In general, foreign direct investment is encouraged in Vietnam because the economy growth is depending on the attraction of foreign direct investment. As member of WTO, Vietnam has opened up the economy and welcome investment in most of areas. There are non conditional investment areas and there are conditional investment areas. The conditions for investment varies from minimum capital, professional licenses of human resources, conditions of facilities, ownership ratio of local Vietnamese entities or person…When setting up a company in Vietnam, foreign investors need to be aware of investment sectors with conditions applied to foreign investors in Vietnam.

The following sectors are conditional investment sectors regulated under the Law on Investment 2014:

1 Seal production 2 Combat gear trading (including repair) 3 Firecracker trading 4 Pawnshop services 5 Massage services 6 Trading of warning devices of emergency vehicles 7 Security services 8 Paint gun services 9 Lawyer’s practice 10 Notary’s practice 11 Judicial assessment in the fields of finance, banking, construction, antiques, relics, copyrights. 12 Auctioneering services 13 Arbitration services 14 Bailiff’s practice 15 Asset liquidator’s practice 16 Accounting services 17 Audit services 18 Tax agent services 19 Customs brokerage services 20 Duty-free goods trading 21 Bonded warehouse services 22 Domestic LCL consolidation services 23 Gathering services and customs inspection services inside and outside border checkpoint areas 24 Securities trading 25 Securities registration, depository, offsetting, and liquidation services by Vietnam Securities Depository/organizations trading in listed securities and other securities. 26 Insurance 27 Reinsurance 28 Insurance brokerage 29 Insurance agency 30 Insurance agency training services 31 Price verification services 32 Consulting services serving company values for equitization 33 Lottery business 34 Electronic games of chance for foreigners 35 Debt collection services 36 Debt trading services 37 Credit rating services 38 Casino business 39 Betting business 40 Voluntary pension fund management services 41 Oil and gas trading 42 Gas trading 43 Commercial assessment services 44 Industrial explosive trading (including destruction thereof) 45 Explosive precursor trading 46 Business operations using industrial explosives and explosive precursor 47 Blasting services 48 Trading in chemicals except banned chemicals according to Convention on the Prohibition of the Development, Production, Stockpiling and Use of Chemical Weapons and on their Destruction 49 Inorganic fertilizer trading 50 Alcohol trading 51 Trading in tobacco products, tobacco materials, machinery and equipment serving tobacco industry 52 Commodity exchange operation 53 Electricity generation, transmission, distribution, wholesaling, retailing, import, and consultancy 54 Trading in foods under the management of the Ministry of Industry and Trade 55 Rice export 56 Temporary import for re-export of goods subject to special excise tax 57 Temporary import for re-export of frozen food 58 Temporary import for re-export of goods on the List of used goods 59 Franchising 60 Coal trading 61 Logistics services 62 Mineral trading 63 Industrial precursor trading 64 Goods trading and activities directly related goods trading of foreign investors 65 Electronic commerce activities 66 Petroleum activities 67 Assessment of conformity of pneumatic tools, industrial lifting devices, chemicals, industrial explosives, equipment serving mineral and petroleum extraction; except for equipment and instruments serving extraction at sea 68 Vocational training 69 Association with foreign vocational training institutions and foreign-invested vocational training institutions in vocational training at intermediate and college levels 70 Fire safety and firefighting services 71 Occupational skill assessment services 72 Quality assessment of joint vocational programs with foreign vocational training institutions and foreign-invested vocational training institutions in Vietnam. 73 Occupational safety assessment services with regard to machinery and supplies with strict occupational safety requirements 74 Occupational safety and occupational hygiene training services 75 Employment agency services 76 Overseas employment services 77 Voluntary drug rehabilitation services 78 Conformity declaration and certification services 79 Outsourcing services 80 Road transport services 81 Car warranty and maintenance services 82 Motor vehicle inspection services 83 Driving school services 84 Traffic safety inspector training services 85 Driving test services 86 Traffic safety inspection services 87 Waterway transport services 88 Building, modifying, repairing inland watercraft 89 Provision of training for crew-members and operators of inland watercraft 90 Ship transport, shipping agency services 91 Multi-level marketing business 92 Ship towing services 