RESTRICTED  WORLD TRADE  
ORGANIZATION  WT/ACC/SPEC/VNM/2/Rev.1 
6 March 2003 
 (03-1294) 
Working Party on the 
Accession of Viet Nam Original:   English 
 
 
 
ACCESSION OF VIET NAM 
 
Offer on Specific Commitments in Services  
 
Revision  
  The Government of the Socialist Republic of Viet Nam has submitted their revised Offer on 
Specific Commitments in Services, with a request th at it be circulated to members of the Working 
Party. 
 
 
_______________ 
 
  
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Sectors and sub-sectors Limitations on Market Access Li mitations on National Treatment Additional Commitments 
I. HORIZONTAL COMMITMENTS 
All sectors included in this 
schedule (3) None, except: 
 
Unless otherwise specified in  each specific sector or 
sub-sector, foreign comp anies are allowed to 
establish commercial presence in Viet Nam in the 
form of representative office1, business co-operation 
contract2, joint venture enterprise, enterprise with 
100% foreign owned capital. 
 Unless otherwise specified under a sector-specific 
commitment, foreign companies are not allowed to 
establish commercial presence in Viet Nam in the form of branch of foreign company.  
 
For the commercial presence established in Viet Nam on the date of accession, Viet Nam shall accord the 
treatment provided for in the commercial presence 
license on the date of accession or the treatment 
provided in the schedule, whichever is better.  
 Enterprises with foreign directly invested capital 
shall be permitted by competent authorities of 
Viet Nam to lease the land. The land leasing period shall correspond to the time of operation of those 
enterprises, and be stipulated in their investment 
licenses.  
(4) Unbound, except measur es relating to entry and 
temporary stay of natural persons of who fall in one of the following categories: 
 
(a) Managers, executives and specialists who can 
not be substituted by Vietnamese of a foreign (3) Unbound, except otherwise 
specified in each sector or sub 
sector in the specific commitment 
 
 
  
 
  
 
  
 
  
 
 
 
  
 
  
 
  
(4) Unbound, except as indicated in 
market access column 
 
 
  
                                                      
1 Representative office is a subordinate unit of foreign companies, established under the Vietnamese law in order to seek, promo te trade and tourism opportunities but is 
not allowed to engage any direct profit-making activities. 
 
2 Business co-operation contract is a document which is signed by  two or more parties and which stipulates the responsibilities of, and the sharing of business results 
between, the parties for the purposed of conducting investme nt and business in Viet Nam without creating a legal entity.  
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company which has established a representative 
office, branch or subsidiary in the territory of 
Viet Nam, temporarily moving as intra-corporate transferees, shall be granted entry and 
stay permit for an initial period of 3 years which 
may be extended subject to the term of operation of those entities in Viet Nam; 
 
(b) Foreign managers, executives and specialists 
that participate in the operation of enterprises 
with foreign directly-invested capital in Viet Nam, and who can not be substituted by 
Vietnamese, shall be granted entry and stay 
permit in conformity with the term of the related investment contract or for an initial period of 3 
years whichever is shorter, which may be 
extended subject to th e employment contract 
between them and those entities; 
 
(c) Service sales persons – persons not based in the 
territory of Viet Nam and receiving no 
remuneration from a source located within 
Viet Nam, and who are engaged in activities related to representing a service provider for the 
purpose of negotiating for the sale of the 
services of that provider  where: (i) such sales 
are not directly made to the general public; and 
(ii) the salesperson is not directly engaged in 
supplying the service. The stay of these 
salespersons is limited to a ninety-day period.  
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Sectors and sub-sectors Limitations on Market Access Li mitations on National Treatment Additional Commitments 
II. SECTOR-SPECIFIC COMMITMENTS 
I. BUSINESS SERVICES 
1. Professional Services 
(a) Legal services  
(CPC 861) 
excluding Vietnamese law 
practice (1) None 
(2) None 
(3) Foreign companies may only supply services in 
the form of branches, companies with 100% foreign invested capital, or joint ventures. 
 
 Foreign practicing lawyers are not permitted to 
participate in legal proceedings in the capacity 
of defenders or representatives of their clients 
before the courts of Viet Nam. 
 
 The term of operation of a branch of a foreign 
law firm is 5 years from the date when license is granted and may be extended every 5 years. 
 
(4) Unbound, except as indi cated in the horizontal 
section (1) None 
(2) None 
(3) None 
  
 
  
 
  
 
  
 
(4) Unbound, except as  indicated in the 
horizontal section  
(b) Accounting and auditing and 
bookkeeping services  
(CPC 862) (1) None 
(2) None 
(3) None, except:  
 The licensing is granted on the case by case 
basis and the number of licenses shall be decided by Ministry of Finance subject to the 
need and development scope of Viet Nam’s 
market. 
 
 Accounting firms with foreign invested capital 
are only permitted to supply services to foreign 
invested enterprises and foreign funded projects 
in Viet Nam. 
 
