inside and outside the boundaries of investment projects;

b) Support for human resource training and development;

c) Credit support;

d) Support for access to production and business premises; support for the relocation of production and business facilities pursuant to the decisions of competent state agencies;

dd) Support for science, technology, and technology transfer;

e) Support for market development and information provision;

g) Support for research and development;

h) Support for green transition, emission reduction, climate change adaptation, and digital transformation;

i) Other forms of investment support prescribed by the Government.

4. Based on socio-economic development orientations and state budget capacity in each period, the Government shall detail the forms of investment support specified in Clause 3 of this Article for high-tech enterprises, science and technology enterprises, science and technology organizations, and enterprises investing in agriculture and rural areas, enterprises investing in education, healthcare, legal dissemination, enterprises directly serving national defense and security, and other entities.

5. Investment incentives shall apply to both new investment projects and expansion investment projects.

6. The specific level of incentive for each type of investment incentive shall be applied in accordance with the law on tax, accounting, and land.

7. Investment incentives specified in Point a, Clause 1 of this Article shall not apply to the following investment projects:

a) Mineral exploitation projects in accordance with the law on geology and minerals;

b) Projects for production or business of goods and services subject to special consumption tax under the law on Special Consumption Tax, except for projects manufacturing automobiles, aircraft, and yachts;

c) Commercial housing construction investment projects in accordance with the law on housing.

8. Investment incentives shall be applied for a definite period and based on the results of project implementation by the investor. Investors must satisfy the conditions for enjoying incentives in accordance with law during incentive period.

9. Where an investment project satisfies the conditions for enjoying different levels of investment incentives, including investment incentives specified in Article 17 of this Law, the highest level of investment incentive shall apply.

10. The Government shall elaborate on this Article.

Article 15. Business lines and geographical areas eligible for investment incentives

1. Business lines eligible for investment incentives are those prioritized for investment attraction to achieve the following objectives:

a) Developing science, technology, innovation, digital transformation, digital technology industry, and semiconductor industry;

b) Developing green economy, circular economy, sharing economy, digital economy, and new economic models;

c) Developing industrial clusters and value chains, attracting modern management investments with high added value, spillover effects, and connection to global production and supply chains;

d) Developing renewable energy, new energy, and clean energy; ensuring national energy security;

dd) Developing agriculture and forestry; protecting the environment, natural resources, and marine economy;

e) Building and developing infrastructure;

g) Developing education, training, healthcare, high-performance physical education and sports, and national culture;

h) Developing key chemical industries, key mechanical engineering, supporting industries, and pharmaceutical industry;

i) Achieving other objectives as prescribed by the Government.

2. Geographical areas eligible for investment incentives shall include:

a) Geographical areas with difficult socio-economic conditions, and geographical areas with especially difficult socio-economic conditions;

b) Industrial parks, industrial clusters, export processing zones, high-tech zones, concentrated high-tech agricultural zones, concentrated digital technology zones, free trade zones, international financial centers, and economic zones.

3. Based on business lines and geographical areas eligible for investment incentives specified in Clauses 1 and 2 of this Article, the Government shall promulgate, amend, and supplement the List of sectors eligible for investment incentives and the List of geographical areas eligible for investment incentives; and identify sectors eligible for special investment incentives within the List of sectors eligible for investment incentives.

Article 16. Investment support fund

1. The Government shall establish an Investment Support Fund to stabilize the investment environment, encourage and attract strategic investors and multinational corporations, and support domestic enterprises in certain fields requiring investment encouragement.

2. The Government shall detail the operational model, legal status, annual budget allocation, and supplementation sources, forms of support, support reimbursement mechanisms, and other specific policies of the Fund, and report to the National Assembly Standing Committee for comments prior to promulgation.

Article 17. Special investment incentives and support

1. The Government shall provide for the application of special investment incentives and support to encourage the development of certain investment projects having major impact on socio-economic development.

2. Beneficiaries of special investment incentives and support specified in Clause 1 of this Article shall include:

a) Newly established investment projects (including the expansion of such newly established projects) for innovation centers, research and development centers, infrastructure construction projects for big data centers, cloud computing infrastructure, 5G mobile infrastructure and above and other digital infrastructure in strategic technology sectors pursuant to decisions of the Prime Minister, investment projects in strategic technology sectors or manufacturing strategic technology products pursuant to decisions of the Prime Minister with investment scale and disbursement timelines as prescribed by the Government; and national innovation centers established pursuant to decisions of the Prime Minister.

b) Investment projects for manufacturing key digital technology products, projects for research and development, design, manufacturing, packaging, and testing of semiconductor chips, and projects for constructing artificial intelligence data centers under digital technology industry law with investment capital scale and disbursement timelines as prescribed by the Government;

c) Other investment projects (including newly investment projects and expansion investment projects) in sectors eligible for special investment incentives with investment capital scale and disbursement timelines as prescribed by the Government.

3. The level and duration of special incentives shall comply with the provisions of the Law on Corporate Income Tax and land law.

4. Special investment support shall be implemented under the forms specified in Clause 3, Article 4 of this Law.

5. Special investment incentives and support specified in this Article shall not apply to the following cases:

a) Investment projects that have been granted Investment Certificates, Investment Registration Certificates, or decisions on investment guidelines prior to the effective date of this Law;

b) Investment projects specified in Clause 7, Article 14 of this Law.

6. The Prime Minister shall decide on the application of other investment incentives where it is necessary to encourage the development of a particular important investment project or a special administrative-economic unit.

Chapter IV

INVESTMENT ACTIVITIES IN VIET NAM

Section 1. FORMS OF INVESTMENT

Article 18. Forms of investment

1. Investment in establishing an economic entity.

2. Investment in the form of capital contribution or purchase of shares or stakes.

3. Execution of an investment project.

4. Investment under a business cooperation contract.

5. New forms of investment and new types of economic entities prescribed by the Government.

Article 19. Investment to establish an economic entity

1. Domestic investors shall establish an economic entity in accordance with enterprise law and law corresponding to each type of economic entity.

2. Foreign investors may establish economic entities to implement investment projects before carrying out procedures for issuance or amendment of Investment Certificate, and must satisfy market access conditions applicable to foreign investors specified in Article 8 of this Law when carrying out procedures for establishing economic entities.

3. The Government shall elaborate on this Article.

Article 20. Execution of investment activities by foreign-invested economic entities

1. An economic entity must satisfy conditions and carry out investment procedures in accordance with regulations applicable to foreign investors when investing to contribute capital, or purchase shares or stakes of another economic entity; or when executing other investment project if such economic entity falls under one of the following cases:

a) Having foreign investors holding more than 50 percent of the charter capital or having the majority of general partners who are foreign individuals in the case of a partnership;

b) Having an economic entity specified in Point a of this Clause holding more than 50 percent of the charter capital;

c) Having foreign investors and economic entities specified in Point a of this Clause holding more than 50 percent of the charter capital.

2. Economic entities not falling under the cases specified in Points a, b, and c, Clause 1 of this Article shall fulfill investment conditions and procedures in accordance with regulations applicable to domestic investors when investing to establish another economic entity; investing by contributing capital, purchasing shares or stakes of another economic entity; or investing under a business cooperation contract.

3. A foreign-invested economic entity already established in Viet Nam that has a new investment project shall carry out procedures for executing such investment project without necessarily establishing a new economic entity.

4. The Government shall provide for the order and procedures for investment to establish economic entities and the execution of investment activities by foreign investors and foreign-invested economic entities.

