Draft Law on Investment and Business: Concerns about 'bloating' sub-licenses

DNVN - Giving preliminary comments on the Draft Law on Investment and Business, the Vietnam Federation of Commerce and Industry (VCCI) expressed concerns about moving the list of conditional business lines from the law level to the decree level. At the same time, it suggested removing procedural barriers for overseas investment activities.

In a dispatch sent to the Ministry of Justice , the Vietnam Federation of Commerce and Industry (VCCI) raised three major issues that need to be considered and revised in the draft Law on Investment and Business to create a more favorable and transparent business environment.

Firstly, the list of conditional business lines should not be included in the decree.

The most worrying point, according to VCCI, is the proposal in the Draft to move the List of conditional investment and business sectors from the law level down to the decree level.

VCCI analyzed that the regulation of the list of conditional investment and business sectors in the Investment Law from 2014 to present has been a great success. It ensures publicity and transparency, helping to strictly control the issuance of business conditions in sub-law documents. This is the spirit of "people and businesses are allowed to do what the law does not prohibit".

Meanwhile, the draft Law on Investment and Business proposes to move this list from the law level to the decree level. If this list is moved to the decree level, VCCI is concerned that it will not be able to control the situation where ministries and branches arbitrarily add more conditional business lines through other decrees.

Issuing decrees more easily and with less strict supervision than issuing laws can lead to a situation where conditional business lines and occupations will be added arbitrarily, without strict control, and businesses will not be able to recognize the conditional business and investment lines that actually exist.

Illustration photo.

"This reality could repeat the situation of the list of goods and services subject to conditional business under the 2005 Commercial Law, which soon became outdated and had no applicable value," VCCI warned.

Therefore, to ensure the strong reform policy of the Party and State, VCCI proposes to maintain the current regulations on the list of conditional investment and business sectors and professions in the Investment Law.

Second, it is necessary to clarify regulations on investment policy approval.

VCCI pointed out the lack of clarity and consistency in regulations on investment policy approval procedures, especially for projects selecting investors through auctions and bidding.

Specifically, Article 26 of the Draft stipulates that projects that win auctions and biddings do not have to go through investment policy approval procedures. However, Article 25 stipulates that auctions and biddings are carried out after investment policy approval. This contradiction is confusing and may lead to difficulties in implementation.

To ensure clarity, VCCI proposes to regulate in the following direction: projects selecting investors through auctions and bidding will not need investment policy approval, except for large, special projects under the approval authority of the Prime Minister or the Chairman of the Provincial People's Committee.

Third, propose to abolish the Certificate of Registration for Foreign Investment

Regarding overseas investment activities, VCCI noted that the draft has had many positive reforms by eliminating the procedure of approving investment policies and limiting only projects of 20 billion VND or more to need to apply for a certificate of registration for overseas investment.

However, VCCI believes that maintaining this certification requirement is still an unnecessary procedural burden, especially for private capital. The management objective of this regulation is unclear, while the actual investment conditions are regulated by the laws of the host country. If there are concerns about foreign exchange management, there are specialized regulations to regulate it.

According to VCCI, this requirement goes against the policy of encouraging Vietnamese enterprises to expand into the world . Therefore, VCCI recommends considering completely removing the mechanism of granting certificates of registration for overseas investment to truly facilitate enterprises.

Minh Thu

Source: https://doanhnghiepvn.vn/kinh-te/du-thao-luat-dau-tu-kinh-doanh-lo-ngai-phinh-giay-phep-con/20250920082518546