(4) Unbound, except as indi cated in the horizontal 
section (1) None 
(2) None 
(3) None  
 
  
 
 
 
  
 
  
(4) Unbound, except as  indicated in the 
horizontal section   
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(c) Taxation services (CPC 863)
  
 (1) None 
(2) None 
(3) None, except:  
 The licensing is granted on the case by case 
basis and the number of licenses shall be decided by Ministry of Finance subject to the 
need and development scope of Viet Nam’s 
market. 
 
 Accounting firms with foreign invested capital 
are only permitted to supply services to foreign 
invested enterprises and foreign funded projects 
in Viet Nam. 
 
(4) Unbound, except as indi cated in the horizontal 
section. (1) None 
(2) None 
(3) None  
 
  
 
 
 
  
 
  
(4) Unbound, except as  indicated in the 
horizontal section.   
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(d) Architectural services  
(CPC 8671) 
 (1) None 
 
  
 
 (2) None 
(3) None, except: 
 
 3 years after the accession, 100% foreign 
invested companies may be established. For the period of 2 years from the date of establishment 
and operation, enterprises with 100% foreign-
invested capital may only provide services to enterprises with foreign directly invested capital 
in Viet Nam. 
  Foreign companies have to be legally registered 
for operation in their home country; 
  Foreign architects working in foreign invested 
enterprises must have the working permit 
granted or recognized by the Vietnamese Government. 
 
(4) Unbound, except as indi cated in the horizontal 
section. (1) None, except the service content 
must be certified by an architect 
having working permit in a legal entity of Viet Nam and comply with 
other current regulation of 
Viet Nam. 
(2) None 
(3) None 
 
 
  
 
  
 
  
 
  
 
  
 
(4) Unbound, except as  indicated in the 
horizontal section.   
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(e) Engineering services 
 (CPC 8672) 
 (f) Integrated engineering 
services  
(CPC 8673) (1) None 
 
  
 
 (2) None 
(3) None, except: 
 
 3 years after the accession, 100% foreign 
invested companies may be established. For the period of 2 years from the date of establishment 
and operation, enterprises with 100% foreign-
invested capital may only provide services to enterprises with foreign directly invested capital 
in Viet Nam. 
  Foreign companies have to be legally registered 
for operation in their home country. 
  Foreign invested service enterprises are not 
allowed to provide services in relation to 
topography, geological exploration and meteorological and hydrographical surveys, 
except for cases allowed by the Vietnamese 
Government.  
 
 Foreign invested service enterprises are not 
allowed to provide services in relation to 
technical surveys for design of urban and rural 
plans, or sectoral master plan except for cases allowed by the Vietnamese Government. 
 
 Foreign engineers working in foreign invested 
enterprises must have the working permit 
granted or recognized by the Vietnamese 
Government. 
 
(4) Unbound, except as indi cated in the horizontal 
section. (1) None, except the service content 
must be certified by an engineer 
having working permit in a legal entity of Viet Nam and comply with 
other current regulation of 
Viet Nam.  
(2) None 
(3) None 
 
 
  
 
  
 
  
 
  
 
  
 
  
 
 
 
  
 
  
 
  
(4) Unbound, except as  indicated in the 
horizontal section.   
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(g) Urban planning and 
landscape architectural 
services  (CPC 8674) (1) None 
 
  
 
 (2) None 
(3) None, except: 
 
 3 years after the accession, 100% foreign 
invested companies may be established. For the period of 2 years from the date of establishment 
and operation enterprises with 100% foreign-
invested capital may only provide services to enterprises with foreign directly invested capital 
in Viet Nam. 
  Foreign companies have to be legally registered 
for operation in their home country. 
  Foreign architects working in foreign invested 
enterprises must have the working permit 
granted or recognized by the Vietnamese Government. 
 
(4) Unbound, except as indi cated in the horizontal 
section. (1) None, except the service content 
must be certified by an architect 
having working permit in a legal entity of Viet Nam and comply with 
other current regulation of 
Viet Nam. 
(2) None 
(3) None 
 
 
  
 
  
 
  
 
  
 
  
 
(4) Unbound, except as  indicated in the 
horizontal section.   
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(g) Urban landscape 
architectural services   
(CPC 86742) (1) None 
 
  
 
(2) None (3) None, except: 
 
 3 years after the accession, 100% foreign 
invested companies may be established. For the 
period of 2 years from the date of establishment and operation enterprises with 100% foreign-
invested capital may only provide services to 
enterprises with foreign directly invested capital in Viet Nam. 
 
 Foreign companies have to be legally registered 
for operation in their home country. 
 
 Foreign architects working in foreign invested 
enterprises must have the working permit 
granted or recognized by the Vietnamese 
Government. 
 