Article 21. Investment in forms of capital contribution, purchase of shares or stakes

1. Investors shall have the right to contribute capital, purchase shares or stakes in economic entities.

2. Capital contribution or purchase of shares or stakes in economic entities by foreign investors must satisfy the following regulations and conditions:

a) Market access conditions applicable to foreign investors prescribed in Article 8 of this Law;

b) Guarantee for national defense and security in accordance with the provisions of this Law and relevant laws;

c) Provisions of land law regarding conditions for receiving land use rights, conditions for land use on island communes, in border communes, wards, or special zones, and in coastal communes or wards.

3. Foreign investors shall carry out procedures for registration of capital contribution, or purchase of shares or stakes in an economic entity prior to making any change of members or shareholders if they fall into one of the following cases:

a) The capital contribution, purchase of shares, or purchase of stakes increases the ownership ratio of a foreign investor in an economic entity operating in the business lines with conditional market access for foreign investors;

b) The capital contribution, purchase of shares, or purchase of stakes results in foreign investors or economic entities specified in Points a, b, and c, Clause 1 of Article 20 holding more than 50 percent of charter capital of the economic entity in the following circumstances: increasing the ownership ratio of foreign investors from 50 percent or less to over 50 percent; or increasing the ownership ratio of foreign investors when foreign investors hold over 50 percent of charter capital in the business organization;

c) Foreign investors contribute capital, purchase shares, or purchase stakes in economic entities holding Land Use Right Certificate in island communes, border communes, wards, or special zones, coastal communes or wards, and other areas affecting national defense and security.

4. The Government shall specify the forms of capital contribution, purchase of shares, or purchase of stakes in economic entities; dossiers, order, and procedures for capital contribution, purchase of shares, and purchase of stakes in economic entities.

Article 22. Investment in form of Business Cooperation Contract

1. A business cooperation contract (BCC) signed between domestic investors shall comply with civil law and relevant laws.

2. A business cooperation contract signed between a domestic investor and a foreign investor or among foreign investors, shall undergo procedures for the issuance of an Investment Registration Certificate in accordance with Article 26 of this Law.

3. Parties participating in a business cooperation contract shall establish a coordination board to execute the business cooperation contract. The functions, tasks, and powers of the coordination board shall be agreed upon by the parties.

4. In the course of executing a business cooperation contact, the parties may agree to use assets formed from the business cooperation to establish an enterprise in accordance with enterprise law.

5. The Government shall prescribe the contents of business cooperation contracts.

Section 2. PROCEDURES FOR APPROVAL OF INVESTMENT GUIDELINES, INVESTOR SELECTION, ISSUANCE OF INVESTMENT REGISTRATION CERTIFICATES, AND SPECIAL INVESTMENT PROCEDURES

Article 23. Selection of investors for executing investment projects

1. The selection of an investor shall be conducted through one of the following forms:

a) Auction of land use rights in accordance with land law;

b) Bidding to select an investor in accordance with bidding law;

c) Approval of an investor in accordance with Clauses 3 and 4 of this Article.

2. The selection of an investor to execute an investment project in accordance with Points a and b, Clause 1 of this Article shall conducted after the approval of investment guidelines, except in cases where the investment project is not subject to approval of investment guidelines.

3. Competent authorities shall perform procedures for investor approval in the following cases:

a) Two unsuccessful land use right auctions conducted in accordance with land law;

b) Only one investor meets the conditions of the invitation for interest in cases where sectoral/field management laws mandate determining the number of interested investors when carrying out investor selection procedures.

4. For investment projects subject to approval of investment guidelines, the authority competent to approve the investment guidelines shall concurrently approve the investor without going through an auction of land use rights or bidding to select an investor in the following cases:

a) The investor currently holds land use rights, except where the State recovers land for national defense or security purposes, or recovers land for socioeconomic development for national or public interests in accordance with land law;

b) The investor receives a transfer, capital contribution, or lease of agricultural land use rights to execute a non-agricultural production or business investment project not subject to State land recovery under land law;

c) The investor executes an investment project in an industrial park, high-tech zone, or concentrated digital technology zone;

d) The investor executes a project falling under cases of State land allocation or land lease without an auction of land use rights or bidding to select an investor executing a land-using project as prescribed by law.

5. The Government shall elaborate on this Article.

Article 24. Projects subject to approval of investment guidelines

1. Investment projects requiring a change of land use purpose for special use forests, headwater protection forests, border protection forests of 50 hectares or more; wind/sand-shielding protection forests of 500 hectares or more; or production forests of 10,000 hectares or more.

2. Investment projects requiring a change of land use purpose for two-crop-per-year wet rice land with a scale of 500 hectares or more.

3. Investment projects requiring resettlement of 10,000 people or more in mountainous areas, or 20,000 people and more in other areas.

4. Investment projects involving betting, or casino, excluding prize-winning electronic games for foreigners.

5. Investment projects compliant with cultural heritage law, regardless of land area, population scale, located within Protection Area I and Protection Area II of monuments recognized by competent authorities as special national monuments on the World Heritage List, national monuments, or special national monuments.

6. Investment projects for nuclear power plants.

7. Investment projects of foreign investors in the fields of telecommunications service business with network infrastructure, afforestation, publishing, or press.

8. Investment projects in which investors request State land allocation, land lease without an auction of land use rights or bidding to select investors executing land-using projects; or projects requesting a change of land use purpose as prescribed by land law.

The investment policy approval specified in this Clause shall not apply to the following cases:

a) Investment project of individuals not subject to written approval from the provincial People's Committee before decisions on land lease or land use purpose change are made in accordance with land law;

b) Investment projects for technical infrastructure construction of industrial clusters;

c) Mineral mining projects subject to auctions of mineral mining rights; mineral mining projects serving emergency projects, works, work items, or emergency mobilization measures under the Mineral and Geology Law;

d) Other investment projects prescribed by the Government.

9. Investment projects requesting State land allocation, land lease, or permission for land use purpose change executed in areas affecting national defense and security.

10. Investment projects requesting State allocation of sea areas.

11. Housing construction investment projects (for sale, lease, or lease-purchase), urban area projects regardless of land area or population scale, where the investor holds land use rights through agreements on acquiring land use rights or currently holds land use rights under housing law and land law.

12. Investment projects, regardless of land area or population scale, located within development-restricted areas or historic downtown areas (as determined in master plans under urban and rural planning law) of special-grade urban centers.

13. Investment projects for construction and operation of golf courses, except for those forming part of housing or urban construction projects allocated or leased land through auctions of land use rights or bidding to select investors.

14. Investment projects for construction and operation of infrastructure in industrial parks, export processing zones, or concentrated digital technology zones.

15. Investment projects for construction of new seaports or port areas belonging to special seaports or class-I seaports.

16. Investment projects for construction of new airports or airfields; runways of airports or airfields; passenger terminals of international airports; cargo terminals of airports/airfields with a capacity of one million tons per year or more.

17. New investment projects for air passenger transport services.

18. Investment projects for petroleum processing.

19. Other investment projects subject to approval of investment guidelines by the Prime Minister as prescribed by law.

20. Investment projects requiring the application of special mechanisms or policies that differ from provisions of laws or resolutions of the National Assembly.

Article 25. Authority for approval of investment guidelines

1. The National Assembly shall approve the investment policy for investment projects specified in Clause 20, Article 24 of this Law.

