Pursuant to the “Limited Market Access List” (Appendix I-B) of Decree 31/2021/ND-CP (“Decree 31”) supporting the implementation of the new Law on Investment (LOI 2020), majority foreign investment in production and distribution of cultural products is permitted subject to conditions, such as but not limited to:
(1) Film production services (CPC 96112, excluding videotapes), film distribution (CPC 96113, excluding videotapes), film projection (CPC 96121):
+ Only in the form of a business cooperation contract or a joint venture with a Vietnamese partner who has been authorized to provide these services in Vietnam. The capital contribution of the foreign side must not exceed 51% of the legal capital of the joint venture.
(2) For movie screening services (CPC 96121), foreign investors are not allowed to enter into business cooperation contracts or joint ventures with cultural houses, public cinema clubs and associations, mobile projection teams, or the owner or operator of Vietnam's temporary cinemas.
(3) For the recording sub-sector: Vietnam reserves the right to adopt and maintain any measure related to sound recording services except allowing foreign ownership of up to 51% of enterprises operating in the sound recording sector.

"Article 3. Definitions
For the purposes of this Law, the terms below are construed as follows: 
1. Investment policy approval means the competent/authorized State agency approves the objectives, location, scale, schedule and duration/term of project implementation; and the investor or form of investor selection and special mechanisms or policies (if any) in order to implement the investment project […]
10. “market access conditions applied to foreign investors” mean those which must be satisfied by foreign investors to make investment in the List of business lines with prohibited and restricted market access (hereinafter referred to as “the Negative List for Market Access”) specified in Clause 2 Article 9 of this Law. 
11. Investment registration certificate ["IRC"] means a written or electronic document recording information registered by an investor about an investment project. [...]
19. “foreign investor” means an individual holding a foreign nationality or an organization established under foreign laws and carrying our business investment activities in Vietnam.
20. “domestic investor” means an individual holding Vietnamese nationality or a business organization whose members or shareholders are not foreign investors. 
[...]
Article 4. Application of the Law on Investment and relevant laws
1. Business investment activities in the territory of Vietnam [must] comply with the Law on investment [this Law] and other relevant laws.
2. If there is any discrepancy between the provisions of this Law and those of another law issued before the effective date of this Law in relation to the industries and trades in which business investment is prohibited, or industries and trades in which business investment is conditional, then the provisions of the Law on investment [this Law] shall prevail. [...]
3. If there is any discrepancy between the provisions of this Law and those of another law issued before the effective date of this Law in relation to the sequence and procedures for business investment and investment security [guarantee], then implementation shall accord with this Law except for the following cases: [...]
(d) Implementation of investment projects for construction, for residential housing and for urban zones are implemented in accordance with the provisions of the Law on Construction, the Law on Residential Housing and the Law on Real Estate Business after the competent agency has approved the investment policy or the amended investment policy in accordance with the provisions of this Law;
(dd) Authority, sequence, procedures and conditions for business investment implemented in accordance with the Law on Credit Institutions, the Law on Insurance Business, and the Law on Petroleum;
(e) Authority, sequence, procedures and conditions for business investment and activities on the securities market implemented in accordance with the Law on Securities.
[...]
Article 9. Business lines with prohibited and restricted market access and market access conditions applied to foreign investors
1. Market access conditions applied to foreign investors are the same as those applied to domestic investors, except for the case specified in Clause 2 of this Article.
2. Pursuant to Laws and Resolutions of the National Assembly, Ordinances and Resolutions of the Standing Committee of the National Assembly, Decrees of the Government and international treaties to which the Socialist Republic of Vietnam is a signatory, the Government shall promulgate a Negative List for Market Access, including:
a/ Prohibited business lines;
b/ Restricted business lines.
3. Market access conditions applied to foreign investors specified in the Negative List for Market Access include:
a/ Holding of charter capital by the foreign investor in a business organization;
b/ Investment method;
c/ Scope of investment;
d/ Capacity of the investor; partners participating in the investment activities;
dd) Other conditions specified in the Laws and Resolutions of the National Assembly, Ordinances and Resolutions of the Standing Committee of the National Assembly, Decrees of the Government and international treaties to which the Socialist Republic of Vietnam is a signatory. [...]" (Law on Investment No. 61/2020/QH14 of 17 June 2020 [google translation])
------------------------------------
"Section 2. SECTORS, LINES AND MARKET ACCESS CONDITIONS FOR FOREIGN INVESTORS
Article 15. Sectors and trades restricted from market access for foreign investors
1. Sectors and trades with restrictions on market access for foreign investors and restrictions on market access for such industries and trades are prescribed in laws and resolutions of the National Assembly, ordinances and resolutions. of the National Assembly Standing Committee, Government decrees and international treaties on investment. The list of industries and trades with restrictions on market access for foreign investors is published in Appendix I of this Decree.
2. Market access conditions for foreign investors shall be applied in the forms specified in Clause 3, Article 9 of the Law on Investment and posted and updated according to the provisions of Article 18 of this Decree.