(4) Unbound, except as indi cated in the horizontal 
section. (1) None, except the service content 
must be certified by an architect 
having working permit in a legal entity of Viet Nam and comply with 
other current regulation of 
Viet Nam. 
(2) None 
(3) None 
 
 
  
 
  
 
  
 
  
 
  
(4) Unbound, except as  indicated in the 
horizontal section.  
(i) Veterinary services 
(CPC 932) (1) None 
(2) None 
(3) Unbound  
(4) Unbound, except as indi cated in the horizontal 
section. (1) None 
(2) None 
(3) Unbound  
(4) Unbound, except as  indicated in the 
horizontal section.   
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2. Computer and related services 
Computer and related services  
(CPC 841-849) 
 (1) None 
(2) None 
(3) None, except:  
 For the period of 2 years from the date of 
establishment and operation enterprises with 100% foreign-owned capital may only provide 
services to enterprises with foreign directly 
invested capital in Viet Nam. 
 
(4) Unbound, except as indi cated in the horizontal 
section (1) None 
(2) None 
(3) None  
 
  
 
  
(4) Unbound, except as  indicated in the 
horizontal section  
3. Research and Development Services 
(a) R&D services on natural 
sciences  (CPC 851) (1) None 
(2) None (3) None 
(4) Unbound, except as indi cated in the horizontal 
section. (1) None 
(2) None (3) None 
(4) Unbound, except as  indicated in the 
horizontal section.  
6. Other Business Services 
(a) Advertising services  
(CPC 871 excluding 
advertising for wine and 
cigarette) (1) None 
(2) None 
(3) Only in the form of joint venture or business 
cooperation contract with Vietnamese partners who are legally authorized to do advertising 
services. The capital contribution of foreign side 
may not exceed 49% of th e legal capital of the 
joint venture. 5 years from the date of accession 
this limitation shall be 51%. 
(4) Unbound, except as indi cated in the horizontal 
section (1) None 
(2) None 
(3) None 
  
 
  
 
(4) Unbound, except as  indicated in the 
horizontal section  
(b) Market research services 
(CPC 864 excluding 86402) (1) None 
(2) None 
(3) Only in the form of joint venture or business 
cooperation contract. The capital contribution of 
foreign side may not exceed 49% of the legal 
capital of the joint venture. 5 years from the date of accession this limitation shall be 51%. 
(4) Unbound, except as indi cated in the horizontal 
section. (1) None 
(2) None 
(3) None  
 
  
(4) Unbound, except as  indicated in the 
horizontal section.   
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(c) Management consultant 
services  
(CPC 865) (1) None 
(2) None 
(3) Only in the form of joint-venture or business co-
operation contract. 
(4) Unbound, except as indi cated in the horizontal 
section. (1) None 
(2) None 
(3) None  
(4) Unbound, except as  indicated in the 
horizontal section.  
(f) Services incidental to 
agriculture, hunting and 
forestry  
(CPC 881) (1) None 
(2) None 
(3) Unbound  
(4) Unbound, except as indi cated in the horizontal 
section. (1) None 
(2) None 
(3) Unbound 
(4) Unbound, except as  indicated in the 
horizontal section.   
(h) Services incidental to 
mining  
excluding oil and gas)  (CPC 883) (1) Unbound 
(2) None 
(3) Unbound (4) Unbound, except as indi cated in the horizontal 
section. (1) Unbound 
(2) None 
(3) Unbound (4) Unbound, except as  indicated in the 
horizontal section.  
(i) Services incidental to 
manufacture   
(CPC 884 and 885) (1) None 
(2) None 
(3) Unbound 
(4) Unbound, except as indi cated in the horizontal 
section.  (1) None 
(2) None 
(3) Unbound 
(4) Unbound, except as  indicated in the 
horizontal section.  
(n) Maintenance and repair of 
equipment (not including maritime vessels, aircraft or 
other transport equipment) 
(CPC 633) (1) None 
(2) None (3) Unbound 
(4) Unbound, except as indi cated in the horizontal 
section. (1) None 
(2) None (3) Unbound 
(4) Unbound, except as  indicated in the 
horizontal section.  
II.  COMMUNICATION SERVICES 
3. Telecommunication Services 
(a) Voice telephone services 
(CPC 7521) incl. local, long distance and 
international (CPC 7521) (1) Only through business cooperation contract with 
Viet Nam’s gateway operators.   
(2) None 
(3) Only through business cooperation contract with 
Vietnamese partners who are authorized to provide telecommuni cation services. 
(4) Unbound, except as indi cated in the horizontal 
section. (1) None 
 (2) None 
(3) None 
  
(4) Unbound, except as  indicated in the 
horizontal section.   
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- Basic telecommunication 
services  
 (b) Packet-switched data 
transmission services   
(CPC 7523**) 
(c) Circuit-switched data 
transmission services  
(CPC 7523**) 
(d) Telex services  
(CPC 7523**) 
(e) Telegraph services  
(CPC 7523**) 
(f) Facsimile services  
(CPC 7521** + 7529**) 
(g) Private leased circuit 
services  (CPC 7522** + 7523**) 
- Radio based services (incl 
mobile, cellular and satellite) (1) Only through business cooperation contract with 
Viet Nam’s gateway operators.   
(2) None (3) Only through business cooperation contract with 
Vietnamese partners who are authorized to 
provide telecommuni cation services. 
(4) Unbound, except as indi cated in the horizontal 
section. (1) None 
 
