I. Legal basis 

• Investment Law 2025
• Decree No. 239/2025/ND-CP

II. New regulations on investment policy approval procedures effective from 1 March 2026

Regarding the investment policy approval procedure, the draft law narrows and clarifies the scope of projects required to obtain investment policy approval. Accordingly, investment policy approval shall be required only for infrastructure development projects in certain important and sensitive sectors such as seaports, airports, telecommunications, publishing, and press; projects proposing the use of land or sea areas; and projects that have significant environmental impacts or are implemented in areas affecting national defense and security.

At the same time, investment policy approval procedures shall not be required for the following projects: commercial housing and urban area projects where investors are selected through auction or bidding; projects that have won auctions for mineral exploitation rights; technical infrastructure projects of industrial clusters; and investment projects involving land allocation or land lease through auction of land use rights or bidding for investor selection (except for important projects with significant socio-economic impacts, such as airports, seaports, and industrial parks, etc.).

With respect to the management of outward investment activities, the draft law simplifies overseas investment procedures by abolishing the requirement for investment policy approval for outward investment and narrowing the scope of projects required to obtain an Outward Investment Registration Certificate. The Government will provide detailed regulations on projects that are exempt from the requirement to obtain an Outward Investment Registration Certificate in order to facilitate investors’ expansion into international markets. At the same time, additional provisions will be studied and introduced to ensure foreign exchange management and to safeguard economic security and national financial safety.

III. What does the Prime Minister’s Decision on Investment Policy Approval include?

Pursuant to Clause 7, Article 32 of Decree No. 31/2021/ND-CP, as amended by Point (g), Clause 9, Article 1 of Decree No. 239/2025/ND-CP, the contents of the Prime Minister’s Decision on Investment Policy Approval include:

• The investor implementing the project (in cases where investment policy approval is granted concurrently with investor approval) or the method of investor selection (in cases where the investor is selected through auction of land use rights or bidding);
• The project name; objectives; scale (including a preliminary description of the structure of housing products and the allocation of land for social housing development); the project’s investment capital (including the preliminary total project implementation costs, if any); and the project’s operating term.
• The location of the investment project;
• The project implementation schedule, including the schedule for capital contribution and mobilization of funding sources; the schedule for construction and commencement of operation (if any); a preliminary plan for phased investment or division of the project into component projects (if any); and the implementation schedule for each phase (for multi-phase investment projects);
• The technology to be applied (if any);
• Investment incentives and support and the conditions for their application (if any);
• Other conditions for the implementation of the investment project (if any);
• he responsibilities of the investor and relevant authorities in the implementation of the investment project;
• The effective date of the Decision on Investment Policy Approval.

IV. Conclusion

It can be affirmed that the new regulation narrowing the scope of projects required to obtain investment policy approval, effective from 1 March 2026 under the Investment Law 2025, constitutes an important reform in investment legislation and policy. By clearly defining and limiting the cases subject to investment policy approval, the reform contributes to simplifying administrative procedures, reducing compliance costs, and enhancing the transparency and predictability of the investment environment.

Accordingly, the investment policy approval procedure shall apply only to projects that are genuinely necessary and have significant impacts on public interests, national defense and security, the environment, or that involve the use of special State resources such as land and sea areas. Conversely, many categories of projects commonly encountered in practice—particularly those for which investors have been selected through auction or bidding, or which fall within the fields of urban development, commercial housing, and industrial cluster infrastructure—have been excluded from this procedure, thereby facilitating investment and business activities.

In addition, the abolition of the outward investment policy approval procedure and the narrowing of the scope of projects required to obtain an Outward Investment Registration Certificate clearly reflect the State’s orientation toward encouraging Vietnamese enterprises to expand their investments into international markets, while still ensuring compliance with foreign exchange management requirements and safeguarding economic security and national financial safety.

Overall, these new regulations not only enhance the effectiveness of state management of investment, but also demonstrate Viet Nam’s strong commitment to improving the investment and business environment in line with international practices and the requirements of socio-economic development in the new phase. Investors should promptly update themselves on and grasp these changes in order to select appropriate investment strategies, ensure compliance with the law, and effectively capitalize on the opportunities offered by the new policies.

V. About Us, Hankuk Law Firm

■ Hankuk Law Firm – Introduction

The goal of the legal services provided by HANKUK LAW FIRM is to support businesses, investors, and people. Our organization employs skilled Korean lawyers, partners, and professionals to provide legal services to businesses related to corporations and litigation.

To support the startup process, our lawyers and staff provide a wide range of services, including business law consulting, tax and immigration law consulting, real estate services, business consulting, marketing and communications, human resources, product distribution, franchise options, etc. We provide expert advice on every aspect of your business needs.

To protect the legitimate rights and interests of our clients and achieve the best results, we provide legal advice and participate in civil lawsuits related to business, labor, marriage, family, and inheritance.

■ Contact us now

For reliable and effective legal advice, please contact HANKUK LAW FIRM now. We are committed to providing you with the best possible answers and our team of experienced lawyers has extensive knowledge in many legal fields. We are always here to provide the most competent and dedicated support, whether you are dealing with contractual issues, commercial disputes or need guidance on foreign investment. HANKUK LAW FIRM is honored to have assisted hundreds of domestic and international clients in skillfully resolving complex legal issues as their trusted legal partner. Do not let legal issues hinder your success. Let us accompany you towards legal achievement and comfort. For prompt guidance and support to ensure your rights are always maintained at the highest standards, contact HANKUK LAW FIRM now.

■ Contact Hankuk Law Firm:

Website: http://hankuklawfirm.com/en/  FB: https://www.facebook.com/hankuk.lawfirm  Tiktok: https://www.tiktok.com/@hankuklawfirm Youtube: https://www.youtube.com/@hankuklawfirm6375 Email:  info@hankuklawfirm.com   SĐT: 0942.339.063