Law No. 90/2025/QH15, which amends and supplements certain articles of the Law on Bidding, the Law on Investment in the Form of Public-Private Partnership, the Law on Customs, the Law on Value-Added Tax, the Law on Export and Import Duties, the Law on Investment, the Law on Public Investment, and the Law on Management and Use of Public Property ( “Law No. 90”), came into effect on July 1, 2025. Law No. 90 introduces several amendments and supplements to the Law on Investment 2020 (“LOI”), notably including the following highlights:

1. Addition of prohibited business lines

Clause 1, Article 6 of the Law on Investment has been supplemented by Clause 2, Article 2 of Law No. 90, whereby two additional business lines are now prohibited:

• Trading in national treasures;
• Trading in and exporting antiques and relics.

2. Expansion of sectors and areas eligible for investment incentives

The list of investment-incentive sectors has been expanded to include:

• Investment in the construction of infrastructure for large-scale data centers, cloud computing infrastructure, mobile infrastructure from 5G onwards, and other digital infrastructure in strategic technology sectors as decided by the Prime Minister; investment in strategic technology sectors and the production of strategic technology products as decided by the Prime Minister

For investment projects in these sectors with a total capital of VND 3,000 billion or more, and with at least VND 1,000 billion disbursed within 3 years from the date of issuance of the Investment Registration Certificate or investment policy approval (after the effective date of Law No. 90), special investment incentives and supports will be granted.

• Investment in innovation and digital transformation in accordance with the laws on science, technology, and innovation.
• Business in railway transport; railway industry; and training of human resources in the railway sector.

Regarding investment-incentive locations, Law No. 90 introduces preferential treatment for investment in “concentrated digital technology zones”. This term is first defined in Clause 6, Article 3 of the 2025 Law on the Digital Technology Industry as: “a functional zone where activities such as research and development, support, training, innovation promotion, incubation of digital technology and digital technology enterprises, production and trading of digital technology products and services, infrastructure provision, service provision for organizations, enterprises, individuals, and other activities within the zone are concentrated”.

In addition, the operating term for investment projects located in high-tech zones, high-tech industrial zones, concentrated digital technology zones; projects investing in infrastructure for large-scale data centers, cloud computing infrastructure, mobile infrastructure from 5G onwards, and other digital infrastructure in strategic technology sectors as decided by the Prime Minister; and projects in strategic technology sectors or producing strategic technology products as decided by the Prime Minister, which fall under the category of specially incentivized and supported investments, may be extended beyond the normal maximum of 50 years, up to a maximum of 70 years.

Overall, these amendments reflect a policy orientation that prioritizes and encourages investment in science, technology, and innovation.

3. Shorten the process for establishing economic organizations for investment projects in science and technology

Ordinarily, foreign investors must first obtain an investment project and carry out procedures for the issuance or adjustment of the Investment Registration Certificate before establishing an economic organization.

However, under the current regulation, foreign investors implementing investment projects for the establishment of new innovation centers, R&D centers; investment in infrastructure for large-scale data centers, cloud computing infrastructure, mobile infrastructure from 5G onwards, and other digital infrastructure in strategic technology sectors as determined by the Prime Minister; or investment in strategic technology sectors or in the production of strategic technology products as decided by the Prime Minister may now establish an economic organization to implement the investment project prior to completing procedures for the issuance or adjustment of the Investment Registration Certificate.

4. Addition of conditional business investment sectors

Law No. 90 supplements the list of conditional business investment sectors in line with the State’s digital transformation strategy. The newly added sectors include:

• Provision of services related to crypto-assets;
• Personal data processing services.

These additions aim to align with the upcoming Law on the Digital Technology Industry 2025 and the Law on Personal Data Protection 2025, both set to take effect on January 1, 2026. Law on the Digital Technology Industry legally recognizes crypto-assets for the first time, thereby providing a mechanism for their lawful transaction. Classifying these two services as conditional business investment sectors is appropriate due to their significant impact on individuals’ financial and personal information, and the inherent risks associated with providing such services.