(2) None (3) None 
 
 (4) Unbound, except as  indicated in the 
horizontal section.  
- Value-added services:  
 
(h) Electronic mail  
(CPC 7523 **) 
(i) Voice mail (CPC 7523 **) 
(j) On-line information and 
database retrieval   (CPC 7523**) 
(k) Electronic data interchange 
(EDI) (CPC 7523**) 
(l) Enhance/value-added 
facsimile services, incl store and forward, store and 
retrieve (CPC 7523**) 
(m) Code and protocol 
conversion 
(n) On-line information and data 
processing  (CPC 843**) (1) Only through business cooperation contract with 
Viet Nam’s gateway operators. 
(2) None 
(3) Only through business cooperation contract with 
Vietnamese partners who are authorized to 
provide telecommunicati on services. 5 years 
after accession, joint venture with Vietnamese partners who are authorized to provide 
telecommunication services may be established 
with the capital contribution of foreign side may not exceed 49% of legal capital.  
 
 Joint venture enterprises are not permitted to 
construct their own long-distance and 
international circuit but have to lease them from 
the Vietnamese licensed operators. 
 
(4) Unbound, except as indi cated in the horizontal 
section. (1) None 
 
(2) None 
(3) None  
 
  
 
  
 
  
 
  
(4) Unbound, except as  indicated in the 
horizontal section. Viet Nam undertakes the obligations 
in the Reference Paper attached 
hereto.  
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4. Audiovisual services 
(a) Motion picture production 
(CPC 9611** excl video 
tape) (1) Unbound  
(2) Unbound  
(3) Only through business contract with Vietnamese 
partners who are authorized to provide services 
in Viet Nam. 
(4) Unbound, except as indi cated in the horizontal 
section. (1) Unbound  
(2) Unbound 
(3) None  
 
(4) Unbound, except as  indicated in the 
horizontal section.  
 
(3) Each year, the number of 
cinematographic films imported 
are allowed to reach 2/3 of those 
domestically produced  
(a) Motion picture distribution 
(CPC 9611** excl video 
tape) (1) Unbound  
(2) Unbound  
(3) Only through business contract or joint ventures 
with Vietnamese partners  who are authorized to 
provide services in Viet Nam. The capital 
contribution of foreign side shall not exceed 49% of legal capital. 5 years after accession, 
this restriction shall be 51%.  
(4) Unbound, except as indi cated in the horizontal 
section. (1) Unbound  
(2) Unbound 
(3) None  
 
  
 
(4) Unbound, except as  indicated in the 
horizontal section.  
 
(3) Each year, the number of 
foreign cinematographic films 
projected by each cinema are 
allowed to reach 2/3 of total projected film.  
(b) Motion picture projection 
service (CPC 9612), only in 
the field of cinema construction  (1) Unbound 
(2) Unbound 
(3) Only through business contract or joint ventures 
with Vietnamese partners  who are authorized to 
provide services in Viet Nam. The capital 
contribution of foreign side shall not exceed 49% of legal capital. 7 years upon accession, 
this restriction shall be 51%. 
  Houses of culture, film projection place for 
public and mobile projection team are not 
allowed to engage in business cooperation contract or joint-ventures.  
 
(4) Unbound, except as indi cated in the horizontal 
section (1) Unbound 
(2) Unbound  
(3) None  
 
  
 
  
 
  
 
(4) Unbound, except as  indicated in the 
horizontal section  
 
(3) Each year, the number of 
foreign film projected by each 
cinema are allowed to reach 2/3 
of total projected film.  
 
(e) Sound recording  
(CPC 7524) (1) Unbound 
(2) None 
(3) Unbound (4) Unbound, except as indi cated in the horizontal 
section (1) Unbound 
(2) None 
(3) Unbound (4) Unbound, except as  indicated in the 
horizontal section   
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III. CONSTRUCTION AND RELATED  ENGINEERING SERVICES 
1. General construction work 
for building (CPC 512) 
 2. General construction work 
for civil engineering  (CPC 
513) 
 
3. Installation and assembly 
work  (CPC 514, 516) 
 
4. Building completion and 
finishing work  (CPC 517) 
 
5. Other (CPC 511, 515, 518)  (1) Unbound
* 
(2) None 
(3) None except:  
 During 3 years after accession, 100% foreign 
invested enterprises could only provide services to enterprises with foreign investment capital 
and foreign-funded projects in Viet Nam. 
  Foreign companies have to be legally registered 
for operation in their home country. 
 (4) Unbound, except as indi cated in the horizontal 
section (1) Unbound
*  
(2) None 
(3) None  
 
  
 
  
 
 (4) Unbound, except as  indicated in the 
horizontal section  
IV. DISTRIBUTION SERVICES 
1. Commission agents’ services 
(CPC 621) 
 
2. Wholesale services  
(CPC 622) 
 
3.  Retailing services  
(CPC 631 + 632) 
 
4. Franchising  services  
(CPC 8929) 
 
 Excluding gasoline and 
derivatives, gas, fertilizer, insecticide, alcohol drink 
and wine, cigarette and 
cigar, medicine, metal and precious stone, explosive 
and wheat flour (1) Unbound 
(2) None 
(3) Unbound for establishment of 100% foreign 
invested enterprises. 3 years after accession, 
joint ventures with Vietnamese partners could be established with the capital contribution of 
foreign side not exceeding 49% of legal capital.  
  The establishment of outlets for retail services 
(beyond the first one) shall be considered 
on a case-by-case basis. 
 
