Vietnam: New immigration law looks to attract investment
Vietnam’s new immigration law includes a new type of visa for foreigners who come to Vietnam to conduct activities as part of international agreements Vietnam has signed.
Hanoi (VNS/VNA)- Vietnam’s new immigration law includes a new type ofvisa for foreignerswho come to Vietnam to conduct activities as part of international agreements Vietnam has signed.
The change is expected to facilitate the implementation of new agreements that Vietnam has signed such as theEU-Vietnam Free Trade Agreement(EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA), said Colonel Tran Van Du, deputy head of the Immigration Department under Ministry of Public Security.
The department last week held a session to explain immigration laws to diplomatic missions and non-governmental organisations (NGOs) in Vietnam.
Vietnam will issue visas with validity from six to 12 months for foreigners who enter to promote services and establish commercial presence according to international agreements.
The amendment to the law on entry, exit, transit and residence of foreigners in Vietnam came into force this month.
“Strategic foreign investors who contribute capital of 100 billion VND (4.4 million USD) or more in Vietnam are granted an up-to-five-year visa and temporary residence cards for at most 10 years. This will attract more foreign investment in the country,” Du said.
The outdated immigration law regulated that all certified foreign investors in Vietnam could obtain a five-year-visa regardless of their investment capital. The new law issues a visa with a duration of at most 12 months and does not grant temporary residence cards to foreign investors that invest less than 3 billion VND (130,400 USD).
The outdated law also required citizens from 13 countries entering Vietnam under the visa waiver scheme to wait for at least 30 days to return and the new law has removed this regulation, creating conditions for foreign visitors to return anytime.
Countries from which citizens do not have to apply for visas to enter Vietnam include Belarus, Denmark, Japan, Norway, Italy, Finland, France, Russia, the Republic of Korea, Spain, Sweden, Germany and the UK.
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