Thus, after more than 6 years in effect, the Investment Law was officially amended with many new points in order to improve the quality and efficiency of attracting domestic and foreign investment resources.
“Death” service rental debt collection
In the revised Law on Investment, the debt collection service business was excluded from the list of sectors and trades subject to conditional business investment, but officially transferred to the list of industries and trades prohibited from business investment.
The Law also stipulates that a transitional clause means that transactions providing debt collection services before the effective date of this Law (January 1, 2021) terminate from the effective date of this Law and the parties. participating in transactions may perform activities to liquidate debt collection transactions in accordance with civil laws and relevant laws.
Abolishing many conditional business lines and trades
Trades and trades previously on the list of conditional business investment industries and trades are now annulled, including:
- Service activities of the commercial arbitration organization;
- Logistic services business;
- Business shipping agency services;
- Providing training services, fostering knowledge of real estate brokerage, real estate transaction management;
- Providing HIV testing services;
- Providing reproductive support services, sperm storage, embryo storage;
- Testing microorganisms causing infectious diseases;
- Business vaccination services;
- Providing substitution medicine for opioid addiction treatment services;
- Business cosmetic surgery services;
- Providing surrogacy services for …
Supplement many branches and trades subject to investment incentives
Article 16 of this Law adds a number of industries and trades eligible for investment incentives compared with the old regulations as follows:
- University education;
- Production of products formed from scientific and technological results according to the provisions of law on science and technology;
- Manufacturing products on the list of supporting industry products prioritized for development;
- Preservation of drugs, manufacture of medical equipment;
- Producing goods and providing services to create or join value chains, industry clusters.
Adding conditional business lines
Additional conditional business lines include:
- Providing smoking cessation services, HIV / AISD treatment, elderly care, disabled people, and children;
- Trading in clean water (domestic water);
- Business architecture services;
- Inspection of fishing ships;
- Training and retraining for fishing ship crew members …
Supplement regulations on special investment incentives and supports
The Government decides to apply special investment incentives and supports in order to encourage the development of a number of investment projects with great socio-economic impacts, including:
- New establishment investment projects (including the expansion of that new establishment project), innovation centers, research and development centers with a total investment of 3,000 billion VND or more, actually currently disbursing at least VND 1,000 billion within 03 years from the date of being issued Investment Registration Certificate or approval of investment policy; a national innovation center established by decision of the Prime Minister;
- Investment projects in sectors or trades specially given investment incentives with an investment capital of VND 30,000 billion or more, disbursing at least VND 10,000 billion within 3 years from the date of being granted the certificate. investment registration or investment policy approval.
The level of incentives and the period of special incentives comply with the Law on Enterprise Income Tax and the Law on Land.
4 cases where investment projects are not required
An investor must deposit a deposit or have a bank guarantee on the obligation to deposit to secure the implementation of an investment project that requires the State to allocate land, lease land or permit the change of land use purpose, except 04 in the following cases:
- An investor wins a land use right auction to execute an investment project allocated land by the State with the collection of land use fees or leased land with one-off rental payment for the entire lease term;
- An investor wins a tender to execute an investment project using land;
- The investor is assigned or leased land by the State on the basis of receiving the transfer of an investment project that has made a deposit or has completed the capital contribution or capital mobilization according to the schedule specified in the written approval of the owner. investment investment, Certificate of investment registration;
- Investors are assigned or leased land by the State to implement an investment project on the basis of receiving transfer of land use rights and land-attached assets from other land users.
Amending and supplementing subjects entitled to investment incentives
According to the amended Investment Law, beneficiaries of investment incentives include:
Investment projects in the sectors or trades subject to investment incentives specified in Clause 1, Article 16 of this Law;
- Investment projects located in areas eligible for investment incentives specified in Clause 2, Article 16 of this Law;
- Investment projects capitalized at VND 6,000 billion or more, disbursing at least VND 6,000 billion within 3 years from the date of being granted investment registration certificates or investment policy approval, concurrently have one of the following criteria: have a minimum total turnover of 10,000 billion VND per year within the latest 03 years since the year of turnover or employ more than 3,000 employees;
- Social housing construction investment project; investment projects in rural areas employing 500 workers or more; investment projects using disabled employees according to the provisions of law on persons with disabilities;
- High-tech enterprises, science and technology enterprises, science and technology organizations; projects involving technology transfer on the List of technologies encouraged to be transferred according to the provisions of law on technology transfer; technology incubators, science and technology business incubators in accordance with the law on high technologies, science and technology; enterprises producing and supplying technologies, equipment, products and services to satisfy the environmental protection requirements in accordance with the law on environmental protection;
- Investment projects for creative startups, innovation centers, research and development centers;
- Investment in and trading in product distribution chains of small and medium enterprises; investment in and commercial operation of technical facilities to support small and medium enterprises, small and medium-sized enterprise incubators; investing in and operating co-working areas to support small and medium-sized enterprises to start up their creativity in accordance with the law on support for small and medium-sized enterprises.