 Foreign invested enterpri se may be restricted in 
distributing some kinds of goods specified and promulgated by the Vietnamese Government. 
 
(4) Unbound, except as indi cated in the horizontal 
section (1) Unbound 
(2) None 
(3) None 
 
  
 
  
 
  
 
  
 
(4) Unbound, except as  indicated in the 
horizontal section  
                                                      
* Due to lack of technical feasibility 
  
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V EDUCATIONAL SERVICES 
(In technical, natural science and 
technology fields) (1) Unbound 
(2) None 
(3) Only in the form of joint-venture.  
 
  
(4) Unbound, except as indi cated in the horizontal 
section (1)  Unbound 
(2) None 
(3)  Foreign teachers of education units 
with foreign invested capital must 
have 5 years teaching experience 
and be recognized by the Ministry of Education  
(4) Unbound, except as  indicated in the 
horizontal section  
VII. FINANCIAL SERVICES 
1. All insurance and insurance-related services 
(a) Life, and accident insurance 
services  (CPC 8121 - excluding 
health insurance services 
(b) Non life insurance services 
(CPC 8129) 
(c) Re-insurance and 
retrocession  (CPC 81299**) 
(d) Services auxiliary to 
insurance (including broking and agency services)  
(CPC 8140) (1) Unbound 
(2) None (3) Unbound 
(4) Unbound, except as indi cated in the horizontal 
section (1) Unbound 
(2) None (3) Unbound 
(4) Unbound, except as  indicated in the 
horizontal section  
2. Banking and other financial services 
Banking and other financial 
services as listed below: 
 
(a) Acceptance of deposits and 
other repayable funds from the public (CPC 81115-
81119); 
 (b) Lending of all types, 
including consumer credit, 
mortgage credit, factoring and financing of commercial 
transaction (CPC 8113) 
 (1) Unbound 
(2) None, except matters concerning exchange 
control shall be subject to the approval of the 
State Bank of Viet Nam or shall be subject to 
limit as specified by the State Bank of Viet Nam. 
 
(3) None, except:  
(a) Foreign financial service suppliers are only 
permitted to provide services in Viet Nam through the following legal forms: branch of a 
foreign bank, joint venture banks between 
foreign banks and Vietnamese banks, 100% (1) Unbound 
(2) None 
 
 
  
 
(3) None, except:  
(a) For establishment and operation in 
Viet Nam, branches of foreign banks, joint-venture banks, 100% 
foreign invested financial leasing 
companies and financial leasing   
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(c) Financial leasing  
(CPC 8112); 
 (d) All payment and money 
transmission services, 
including credit, charge and debit cards, travellers’ 
cheques and bankers drafts 
(including export-import 
payment)  
(CPC 81339); 
 
(e) Guarantees and 
commitments  (CPC 81199**) 
 
(h) Money broking  
(i) Asset management, such as 
cash or portfolio management, all forms of 
collective investment 
management, pension fund management, custodial 
depository and trust services 
 (j) Settlement and clearing 
services for financial assets, 
including securities, 
derivative products, and 
other negotiable instruments 
 
(k) Advisory, intermediation 
and other auxiliary financial services on all activities 
listed above, including credit 
reference and analysis, investment and portfolio 
research and advice, advice 
on acquisitions and on foreign owned financial leasing companies, and 
joint venture financial leasing companies. 
Unbound for 100% foreign owned subsidiary bank. 
 
(b) For the period ending 5 years from the date of 
accession, unbound for new licenses for 
branches of foreign banks; 
 
 
  
 
  
 
  
 
  
(c) Foreign banks may establish joint-ventures 
banks in Viet Nam in which contribution of foreign partners must not exceed 50% legal 
capital of the joint ventures. 
  
 
 
 
  
 
(d) For the period ending 4 years from the date of 
accession, the only legal form in which foreign 
financial services suppliers (besides banks and 
leasing companies) may provide financial services in Viet Nam is through joint ventures 
with Vietnamese partners. Thereafter, this 
limitation shall be abolished. joint-ventures must apply for 
licenses. 
  