2. Except for cases specified in Clause 1 of this Article, the Prime Minister shall approve the investment guidelines for the following investment projects:

a) Investment projects specified in Clauses 1, 2, 4, 6, 7, and 19, Article 24 of this Law;

b) Investment projects specified in Clause 3, Article 24 of this Law requiring resettlement of 20,000 people or more in mountainous areas, or 50,000 people or more in other areas;

c) Investment projects specified in Clause 5, Article 24 of this Law in compliant with cultural heritage law, regardless of land area or population scale, located within Protection Area I of monuments recognized by competent authorities as special national monuments on the World Heritage List.

3. Except for the investment projects specified in Clauses and 2 of this Article, Chairpersons of provincial People's Committees shall approve the investment guidelines for the following investment projects:

a) Investment projects specified in Clause 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, and 18, Article 24 of this Law;

b) Investment projects specified in Clause 3, Article 24 of this Law requiring resettlement of 10,000 people or more in mountainous areas, or 20,000 people or more in other areas;

c) Investment projects specified in Clause 5, Article 24 of this Law compliant with cultural heritage law, regardless of land area or population scale, located within Protection Area I and Protection Area II of monuments recognized by competent authorities as national monuments or special national monuments, excluding Protection Area I of special national monuments on the World Heritage List;

d) For investment projects simultaneously falling under the approval authority of two or more Chairpersons of provincial People's Committees, implementation shall follow the regulations of the Government.

4. For investment projects specified in Clause 3 of this Article, executed in industrial parks, export processing zones, high-tech parks, concentrated digital technology zones, or economic zones consistent with master plans approved by competent authorities, the management boards of such zones shall approve the investment guidelines.

5. The Government shall prescribe the dossiers, order, and procedures for conducting investment guidelines approval.

Article 26. Projects subject to issuance of Investment Registration Certificates

1. Projects required to undergo procedures for issuance of an Investment Registration Certificate shall include:

a) Investment projects of foreign investors;

b) Investment projects of economic organizations specified in Clause 1, Article 20 of this Law.

2. Projects not required to undergo procedures for issuance of an Investment Registration Certificate shall include:

a) Investment projects of domestic investors;

b) Investment projects of economic entities specified in Clause 2, Article 20 of this Law;

c) Investment made in the form of capital contribution, purchase of shares, and purchase of stakes in economic entities.

3. For investment projects specified in Article 24 of this Law, domestic investors and economic entities specified in Clause 2, Article 20 of this Law shall implement the investment project after obtaining approval of investment guidelines.

4. Where an investor wishes to obtain an Investment Registration Certificate for an investment project specified in Points a and b, Clause 2 of this Article, the investor shall perform the procedures for issuance of an Investment Registration Certificate.

5. The Government shall prescribe the conditions, dossiers, order, procedures for issuance, adjustment, and contents of Investment Registration Certificates.

Article 27. Authority to issue, adjust and revoke Investment Registration Certificates

1. Management Boards of industrial parks, export processing zones, high-tech zones, and economic zones shall issue, adjust, and revoke Investment Registration Certificates for investment projects within industrial parks, export processing zones, high-tech zones, concentrated digital technology zones, and economic zones, except for the cases specified in Clause 3 of this Article.

2. Provincial-level Departments of Finance shall issue, adjust, revoke Investment Registration Certificates for investment projects outside industrial parks, export processing zones, high-tech zones, economic zones, except for the cases specified in Clause 3 of this Article.

3. Investment registration authority where the investor establishes or intends to establish an executive office to implement the investment project shall issue, adjust, and revoke Investment Registration Certificates for the following investment projects:

a) Investment projects implemented in two or more provincial-level administrative units;

b) Investment projects implemented inside and outside industrial parks, export processing, zones, high-tech zones, and economic zones;

c) Investment projects industrial parks, export processing zones, high-tech zones, concentrated digital technology zones, or economic zones where Management Boards have not yet been established.

4. The agency receiving investment project dossiers shall be the authority competent to issue Investment Registration Certificates, except for projects specified in Clauses 1 and 2, Article 25 of this Law.

Article 28. Special investment procedures

1. Investors shall have the right to select to register investments in accordance with this Article for investment projects in industrial parks, export processing zones, high-tech zones, concentrated digital technology zones, free trade zones, international financial centers, and functional zones within economic zones, except for projects requiring approval of investment guidelines as prescribed by the Government.

2. Projects registered under this Article shall be exempt from procedures for approval of investment guidelines, technology appraisal, environmental impact assessment reporting, detailed planning formulation, construction permit issuance, and other approval/permission procedures in the fields of construction, and fire prevention and fighting.

Investors must submit a written commitment to comply with conditions, standards, and technical regulations under construction, environmental protection, and fire prevention laws; propose investment project plans including identification, prediction of environmental impacts, and mitigation measures in lieu of preliminary environmental impact assessments and the use of transfer-restricted technologies (if any).

3. Prior to commencement of construction, the investor shall submit the local competent state agency in charge of construction order management and the Management Board of the relevant industrial parks, export processing zones, high-tech zones, economic zones a notice of commencement accompanied by the following documents:

a) An economic-technical report on construction investment detailing required contents under construction law, compiled, appraised, and approved by the investor;

b) A report on verification results of the economic-technical report, conducted by qualified organizations or individuals under law regarding structural safety, environmental protection, fire prevention and fighting, and technical standard compliance.

4. Investment Registration Certificate serves as the basis for the State to allocate land, lease land, or permit land use purpose changes; carry out administrative procedures; conduct inspections, evaluations, administrative sanctioning; and exercise state management over the project.

5. The Government shall elaborate on this Article and prescribe the dossiers, order, and procedures for carrying out special investment procedures.

Setion 3. ADJUSTMENT AND IMPLEMENTATION OF INVESTMENT PROJECTS

Article 29. Principles for investment project implementation

1. For investment projects subject to approval of investment guidelines, such approval must be obtained prior to the execution of the project by the investor.

2. For investment projects subject to the issuance of Investment Registration Certificate, the investor shall be responsible for carrying out procedures to obtain the Investment Registration Certificate prior to project execution.

3. Investors shall have to comply with the provisions of this Law, laws on planning, land, environment, construction, labor, fire prevention and fighting, and other relevant regulations, as well as the contents of the investment policy approval (if any) and Investment Registration Certificate (if any) throughout project implementation.

Article 30. Guarantee for investment project execution

1. Investors must pay a deposit or provide a bank guarantee regarding deposit obligations to guarantee investment project execution for projects requesting State land allocation, land lease, or permission for land use purpose change, except for the following cases:

a) Investors winning auctions of land use rights;

b) Investors winning bidding to execute land-using projects;

c) Investors allocated or leased land by the State on the basis of acquiring an investment project that has already deposited funds or fully contributed/mobilized capital according to the schedule specified in the document on investment guidelines approval or Investment Registration Certificate;

d) Investors allocated or leased land or permitted land use purpose changes by the State to execute investment projects through acquiring land use rights and assets attached to land from other land users;

dd) Investors winning auctions of mineral mining rights.

2. The Government shall elaborate on this Article.

Article 31. Duration and implementation schedule of investment projects

1. The duration of an investment project inside an economic zone shall not exceed 70 years.

2. The duration of an investment project outside an economic zone shall not exceed 50 years.

For investment projected located in areas with difficult socio-economic conditions, areas with extremely difficult socio-economic conditions, or investment projects with large volume of investment capital and slow capital recovery; investment projects for the construction and commercial operation of infrastructure in high-tech zones, high-tech industrial parks, concentrated digital technology zones; and investment projects eligible for special investment incentives and support specified in Clause 2, Article 17 of this Law, the duration of the investment project may be longer, but shall not exceed 70 years.

