On November 26, 2014, the National Assembly approved the Law No. 67/2014/QH13 on Investment with many new contents that have strong effects on domestic and foreign investors. First of all, the Law regulated that only investment projects of foreign investors and economic organizations having 51% or more of their charter capital or having a majority of their general partners being foreign individuals, for partnerships must carry out procedures for grant of investment registration certificates. Therefore, investment projects of domestic investors, investment in the form of capital contribution or share or capital contribution purchase of economic organizations and investment projects of economic organizations excluding cases mentioned above shall not carry out procedures for grant of investment registration certificates. Previously, only investment projects having the scale of under VND 15 billion and not being under the List of investment field not having to carry out this procedure.
Under this Law, it also amends some subjects that are entitled to investment incentives including investment projects capitalized at VND 6,000 billion or more, disbursing at least VND 6,000 billion within 3 years after obtaining an investment registration certificate or investment policy decision; Rural investment projects employing at least 500 workers; Hi-tech enterprises, science and technology enterprises, and science and technology organizations.
Besides, the Law also prohibits the following business investment activities: trade in narcotic substances; Trade in chemicals and minerals; Trade in specimens of wild fauna and flora species; Prostitution; Trafficking in humans or human tissues and organs; Business activities related to human cloning.
The Law takes effect on July 01, 2015.