 
(b) The conditions for the 
establishment in Viet Nam of the 
branch of a foreign bank are: 
 
- Minimum capital granted by its 
parent bank of  $15 million 
- Parent bank guarantees, in written 
form to undertake all 
responsibilities and commitments of its branch in Viet Nam. 
- Subject to permission of 
Vietnamese relevant authorities. 
- Meeting the needs of banking 
services of the Vietnamese 
economy 
 
(c) The conditions for the 
establishment of a joint venture bank are: 
 
- Minimum legal capital of US$10 
million. 
- Subject to permission of 
Vietnamese relevant authorities. 
- Meeting the needs of banking 
services of the Vietnamese economy 
 
(d) The conditions for the 
establishment of 100% foreign 
owned leasing and joint-venture 
leasing companies are: 
 
- Having at least 3 nearest 
consecutive years of profit making   
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corporate restructuring and 
strategy  
(CPC 81339**+ CPC 81319)  
 
  
 
 (e) Foreign companies and foreigners may only be 
permitted to acquire equities of a joint - stock 
bank upon approval by the State Bank of 
Viet Nam;  
  
 
  
(f) Branch of a foreign bank will not be permitted 
to: 
 
- Take saving deposits in all forms; 
- Accept time deposits in Vietnamese Dong from 
Vietnamese citizens and legal entities with 
which the bank does not have a credit 
relationship. 
- Accept deposits in Vietnamese Dong of more 
than 25% of the branch’s paid-in capital from 
Vietnamese citizens and legal entities with which the bank does not have a credit 
relationship 
- Accept foreign currency deposits from 
Vietnamese citizens and legal entities with 
which the bank does not have a credit relationship. 
 
(g) A joint - venture bank  is not permitted to accept 
foreign currency deposits from Vietnamese 
citizens and legal entities with which the bank 
does not have a credit relationship. 
 
(h) Branches of foreign banks are not allowed to 
open other transaction points outside their main - Minimum legal capital of US$5 
million. 
- Meeting the needs of banking 
services of the Vietnamese 
economy 
 (e) Money transmission: 
 
- A branch of a foreign bank is only 
permitted to transfer abroad a total 
amount of less than 30% of the branch's paid-in capital; 
- A joint-venture bank is permitted to 
transfer abroad a total amount of less than 10% its legal capital 
 
  
 
  
 
  
 
  
 
 
 
  
 
  
 
  
 
  
 WT/ACC/SPEC/VNM/2/Rev.1 
Page 18 Mode of delivery:  (1) Cross-border supply  (2) Consumption abroad  (3) Commercial presence  (4) Presence of natural person 
Sectors and sub-sectors Limitations on Market Access Li mitations on National Treatment Additional Commitments 
offices. Branches of foreign banks are not 
permitted to open their sub-branches and place 
automatic teller machines (ATM) at locations other than offices of such banks.  
 
(i) Branches of foreign banks and joint-venture are 
not permitted to underwrite credit and 
settlement transactions in foreign currency of 
Vietnamese citizens and legal entities with 
which the bank does not have a credit 
relationship. 
 
(4) Unbound, except as indi cated in the horizontal 
section  
 
  
 
  
 
 
 
  
(4) Unbound, except as  indicated in the 
horizontal section 
(f) Trading for own account or 
for account of customers, whether on an exchange, in 
an over-the-counter market 
or otherwise, the following: 
- money market instrument 
(cheques, bills, certificate of deposit, etc) 
(CPC 81339**); 
- foreign exchange  
(CPC 81333); 
- derivative products incl 
futures and options  (CPC 81339**); 
- exchange rate and interest 
rate instrument incl products such as swaps, forward rate 
agreements,  etc  
(CPC 81339**); 
- transferable securities   
(CPC 81321*); 
- other negotiable instruments 
and financial assets incl. 
bullion  
(CPC 81339**); 
 (1) Unbound 
(2) None (3) Unbound, except a non-bank foreign securities 
service supplier is only permitted to establish 
representative offices in Viet Nam.  
(4) Unbound, except as indi cated in the horizontal 
section 
 
 
  
 
  
 
  
 
  
 
  
 
 
 (1) Unbound 
(2) None (3) Unbound 
 
 
(4) Unbound, except as  indicated in the 
horizontal section 
 
 
  
 
  
 
  
 
  
 
  
 
 
   
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(g) Participation in issues of all 
kinds of securities incl. 
under-writing and placement as agent (whether publicly or 
privately) and provision of 
services related to such issues  
(CPC 8132); (1) Unbound 
(2) None 
(3) Unbound, except a non-bank foreign securities 
service supplier is only permitted to establish 
representative offices in Viet Nam.  
(4) Unbound, except as indi cated in the horizontal 
section 
 (1) Unbound 
(2) None 
(3) Unbound  
 
(4) Unbound, except as  indicated in the 
horizontal section 
VIII. HEALTH RELATED AND SOCIAL SERVICES 
1. Hospital services  
(CPC 9311) (1) None 
(2) None (3) Foreign service suppliers are permitted to 
provide services through the establishment of 
100% foreign invested hospital, joint venture with Vietnamese partners or through business 
cooperation contract.   
  The minimum investment capital for a hospital 
is 20 million U.S. dollars, a policlinic unit is 
2million U.S. dollars and a specialty unit is 1 million U.S. dollars. 
 