3. In cases where the implementation schedule or duration of an investment project is affected under the circumstances specified in Points a, b, c, d, and g, Clause 4, Article 33 of this Law, such delayed period shall not be counted towards the duration or implementation schedule of the investment project.

4. During the implementation of an investment project, the investor shall be allowed to increase or decrease the project's duration. The duration of the investment project after adjustment shall not exceed the duration specified in Clause 1 and Clause 2 of this Article.

5. Upon the expiry of the investment project's duration, if the investor wishes to continue implementing the investment project and meets the conditions prescribed by law, an extension of the operational duration may be considered, except for the following investment projects:

a) Investment projects using obsolete technology, posing potential risks of environmental pollution, or being resource-intensive;

b) Investment projects in which the investor is required to transfer assets without compensation to the State of Viet Nam or the Vietnamese party.

The duration of each extension shall not exceed the time limits specified in Clause 1 and Clause 2 of this Article.

6. The Government shall elaborate on this Article.

Article 32. Valuation of invested capital; assessment of invested capital value; inspection of machinery, equipment, and technological lines

1. Investors shall be responsible for ensuring the quality of machinery, equipment, and technological lines used for the implementation of investment projects in accordance with the law.

2. Investors shall self-determine the invested capital value of the investment project after the project is put into operation.

3. Where necessary to ensure state management over science and technology, or to determine the basis for tax calculation, competent state management agencies may request an independent valuation of invested capital, quality and value of machinery, equipment, and technological lines after the investment project is put into operation.

4. Investors shall bear the inspection costs in cases where the inspection results lead to an increase in tax obligations to the State.

5. The Government shall elaborate on this Article.

Article 33. Adjustment of investment projects

1. During the implementation of an investment project, the investor shall have the right to adjust project objectives, transfer part or the entirety of the investment project, merge projects, split, divide one project into multiple projects, or split, divide, consolidate, merge, or convert the operational form of the economic organization or use land use rights and land-attached assets of the investment project to contribute capital for enterprise establishment, business cooperation, or other matters, provided that such actions comply with the law.

2. The investor shall carry out procedures to adjust the Investment Registration Certificate in cases where the adjustment of the investment project changes any main contents specified in the Investment Registration Certificate.

3. An investor with an investment project that has been approved must carry out procedures for adjusting the investment approval if the project falls under one of the following cases:

a) Modification or addition of contents or objectives subject to investment approval as specified in the document approving investment guidelines;

b) Change in the land area scale as regulated by the Government, or change in the investment location;

c) Extension of the project implementation schedule by more than 24 months as specified in Clause 4 of this Article;

d) Adjustment of the duration of the investment project;

dd) Change of the investor in an investment project approved in principle concurrently with investor approval prior to project operation, or change in conditions applicable to the investor (if any).

4. For investment projects granted investment guidelines approval, the investor shall not adjust the project implementation schedule by more than 24 months compared to the schedule specified in the initial document approving the investment guidelines, except in one of the following cases:

a) To remedy the consequences caused by force majeure events in accordance with civil law and land law;

b) Adjustment of the project's implementation schedule due to the State's delay in allocating land, leasing land, or permitting land-use purpose conversion;

c) Adjustment of the project implementation schedule upon the request of a state management agency, or due to delays in processing administrative procedures by a state agency;

d) Adjustment of the investment project due to changes in planning made by State agencies;

dd) Modification of objectives specified in the document approving investment guidelines; or addition of objectives subject to investment policy approval;

e) An increase in total investment capital by 20 percent or more that changes the scale of the investment project;

g) Other cases prescribed by the Government.

5. The state agency authorized to grant investment guidelines approval shall have the authority to approve adjustments to such investment guidelines.

Where a proposed adjustment to an investment project results in the project falling under the authority of a high-level agency, such agency shall have the authority to approve the adjustment in accordance with this Article.

6. Where a proposed adjustment to an investment project results in the project becoming subject to investment policy approval, the investor must carry out procedures for obtaining approval of investment guidelines.

7. The Government shall elaborate on this Article and prescribe the order and procedures for adjusting investment guidelines.

Article 34. Transfer of investment projects

1. An investor has the right to transfer the entirety or a part of an investment project to another investor when meeting the following conditions:

a) The investment project or the transferred part of the investment project is not subject to operational termination pursuant to Clause 1 and Clause 2, Article 36 of this Law;

b) The foreign investor receiving the transfer of the investment project or part of the project shall have to meet the conditions specified in Clause 2, Article 21 of this Law;

c) Compliance with conditions under land law, housing law, real estate business law, and other relevant laws (if any);

d) Compliance with conditions specified in the document approving the investment guidelines, or the Investment Registration Certificate;

dd) Upon transferring an investment project, state-owned enterprises shall, in addition to complying with this Article, comply with the provisions of laws on management and use of state capital invested in enterprises before adjusting the investment project.

2. Where the transfer conditions specified in Clause 1 of this Article, procedures for transferring all or part of an investment project shall be performed as follows:

a) For investment projects where the investor is approved in accordance with Article 23 of this Law and projects where the investor is issued with an Investment Registration Certificate, the investor shall perform the procedures to adjust the project under Article 33 of this Law;

b) For investment projects not falling under Point a of this Clause, the transfer of the investment project or transfer of property ownership rights to the transferee investor shall comply with civil law, enterprise law, real estate business law, and other relevant laws.

3. The Government shall prescribe dossiers, order, and procedures for adjusting investment projects in cases where an investor transfers part of the entirety of an investment project.

Article 35. Suspension of investment projects

1. An investor suspending the operation of an investment project shall notify the investment registration agency in writing. In case where the project operation is suspended due to force majeure event, the investor shall be granted land rent exemption or land use fee reduction by the State during the suspension period to remedy the consequences caused by force majeure events.

2. The state agency in charge of investment management shall decide to suspend or partially suspend project operations in the following cases:

a) To project historical monuments, relics, antiques, and national treasures in accordance with the Law on Cultural Heritages;

b) To remedy violations of environmental protection law upon request of the state agency in charge of environmental management;

c) To implement occupational safety measures upon request of the state agency in charge of labor management;

d) Pursuant to a judgment, or decision of a court or an arbitral award;

dd) The investor fails to properly comply with the contents of the investment policy approval, or Investment Registration Certificate, and has been subject to administrative penalties, or has received written notice from the investment registration agency regarding non-compliance but continues to commit violations, except for failure to meet the schedule specified in the document approving investment guidelines, Investment Registration Certificate, or their adjusted versions.

3. The Prime Minister shall decide to suspend or partially suspend the operation of an investment project if the project implementation causes harm or poses a risk of causing harm to national defense, national security, or the environment.

4. The Government shall prescribe conditions, order, procedures, and duration for suspending investment project operations.

Article 36. Termination of investment projects

1. An investor shall terminate investment activities or an investment project in the following cases:

a) The investor decides to terminate the operation of the investment project;

b) Under termination conditions specified in the contract, or corporate charter;

c) Expiry of the operational duration of an investment project.

