Investment Law No. 61/2020/QH14 promulgated by the National Assembly of the Socialist Republic of Vietnam on May 17, 2020, takes effect on January 1, 2021. In case the investor had the advantages incentives of the old Investment Law, will they continue to have those incentives?

Regarding the guarantee of business investment incentives in the case of change in the law, the Law on Investment clearly states:

1. Where a new law provides more favorable investment incentives, investors are entitled to enjoy the new incentives for the remaining period of the incentive enjoyment of the project, except for special investment incentives for the investment projects in the case specified in Point a Clause 5 Article 20 of this Law on Investment.

2. Where a new law that provides less favorable investment incentives than those previously enjoyed by investor is promulgated, investors shall keep enjoying the current incentives for the remaining period of the incentive enjoyment of the project.

3. The regulations in Clause 2 of this Article do not apply if regulations of a legal document are changed for reasons of national defense and security, social order and security, social ethics, public health, or environmental protection.

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