What the investor needs to understand
- Registering a business line in the ERC does not by itself permit a conditional business line. The company must ALSO meet the conditions and, where the law says so, hold the specific licence before starting that activity.
- The table lists common sectors as signposts only. It is not exhaustive and conditions differ by sub-activity. For every row: Case-specific legal review required.
Key items
| Topic | What the investor needs to know | When it matters | Authority |
|---|---|---|---|
| Trading: import, export, wholesale | Trading rights recorded through IRC / ERC business lines; certain goods are excluded or restricted for foreign-invested traders | Before trading | IRA; BRO |
| Trading: retail and other listed activities | Business Licence for listed trading activities; Retail Outlet Licence for each outlet (economic needs test may apply beyond the first outlet) | Before retailing | Department of Industry and Trade (with Ministry opinion in some cases) |
| E-commerce | Website / app notification or registration depending on model; marketplace operators face added duties | Before launch | Ministry of Industry and Trade |
| Logistics and transport | Foreign ownership caps differ by sub-sector (freight forwarding, warehousing, road / sea / air transport) | Structuring | Ministry of Construction (transport functions) (confirm with counsel). |
| Telecom and digital infrastructure | Licences by network / service type; ownership caps; data-centre and cloud rules under the Telecom Law | Before service | Ministry of Science and Technology (confirm with counsel). |
| Education and training | Investment approval, establishment decision and operating permission are separate steps; capital and facility minimums | Before enrolment | Education authorities |
| Healthcare | Facility operating licence plus individual practitioner licences | Before treating patients | Ministry / Department of Health |
| Pharmaceuticals and medical devices | Foreign-invested companies face limits on distribution of drugs; product registrations needed | Structuring; before sale | Ministry of Health |
| Electricity / energy | Power planning inclusion, electricity operation licence, PPA / DPPA arrangements | Development; before COD | Ministry of Industry and Trade; EVN |
| Banking, finance, payment, fintech | State Bank licences; ownership caps; regulatory sandbox for some fintech | Before any regulated service | State Bank of Vietnam |
| Securities and fund management | Licensing by the securities regulator; ownership rules for securities businesses | Before service | State Securities Commission |
| Insurance | Licence from the Ministry of Finance; investor qualification requirements | Before service | Ministry of Finance |
| Real estate business | Capital, disclosure and sale-readiness conditions; foreign-invested developers have defined permitted activities | Before marketing / sales | Department of Construction |
| Food, cosmetics, chemicals, other products | Facility certificates and product declarations / registrations | Before sale | Health; Industry and Trade; Agriculture and Environment |
| Employment services, labour outsourcing | Licence and deposit requirements | Before service | Home affairs / labour authority (confirm with counsel). |
| Other | Any business line on the list of conditional business lines, or restricted for foreign investors | Confirm with counsel | Sector regulator |
Common pitfalls
- Reading the ERC business-line list as a licence.
- Starting sales while the Business Licence or Retail Outlet Licence is pending.
- Overlooking product-level registrations.
- Assuming authority names are unchanged after the 2025 government restructuring (confirm each with counsel).
Legal status reviewed as of 18 September 2026. Confirm current rules with counsel before acting.