Joint ventures to be allowed to Invest in Foreign Countries

Joint ventures to be allowed to Invest in Foreign Countries

Joint ventures will be granted licences for their investment in foreign countries, according to a project on amendments to the Decree 22/CP on Vietnam's investment in foreign countries, which has recently been submitted to the Government for approval by the Ministry of Planning and Investment.

Accordingly, projects invested in foreign countries with capital of less than US$3 million of State-owned enterprises and less than US$5 million of private enterprises will have to apply for licences from the Ministry of Planning and Investment. Under the existing regulations, all projects developed in foreign countries by State-owned enterprises and projects developed in foreign countries with capital of over US$1 million of private enterprises have to apply for licences from the Prime Minister.

In addition, Vietnamese enterprises may get licences to invest in foreign countries in the fields of insurance, education and health care.

• B.T