The Ministry of Planning and Investment has released a list of 11 trades that are banned for investors, and had also lifted bans on 40 others.
Certain fireworks are banned
The list was submitted to NA deputies on September 8 during the process of revising investment laws. The list will go through one final review during the 8th National Assembly meeting session to be held late this year.
Some of trades to be banned are weapons and military equipment, addictive drugs, some chemicals, certain fireworks, prostitution, human organ trafficking, trade in human organs, endangered species, activities related to human reproductive cloning, genetically modified animals, sub-quality products, those that are harmful to health, or those that could damage national security or social ethics.
Vietnam has already banned 51 trades from investors. On August 19, the Ministry of Planning and Investment proposed to retain the ban on only 8 trades. The proposals were approved. The ministry then decided to keep bans on 11 businesses. The prime minister ordered agencies to review which trades should be banned and those which should be lifted.
The Ministry of Planning and Investment has reprimanded many agencies for being slow in submitting their lists. The minister said they would come up with a list of names of specific trades instead of a blanket ban on four fields.
The new laws will also remove and revise some business terms that have proved to be ineffective.