The list, regulated under the draft amendments to the Investment Law, includes military weapons, drugs, firecrackers, prostitution, human and organ trafficking, certain chemicals and wildlife products.—Photo cand

HA NOI (Biz Hub) — The Government has proposed a reduction in the number of prohibited sectors, from 51 to eleven in a bid to provide favourable conditions to businesses.

The list, regulated under the draft amendments to the Investment Law, includes military weapons, drugs, firecrackers, prostitution, human and organ trafficking, certain chemicals and wildlife products.

Business activities relating to asexual reproduction, genetically modified animals, products that endanger national security and social ethics, counterfeit products or products that pose a threat to human health and life will also be banned under the draft revision.

The list will be subject to ongoing discussion and will be adjusted in a bid to balance the rights of businesses, individuals and State oversight.

The draft revision of the Investment Law also seeks to reduce the number of conditional business sectors, from 386 to only 326.

At a Government meeting last month, Prime Minister Nguyen Tan Dung asked the Ministry of Planning and Investment to provide consultations and review the list so it could be presented at upcoming meetings of the National Assembly and the NA Standing Committee.

He said that in line with regulations on people's rights to do business, any limitations on these rights must be regulated and stated clearly in the law.

He also said that the creation of the list and the crafting of relevant regulations must ensure the improvement of the country's business and investment environment and enhance the nation's capability to compete in the world market.

The list and regulations must also improve the effectiveness of State management and administration reform by ensuring transparency in implementation, to prevent wrongdoing and corruption, he added. — VNS