2. The investment registration agency shall terminate or partially terminate the operation of an investment project in the following cases:

a) The investment project falls under one of the cases specified in Clause 2 and Clause 3, Article 35 of this Law and the investor is unable to remedy the conditions leading to suspension;

b) After 24 months from the end of the implementation schedule for operational objectives of the investment project or phase- specific objectives (if any) specified in the document approving investment guidelines, Investment Registration Certificate, or their adjusted versions, the investor still fails to complete such operational objectives and does not qualify for schedule adjustment, except for cases specified in Point d of this Clause;

c) The investor is no longer permitted to use the investment location and fails to complete procedures for adjusting the investment location within 06 months from the date of losing land use rights, except for cases specified in Point dd of this Clause;

d) The investment project has suspended operations and, upon expiry of 12 months from the suspension date, the investment registration agency is unable to contact the investor or the legal representative of the investor;

dd) The investment project is subject to land recovery under land law;

e) The investor fails to make a security deposit or to obtain a guarantee for security deposit obligations as required by law for projects subject to investment implementation guarantees;

g) The investor conducts investment activities based on sham civil transactions pursuant to civil law;

h) Pursuant to a judgment, or decision of a court, or an arbitral award;

i) The economic entity has dissolved but has not terminated project operations or transferred/otherwise assigned ownership rights of the investment project in accordance with the law.

3. For investment projects subject to investment policy approval, the investment registration agency shall terminate project operations after obtaining opinions from the agency that approved the investment policy.

4. The investor shall self-liquidate the investment project in accordance with asset liquidation laws upon project termination, except for cases specified in Clause 5 of this Article.

5. The handling of land use rights and land-attached assets upon termination of an investment project shall comply with land law and other relevant legal regulations.

6. The investment registration agency shall decide to revoke the Investment Registration Certificate if the investment project is terminated pursuant to Clause 2 of this Article, except for cases of partial termination.

7. The Government shall prescribe the order and procedures for terminating investment project operations.

Article 37. Establishment, adjustment, and termination of operations of operating offices of foreign investors in business cooperation contracts

1. A foreign investor in a business cooperation contract may establish an operating office in Viet Nam to implement the contract. The location of the operating office shall be decided by the foreign investor in the business cooperation contract according to the requirements of the contract execution.

2. The operating office of a foreign investor in a business cooperation agreement shall have its own seal; may open accounts, recruit employees, sign contracts, and conduct business operations within the scope of rights and obligations specified in the business cooperation contract and the Certificate of Registration of Executive Office Establishment.

3. The Government shall prescribe dossiers, order, and procedures for the establishment, adjustment, and termination of the operation of operating offices of foreign investors in business cooperation contracts.

Chapter V

OUTWARD INVESTMENT ACTIVITIES

Article 38. Principles for carrying out outward investment activities

1. The State encourages outward investment to exploit, development, and expand markets; increase the capacity to export goods and services, and earn foreign exchange; gain access to modern technologies, enhance governance capacity, and supplement resources for national socio-economic development.

2. Investors carrying out outward investment activities must comply with the provisions of this Law and other relevant regulations, the laws of the investment-receiving country, and relevant international treaties; and shall be self-responsible for the efficiency of their investment activities abroad.

Article 39. Forms of outward investment

1. Investors shall carry out outward investment activities in the following forms:

a) Establishing an economic entity in accordance with the law of the receiving country;

b) Investment under a contract abroad;

c) Contributing capital, purchasing shares, or purchasing stakes of an economic entity abroad to participate in the management of such economic entity;

d) Purchasing or selling securities or other valuable papers, or investing through securities investment funds or other intermediary financial institutions abroad;

dd) Other forms of investment in accordance with the law of the receiving country.

2. The Government shall elaborate on the implementation of the investment form specified in Point d, Clause 1 of this Article.

Article 40. Business lines banned from outward investment

1. Business lines banned from outward investment specified in Article 6 of this Law and relevant international treaties to which the Socialist Republic of Viet Nam is a signatory.

2. Sectors involving technologies or products subject to export prohibition in accordance with foreign trade management law.

3. Business lines banned from business investment in accordance with the laws of the host country.

Article 41. Business lines subject to conditional outward investment

1. Business lines subject to conditional outward investment shall include:

a) Banking;

b) Insurance;

c) Securities;

d) Press, radio, and television;

dd) Real estate business.

2. Conditions for outward investment in the business lines specified in Clause 1 of this Article shall be prescribed in laws and resolutions of the National Assembly, ordinances and resolutions of the National Assembly Standing Committee, and Decrees of the Government, and international treaties to which the Socialist Republic of Viet Nam is a signatory.

Article 42. Issuance, adjustment, and invalidation of Certificates of Outward Investment Registration

1. The Ministry of Finance shall issue, adjust, and invalidate Certificates of Outward Investment Registration for projects with outward investment capital levels as prescribed by the Government or investment projects in conditional outward investment sectors specified in Clause 1, Article 41 of this Law.

When necessary, the Ministry of Finance shall decentralize the authority to issue, adjust, and invalidate Certificates of Outward Investment Registration to its subordinate units.

2. For outward investment projects with a large capital scale or projects proposing the application of special support mechanisms and policies, the Ministry of Finance shall report to the Prime Minister for consideration and approval before issuing or adjusting the Certificate of Outward Investment Registration, except for the cases specified in Clause 3 of this Article.

3. Investors shall carry out procedures for registration of foreign exchange transactions in accordance with foreign exchange management law without having to carry out procedures for the issuance of a Certificate of Outward Investment Registration in the following cases:

a) Outward investment projects with an outward investment capital level lower than that prescribed by the Government and not falling under conditional outward investment sectors specified in Clause 1, Article 41 of this Law;

b) Outward investment projects associated with national defense and security implemented under agreements between the Government of Viet Nam and foreign Governments;

c) Outward investment projects of state-owned corporations and groups, and other economic organizations as prescribed by the Government.

4. The Government shall elaborate on this Article; specify conditions, dossiers, order, and procedures for issuance, adjustment, and invalidation of Certificates of Outward Investment Registration.

Article 43. Execution of outward investment activities

The Government shall prescribe the opening of outward investment capital accounts, transfer of outward investment capital, utilization of overseas profits, repatriation of profits, and execution of outward investment activities.

Chapter VI

STATE MANAGEMENT OF INVESTMENT

Article 44. Responsibilities for state management of investment

1. The Government shall exercise uniform state management of investment in Viet Nam and outward investment from Viet Nam.

2. The Ministry of Finance shall assist the Government in exercising uniform state management of investment in Viet Nam and outward investment from Viet Nam; and shall have the following duties and powers:

a) Submit to the Government and the Prime Minister for approval of strategies, plans, and policies on investment in Viet Nam and outward investment from Viet Nam;

b) Promulgate or submit to competent authorities for promulgation of legal normative documents on investment in Viet Nam and outward investment from Viet Nam;

c) Promulgate forms for carrying out procedures for investment in Viet Nam and outward investment from Viet Nam;

d) Guide, disseminate, organize the implementation of, monitor, inspect, and evaluate the implementation of legal normative documents on investment;

dd) Organize the appraisal and submit to the Prime Minister for approval of investment policy for investment projects subject to approval by the Prime Minister in accordance with this Law;

e) Issue and adjust Certificates of Outward Investment Registration;

g) Formulate and submit to competent authorities for promulgation of mechanisms for resolving complaints of investors ad preventing disputes between the State and investors;

h) Synthesize, evaluate, and report on the investment status in Viet Nam and outward investment from Viet Nam;

i) Build, manage, and operate the National Investment Information System and the National Investment Database;

k) Exercise state management over industrial parks, export processing zones, and economic zones;

l) Exercise state management over investment promotion and coordinate investment promotion activities in Viet Nam and abroad;

m) Inspect, monitor, and evaluate investment activities; manage and coordinate the management of investment activities within its assigned competence;

n) Negotiate and sign international treaties related to investment within its competence;

o) Perform other duties and powers regarding state management of investment as assigned by the Government and the Prime Minister.

