This guide covers conditions, restrictions, and provisions regarding licenses and business lines placed on foreign-invested entities in Vietnam. Under the Law on Investment 2020, market access conditions for foreign investors are the same as those for domestic investors.
That is, if no services are prohibited from Vietnam’s specific commitments under any international treaty or international agreement that limits market access into Vietnam, foreign investors are permitted to invest in Vietnam in the form of commercial presence establishment if domestic investors are permitted to perform, provided that their services do not encompass (i) prohibited sectors or (ii) the Government’s Negative List for Market Access, which includes:
- Prohibited business lines (comprises twenty-five lines)
- Restricted business lines (comprises fifty-eight lines)
Therefore, foreign investors are permitted to invest in Vietnam if:
- A service is uncommitted in a specific international treaty/agreement, but is permitted by Vietnamese national specialised laws and does not fall under (i) the prohibited sectors or (ii) the prohibited business lines list of the Vietnam Government’s Negative List for Market Access; or
- A service is committed in a specific international treaty/agreement and does not fall under (i) the prohibited sectors or (ii) the prohibited business lines list of the Government’s Negative List for Market Access.
Please note that business lines may have specific additional sub-license requirements, which should be considered when assessing market access requirements.
Below are detailed Part A—Prohibited Sectors, Part B—The Limitations on Market Access under Schedule of Specific Commitments in Services between Vietnam and WTO Members (WTO Commitments), Part C—The Vietnam Government’s Negative List for Market Access and Part D – Update on conditional business lines from 2026.
A. Prohibited sectors
According to Article 6 of the Law on Investment 2020, the following activities in Vietnam are banned, and the provision applies to both foreign and local companies. In particular, no company in Vietnam is permitted to perform:
- Trading of narcotic substances
- Trading of hazardous chemicals and minerals
- Trading of specimens of wild flora and fauna
- Prostitution
- Human trafficking, trade in human tissues, corpses, human organs and human fetuses
- Human cloning
- Trading of firecrackers
- Provision of debt collection services
B. Limitations on market access under WTO commitments
Under the Schedule of Specific Commitments in Services between Vietnam and WTO Members (WTO Commitments), a wide range of sectors and business lines, which investors most often pursue when entering Vietnam, allow 100% foreign ownership, and others have specific requirements on limitations for foreign investors. Based on practical experience together with legal provisions, below are general guidelines regarding certain key investment sectors in Vietnam.
In the context of the WTO Commitments to which Vietnam is a party, licensed activities can be broken down into four different categories for foreign investors seeking to enter Vietnam:
- Committed: Foreign investors can own 100% of an enterprise according to the WTO Commitments
- Restricted: Ownership limits exist for foreign investment, and other specific restrictions may apply
- Unspecified: The sector is not mentioned in the WTO Commitments detailing whether it is committed for foreign investors or uncommitted for foreign investors; therefore, it will require Ministerial Approval and potentially additional licensing procedures and conditions
- Uncommitted: The sector is mentioned in the WTO Commitments as uncommitted for foreign investors, requiring Ministerial Approval and potentially additional licensing procedures and conditions
Examples of Common Investment Sectors and Vietnam’s market access limitations for commercial presence:
| Item | Investment Sectors | Under the WTO Commitments | ||
|---|---|---|---|---|
| Status on market access for commercial presence | Additional requirements and in practice | |||
| 1. | Management consultancy services | Committed | ||
| 2. | General construction work for buildings | Committed | Uncommitted for foreign individual investors. Foreign investors must be from a country that is a WTO Member | |
| 3. | Building completion and finishing work | Committed | Uncommitted for foreign individual investors. Foreign investors must be from a country that is a WTO Member | |
| 4. | Research and development services for natural sciences | Committed | ||
| 5. | Food and Beverage (Restaurant) | Committed | There may be a location evaluation before the restaurant is opened | |
| 6. | Hospitality (Hotels, Motels, etc.) | Committed | There may be a location evaluation, with the opinion of the local People’s Committee going with before the hotel/motel can be approved or opened | |
| 7. | Tourism | Restricted |
| |
| 8. | Distribution services, including import and export (except goods on the list of import prohibition and distribution in accordance with the provisions of Vietnamese laws or not restricted in international commitments under Treaties to which Vietnam is a member) | Committed | Cigarettes and cigars, books, newspapers and magazines, video records on whatever medium, precious metals and stones, pharmaceutical products and drugs, explosives, processed oil and crude oil, rice, cane and beet sugar are excluded from the commitments | |