(4) Unbound, except as indi cated in the horizontal 
section (1) None 
(2) None (3) None 
 
  
 
  
 
  
 
(4) Unbound, except as  indicated in the 
horizontal section  
IX. TOURISM AND TRAVEL RELATED SERVICES 
1. Hotels and restaurants 
Hotel and restaurant including  
 
- Lodging services  
(CPC 64110) 
 
- Catering food   
(CPC 642)  and drink services  
(CPC 643) (1) None 
(2) None 
(3) Foreign service supplying companies, in parallel 
with investment in hotel construction, are permitted to provide services in the form of 
joint venture and business cooperation contract 
with Vietnamese partners. 3 years after accession, 100% foreign invested companies 
shall be established. 
(4) Unbound except as in dicated in the horizontal 
section (1) None 
(2) None 
(3) None 
  
 
  
 
(4) Unbound except as  indicated in the 
horizontal section   
 WT/ACC/SPEC/VNM/2/Rev.1 
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2. Travel agencies and tour operator services 
Travel agencies and tour operator 
services  
(CPC 7471) (1) None 
(2) None 
(3) Foreign service su pplying companies are 
permitted to provide services in the form of 
joint ventures with Vietnamese partners with the 
capital contribution of foreign side not exceeding 49%. 3 years after accession, this 
restriction shall be 51%.  
(4) Unbound except as in dicated in the horizontal 
section (1) None 
(2) None 
(3) None except tourist guides in joint 
ventures shall be Vietnamese 
citizens. Foreign service supplying 
companies can only do inbound services.   
 
(4) Unbound except as  indicated in the 
horizontal section  
X.  RECREATIONAL, CULTURAL AND SPORTING SERVICES 
1. Entertainment services 
A. Entertainment services 
(including theatre, live bands 
and circus services  
(CPC 9619) (1) None 
(2) None 
(3) Unbound 
(4) Unbound except as in dicated in the horizontal 
section (1) None 
(2) None 
(3) Unbound 
(4) Unbound except as  indicated in the 
horizontal section  
5. Other 
D. Electronic games business  
(CPC 964**) (1) None 
(2) None 
(3) Foreign companies and foreigners are only 
permitted to establish business cooperation contract or joint-venture with the Vietnamese 
authorized to provide this service. The foreign 
capital contribution in the joint-ventures shall not exceed 49% of legal capital 
(4) Unbound except as in dicated in the horizontal 
section (1) None 
(2) None 
(3) None  
  
 
  
(4) Unbound except as  indicated in the 
horizontal section   
  WT/ACC/SPEC/VNM/2/Rev.1
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XI. TRANSPORT SERVICES 
1. Maritime Transport Services 
(a) International passenger 
transport less cabotage  
(CPC 7211) 
 (b) International freight 
transport  
(CPC 7212) 
 (1) Unbound 
(2) None 
(3) Foreign shipping company may only establish 
representative office in Viet Nam. 3 years after accession, foreign service suppliers could 
establish joint-venture with the capital 
contribution of foreign side not exceeding 49% 
of total legal capital. 
  Foreign seafarers may be permitted to work in 
ships under the national flag of Viet Nam (or 
registered in Viet Nam) owned by joint-ventures in Viet Nam but not exceeding 1/3 of 
total employees of the ships. The Master or first 
chief executive must be Vietnamese citizen. 
 
(4) Unbound, except as indi cated in the horizontal 
section.  (1) Unbound 
(2) None 
(3) None 
  
 
 
 
  
 
  
 
  
(4)  Unbound, except as indicated in 
the horizontal section  
2. Internal Waterways Transport 
(a) Passenger transportation  
(CPC 7221) 
(b) Freight transport  
(CPC 7222) (1) Unbound 
(2) None (3) Foreign service suppliers could provide services 
through the establishment of joint venture with 
Vietnamese partners and the capital contribution of foreign side not exceed ing 49% of total legal 
capital. 
(4) Unbound, except as indi cated in the horizontal 
section  (1) Unbound 
(2) None (3) None 
 
  
 
(4) Unbound, except as  indicated in the 
horizontal section   
 WT/ACC/SPEC/VNM/2/Rev.1 
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Sectors and sub-sectors Limitations on Market Access Li mitations on National Treatment Additional Commitments 
3. Air Transport Services 
- Sales and marketing air 
products services (1) None 
(2) None 
(3) Airlines of the countries signing bilateral 
aviation agreement with Viet Nam are permitted 
to provide service in Viet Nam through their 
ticketing offices or agents in Viet Nam. 
(4) Unbound, except as indi cated in the horizontal 
section.  (1) None 
(2) None 
(3) None  
 
 (4) Unbound, except as  indicated in the 
horizontal section  
- Computer reservation  
services (1) None, except the foreign service supplier must 
use public telecommunication network under the management of Viet Nam 
telecommunication authority. 
(2) None except as indicated in Mode 1 (3) None except as indicated in Mode 1 
(4) Unbound, except as indi cated in the horizontal 
section (1) None 
  
 
(2) None (3) None 
(4) Unbound, except as  indicated in the 
horizontal section  
(d) Maintenance and repair of 
aircraft  
(CPC 8868**) (1) None 
(2) None 
(3) Upon accession, 2 joint-ventures may be 
established with the capital contribution of foreign side not exceeding 40% 
(4) Unbound, except as indi cated in the horizontal 
section (1) None 
(2) None 
(3) None 
  
