The sectors in which foreign investors are restricted or prohibited from investing in Vietnam.

I. Legal Basis:

• Investment Law 2020;

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

• International treaties to which Vietnam is a member.

  
  

II. Sectors with Investment Restrictions in Vietnam:

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

The list of sectors subject to market access restrictions for foreign investors includes:

1. Production and distribution of cultural products, including recordings.

2. Production, distribution, and broadcasting of television programs and performing arts, stage performances, and films.

3. Providing 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, exploitation, and processing of natural resources, minerals, oil, and gas.

12. Hydroelectric, offshore wind, and nuclear energy.

13. Transport of goods and passengers by rail, air, road, river, sea, and pipeline.

14. Aquaculture.

15. Forestry and hunting.

16. Gambling, casino business.

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. Trading and related activities directly connected with the buying and selling of goods by foreign service providers in Vietnam.

23. Technical inspection and analysis services.

24. Tourism services.

25. Health and social services.

26. Sports and entertainment services.

27. Paper production.

28. Production of vehicles with over 29 seats.

29. Development and operation of traditional markets.

30. Commodity exchange operations.

31. Domestic cargo collection services.

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

33. Valuation services; consulting for the determination of business value for equitization.

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

35. Aircraft production and manufacturing.

36. Manufacturing of locomotives and railway cars.

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

38. Publishing operations.

39. Shipbuilding and repair services.

40. Waste collection services, environmental monitoring services.

41. Commercial arbitration, arbitration mediation services.

42. Logistics services.

43. Coastal shipping transport.

44. Cultivation, production, or processing of rare plant species, breeding of rare wildlife species, and the processing or treatment of such animals or plants, including live animals and products derived from them.

45. Construction materials production.

46. Construction and related technical services.

47. Motorcycle assembly.

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

49. Support services for air transport; ground technical services at airports; in-flight catering services; air navigation services, and meteorological services for aviation.

50. Shipping agency services; tugboat services.

51. Services related to cultural heritage, copyright and related rights, photography, recording, exhibition, festivals, libraries, museums.

52. Services related to tourism promotion and advertising.

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

54. Services related to family matters.

55. E-commerce activities.

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

57. Seed planting and chemical spraying services by aircraft.

58. Maritime pilot services.

59. Sectors or activities invested in under a pilot mechanism by the National Assembly, 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 2020 Investment Law, prohibited business sectors include:

1. Business in narcotic substances.

2. Business in certain chemicals and minerals.

3. Trading in specimens of wild plants and animals sourced from the wild.

4. Prostitution-related businesses.

5. Trade in humans, human organs, corpses, body parts, and human fetuses.

6. Business activities related to human cloning.

7. Trading in fireworks.

8. Debt collection services.