(VOVworld)-A draft law on revising the list of conditional business lines has been submitted to the National Assembly in an effort to create a more favorable, equal and transparent investment environment in Vietnam. The new law is also expected to improve State management in business and investment activities.

The current list under the Law on Investment contains 267 conditional business lines, covering a wide range of areas, from national defense, security, justice and industry to health care and the environment. Minister of Planning and Investment Nguyen Chi Dung elaborates on the proposed changes: “Revising the list of business lines is a crucial step in reforming the Law on Investment. Under the draft law, investors are entitled to get involved in all business lines not prohibited by the Law on Investment”.  

The draft law drops 41 business lines but also adds some to the list. Minister Nguyen Chi Dung explains: “The removal of scores of business lines will help clear barriers to the investment market, reduce costs for enterprises and secure the freedom to do business in areas not prohibited by the Law on Investment. Adding several business lines aims to ensure national defense and security and meet new demands in State management”.

If passed, the draft law will take effect on January 1, 2017.