Prohibited Business Sectors Reduced to 11

4:22:21 PM | 9/10/2014

The Ministry of Planning and Investment has proposed the Government cut down the list of the sectors prohibited from investment and business from 51 to just 11.

The list, as part of the draft revised Law on Investment, is considered the condition for the enforcement of the law and related laws.

The list is aimed at abolishing unnecessary, unreasonable and troublesome regulations and making them conform with international norms.

Accordingly, the list, which is regulated at Article 4 of the draft revised Law on Investment, includes:

- Trade in military weapons, equipment and techniques, ammunition, specialized equipment used in the army and the public security; equipment used in the armed forces; components, parts, accessories, supplies and special equipment, and specialized technology used to manufacture them, except for orders by the State;

- Trade in drugs prescribed in Appendix 1 of this law except for those that are used for analysis and testing, scientific research, medical and criminal investigation under the provisions of the competent State agencies rights;

- Trade in chemicals listed in Table 1 under international conventions specified in Appendix 2 of this Law;

- Trade in fire-crackers, except for signal fire-crackers, fireworks prescribed by the competent State agencies;

- Prostitution business;

- Buying and selling human and human body parts;

- Trade in specimens of wildlife species listed in Appendix 1 of CITES and specimens of endangered, rare animals and plants of group I as defined in Appendix 3 of this Law;

- Activities related to human reproductive cloning;

- Trade in transgenic animals;

- Trade in cultural products infringing national security, social ethics;

- Trade in counterfeit goods, items harmful to human health except for items on the list of lines of business and investment conditions.

The list will be revised and adjusted further to ensure the rights to doing business of individuals and organizations are observed.

Besides, the draft law also narrowed the list of conditional business from 386 to 326.