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In brief

On 26 March 2021, the government issued Decree No. 31/2021/ND-CP (“Decree No. 31“) guiding the implementation of the Investment Law 2020. The decree took effect on the same date. With nine chapters and 132 articles, Decree No. 31 provides detailed guidance on the implementation of the Investment Law (which took effect on 1 January 2021), including the following:

  • Guidance on procedure of online submissions for investment registration
  • The issuance of the list of sectors which foreign investors are restricted from accessing (“List of Restricted Sectors“)
  • Principles for applying the market access conditions
  • Documents required for M&A Approval for foreign investors
  • Termination of investment projects due to forged transactions
  • New business lines eligible for investment incentives
  • Regulations applicable to outbound investment projects that are not subject to investment policies

Decree No. 31 helps to regulate different investment procedures, but practice since around end-March shows that the competent authorities still need to interpret and implement the regulations consistently in order to bring to life the positive changes introduced by the Investment Law.

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Yee Chung Seck leads the Firm’s Mergers & Acquisitions, IT/C, Pharmaceutical and Healthcare Practices in Vietnam. Chambers Global (2014, 2013) and Chamber Asia (from 2010 to 2015) rank him as a leading lawyer in the field of Corporate M&A and TMT in Vietnam. He is a member of the Singapore Bar Association and serves as vice president of the Singapore Business Group. He also serves as AmCham's IT/C Sub-Committee Co-Chair. Mr. Seck is fluent in English and conversational in Mandarin.


Phuong is a senior corporate/M&A practitioner with over 20 years of advising clients on FDI and M&A transactions in Vietnam. She has worked on deals covering a wide range of areas, including real estate, renewable energy, consumer goods and retailing, logistics, production. Over the last few years, she has established a strong reputation in the retail distribution market, having helped several global clothing brands and global retailers to establish their stores chain in Vietnam. Phuong also heads our Vietnam offices' corporate services department. An active member of the Vietnam Business Forum, Phuong has contributed comment and consultation to the drafting of major laws of Vietnam, including the current Enterprise Law and Investment Law.

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