Suggestions to improve Vietnamese Investment Law following some foreign investment legal regulations

Abstract

Vietnamese Law on foreign investment contains all provisions related to foreign investment in Vietnam and investment from Vietnamese businesses abroad. Although the Vietnamese policies on foreign investment have been regularly amended and supplemented, some inadequacies affect the attractiveness of Vietnam as a foreign investment destination. These inadequacies are in the 2020 Law on Investment provisions, the 2012 Law on Cooperatives, Decree No. 01/2021/ND-CP on business registration compared with the 2020 Law on Enterprises, and the Civil Procedure 2015. Specifically, according to current provisions, foreign investors cannot establish sole proprietorships and business households in Vietnam. If the investor is a non-resident individual in Vietnam or a foreign legal entity, they are not allowed to launch or become a member of a cooperative in Vietnam; regarding investment registration certificate when foreign investors show economic organizations in Vietnam; regarding dispute settlement mechanisms in investment activities of foreign investors in Vietnam, etc. Therefore, this article makes recommendations on amending and supplementing the above provisions. It contributes to promoting investment attraction policies and creating equality between foreign and Vietnamese investors in investment activities in Vietnam.