93 Importing, dismantling used sea-going ship 94 Sea-going ship building, modification, repair services 95 Sea port operation 96 Air transport business 97 Design, production, maintenance, testing of aircraft, aircraft engines, propellers, and equipment thereof in Vietnam 98 Airport operation 99 Aviation services at airports 100 Air navigation services 101 Flight crew training services 102 Rail transport business 103 Rail infrastructure business 104 Rail transport business 105 Multimodal transport business 106 Transport of dangerous goods using road or waterway vehicles 107 Pipeline transport services 108 Maritime navigation services 109 Real estate trading 110 Provision of training in real estate brokerage, real estate valuation, and operation of real estate exchanges 111 Provision of training in apartment building management and operation 112 Provision of training in construction project management 113 Project management consultancy services 114 Construction survey services 115 Construction design assessment services 116 Construction supervision services 117 Construction services 118 Investment project planning and assessment services 119 Foreign investors’ construction 120 Project management consultancy services 121 Construction work conformity assessment and certification services 122 Lighting and greenery system operation services 123 Shared infrastructure operation services 124 Construction planning development services 125 Urban planning development services provided by foreign entities 126 Trading in white asbestos of Serpentine group 127 Postal services 128 Telecommunications services 129 Import of radio transmitters and transceivers 130 Digital signature authentication services 131 Establishment and operation of publishers 132 Printing services 133 Publication release services 134 Social network services 135 Online games business 136 Pay radio/television services 137 News website development services 138 Processing, recycling, repair, refurbishment of used IT products on the list of used IT products banned from import for foreign partners 139 Pay-per-view television services 140 Provision of information and IT services on mobile network or the Internet 141 Trading in mobile phone jammers 142 Provision of information security products and services 143 Operation of higher education institutions 144 Operation of foreign-capitalized educational institutions, representative offices of foreign educational institutions in Vietnam, branches of foreign-capitalized educational institutions 145 Operation of continuing education institution 146 Operation of students’ education centers 147 Operation of compulsory education institutions 148 Vocational training 149 Operation of specialized schools 150 Operation of preschool education institutions 151 Educational cooperation with foreign partners 152 Extra classes 153 Fishing 154 Trading in fishing instruments 155 Fish trading 156 Trading in aquatic feed 157 Trading in biological preparations, microorganisms, chemicals, environmental remediation agents serving aquaculture 158 Aquatic breed testing services 159 Aquatic feed testing services 160 Breeding, raising, propagating wild animals and plans according to CITES Appendix 161 Breeding, raising, propagating endangered or rare wild animals and palns according to CITES Appendix 162 Breeding, raising normal wild animals 163 Export, import, re-export, transit wild specimens according to CITES Appendix 164 Export, import, re-export bred, raised, propagated specimens according to CITES Appendix 165 Pesticide trading 166 Processing items required to undergo plant quarantine 167 Pesticide testing services 168 Plant protection services 169 Trading in veterinary medicines, biological preparations, vaccines, microorganisms, chemicals serving veterinary medicine 170 Veterinary services 171 Animal surgery, animal testing services 172 Vaccination, diagnosis, prescription, treatment, and healthcare services for animals 173 Trading in veterinary medicines, biological preparations, vaccines, microorganisms, chemicals serving veterinary medicine 174 Concentrated breeding, breed production services; slaughtering; quarantine of animals and products thereof; production of animal-derived materials for animal feed production; preparing, processing, preserving animals and products thereof; trading in animal products; preparing, processing, packaging, preserving animal products 175 Trading in foods under the management of the Ministry of Agriculture and Rural Development 176 Trading, testing organic fertilizers 177 Trading in plant varieties, animal breeds 178 Manufacture of animal feeds 179 Import of animal feeds 180 Exporting, importing rare, endangered terrestrial wild animals and plants according to CITES Appendix 181 Trading in forest plants, animals restricted from trading 182 Trading in ornamental plants, shade trees, ancient trees from Vietnam’s natural forests 183 Trading in