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Vietnam will ban the debt collection service

Last Updated: 6/24/2020

Vietnamese National Assembly has passed some amendments to the Law on Investment, including the prohibition of debt collection services.

Besides, the amended law also stipulates specific sectors and targets entitled to investment incentives, mainly those in fields of high-tech enterprises, innovative start-up projects, research and development centers, and production of new materials , new energy, clean energy, information technology products, software, digital content …

The amended law also provides incentives for projects with investment capital of over VND3 trillion (US$128.4 million), given the condition that investors have to disburse at least VND1 trillion (US$42.8 million) within the first three years.

Regarding investment procedures in forms of capital contribution or stake acquisition, many National Assembly deputies said that it is essential to have strong measures to prevent such investment channels in strategic locations on the ground of national security.

The amended Law on Investment will take effect on January 1, 2021.