Restricted and Prohibited Sectors for Foreign Investors in Vietnam

I. Legal Basis:

Investment Law 2020;

Decree 31/2021/ND-CP detailing and guiding the implementation of several provisions of the Investment Law;

International treaties of which Vietnam is a member.

II. Sectors with Investment Restrictions in Vietnam:

Restricted sectors are those where foreign investors must meet specific conditions when investing in Vietnam.

The list of sectors with conditional market access for foreign investors includes:

1. Production and distribution of cultural products, including recorded images.

2. Production, distribution, and screening of television programs and musical, dance, theatrical, and cinematic works.

3. Broadcasting and television services.

4. Insurance; banking; securities business and other services related to insurance, banking, and securities.

5. Postal and telecommunications services.

6. Advertising services.

7. Printing services, publishing services.

8. Surveying and mapping services.

9. Aerial photography services.

10. Educational services.

11. Exploration, extraction, and processing of natural resources, minerals, oil, and gas.

12. Hydropower, offshore wind power, and nuclear energy.

13. Transportation of goods and passengers by rail, air, road, waterway, sea, and pipeline.

14. Aquaculture.

15. Forestry and hunting.

16. Gambling, casinos.

17. Security services.

18. Construction, operation, and management of river ports, seaports, and airports.

19. Real estate business.

20. Legal services.

21. Veterinary services.

22. Trade and activities directly related to the trading of goods by foreign service providers in Vietnam.

23. Technical inspection and analysis services.

24. Tourism services.

25. Healthcare and social services.

26. Sports and entertainment services.

27. Paper production.

28. Manufacturing transport vehicles with more than 29 seats.

29. Development and operation of traditional markets.

30. Commodity exchange activities.

31. Domestic freight collection services.

32. Audit, accounting, bookkeeping, and tax services.

33. Valuation services; consulting on enterprise valuation for equitization.

34. Services related to agriculture, forestry, and fishery.

35. Aircraft manufacturing.

36. Manufacturing of railway locomotives and carriages.

37. Production and business of tobacco products, tobacco materials, machinery, and equipment in the tobacco industry.

38. Publisher operations.

39. Shipbuilding and repair services.

40. Waste collection, environmental monitoring services.

41. Commercial arbitration, mediation services.

42. Logistics services.

43. Coastal maritime transport.

44. Cultivation, production, or processing of rare plants, breeding of rare wild animals, and processing of these animals or plants, including live animals and products derived from them.

45. Building materials production.

46. Construction and related technical services.

47. Motorcycle assembly.

48. Services related to sports, fine arts, performing arts, fashion shows, beauty pageants, models, and other recreational activities.

49. Air transport support services; ground services at airports; in-flight catering services; navigation information services, meteorological services for aviation.

50. Marine shipping agency services; tugboat services.

51. Services related to cultural heritage, copyright, related rights, photography, video/audio recording, art exhibitions, festivals, libraries, museums.

52. Services related to tourism promotion and marketing.

53. Talent agency, recruitment, scheduling, and management services for artists and athletes.

54. Family-related services.

55. E-commerce activities.

56. Cemetery business, cemetery services, and funeral services.

57. Seed sowing and chemical spraying services by aircraft.

58. Marine pilot services.

59. Sectors that require pilot investment mechanisms by the National Assembly, the Standing Committee of the National Assembly, the Government, or the Prime Minister.

III. Sectors Prohibited for Investment in Vietnam:

According to Article 6 of the Investment Law 2020, the following sectors are prohibited from investment:

1. Trading in narcotic substances.

2. Trading in chemicals and minerals.

3. Trading in specimens of wild plant and animal species extracted from nature.

4. Engaging in prostitution.

5. Buying and selling of people, human organs, bodies, body parts, or human embryos.

6. Activities related to human cloning.

7. Trading in fireworks.

8. Providing debt collection services.