DEBT COLLECTION SERVICE IS OFFICIAL BANNED FROM 2021
This is the highlight content promulgated by the National Assembly in the Law on Investment No. 61/2020/QH14 dated June 17, 2020.
In accordance with this content, from the effective date of this Law, there are two more business lines to be banned from business investment, including: Trade in firecrackers and debt collection services.
Besides, the new Law also specifies that investors must make deposits or have bank guarantees for their deposit obligations to secure the implementation of projects of request the State for land allocation, land lease, permission for change of land use purposes, except for 04 cases as follows:
Firstly, investors win the land use right auction to implement investment projects that are allocated land with land use levy or leased land by the State with one-off rental payment for the entire lease term.
Secondly, investors win the bidding to implement investment projects subject to land use.
Thirdly, investors are entitled to land allocation or land lease by the State on the basis of receiving transfer of investment projects that have made deposits or have completed capital contribution or capital raising in accordance with the schedule specified in written investment policy approvals or investment registration certificates.
Fourthly, investors are entitled to land allocation or land lease by the State to implement investment projects on the basis of receiving transfer of land use rights and properties attached to land of other land users.
This Law takes effect on January 01, 2021.