| 9. | Advertising activities | Restricted |
| |
| 10. | Passenger Transportation: (except inland transportation) | Maritime Passenger Transportation | Restricted |
Note: Foreign-invested enterprises are only permitted to engage in limited activities |
| Internal Waterway Passenger Transportation |
| |||
| Road Passenger Transportation |
| |||
| 11. | Manufacturing services | Unspecified | Per common practice from authorities, this service is permitted for 100% foreign investment There may be a location evaluation before the factory can be operated | |
| 12. | Employment Services Activity (Counselling, Supply and Recruitment) | Unspecified | ||
| 13. | Human Resources Outsourcing Activities | Unspecified | ||
| 14. | Secondary education services | Uncommitted | ||
| 15. | Freight transportation | Maritime freight transportation with less cabotage | Restricted |
Note: Foreign-invested enterprises are only permitted to engage in limited activities |
| Internal waterways freight transportation | Restricted |
| ||
| Road freight transportation | Restricted |
| ||
| 16. | Container handling services, except services provided at airports | Restricted |
| |
| 17. | Storage and warehouse services (services auxiliary to all modes of transport) | Committed | ||
| 18. | Freight transport agency services | Committed | ||
| 19. | E- commerce services | Unspecified | ||
| 20. | Computer and related services (e.g. System analysis services, Data processing services, Maintenance and repair services of office machinery and equipment, including computers, etc.) | Committed | ||
| 21. | Real Estate activities (including buying, selling, renting, operating and managing residential/non-residential buildings) | Unspecified | ||
| 22. | Real Estate Services activity (Real estate brokerage, Real estate trading floors, Real estate counselling, Real Estate management) | Unspecified | ||
| 23. | Architectural services (Advisory and pre-design architectural services, Architectural design services, Contract administration services, etc.) | Committed | ||
Notes:
- This list is by no means complete, but it shows common restrictions that exist.
- The WTO Commitments are the most common agreement on which the licensing authorities in Vietnam rely. Foreign investors are permitted to refer to other international treaties/agreements/commitments to which Vietnam is a signatory
- Foreign investors from countries that are not WTO members must apply the same conditions for market access by investors from countries that are WTO members, unless otherwise prescribed by the law of Vietnam or international treaties between Vietnam and those countries
- Foreign investors that are regulated by an investment-related international treaty which prescribes more favourable conditions for market access than those prescribed by the law of Vietnam, the latter may apply.
C. Vietnam’s government Negative List for Market Access
Below are some specific business lines listed on the Negative List for Market Access. Please refer to Decree 31/2021/ ND-CP dated 26 March 2021 of the Government regarding elaboration of some articles of the Law on Investment for the full list review purposes. Please note that:
- Foreign investors must not invest in prohibited business lines specified in the List of Business Lines with Prohibited Market Access
- For restricted business lines specified in the List of Business Lines with Restricted Market Access hereof, foreign investors must fulfill the conditions that are published in specific related regulations
Business lines with prohibited market access
| No. | Business lines with prohibited market access |
|---|---|
| 1. | Trade in goods and services on the list of goods and services under state monopoly |
| 2. | Press activities and collection of news in any shape or form |
| 3. | Catching or harvesting marine life |
| 4. | Investigation and public security services |
| 5. | Administrative and judicial services, including judicial assessment services, bailiff services, property auction services, notary services, official receiver’s services |
| 6. | Service of sending workers to work abroad under contract |
| 7. | Investment in construction of cemeteries for transfer of land use right and infrastructure thereon |
| 8. | Direct collection of garbage from households |
| 9. | Public survey services |
| 10. | Blasting services |
| 11. | Import, dismantlement of used seagoing ships |
| 12. | Public postal services |
| 13. | Merchanting trade of goods |
| 14. | Temporary import for re-export of goods |
| 15. | Collection, purchase, handling of public property at armed force units |
| 16. | Industrial property representative services and intellectual property assessment services |
| 17. | Travel services, except international travel services for inbound tourists |
| 18. | Exercising export, import, and distribution rights for goods on the List of goods that foreign investors and foreign-invested economic organisations are not permitted to export, import, or distribute |
| 19. | Providing services for establishing, operating, maintaining, and servicing maritime navigation aids, public waters, waterways, and shipping routes; providing survey services for public waters, waterways, and shipping routes for the publication of maritime notices; providing survey, construction, and publication services for nautical charts of waters, seaports, waterways, and shipping routes; developing and publishing maritime safety documents and publications |