3. In addition to the market access conditions for the industries and trades specified in Clauses 1 and 2 of this Article, foreign investors and foreign-invested economic organizations when conducting business investment activities Businesses in Vietnam must satisfy the following conditions (if any):
a) Use of land and labor; natural resources, minerals;
b) Producing and supplying public goods and services or goods and services that are monopolistic in the state;
c) Owning and trading in houses and real estate;
d) Applying forms of support and subsidies of the State to a number of branches and fields or developing regions or territories;
dd) Participating in the program and plan for the equitization of state-owned enterprises;
e) Other conditions as prescribed in laws and resolutions of the National Assembly, ordinances and resolutions of the National Assembly Standing Committee, decrees of the Government and international treaties on investment that do not allow allow or restrict market access for foreign-invested economic organizations.
Article 16. Subjects of application of the List of industries and trades restricted from market access
1. The list of industries and trades with restricted market access applies to:
a) Foreign investors as prescribed in Clause 19, Article 3 of the Law on Investment ;
b) The economic organization specified at Points a, b and c, Clause 1, Article 23 of the Law on Investment when investing in the establishment of other economic organizations; make capital contribution, purchase shares, purchase capital contribution portion of other economic organizations; investment in the form of BCC contract.
(In this Section, the subjects specified at Points a and b of this Clause, hereinafter collectively referred to as foreign investors, unless otherwise provided for by this Decree).
2. For business investment activities carried out in Vietnam, investors who are Vietnamese citizens and hold foreign citizenship are entitled to choose to apply market access conditions and investment procedures as follows: regulations applicable to domestic or foreign investors. In the case of choosing to apply market access conditions and investment procedures as prescribed for domestic investors, investors who are Vietnamese citizens and have foreign nationality are not entitled to exercise their rights. and regulatory obligations for foreign investors.
Article 17. Principles of applying restrictions on market access for foreign investors
1. Except for the industries and trades on the List of industries and trades with restricted market access for foreign investors specified in Appendix I of this Decree, foreign investors are entitled to market access as prescribed. for domestic investors.
2. Foreign investors are not allowed to invest in industries and trades that have not yet been able to access the market as prescribed in Section A, Appendix I of this Decree.
3. For industries and trades with conditional market access for foreign investors as prescribed in Section B, Appendix I of this Decree, foreign investors must satisfy the conditions for market access. Schools are posted according to the provisions of Article 18 of this Decree.
4. Market access conditions for industries and trades that Vietnam has not yet committed to market access to for foreign investors are applied as follows:
a) Where laws and resolutions of the National Assembly, ordinances and resolutions of the National Assembly Standing Committee, decrees of the Government (hereinafter referred to as Vietnamese law) do not contain provisions restricting access to the market for that industry or trade, foreign investors may access the market as prescribed for domestic investors;
b) Where Vietnamese law already contains provisions on restricting foreign investors' market access for such industries or trades, the provisions of Vietnamese law shall apply. [...]
7. Foreign investors belonging to countries or territories that are not members of the WTO and conducting investment activities in Vietnam are entitled to the same market access conditions as those applicable to national investors. a territory that is a member of the WTO, unless otherwise provided for by Vietnamese law or an international treaty between Vietnam and that country or territory.
[...]
APPENDIX I - LIST OF INDUSTRY AND LINES LIMITED MARKET ACCESS FOR FOREIGN INVESTORS [...]
B. BUSINESS LINES WITH RESTRICTED MARKET ACCESS
1. Manufacture and distribution of media products, including video recordings.
2. Manufacture, distribution, broadcasting of TV programs, stage performances and cinematic works.
3. Provision of audio and television broadcasting services. [...]
6. Advertising services.
7. Printing and publishing services.[...]"(Government Decree on the Elaboration of Some Articles of the Law on Investment No. 31/2021/ND-CP of 26 March 2021 [google translation] (Decree 31), which provides guidance on the implementation of the new Law on Investment [google translation])
---------------------------
"INDUSTRY, SECTOR | CONDITIONS LIMITED MARKET ACCESS | LEGAL BASIS [not reproduced here]
1 Production and distribution of cultural products, including video recordings |
1. WTO, VKFTA, VJEPA, AFAS: can't exercise the right to distribute the recorded items.
- Film production services (CPC 96112, excluding videotapes), film distribution (CPC 96113, excluding videotapes), film projection (CPC 96121):
+ All movies must be censored by Vietnamese competent authorities.
+ Only in the form of a business cooperation contract or a joint venture with a Vietnamese partner who has been authorized to provide these services in Vietnam. The capital contribution of the foreign side must not exceed 51% of the legal capital of the joint venture.
- Particularly for movie screening services (CPC 96121): cultural houses, cinema venues, clubs and associations of public cinema, Vietnamese mobile cinema teams are not allowed to participate in the contract. business cooperation contracts or joint ventures with foreign service suppliers.