firewood from timber or from Vietnam’s natural forests 184 Trading in sperms, embryos, eggs, and lavas 185 Trading in biological preparations, microorganisms, chemicals, environmental remediation agents serving aquaculture 186 Testing biological preparations, microorganisms, chemicals, environmental remediation agents serving aquaculture 187 Trading in genetically modified food 188 Provision of training in bidding 189 Bidding agency services 190 Project assessment consultancy services 191 Provision of training in project assessment 192 Medical examination and treatment services 193 HIV testing services 194 Tissue bank services 195 Childbirth assistance, sperm preservation, embryo preservation services 196 Medicine trading 197 Medicine testing services 198 Cosmetics production 199 Infectious microorganism testing services 200 Vaccination services 201 Trading in medical and household anti-insect and antibacterial chemicals 202 Opioid replacement therapy services 203 Trading in foods under the management of the Ministry of Health 204 Plastic surgery services 205 Surrogacy services 206 Bioavailability and bioequivalence assessment services 207 Clinical trial of medicines 208 Trading in medical equipment 209 Medical equipment classification 210 Medical equipment testing services 211 Industrial property verification services 212 Radiological work services 213 Atomic energy application ancillary services 214 Export, import, and transport of radioactive materials 215 Technological conformity assessment services 216 Inspection, calibration, testing of measuring instruments and measurement standards 217 Motorcycle helmet trading 218 Technology assessment, valuation, and examination services 219 Intellectual property representation services 220 Film production 221 Antique examination services 222 Monument protection or renovation project planning, execution, supervision services 223 Karaoke, dance club business 224 Travel services 225 Sports business 226 Art performance, fashion show, beauty contest, model contest services 227 Trading in audio and video recordings of art performances 228 Festival organization services 229 Trading in art or photography works 230 Accommodation services 231 Advertising services 232 Trading in relics, antiques, national treasures 233 Museum services 234 Electronic games business (except for electronic casino games for foreigners and online electronic casino games) 235 Export of relics, antiques other than those under the ownership of the state, political organizations, socio-political organizations; import of cultural commodities under the management of the Ministry of Culture, Sports and Tourism 236 Verification of copyright and relevant rights 237 Land survey and assessment services 238 Land planning services 239 IT infrastructure and software infrastructure development services 240 Land database development services 241 Land pricing services 242 Land use right auction services 243 Geodesy and cartography services 244 Underground water drilling services 245 Underground water survey services 246 Water supply, processing, and extraction services 247 Underground water drilling services 248 Mineral exploration services 249 Mineral extraction 250 Harmful waste management services 251 Scrap material import 252 Environmental monitoring services 253 Strategic environment assessment, environmental impact assessment, environmental protection scheme consultancy services 254 Trading in biological preparations 255 Collection, transport, processing of refuse 256 Business operation of commercial banks 257 Business operation of non-bank credit institutions 258 Business operation of cooperatives, people’s credit funds, microfinance institutions 259 Provision of payment services 260 Credit information service provision 261 Foreign exchange activities 262 Trading in gold bullion 263 Manufacture of gold bullion, export raw gold and import raw gold for manufacture of gold bullion 264 Manufacture of gold jewelry 265 Import of commodities under the management of the State bank (money vault door) 266 Money printing, molding 267 Trading in military clothing and equipment of the armed forces, military weapons, technologies, devices, vehicles for the military and police; parts, components, supplies, specialized equipment, and technologies for manufacture thereof

The investment conditions applicable to foreign investors with investment projects in the fields of investment provided with this list shall be in accordance with the provisions of the international treaties to which Vietnam is a member.

At ANT Lawyers, a law firm in Vietnam with offices in law office Hanoi, Da Nang and Ho Chi Minh City, our lawyers are available to assist clients in licensing and post-licensing matters to help clients with all questions and services in setting up company, and managing the compliance of the company or other form of business entities in Vietnam during the operation in Vietnam.