3. Ministries and ministerial-level agencies, within the scope of their duties and powers, shall be responsible for coordinating with the Ministry of Finance in performing state management duties regarding investment in Viet Nam and outward investment from Viet Nam, including:

a) Coordinating with the Ministry of Finance, ministries and ministerial-level agencies in formulating laws and policies related to investment;

b) Taking prime responsibility and coordinating with other ministries and ministerial-level agencies in formulating and promulgating laws, policies, technical standards and regulations, and implementation guidelines;

c) Submitting to the Government for promulgation within its competence business investment conditions for the sectors specified in Article 7 of this Law;

d) Taking the prime responsibility for and coordinating with the Ministry of Finance in formulating master plans, plans, and lists of projects seeking investment in their respective sectors; organizing specialized investment mobilization and promotion;

dd) Participating in the appraisal of investment projects subject to investment policy approval in accordance with this Law and taking responsibility for the appraisal contents falling under their functions and duties;

e) Monitoring, evaluating, and inspecting compliance with investment conditions and exercising state management over investment projects within their competence;

g) Taking prime responsibility for and coordinating with provincial-level People's Committees, ministries, ministerial-level agencies in resolving difficulties and obstacles of investment projects; guiding the decentralization and authorization to Management Boards of industrial parks, export processing zones, high-tech zones, and economic zones to perform state management duties within such zones;

h) Periodically evaluating the socio-economic efficiency of investment projects within the scope of their state management and sending reports to the Ministry of Finance;

i) Providing relevant information to build National Investment Database; maintaining and updating investment management information systems for assigned sectors, and integrating them into the National Investment Information System.

4. Provincial-level People's Committees and investment registration authorities, within the scope of their duties and powers, shall be responsible for performing state management duties regarding investment activities in Viet Nam and outward investment from Viet Nam, including:

a) Coordinating with ministries and ministerial-level agencies to formulate and publish the List of investment projects to be attracted in localities;

b) Chairing or participating in the appraisal of investment projects subject to investment policy approval in accordance with this Law and taking responsibility for the appraisal contents falling under their functions and duties; carrying out procedures for the issuance, adjustment, and revocation of Certificates of Investment Registration;

c) Exercising state management functions over investment projects in their respective localities;

d) Resolving within their competence or submitting to competent authorities for resolving difficulties and obstacles of investors;

dd) Periodically evaluating the efficiency of investment activities in their respective localities and reporting to the Ministry of Finance;

e) Providing relevant information to build National Investment Database; maintaining and updating the National Investment Information System;

g) Directing the organization, monitoring, and evaluation on the implementation of investment reporting regimes.

5. Overseas diplomatic missions of Viet Nam shall be responsible for monitoring and supporting investment activities, and protecting the legitimate rights and interests of Vietnamese investors abroad.

Article 45. Inspection, supervision, and evaluation of investment activities

1. Inspection, supervision, and evaluation of investment activities shall include:

a) Inspection, supervision, and evaluation of investment projects;

b) Overall inspection, supervision, and evaluation of investment;

2. Responsibilities for inspection, supervision, and evaluation of investment activities shall include:

a) State management agencies in charge of investment and specialized state management agencies shall conduct overall inspection, supervision, and evaluation of investment, as well as inspection, supervision, and evaluation of investment projects within their scope of management;

b) Investment registration authorities shall conduct inspection, supervision, and evaluation of investment projects falling under their competence to issue Investment Registration Certificates.

3. Contents of inspection, supervision, and evaluation of investment projects shall include:

a) For investment projects using state capital for business investment, state management agencies in charge of investment and specialized state management agencies shall conduct inspection, supervision, and evaluation of investment projects in accordance with the contents and criteria approved in the investment decisions;

b) For investment projects using other capital sources, state management agencies in charge of investment and specialized state management agencies shall conduct inspection, supervision, and evaluation of the objectives, the alignment of the investment project with master plans and investment policy approved by competent authorities, implementation progress, and compliance with requirements regarding environmental protection, technology, land use, and other resources as prescribed by law;

c) Investment registration authorities shall conduct inspection, supervision, and evaluation of the contents specified in the Investment Registration Certificates and the document approving investment policy.

4. Contents of inspection, supervision, and evaluation of investment shall include:

a) The promulgation of legal normative documents elaborating and guiding the implementation of investment law and compliance with legal regulations on investment;

b) The status of implementation of investment projects;

c) Evaluation of investment performance nationwide, across ministries, ministerial-level agencies, localities, and investment projects by decentralized authorization;

d) Submission of proposals and recommendations to state management agencies at the same level and superior state management agencies in charge of investment regarding evaluation results and measures to resolve obstacles, and violations of investment law.

5. Agencies and organizations conducting inspection and evaluation may perform the tasks themselves or hire qualified and competent experts or consultancy organizations to evaluate investments.

6. Inspection and auditing of investment projects shall be carried out in accordance with inspection law and audit law.

7. The Government shall elaborate on this Article.

Article 46. National investment information system

1. The National investment information system shall include:

a) National information system on domestic investment;

b) National information system on foreign investment in Viet Nam;

c) National information system on Viet Nam's overseas investment;

d) National information system on investment promotion;

dd) National information system on industrial parks and economic zones;

e) National information system on other investment management matters.

2. The Ministry of Finance shall preside over and coordinate with relevant agencies in establishing and operating the National Investment Information System; building national investment database; and evaluating the information systems of state management agencies in charge of investment at central and local levels.

3. State management agencies in charge of investment and investors shall be responsible for fully, timely, and accurately updating relevant information into the National Investment Information System.

4. Information on investment projects stored in the National Investment Information System shall serve as legally binding master information on such investment projects.

5. The Government shall elaborate on the National Investment Information System.

Article 47. Investment reporting regime in Viet Nam

1. Reporting entities shall include:

a) Ministries, ministerial-level agencies, and provincial-level People's Committees;

b) Investment registration authorities;

c) Investors and economic organizations implementing investment projects in accordance with this Law.

2. Periodic reporting regime shall be implemented as follows:

a) On a quarterly and annual basis, investors and economic organizations implementing investment projects shall report to local investment registration authorities and statistical offices on the implementation of investment projects, including realized investment capital, business investment results, employment information, state budget contributions, investment in research and development, environmental protection and treatment, and special indicators relevant to their field of operation;

b) On a quarterly and annual basis, investment registration authorities shall report to the Ministry of Finance and Provincial People's Committees on the receipt, issuance, adjustment, and revocation of Investment Registration Certificates, as well as the operational status of investment projects within their scope of management;

c) On a quarterly and annual basis, provincial People's Committees shall synthesize and report to the Ministry of Finance on the investment situation within their administrative boundaries;

d) On a quarterly and annual basis, ministries and ministerial-level agencies shall report on investment activities relevant to their sector management scope and submit the reports to the Ministry of Finance for consolidation and submission to the Prime Minister;

dd) On annual basis, the Ministry of Finance shall report to the Prime Minister on investment situation nationwide and submit an evaluation report on the compliance with investment reporting obligations by agencies specified in Clause 1 of this Article.

3. Agencies, investors, and economic organizations shall submit reports in writing and through the National Investment Information System.

