BANNED BUSINESS LINES IN VIETNAM
Along with the development of the financial market, numerous foreign investors invest in many different business lines in Vietnam. Nonetheless, when doing business in Vietnam, foreign investors shall know about the banned business fields under Vietnamese law. Understanding these difficulties, Doanh Tri Law Firm would like to provide basic legal knowledge about what business lines are banned in Vietnam.
I. Legal basis
- Investment law 2014;
- Decree 118/2015/ NĐ- CP detailing and guiding the implementation of Section in Investment law.
II. Banned business lines in Vietnam
According to Investment Law 2014, there are banned business fields:
"1. a) Trading in narcotics as prescribed in Appendix 1 of this Law;
Narcotics are stimulants, addictive substances, and so on.
b) Trading in chemicals and minerals specified in Appendix 2 of this Law;
c) Trading in specimens of wild plants and animals according to the provisions of Appendix 1 to the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES); specimens of endangered, precious and rare wild animals and plants of Group I originated from nature as prescribed in Appendix 3 of this Law;
d) Buying and selling people, humans tissues, humans organs;
e) Business activities are related to human asexual reproduction.
2. The production and use of products specified at Points a, b and c, Clause 1 of this Article in analysis, testing, scientific and medical research, pharmaceutical production, a criminal investigation, protection defense and security comply with the Government's regulations."
III. Consequences of trading in banned business lines
Banned business lines have the potential to disrupt inherent social order, degrade human morality, devastate and destabilize the natural balance, including Trading in narcotics; Trading chemicals, minerals; Trading in specimens of wild plants and animals; Trading in prostitution; Buying and selling people, tissues, body parts; Business activities related to asexual reproduction in humans.
In addition to not being granted a Certificate of enterprise registration, individuals or organizations conducting business activities in prohibited business lines may also be examined/prosecuted for personal liability. Buying or trading sexual activities can be punished up to 7-15 years in prison (e.g. prostitution).
Buying and trading humans, humans tissues, humans organs are also prescribed in Criminal Law. Trafficking in persons or body parts is considered a crime and individual or organization can be in jail in 5-20 years depending on the seriousness and offense with the highest punishment is life imprisonment.
The above mentioned is the information about banned business lines that the Doanh Tri law firm consults for clients. If you have any questions, don’t hesitate to contact us.
Hotline: 0911233955 or Email: email@example.com
Doanh Tri Law firm is willingly pleased to accompany and cooperate with you!
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