| 20. | Providing maritime safety regulation services in public waters, waterways, and shipping routes; providing electronic maritime information services |
| 21. | Providing maritime safety regulation services. Inspection and certification services for transport vehicles (including systems, assemblies, equipment, and components); inspection and certification services for technical safety and environmental protection of specialised vehicles, equipment, containers, and packaging equipment for hazardous goods used in transportation; inspection and certification services for technical safety and environmental protection of vehicles and equipment for offshore oil and gas exploration, exploitation, and transportation; technical safety inspection services for machinery and equipment with strict safety requirements installed on transport vehicles and vehicles and equipment for offshore oil and gas exploration, exploitation, and transportation; and registration services for fishing vessels |
| 22. | Investigation, assessment, and exploitation services for natural forests (including logging and hunting, trapping of rare wild animals, management of plant and animal gene pools and microorganisms used in agriculture) |
| 23. | Research or use of new livestock genetic resources must be conducted before they are assessed and evaluated by the Ministry of Agriculture and Rural Development |
Business lines with restricted market access
| No. | Business lines with restricted market access |
|---|---|
| 1. | Manufacture and distribution of media products, including video recordings |
| 2. | Manufacture, distribution, broadcasting of TV programs, stage performances and cinematic works |
| 3. | Provision of audio and television broadcasting services |
| 4. | Insurance; banking, securities trading and relevant services |
| 5. | Postal and telecommunications services |
| 6. | Advertising services |
| 7. | Printing and publishing services |
| 8. | Geodesy and cartography services |
| 9. | Aerial photography services |
| 10. | Education services |
| 11. | Survey, extraction and processing of natural resources, minerals, and petroleum |
| 12. | Hydropower, offshore wind power and nuclear power |
| 13. | Transport of goods and passengers by air, road, river, sea, pipeline |
| 14. | Fisheries |
| 15. | Forestry and hunting |
| 16. | Betting and 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. | Trade in goods and activities directly related to trade in goods of foreign service providers in Vietnam |
| 23. | Technical analysis and inspection services |
| 24. | Tourism services |
| 25. | Health and social services |
| 26. | Sports and entertainment services |
| 27. | Paper production |
| 28. | Manufacture of vehicles with more than 29 seats |
| 29. | Development and operation of traditional markets |
| 30. | Operation of Goods Exchanges |
| 31. | LCL consolidation services |
| 32. | Audit and accounting services |
| 33. | Valuation services; valuation of enterprises serving equitisation |
| 34. | Services relevant to agriculture, forestry, aquaculture |
| 35. | Manufacture of airplanes |
| 36. | Manufacture of locomotives and railway carriages |
| 37. | Manufacture, sale tobacco products, tobacco ingredients, equipment for tobacco industry |
| 38. | Publisher’s activities |
| 39. | Building and repair of seagoing ships |
| 40. | Waste collection services, environmental monitoring services |
| 41. | Commercial arbitration services, arbitration mediation services |
| 42. | Logistics services |
| 43. | Coastal transport services |
| 44. | Manufacture of building materials |
| 45. | Construction and relevant technical services |
| 46. | Motorcycle assembly |
| 47. | Auxiliary services for air transport; ground services at airports; catering services on aircraft; navigation information services, air navigation and control services, meteorological services |
| 48. | Shipping agencies |
| 49. | Services relevant to cultural heritages, copyrights and related rights, photography, video recording, audio recording, art exhibitions, festivals, libraries, museums |
| 50. | Services relevant to tourism promotion and advertising |
| 51. | Representation, recruitment, scheduling, management services for artists and athletes. |
| 52. | Family-related services |
| 53. | E-commerce activities |
| 54. | Cemetery business, cemetery services and funeral services |
| 55. | Aerial application |
| 56. | Marine pilotage |
| 57. | Manufacture of and trade in weapons, explosive materials and support instruments |
| 58. | Manufacture of military materials or equipment; trade in military equipment and supplies for the armed forces, military weapons, equipment, techniques, ammunitions, specialised equipment and vehicles exclusively for used by the military and the police, components, spare parts, supplies and special equipment, and specialised technologies for manufacturing thereof |
D. Update on conditional business lines from 2026
In December 2025, the Vietnamese National Assembly passed the amended Law on Investment, introducing a significant reform of the conditional business lines regime. Under this amendment: 38 conditional business lines have been abolished, mostly services, in which all necessary permits/sub-licenses are suggested to be removed; and 20 conditional business lines have been revised. As a result, the total number of conditional business lines will be reduced from 234 to 196.