4. Agencies, investors, and economic organizations specified in Clause 1 of this Article shall submit ad-hoc reports upon request by competent state agencies.

5. For investment projects not subject to issuance of Investment Registration Certificates, investors shall report to the investment registration authorities prior to implementing the investment projects.

Article 48. Reporting regime on overseas investment activities

1. Agencies, organizations, and individuals subject to the reporting regime include:

a) Ministries and ministerial agencies responsible for management of overseas investment activities in accordance with law, state capital representative agencies at enterprises;

b) Investors implementing overseas investment projects in accordance with this Law.

2. The reporting regime for the entities specified in Point, Clause 1 of this Article shall be implemented as follows:

a) On an annual basis, submit a report on the management of overseas investment activities within their assigned functions and duties to the Ministry of Finance for synthesis and reporting to the Prime Minister;

b) On an annual basis, the Ministry of Finance shall submit a report to the Prime Minister on the status of outward investment.

3. The reporting regime for investors shall be implemented as follows:

a) Within 60 days from the date the investment project is approved or licensed in accordance with the law of the host country, the investor shall send a written notification of the performance of overseas investment activities, enclosed with a copy of the investment project approval document or document proving the right to conduct investment activities in the host country, to the Ministry of Finance, the State Bank of Viet Nam, and the Vietnamese representative missions in the host country;

b) Every six months and on an annual basis, the investor shall submit a report on the status of investment project implementation to the Ministry of Finance, the State Bank of Viet Nam, and the Vietnamese representative mission in the host country;

c) Within 06 months from the date of issuance of the tax finalization report or a document of equivalent legal validity as prescribed by law of the host country, the investor shall report the operational status of the investment project, accompanied by financial statements, tax finalization reports, or documents of equivalent legal validity of the host country, to the Ministry of Finance, the State Bank of Viet Nam, and the Vietnamese representative mission in the host country, and competent state management agencies as prescribed by this Law and other provisions of relevant laws;

d) For overseas investment projects utilizing state capital, in addition to complying with the reporting regime specified in Points a, b, and c of this Clause, the investor must fulfill the investment reporting regime in accordance with the law on investment management and investment of state capital in enterprises.

4. The reports specified in Clause 2 and Clause 3 of this Article shall be made in writing and transmitted via the National Investment Information System.

5. Agencies and investors specified in Clause 1 of this Article shall render ad-hoc reports upon request by competent state agencies when matters arise relating to state administration or issues pertaining to the investment project.

Article 49. Investment promotion activities

1. The Government shall direct the formulation and organize the implementation of policies and orientations for investment promotion to encourage and facilitate investment activities by sector, region, and target partner in accordance with socio-economic development strategies, master plans, plans, and objectives in each period; ensuring the implementation of inter-regional and inter-sectoral investment promotion programs and activities linked with trade and tourism promotion.

2. The Ministry of Finance shall formulate and organize the implementation of national investment promotion plans and programs; coordinate inter-regional and inter-provincial investment promotion activities; monitor, supervise, and evaluate the effectiveness of investment promotion nationwide.

3. Ministries, ministerial-level agencies, provincial People's Committees, within the scope of their duties and powers, shall formulate and organize the implementation of investment promotion plans and programs in sectors under their management, in accordance with socio-economic development strategies, master plans, plans, and the national investment promotion programs.

4. Funding for the formulation and implementation of investment promotion programs shall be allocated from the state budget and other lawful financial support sources.

5. The Government shall elaborate on this Article.

Chapter VII

IMPLEMENTATION PROVISIONS

Article 50. Amendments and supplements to a number of articles of laws related to business investment

1. To amend and supplement the opening passage of Clause 2, Article 8 of the Law on Pharmacy No.105/2016/QH13, as amended and supplemented by Law No. 28/2018/QH14, Law No. 44/2024/QH15, and Law No. 114/2025/QH15, as follows:

"2. Newly established investment projects (including the expansion of such newly established projects) in the development of the pharmaceutical industry with total investment capital of VND3,000 billion or more, disbursing a minimum of VND1,000 billion within 03 years from the date of issuance of the Investment Registration Certificate or approval of investment policy, shall be entitled to special investment incentives and support as entities specified in Point a, Clause 2, Article 17 of the Law on Investment, including:"

2. To amend and supplement Point h, Clause 2, Article 12 of the Law on Corporate Income Tax No 67/2025/QH15, as amended and supplemented by Law No. 116/2025/QH15, Law No. 127/2025/QH15, Law No. 133/2025/QH15 and Law No. 141/2025/QH15 as follows:

"h) Investment projects eligible for special investment incentives and support as prescribed in Clause 2, Article 17 of the Law on Investment. The Government shall specify in detail the disbursement schedule for the total registered investment capital of the projects specified in this Point:"

3. To amend and supplement a number of articles of the Railway Law No. 95/2025/QH15, as amended and supplemented by Law No. 112/2025/QH15 and Law No. 135/2025/QH15, as follows:

a) To amend and supplement Point c, Clause 3, Article 24 as follows:

"c) For national railway lines and local railways lines, investors may extend the project operation duration in accordance with the law on investment. In cases where the investor does not propose to extend the project operational duration, the investor shall transfer all assets formed from the project to the State upon expiration of the project operational duration, and the State shall make payments to the investor in accordance with the law;";

b) To amend and supplement Section 2, Chapter II as follows:

"Section 2 INVESTMENT IN CONSTRUCTION OF NATIONAL RAILWAY LINES AND LOCAL RAILWAY LINES".

Article 51. Effect

1. This Law shall take effect from March 1, 2026, except for the cases specified in Clause 2 and Clause 3 of this Article.

2. Article 7 and the List of conditional business investment sectors specified in Appendix IV issued together with this Law shall take effect from July 1, 2026.

3. Clause 3, Article 50 of this Law shall take effect from January 1, 2026.

4. The Law on Investment No. 61/2020/QH14, as amended and supplemented by Law No. 72/2020/QH14, Law No. 03/2022/QH15, Law No. 05/2022/QH15, Law No. 08/2022/QH15, Law No. 09/2022/QH15, Law No. 20/2023/QH15, Law No. 26/2023/QH15, Law No. 31/2024/QH15, Law No. 33/2024/QH15, Law No. 43/2024/QH15, Law No. 57/2024/QH15, and Law No. 90/2025/QH15 (hereafter referred to as Law on Investment 2025) shall cease to have effect from the effective date of this law, except for Article 7 and the List of conditional business investment sectors specified in Appendix IV attached to the Law on Investment 2020, which shall cease to have effect from July 1, 2026.

5. Individuals who are Vietnamese citizens may use their personal identification numbers in place of copies of Citizen Identify Cards, passports and other personal authentication documents when performing administrative procedures prescribed in the Law on Investment, provided that the national database on population is interconnected with the national database on investment registration.

6. In cases legal normative documents refer to regulations on decisions on approving projects or decisions on approving investment policies under the Law on Investment, the provisions on investment policy approval under this Law shall apply.

7. The provisions in Clause 1, Article 41 of the Law on Real Estate Business No. 29/2023/QH15 shall apply to projects that have obtained decisions on investment policy approval, decisions amending investment policies, approval of investment policies, approval of amended investment policies, or have been issued or amended Investment Registration Certificates in accordance with investment law.

