In order to expand economic co-operation with foreign countries and to make contribution to the modernization, industrialization and development of the national economy on the basis of the efficient exploitation and utilization of national resources; | SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness NATIONAL ASSEMBLY SOCIALIST REPUBLIC OF VIETNAM Legislature IX 10th Session From 15th October 1996 to 12th November 1996 LAW ON FOREIGN INVESTMENT IN VIETNAM In order to expand economic co-operation with foreign countries and to make contribution to the modernization industrialization and development of the national economy on the basis of the efficient exploitation and utilization of national resources In accordance with the 1992 Constitution of the Socialist Republic of Vietnam This Law makes provisions for foreign direct investment in the Socialist Republic of Vietnam. Chapter I GENERAL PROVISIONS Article 1 The State of the Socialist Republic of Vietnam encourages foreign investors to invest in Vietnam on the basis of respect for the independence and sovereignty of Vietnam observance of its law equality and mutual benefit. The State of Vietnam protects the ownership of invested capital and other legal rights of foreign investors provides favourable conditions and formulates simple and prompt procedures for foreign investors investing in Vietnam. Article 2 In this Law the following terms shall have the meanings ascribed to them hereunder 1. Foreign direct investment means the bringing of capital into Vietnam in the form of money or any assets by foreign investors for the purpose of carrying on investment activities in accordance with the provisions of this Law. 2. Foreign investor means a foreign economic organization or individual investing in Vietnam. 3. Foreign party means one party comprising one or more foreign investors. 4. Vietnamese party means one party comprising one or more Vietnamese enterprises from any economic sector. 5. Two parties means the Vietnamese party and the foreign party. Multiparty means a Vietnamese party and more than one foreign party or a foreign party and more than one Vietnamese party or more than one Vietnamese party and more than one foreign party. 6. An enterprise
