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), and to the conditions established in the Decree No. 06/2016/ND-CP of 18 January 2016 on the Management, Provision and Utilization of Radio and Television Services, majority foreign investment in paid television and radio broadcasting services is subject to the approval of the Prime Minister, while foreign investment in free television and broadcasting services is assumed prohibited.
[Obs. the legislation concerning investments in free broadcasting services is not very clear in the extent to which foreign-invested enterprises are allowed to obtain licenses to provide such services. The law clear provides for the possibility of foreign-invested enterprises to carry out paid broadcasting activities subject to PM approval, but is silent about who is entitled to a licence for free broadcasting services. Content conditions established by the legislation, however, seem to considerably restrict the possibility of foreign-invested enterprises in free broadcasting services: Free broadcasting providers are entitled to only pick Vietnamese channels for their free broadcasting service. Vietnamese channel means the radio or television channel lawfully produced or co-produced by Vietnamese news agencies licensed to operate in the broadcasting industry (audio and video news). Majority foreign ownership in publication and press activities is prohibited under the Law on Investment 2020 (see respective entry in the OECD FDIRRI database), and is highly restricted even for domestic investors according to the Press Law; in fact only 'party agencies, state agencies, socio-political organizations, socio-politico-professional organizations, social organizations, socio-professional organizations, and religious organizations of provincial, equivalent or higher level operating lawfully in accordance with Vietnamese law may establish press agencies [domestic private entities cannot establish press agencies, but not clear the extent to which can participate as equity partners]. For the purposes of the OECD FDIRRI, it is assumed that only foreign commercial investment in free television and radio broadcasting services is prohibited]


"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.[...]"(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]
2. Production, distribution, and broadcasting of television programs and musical, theater, and cinematic productions |
1. WTO, VKFTA, VJEPA, AFAS: not allowed to exercise the right to distribute the recorded items.
- WTO, VKFTA, VJEPA:
+ For the production, distribution and screening of television programs and cinematographic works: measures based on agreements on co-production of audiovisual works, including National Treatment for audiovisual works fall within the scope of such agreements.
+ For the production and distribution industry of television programs and cinematographic works: measures to implement support programs for audiovisual works and the suppliers of such works that meet export criteria land.
+ For the production and distribution of audiovisual works through broadcasting to the public: measures for National Treatment for audiovisual works that meet certain origin criteria related to the broadcast access.
Note: This industry is on the list of Most Favored Nation exemptions under the WTO Commitments.
2. CPTPP: Appendix NCM II-VN-21:
For sub-sectors of production, distribution and presentation of television programs and cinematographic works: Viet Nam reserves the right to issue and maintain subsidies that are inconsistent with Article 9.9.2 for listening services. preferential treatment for television programs and cinematographic works produced on the basis of co-production agreements.
3. EVFTA: Appendix 8-C: Vietnam may adopt or maintain any measure related to the operation of an enterprise as defined in points 1(e) and 1(m) of Article 8.2 ( definitions) that are 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) 
[...]
3. Providing radio and television services |
1. CPTPP: Annex NCM II-VN-19: Publication agency and information aggregator, publishing, radio and television, in any form.
Vietnam reserves the right to adopt or maintain any measure related to the sub-sectors listed above, including the management of activities in the above sub-sectors, in accordance with the laws and regulations of Vietnam. .
For greater certainty, the failure to reserve the obligations of the Cross-Border Services Chapter does not mean that Vietnam is not entitled to ensure that cross-border supply of the above sub-sectors is consistent with laws and regulations. of Vietnam, including registration and licensing requirements.
2. Vietnamese law:
Conditions for granting a license to provide pay radio and television services (Article 12 of Decree No. 06/2016/ND-CP): Foreign-invested enterprises must obtain approval on policy of the Prime Minister. (Clause 2, Article 31 of the Investment Law 2020 stipulates that foreign investors' projects in the field of journalism fall under the Prime Minister's authority to approve investment policies).