This revised List of conditional business lines will only apply from 1 July 2026. Please find
| No. | Conditional business line to be removed | Business sector |
|---|---|---|
| 1. | Tax procedure services | Finance, Accounting, Commerce |
| 2. | Customs procedure services | Finance, Accounting, Commerce |
| 3. | Insurance auxiliary services | Finance, Accounting, Commerce |
| 4. | Commercial inspection services | Finance, Accounting, Commerce |
| 5. | Temporary import and re-export of goods subject to excise tax | Finance, Accounting, Commerce |
| 6. | Temporary import and re-export of frozen food | Finance, Accounting, Commerce |
| 7. | Temporary import and re-export of used goods | Finance, Accounting, Commerce |
| 8. | Energy auditing | Finance, Accounting, Commerce |
| 9. | Employment services | Culture, Society and Health |
| 10. | Labor outsourcing services | Construction, Transportation |
| 11. | Automobile warranty and maintenance services | Construction, Transportation |
| 12. | New building, conversion, repair, and restoration of inland waterway vehicles | Construction, Transportation |
| 13. | Maritime safety assurance services | Construction, Transportation |
| 14. | Sea towing services | Construction, Transportation |
| 15. | New building, conversion, and repair of ships | Construction, Transportation |
| 16. | Flight operation assurance services | Construction, Transportation |
| 17. | Multi-modal transport services | Construction, Transportation |
| 18. | Architectural services | Construction, Transportation |
| 19. | Construction activities by foreign contractors | Construction, Transportation |
| 20. | Cost management services for construction investment | Construction, Transportation |
| 21. | Management and operation services for apartment buildings | Construction, Transportation |
| 22. | Management and operation services for cremation facilities | Culture, Society and Health |
| 23. | Data center services | Technology, Land |
| 24. | Study abroad consulting services | Culture, Society and Health |
| 25. | Breeding and planting of wild species listed under CITES and endangered species lists | Agriculture, Forestry, Fisheries |
| 26. | Breeding common wild animals | Agriculture, Forestry, Fisheries |
| 27. | Export, import, re-export, transit, and introduction from sea of natural specimens of species under CITES and endangered species lists | Agriculture, Forestry, Fisheries |
| 28. | Export, import, re-export of artificially propagated or bred specimens under CITES and endangered species lists | Agriculture, Forestry, Fisheries |
| 29. | Processing, trading, transporting, advertising, displaying, storing specimens of species under CITES and endangered species lists | Agriculture, Forestry, Fisheries |
| 30. | Trading food under specialized management of the Ministry of Agriculture and Rural Development | Agriculture, Forestry, Fisheries |
| 31. | Animal quarantine services | Agriculture, Forestry, Fisheries |
| 32. | Cosmetic surgery services | Culture, Society and Health |
| 33. | Calibration, testing, and verification services for measuring instruments | Technology, Land |
| 34. | Art performance, fashion shows, beauty contests, and modeling services | Culture, Society and Health |
| 35. | IT infrastructure construction and software development for land information systems | Technology, Land |
| 36. | Land database construction services | Technology, Land |
| 37. | Printing and minting money | Finance, Accounting, Commerce |
| 38. | Archiving services | Finance, Accounting, Commerce |
Before investors can undertake the approved business activities, companies may be required to apply for specific sub-licenses or other types of licensing provisions as required by law for conditional sectors.
