Vietnam remains an attractive destination for foreign investors, yet certain sectors are subject to market access restrictions to safeguard national interests and comply with international commitments. Decree No. 31/2021/ND-CP, as amended by Decree No. 239/2025/ND-CP, outlines two main categories: sectors not open to foreign investors and sectors with conditional market access. These updates aim to enhance transparency, ensure fair competition, and align Vietnam’s investment environment with global standards.
- Sectors and activities not open to foreign investors
The following sectors/activities shall not be open to foreign investors:
- The trading of goods and services is included in the list of goods and services subject to state monopoly in the field of commerce.
- Press activities and the collection of news in any form.Fishing or exploitation of marine resources.Investigation and security services.Administrative justice-related services, including forensic expertise services, probate/executor services, asset auction services, notarial services, and services of court-appointed custodians/receivers.Labour export services (i.e., recruiting and sending workers to work abroad under contract).Investment in the construction of a cemetery and burial-site infrastructure for the purpose of transferring land-use rights associated with such infrastructure.Household waste collection services (directly from households).Public opinion polling services (opinion research).Explosive blasting services.Importation for scrap and dismantling of used seagoing vessels.
- Universal postal services (public postal services).
- Transshipment (transhipment) of goods.
- Temporary import for re-export (temporary importation with re-exportation).
- Exercising export, import, or distribution rights with respect to goods specifically listed in the Catalogue of goods for which foreign investors and foreign-invested economic organizations are prohibited from exercising export, import, or distribution rights.
- Collection, purchase, and handling of public assets at units of the armed forces.
- Provision of industrial property representation services and intellectual property appraisal/expertise services.
- Services for establishment, operation, maintenance and repair of marine aids to navigation, public water areas, public navigational channels and shipping lanes; hydrographic survey services of public water areas, navigational channels and shipping lanes for the purpose of issuing navigational warnings; services for surveying, producing and publishing nautical charts of water areas, seaports, navigational channels and shipping lanes; and the preparation and publication of maritime safety publications.
- Maritime safety management services ensuring safety in territorial waters, public water areas and public navigational channels; and maritime electronic information services.
- Inspection (testing) and certification services for transport vehicles (including systems, assemblies, equipment and components of such vehicles); inspection and certification services of technical safety and environmental protection for special-purpose vehicles, containers and packaging for dangerous goods used in transport; inspection and certification services of technical safety and environmental protection for vessels, equipment and machinery used in offshore oil and gas exploration, exploitation and transportation; industrial safety inspection services for machines and equipment with stringent safety requirements installed on transport vehicles and on vessels/equipment used in offshore oil and gas exploration, exploitation and transportation; and fishing vessel registration/certification services.
- Services for surveying, assessment, and exploitation of natural forests (including timber harvesting, hunting, trapping of rare and endangered wildlife, and management of genetic resource banks of crops, livestock, and agricultural microorganisms).
- Research on, or use of, new animal genetic resources prior to assessment and approval by the Ministry of Agriculture and Rural Development (or Ministry with environmental competence as applicable).
- Travel agency/tour operator services, except for international travel services that serve foreign tourists entering Vietnam.
- Sectors subject to conditional market access for foreign investors
The following sectors/activities are subject to conditional market access for foreign investors (i.e., may be undertaken by foreign investors only upon compliance with specified legal conditions):
- Production and distribution of cultural products, including audiovisual recordings.
- Production, distribution, and exhibition of television programs and of musical, theatrical, and cinematographic works.
- Provision of radio broadcasting and television broadcasting services.
- Insurance; banking; securities trading and related services (including ancillary services relating to insurance, banking, and securities).
- Postal and telecommunications services.
- Advertising services.
- Printing services and publishing/distribution of printed publications.
- Surveying and mapping services.
- Aerial photography services.
- Educational services.
- Exploration, exploitation, and processing of natural resources, minerals, oil, and gas.
- Hydropower, offshore wind power, and nuclear energy.
- Freight and passenger transport by rail, air, road, inland waterway, sea, and pipeline.
- Aquaculture and mariculture.
- Forestry and hunting.
- Betting and casino operations.
- Security services (private security).
- Construction, operation, and management of inland ports, seaports, and airports.
- Real estate business.
- Legal services.
- Veterinary services.
- Trading activities and activities directly related to the trading operations of foreign service providers in Vietnam.
- Technical testing and analysis services (inspection, testing, analysis).
- Tourism services.
- Health and social services.
- Sports and entertainment services.
- Paper manufacturing.
- Manufacture of motor vehicles with more than 29 seats.
- Development and operation of traditional marketplaces (market halls).
- Operation of commodity exchanges.
- Domestic consolidated freight collection (less-than-container/load consolidation) services.
- Auditing, accounting, bookkeeping, and tax services.
- Valuation services; advisory services in determining enterprise value for equitization (privatization) purposes.
- Services related to agriculture, forestry, and fisheries.
- Manufacture of aircraft.
- Manufacture of locomotives, railway engines, and carriages.
- Manufacture and trade of tobacco products, tobacco raw materials, and the manufacture of specialized machinery and equipment for the tobacco industry.
- Publishing house operations.
- Shipbuilding and ship repair.
- Waste collection services and environmental monitoring services.
- Commercial arbitration and mediation services.
- Logistics services.
- Coastal shipping (coastal maritime transport).
- Cultivation, production, or processing of rare plant species, captive breeding of endangered wildlife species for propagation, and processing/handling of such animals or plants (including live animals and derived products).
- Production of construction materials.
- Construction and related engineering services.
- Assembly of motorcycles.
- Services related to sports, fine arts, performing arts, fashion shows, beauty contests, and modelling, and other recreational and entertainment activities.
- Air transport support services; ground handling and technical services at airports; in-flight catering services; air traffic control and surveillance information services; meteorological services for aviation.
- Ship agency services; ship-towing (towage) services.
- Services related to cultural heritage, copyright and related rights, photography, cinematography, sound recording, art exhibitions, festivals, libraries, and museums.
- Services related to tourism promotion and marketing.
- Artist and athlete representation, talent booking/management, and related agency services.
- Family-related services.
- E-commerce activities.
- Cemetery business, cemetery services, and funeral services.
- Aerial seeding and aerial application of chemical agents by aircraft.
- Pilotage services (maritime pilot services).
- Sectors and activities subject to pilot investment mechanisms adopted by the National Assembly, the Standing Committee of the National Assembly, the Government, or the Prime Minister.
- Manufacture and trade of weapons, explosives, and supporting implements.
- Manufacture of materials or equipment for military use; trade in military clothing and equipment for armed forces; trade in military weapons, military-grade equipment, specialized technical systems, vehicles and means for military and police use; and trade in parts, components, spares, supplies and specialized equipment and technologies used in manufacture thereof.
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