Conditions for granting a license to provide pay television services; register the list of contents on radio and television services and announce the quality of radio and television services as prescribed in Decree No. 06/2016/ND-CP.[...]" (Government of Viet Nam, List B: List of occupations with conditional market access for foreign investors, webpage [google translation])
------------------------------
"Article 3. Interpretation
For the purpose of this Decree, terms herein shall be construed as follows: [...]
3. Vietnamese channel means the radio or television channel lawfully produced or co-produced by Vietnamese news agencies licensed to operate in the broadcasting industry (audio and video news). [...]
5. Foreign channel means a radio or television channel lawfully produced by foreign broadcasters and made in foreign languages.
[...]
SECTION 1: FREE BROADCASTING SERVICES
Article 7. Rights and obligations of free broadcasting service providers
1. Rights of free broadcasting service providers:
a) Be entitled to pick Vietnamese channels for their free broadcasting service in accordance with Article 13 hereof; [...]
[...]
SECTION 2: SUBSCRIPTION SERVICES
Article 10. Rights and obligations of [paid] television service providers
1. Rights and of subscription service providers shall be specified as follows:
a) Be entitled to select Vietnamese and foreign television channels, on-demand and value-added services; [...]
2. Obligations of subscription service providers: [...]
dd) Comply with regulations on ownership under laws on telecommunications, (for subscription service providers having telecommunications networks);
[...]
Article 12. Grant of Licenses for Provision of Paid Radio and Television Services
1. Criteria for being granted the License for Provision of Paid Radio and Television Services (hereinafter referred to as “License for Provision of Subscription Service”) shall be specified as follows:
a) Be Vietnamese enterprises.
Foreign-invested enterprises wishing to obtain such License shall have their policies adopted by the Prime Minister; [...]
g) Compile a list of expected Vietnamese channels (excluding those specified in clause 4, article 13 hereof), and foreign channels, on-demand programs and value-added content that are expected to be broadcast via paid radio and television channel (hereinafter referred to as “subscription service”) enclosed with the written consent of their content provider;
[...]
Article 13. Information contents of free broadcasting services
1. The content of a free broadcasting service includes:
a) National and local channels serving essential political propagation;
b) Other Vietnamese channels. [...]
4. The Ministry of Information and Communications shall specify lists of national and local television channels serving essential political propagation according to the purpose and principle of each channel and requirements for essential political propagation in each specific period.
[...]
Article 15. Grant of Licenses for Production of Vietnamese channels
1. Entities applying for Licenses for Production of Vietnamese channels (hereinafter referred to as “applicant”) shall be news agencies obtaining Licenses for Operation in Broadcasting Industry. [...]" (Decree No. 06/2016/ND-CP of 18 January 2016 on the Management, Provision and Utilization of Radio and Television Services [google translation])
------------------------------
"Chapter III PRESS ORGANIZATIONS
Section 1 PRESS MANAGING AGENCIES
Article 14. Entities permitted to establish press agencies 1. Party agencies, state agencies, socio-political organizations, socio-politico-professional organizations, social organizations, socio-professional organizations, and religious organizations of provincial, equivalent or higher level operating lawfully in accordance with Vietnamese law may establish press agencies.
2. Tertiary education institutions prescribed in the Law on Tertiary Education; scientific research institutions, and scientific research and technological development institutions organized in the form of academy or institute prescribed in the Law on Science and Technology; and hospitals of provincial, equivalent or higher level may publish scientific journals.[...]" (Law on the Press No. 103/2016/QH13 of 5 April 2016 [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, webpage [google translation]
Decree No. 06/2016/ND-CP of 18 January 2016 on the Management, Provision and Utilization of Radio and Television Services [google translation]
Law on the Press No. 103/2016/QH13 of 5 April 2016 [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://wipolex-res.wipo.int/edocs/lexdocs/laws/en/vn/vn111en.html">Law</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>]