On November 11th, at the National Assembly, Minister of Finance Nguyen Van Thang announced plans to review and eliminate 25 conditional business sectors that fail to meet the criteria outlined in the Investment Law. These sectors include: accounting services, tax procedure services, rice exports, and the temporary import and re-export of frozen food products, among others.
Minister of Finance Nguyen Van Thang presents the Government’s proposal
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According to Minister Nguyen Van Thang, the 2020 Investment Law lists 234 sectors requiring business licenses, many of which could be regulated through output standards. This revision aims to shift 25 sectors to a post-inspection mechanism, reducing market entry barriers and promoting business freedom.
The government also plans to eliminate the approval process for overseas investment projects (currently under the authority of the National Assembly and the Prime Minister). Projects under 20 billion VND (approximately $760,000) will only need to register foreign exchange transactions with the State Bank to transfer funds abroad. Projects exceeding 20 billion VND or those in conditional overseas investment sectors will require an investment registration certificate.
Regarding investment approval, the government seeks to narrow and clarify the scope of projects requiring this procedure. The drafting agency proposes limiting approval to infrastructure projects in critical sectors like seaports, airports, telecommunications, or those significantly impacting the environment, national security, or defense.
Additional cases proposed for exemption from investment approval include industrial cluster infrastructure projects, mineral exploitation (excluding offshore projects), and projects involving land allocation or conversion requests from households or individuals.
The 25 conditional business sectors proposed for license elimination are as follows:
During the review, Phan Van Mai, Chairman of the Economic and Financial Committee, urged the government to conduct a thorough reduction of investment and business conditions.
The reviewing agency recommends retaining only conditions essential for national defense and security. The law should also clearly define individual professional practice conditions for those representing legal entities or organizations.
Many reviewers supported eliminating the approval process for overseas investment projects. However, they advised the government to introduce information notification or registration requirements (without state agency approval) for future audits and checks.
The drafting agency should collaborate with the State Bank to review and refine foreign exchange management regulations, ensuring seamless data integration for accurate overseas capital transfers.
– 1:15 PM, November 11, 2025
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