The Development And Evaluation Of Vietnam 's Investment Law

After the war ended in 1975, Vietnam has achieved the national unity. From 1976 to 1976, Vietnam had few international economic exchanges with other countries except the former Soviet Union.Since 1986, Vietnam started the reform and opening, created a market economy, promoted the economic privatization and liberalization of trade, and implemented the strategy of economic liberalization and the policy of opening up. At the same time, Vietnam has made a great effort in improving investment environment and perfect legal system. In 1987, Vietnam Foreign Investment Law was promulgated. Six years later, Encourage Domestic Investment Encouragement Law issued in 1992. Later, instead of the two laws above, the Investment Law promulgated in 2005. After nine years implementation of the Investment Law 2005, many problems and deficiencies exposed. In order to solve these problems and deficiencies, The National Assembly of Vietnam passed the Investment Law 2014. That makes Vietnam investment legal system more perfect. Despite the huge progress made by the Investment Law 2014. There are still some defects. At the same time, it is still an arduous task to improve the implementation of the law and the Vietnam’s attraction for investment.This paper is divided into four parts.The first part introduces the development process of the investment law in Vietnam. And pointed out that Vietnam investment legal system adopted unfair treatment for domestic and foreign investors for a long time. That legislation model was no longer accommodate the national situation of Vietnam. Further investment growth has been hindered. And the legislation model was not conform to the national obligation that Vietnam committed according to the international treaty.Set in this background, Vietnam has issued Investment Law 2005 to attract investment, fulfill international obligations, and build a much more fair and reasonable investment legal system. But because some shortage existed in this law, it did not achieve the desired effect, which led to the Investment Law 2014.The second part carries on the above. This part introduces the main content of the Investment Law 2014 and elucidates the new changes. This dissertation sums up all the new changes of the Investment Law 2014 in six points, namely: the negative list of investment access, improve the investment guarantee mechanism, simplify the procedure of investment, improve investment incentive policy, perfecting the examination and approval system of investment and the reform of transnational investment procedures.The third part points out that although the Investment Law 2014 has made great progress, but there are still some limitations. There are still possibilities for improvement concerning major investment projects approval mechanism as well as the identity of foreign investors.The fourth part proposes some suggestions to enhance the implementation of the Investment Law 2014. The government should widely propagandize the Investment Law 2014, strengthening the training of the law, supervise the behavior of relevant government departments, and improve the relevant supporting system.