Article 52. Transition provisions

1. Investors who have been granted an Investment License, Certificate of Investment Incentives, Investment Certificate, Investment Registration Certificate, decision on investment policies, or approval of investment policies prior to the effective date of this Law may continue to execute the investment projects in accordance with the Investment License, Certificate of Investment Incentives, Investment Certificate, Investment Registration Certificate, decision on investment policies, or approval of investment policies.

2. Investors shall not be required to re-execute procedures for approval of investment policies or adjustment of investment policies under this Law for investment projects falling under one of the following cases:

a) The investor was granted a decision on investment policy, approval of investment policy, or approval of investment in accordance with law on investment, housing, urban areas and construction prior to the effective date of this Law;

b) The investment project not subject to approval of investment policy, decision on investment policy, approval of investment, or issuance of an Investment Registration Certificate in accordance with law on investment, housing, urban areas, and construction, and the investor has commenced implementation of the investment project in accordance with the law prior to the effective date of this Law;

c) The investor won the bidding for investor selection or won the auction for land use rights prior to the effective date of this Law;

d) The investment project granted Certificate of Investment Incentives, Investment License, Investment Certificate, and Investment Registration Certificate prior to the effective date of this Law.

3. In case of an adjustment to the investment project specified in Clause 2 of this Article and the adjusted contents subject to approval of investment policy in accordance with this Law, procedures for approval of investment policy or adjustment of investment policy shall be conducted in accordance with this Law.

For a project subject to a decision on or approval of investment policy under the provisions of law prior to the effective date of this Law but it is no longer subject to approval of investment policy under this Law, the investor shall not be required to carry out procedures for adjustment of investment policy, unless the investor so requests.

4. In case of an adjustment to the investment project specified in Clause 2 and Clause 3 of this Article where the adjusted contents are subject to approval of investment policy, the authority competent to approve investment policy under this Law shall execute the order and procedures for adjustment of investment policy in accordance with this Law. The competence, contents, order, and procedures for investment supervision in this case shall comply with this Law.

5. With respect to a secondary project in an urban area, tourist area, or eco-tourism area executed prior to January 1, 2021, which has been issued a Land Use Rights Certificate and completed financial obligations regarding land but lacks the capacity or demand to continue execution, and does not fall under cases of operation termination specified in Article 36 of this Law, it may be transferred in whole or in part together with the transfer of land use rights and assets attached to land.

The transferee investor shall inherit the rights and obligations of the transferor investor regarding the transferred portion of the project for continued execution; and shall be granted approval or adjustment of investment policy, or issuance or adjustment of the Investment Registration Certificate for the transferred portion of the project upon request in accordance with the regulations of the Government.

6. In case of transfer of an investment project executed prior to the effective date of this Law, which has been issued a Land Use Rights Certificate and completed financial obligations regarding land, and does not fall under cases of operation termination specified in Article 36 of this Law, where the remaining operating duration of the transferred project fails to satisfy the financial plan or business investment plan of the transferee investor, based on the proposal of the transferee investor, the competent state authority shall consider and decide the operating duration of the investment project when carrying out procedures for approval or adjustment of investment guidelines, or issuance or adjustment of the Investment Registration Certificate.

The operating duration of the project shall be calculated from the time of approval or adjustment of investment policy, or issuance or adjustment of the Investment Registration Certificate under this Clause and shall not exceed the maximum duration specified in Clause 1 and Clause 2, Article 31 of this Law.

7. An investment project executed or approved/permitted for execution under the provisions of law prior to July 1, 2015, which is subject to guarantee of investment project execution under this Law, shall not be required to provide a deposit or a bank guarantee for deposit obligations.

In case the investor adjusts the objectives or implementation schedule of the investment project, or changes land use purpose after the effective date of this Law, the investor shall provide a deposit or a bank guarantee for deposit obligations in accordance with this Law.

8. Debt collection service provision contracts signed prior to January 1, 2021, shall cease to be effective as of January 1, 2021; the contracting parties may perform activities to liquidate such debt collection service provision contracts in accordance with civil law and other relevant laws.

9. Foreign-invested economic organizations entitled to market access conditions more favorable than those specified in the Scheduled issued under Article 8 of this Law may continue to apply the conditions specified in their issued Investment Registration Certificates.

10. The provisions of Clause 3, Article 31 of this Law shall apply to investment projects where land was allocated prior to the effective date of this Law and investment projects where land has not yet been handed over.

11. Where the law provides that the dossier components for administrative procedures must include Investment Registration Certificate or a written approval of investment policy, but the investment project is not subject to issuance of an Investment Registration Certificate or approval of investment policy under this law, the investor shall not be required to submit the Investment Registration Certificate or written approval of investment policy.

12. For localities facing difficulties in arranging land funds for developing housing, service facilities, and public utilities for workers working in industrial parks, the competent state authority may adjust the industrial park construction planning (for industrial parks established prior to July 1, 2014) to allocate a portion of the land area for developing housing, service facilities, and public utilities for workers in such industrial parks.

The land area for developing housing, service facilities, and public utilities for workers in industrial parks after planning adjustment must lie outside the geographical boundaries of the industrial parks and ensure environmental safety distances in accordance with construction law and other relevant laws.

13. The transitional arrangements for outward investment activities shall be performed in accordance with the following provisions:

a) An investor granted a Decision approving outward investment policy, an Outward Investment License or Certificate, or Outward Investment Registration Certificate prior to the effective date of this Law may continue executing the investment project according to such granted Decision, License, or Certificate;

b) For a project granted a Decision approving investment policy, Investment License or Certificate, or Outward Investment Registration Certificate prior to the effective date of this Law which is no longer subject to issuance of an Outward Investment Registration Certificate, the investor is not required to carry out procedures to adjust the granted Decision, License, or Certificate upon adjusting the outward investment project;

c) In case the investor has submitted a valid dossier requesting approval of outward investment policy but has not received the results, the investor may continue using the submitted dossier to carry out procedures for issuance of the Investment Registration Certificate (if subject to issuance) in accordance with this Law.

14. From the effective date of this Law, valid dossiers received under the Law on Investment 2020 shall continue to be processed under the Law on Investment 2020, except for the following cases:

a) In case a project submitted to the Prime Minister for consideration of approval or adjustment of investment policy prior to the effective date of this Law fails to meet the requirements and conditions for approval or adjustment under the Law on Investment 2020, the Ministry of Finance shall transfer the project dossier, appraisal opinions, and appraisal report to the Chairperson of the provincial People's Committee for handling within their competence specified in this Law;

b) In case a project has not been submitted to the Prime Minister for consideration of approval or adjustment of investment policy prior to the effective date of this Law, the Ministry of Finance shall transfer the project dossier and appraisal opinions (if any) to the Chairperson of the provincial People's Committee for handling within their competence specified in this Law;

The Chairperson of the provincial People's Committee may continue using the project dossier, appraisal opinions, and appraisal report to consider approving or adjusting the investment policy in the cases specified in this Clause.

15. For conditional business investment sectors specified in the Law on Investment 2020 that have been abolished under this Law, organizations and individuals may continue using licenses, certificates, practicing certificates, confirmation documents, or other written approvals for investment and business issued by competent state authorities until the expiration of such documents.

16. The Government shall specify the provisions on handling investment projects manufacturing electronic devices for e-cigarettes and heated tobacco products in Viet Nam solely for export that were registered, approved, or permitted in writing by competent state authorities under the law prior to January 1, 2025.

17. The Government shall elaborate on this Article.

This Law was passed by the 14th National Assembly of the Socialist Republic of Viet Nam at its 10th session on December 11, 2025./.

For reference only