Here is a detailed guide to business lines when setting up a business:
1. Search and look up business lines to be registered #
Vietnam's economic sector system is applied according to Decision 27/2018/QD-TTg promulgating the Vietnamese economic sector system effective from August 20, 8.
Accordingly, the List of Vietnam's economic sector system includes the following five levels:
– Level 1 industry includes 21 branches coded alphabetically from A to U, respectively;
- Level 2 industry includes 88 branches; each industry is coded with two numbers according to the corresponding level 1 industry;
- Level 3 industry includes 242 branches; each sector is coded with three numbers according to the corresponding level 2 industry;
- Level 4 industry includes 486 industries (increasing 49 industries); each sector is coded with four numbers according to the corresponding level 3 industry;
- Level 5 industry includes 734 industries (increasing by 92 industries); each sector is coded with five numbers according to the corresponding level 4 industry.
|Look up the most accurate Vietnamese economic code here: National Business Registration Portal|
2. Determining conditional business lines #
The following 8 industries and trades are prohibited from doing business:
a) Trading in narcotic substances specified in Appendix I of this Law;
b) Trading in chemicals and minerals specified in Appendix II of this Law;
c) Trading in specimens of wild plants and animals of natural origin specified in Appendix I to the Convention on International Trade in Endangered Species of Wild Fauna and Flora; specimens of endangered, precious and rare species of forest plants, animals and aquatic animals of Group I, derived from natural exploitation as prescribed in Appendix III of this Law;
d) Trading in prostitution;
dd) Buying or selling human beings, tissues, corpses, human body parts, human fetuses;
e) Business activities related to human cloning;
g) Trading in firecrackers;
h) Business debt collection services.
Conditional business and investment sectors means an industry or trade in which the conduct of business investment activities in such industry or trade must satisfy necessary conditions for reasons of national defense and security, social order and safety, and social ethics. community health.
The list of conditional business lines and industries is specified in Appendix IV of the Law on Investment. Look up the list below:
Place of issue: National Assembly Effective Date: 01/01/2021 Issue date: 17/06/2020 Status: Still in force THE SOCIALIST REPUBLIC OF VIETNAM Single
Business investment conditions are conditions that individuals and organizations must meet when conducting business investment activities in conditional investment and business lines.
Business investment conditions are applied in the following forms:
d) Written confirmation or approval;
dd) Other requirements that economic individuals and organizations must meet in order to conduct business investment activities without having to be certified in writing by a competent authority.