Vietnam’s 2026 Investment Law Amendments: What Foreign Investors Should Review Before 2027
Introduction
A licence required today may no longer be required in 2027. But that does not mean businesses should simply stop complying or abandon pending applications.
Vietnam adopted Law No. 24/2026/QH16 on 24 August 2026, amending the Law on Investment No. 143/2025/QH15.
Although adopted in 2026, the amendments do not all take effect at the same time. Certain provisions concerning prohibited N₂O-related activities apply from 1 January 2027, while the revised list of conditional business lines and most other provisions apply from 1 March 2027.
An interim list of 142 conditional business lines has applied under Resolution No. 66.17/2026/NQ-CP since 1 July 2026, subject to subsequent changes. The 137-line list under Law No. 24/2026/QH16 will apply from 1 March 2027. Businesses should distinguish requirements already removed under the interim framework from changes taking effect in 2027.
For foreign investors, the practical question is not simply whether the law has changed. It is whether the company’s current activities, existing licences, pending applications or expansion plans are affected by the new framework.
Article Outline
- I. What Is Actually Changing?
- II. What Happens to Existing Licences and Pending Applications?
- III. What Should Foreign Investors Review Before Their Next Expansion?
- PCA Note
I. What Is Actually Changing?
The amendments replace the existing Appendix IV to the Law on Investment with a revised list of 137 conditional business lines, applicable from 1 March 2027.
A conditional business line is an activity for which a business must satisfy specific requirements before or during operation. Depending on the sector, these requirements may take the form of a licence, certificate, approval, professional qualification or other operating condition.
The revised list retains several regulated digital activities, updates certain descriptions and adds authorised visa-support services. Areas particularly relevant to foreign investors include:
- Management and operation of intermediary e-commerce platforms, e-commerce social networks and integrated e-commerce platforms, and certification of electronic contracts in commerce;
- Trading in data intermediation, analysis and aggregation products and services;
- Data Exchange Platform Services;
- Services related to crypto-assets;
- Personal-data-processing services; and
- Visa-support services provided by authorised businesses.
The precise requirements for each activity are not determined by Appendix IV alone. Businesses must also consider the relevant specialised legislation and implementing regulations. Separately, certain N₂O-related activities will become prohibited from 1 January 2027, subject to the exceptions specified by law. Existing contracts falling within the prohibition are subject to specific transitional requirements.
Key Takeaway: The revised list does not affect every business in the same way. The impact depends on the company’s actual activities and the specific regulations governing its sector.
II. What Happens to Existing Licences and Pending Applications?
The amendments contain specific transitional rules for activities that are removed from the list of conditional business lines.
From 1 March 2027, under Article 3(3) of Law No. 24/2026/QH16:
- Businesses may conduct those activities without continuing to satisfy the former investment-business conditions;
- Existing licences, certificates or approvals may continue to be used until their expiry if the holder wishes to retain them; and
- Applications for issuance, amendment or renewal that were validly received but remain unresolved will be discontinued and returned by the competent authority.
However, removal from the list does not necessarily eliminate every legal requirement connected with the activity.
A business may still need to consider:
- Specialised sector regulations;
- Foreign-investor market-access conditions;
- Foreign-ownership restrictions;
- Requirements recorded in its Investment Registration Certificate;
- Enterprise-registration requirements; and
- Other approvals applicable to its particular business model.
Businesses should therefore confirm the effect of the amendments before discontinuing a licence, withdrawing an application or changing their operations.
Special transitional provisions may also apply to particular sectors. For example, the Government will regulate the transitional treatment of authorised visa-support businesses operating before 1 March 2027.
Key Takeaway: A licence becoming unnecessary under one legal framework does not automatically mean that all related regulatory requirements disappear.
III. What Should Foreign Investors Review Before Their Next Expansion?
Before expanding, investors should check how their actual activities, existing approvals and foreign-investor conditions fit both the current framework and the changes taking effect in 2027.
In practice, this review should cover:
- Business Activities: The company’s currently registered and actual activities, as well as any proposed additions or changes.
- Existing Registrations and Approvals: The Enterprise Registration Certificate (ERC), Investment Registration Certificate (IRC), business licences and sector-specific approvals held by the company.
- Pending Applications and Foreign-Investor Conditions: Applications for new licences, amendments or renewals, and applicable market-access or sector-specific conditions for foreign investors.
PCA Note
The 2026 amendments may simplify certain business activities while introducing clearer controls in emerging sectors. Their practical impact will depend on the company’s activities, ownership structure, existing approvals and proposed next steps.
PCA supports foreign investors and business owners in reviewing the impact on their current operations, planned expansion and corporate structure, and in coordinating the relevant corporate and investment procedures.
For further guidance on how the amendments may affect an existing or proposed investment in Vietnam, businesses and investors may contact the PCA Team for a review based on their specific circumstances. Clients may also request PCA’s practical recommendations on this topic.
Email: info@pca-cs.com
Hotline: +84 (0) 909 090 415 | +84 (0) 909 091 141
Author: Chief Legal Officer – Attorney-at-law, Ms. Trương M. Đ. Thư
Tags: #VietnamInvestmentLaw, #ForeignInvestmentVietnam, #BusinessExpansion, #InvestmentCompliance, #BusinessLicensing, #MarketAccessVietnam, #InvestInVietnam, #PCACompanyServices
Legal Basis