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Legal Update

New Law on Foreign Investment Promotion by Vietnamese Representatives Overseas

8 July 2008
Mayer Brown JSM Legal Update
On 17 March 2008, the Ministry of Planning and Investment (the "MPI") and the Ministry of Foreign Affairs (the "MoFA") jointly issued Circular No. 01/2008/TTLT-BKH-BNG, guiding the organization of sections regarding foreign investment promotions by Vietnamese representatives in foreign countries ("Circular 01").
Full Update 
The Investment Promotion Section (the "IPS") is in Vietnamese representative missions in some foreign countries and they carry out the following tasks:

1.  Seeking opportunities by contacting and mobilizing investors of host countries to invest in Vietnam;

2.  Apprising foreign authorities, organizations and businesses about Vietnam's conditions and needs for investment cooperation;

3.  Guiding and assisting businesses of host countries that wish to invest in Vietnam in completing investment procedures;

4.  Taking part in verifying the status of investors of host countries that invest in Vietnam when so requested by competent Vietnamese authorities;

5.  Participating in investment cooperation seminars, conferences, forums and events in host countries;

6.  Taking part in negotiations for monitoring; and

7.  Urging the implementation of international treaties or agreements on investment cooperation.

The IPS is directly managed by the head of the representative mission, receiving information and submitting to the professional direction by the MPI through the head of the representative mission.
The staff working for IPS are selected by the Minister of the MPI. They must satisfy the following criteria:

1.  being Vietnamese citizens permanently residing in Vietnam and whose spouses or parents are not foreign nationals;

2.  having a firm political stance and good ethical quality;

3.  having a good command of the language of the host country or a foreign language widely used in the host country;

4.  possessing professional qualifications and good knowledge of Vietnamese law and policies on foreign investment; and

5.  being experienced in foreign investment management and promotion.

The working duration of investment promotion cadres is 3 years.

Circular 01 takes effect as of 10 April 2008.
For further information, please contact:
Dao Nguyen ( );
Ephraim N. Wittman ( ); or
Hanh Bui ( )
Learn more about our Vietnam offices and Corporate practice .

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