Note: This industry is on the list of Most Favored Nation exemptions under the WTO Commitments.
2. ACIA: limited to publications: (i) Publishing of books, music books and other publications (ISIC 2211); (ii) Publishing newspapers, magazines, periodicals (ISIC 2212); (iii) Publishing of video tapes (ISIC 2213); (iv) Other types of publication (ISIC 2219).
3. CPTPP:
a) Appendix NCM I-VN-9:
For film production (CPC 96112), film distribution (CPC 96113) and projection (CPC 96121):
+ Do not provide film production, distribution and screening services except through a business cooperation contract or joint venture with a Vietnamese partner authorized to provide these services, or purchase shares of a Vietnamese enterprise. Nam is authorized to provide these services. In case of joint venture or share purchase, the foreign party's contributed capital must not exceed 51%.
+ For movie screening, foreign investors are not allowed to enter into business cooperation contracts or joint ventures with cultural houses, public cinema clubs and associations, mobile projection teams, or the owner or operator of Vietnam's temporary cinemas.
+ Cinemas must show Vietnamese films on major national holidays.
The ratio of Vietnamese films to the total number of films shown annually will not be less than 20%. Cinemas must show at least one Vietnamese film between 18:00-22:00.
b) Appendix NCM I-VN-25:
Foreign investment is prohibited in Vietnam's state-owned commercial enterprises that are currently allowed to import certain video products, as outlined in Table 8c in the Working Party Report on Vietnam's accession to the WTO. For greater certainty and consistency with Article 9.11.1.c (Forwards only, not backward), the liberalization of one SOE does not entail the requirement to liberalize all SOEs. .
c) Appendix NCM II-VN-14:
For the recording sub-sector: Vietnam reserves the right to adopt and maintain any measure related to sound recording services except allowing foreign ownership of up to 51% of enterprises operating in the sound recording sector. .
d) Appendix NCM II-VN-20:
For the video tape production and distribution industry: Vietnam reserves the right to adopt and maintain any measure related to the investment in the production and distribution of video tapes on any medium.
4. EVFTA Annex 8-C: Vietnam may adopt or maintain any measure related to the operation of an enterprise as defined at points 1(e) and 1(m) of Article 8.2 (The definition) that is inconsistent with paragraph 2 of Article 8.5 (National Treatment), provided that the measure is not inconsistent with the commitments set out in Annex 8-B (Vietnam's Schedule of Specific Commitments).
5. Vietnamese law:
(i) Foreign organizations and individuals may distribute phonograms and video recordings with content of art performances in the Vietnamese territory in accordance with the provisions of Decree 144/2020/ND-CP dated December 14 The Government's 2020 regulations on performing arts activities and other relevant provisions of law are not inconsistent with international treaties to which the Socialist Republic of Vietnam is a signatory.
(Conditions for circulation of phonograms and video recordings with content of artistic performances for commercial purposes are specified in Article 22 of Decree 144/2020/ND-CP: (1) Being a public non-business unit with a function performing arts; organizations and individuals that register for business in phonograms and video recordings in accordance with law (2) Make a deposit according to the provisions of Article 23 of this Decree.
(ii) Foreign organizations and individuals are not allowed to directly distribute video recordings with content of art performances in the Vietnamese territory.[...]" (Government of Viet Nam, List B: List of occupations with conditional market access for foreign investors: Conditions (updated 2020), webpage [google translation])
Law on Investment No. 61/2020/QH14 of 17 June 2020 [google translation]
Government Decree on the Elaboration of Some Articles of the Law on Investment No. 31/2021/ND-CP of 26 March 2021 [google translation]
Government of Viet Nam, List B: List of occupations with conditional market access for foreign investors: Conditions (updated 2020), webpage [google translation]
[<a href="https://vbpl.vn/bokehoachvadautu/Pages/vbpqen-toanvan.aspx?dvid=312&ItemID=11133">Law</a>],[<a href="https://vbpl.vn/bokehoachvadautu/Pages/vbpq-toanvan.aspx?ItemID=147720&Keyword=31/2021/ND-CP">Decree</a>],[<a href="https://vietnaminvest.gov.vn/SitePages/News_Detail.aspx?ChuyenMuc=3&ItemId=16">Webpage</a>],[<a href="https://vanbanphapluat.co/decree-of-government-no-06-2016-nd-cp-management-provision-and-utilization-of-radio-television-services">Decree</a>],[<a href="https://static1.squarespace.com/static/50c0b136e4b01ad287768e06/t/6246f475c7499050ffab3d02/1648817271960/2022+3+30+Decree+31.2021+implementing+Investment+Law+2020+1.2.pdf">Other</a>],[<a href="https://www.allenandgledhill.com/vn/perspectives/articles/18840/vnkh-issues-new-guidance-on-foreign-investment">Other</a>],[<a href="https://blogs.duanemorris.com/vietnam/2015/01/06/doing-business-in-media-sector-in-vietnam/">Other</a>]