(4) Unbound, except as  indicated in the 
horizontal section  
5. Rail Transport Services 
(a) Passenger transportation  
(CPC 7111) 
(b) Freight transport  
(CPC 7112) (1) Unbound 
(2) None (3) Unbound 
(4) Unbound, except as indi cated in the horizontal 
section (1) Unbound 
(2) None (3) Unbound 
(4) Unbound, except as  indicated in the 
horizontal section   
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6. Road Transport Services 
(a)  Passenger transport  
(CPC 7121+7122) 
 (b)  Freight transport  
(CPC 7123) (1) Unbound 
(2) None 
(3) Foreign service suppliers may provide 
passenger and freight transport service through 
business cooperation contract or joint-venture 
with the capital contribution of foreign side not exceeding 49% and 100% of its drivers are 
Vietnamese citizen.  
(4) Unbound, except as indi cated in the horizontal 
section (1) Unbound 
(2) None 
(3) None  
 
  
 
(4) Unbound, except as  indicated in the 
horizontal section  
8. Services auxiliary to all modes of transport 
(c) Freight transport agency 
services (CPC 748) (1) Unbound 
(2) None 
(3) Foreign service suppliers may provide services 
through the establishment of joint ventures with Vietnamese partners with the capital 
contribution of foreign side not exceeding 49%.  
(4) Unbound, except as indi cated in the horizontal 
section (1) Unbound 
(2) None 
(3) None 
  
 
(4) Unbound, except as  indicated in the 
horizontal section  
 WT/ACC/SPEC/VNM/2/Rev.1 
Page 24  
 
 ANNEX 1 
 
Reference Paper
 
 Scope 
 
 The following are definitions and principles on the regulatory framework for the basic telecommunications services.    Definitions
 
 
 Users  mean service consumers and service suppliers.   
  Essential facilities
 mean facilities of a public telecommuni cations transport network or service 
that 
 
(a) are exclusively or predominantly provided by a single or limited number of suppliers; 
and 
(b) cannot feasibly be economically or tec hnically substituted in order to provide a 
service. 
 
 A major supplier  is a supplier which has the ability to materially affect the terms of 
participation (having regard to price and supply) in  the relevant market for basic telecommunications 
services as a result of:   (a) control over essential facilities;  or 
 (b) use of its position in the market. 
 1. Competitive safeguards
 
 1.1 Prevention of anti-competitive practices in telecommunications
 
 
 Appropriate measures shall be maintained for the purpose of preventing suppliers who, alone 
or together, are a major supplier from engaging  in or continuing anti-competitive practices. 
 1.2 Safeguards
 
 
 The anti-competitive practices referred to above shall include in particular: 
 
(a) engaging in anti-competitive cross-subsidization;   (b) using information obtained from compet itors with anti-competitive results;  and 
(c) not making available to other services suppliers on a timely basis technical 
information about essential facilities and comme rcially relevant information which are 
necessary for them to provide services. 
  WT/ACC/SPEC/VNM/2/Rev.1 
 Page 25 
 
 
 2. Interconnection  
 2.1 This section applies to linking with suppliers  providing public telecommunications transport 
networks or services in order to allow the users of  one supplier to communicate with users of another 
supplier and  to access services provided by another supplier, where specific commitments are 
undertaken. 
 2.2 Interconnection to be ensured
 
  Interconnection with a major supplier will be en sured at any technically feasible point in the 
network.  Such interconnection is provided. 
 
(a) under non-discriminatory terms, conditi ons (including technical standards and 
specifications) and rates and of a quality no l ess favourable than that provided for its 
own like services or for like services of non-affiliated service suppliers or for its 
subsidiaries or other affiliates; 
(b) in a timely fashion, on terms, conditions (including technical standards and 
specifications) and cost-oriented rates that are transparent, reasonable, having regard 
to economic feasibility, and sufficiently unbundl ed so that the supplier need not pay 
for network components or facilities that it does not require for the service to be provided;  and 
(c) upon request, at points in addition to the network termination points offered to the 
majority of users, subject to charges that  reflect the cost of construction of necessary 
additional facilities. 
 2.3 Public availability of the pro cedures for interconnection negotiations
 
 
 The procedures applicable for interconnecti on to a major supplier will be made publicly 
available.  2.4 Transparency of interconnection arrangements
 
 
 It is ensured that a major supplier will make  publicly available either its interconnection 
agreements or a reference interconnection offer.  2.5 Interconnection:  dispute settlement
 
 
 A service supplier requesting interconnection with  a major supplier will have recourse, either: 
 
(a) at any time; or (b) after a reasonable period of time which has been made publicly known 
 to an independent domestic body, which may be a regulatory body as referred to in paragraph 5 
below, to resolve disputes regardi ng appropriate terms, c onditions and rates for interconnection within 
a reasonable period of time, to the extent th at these have not been established previously. 
 3. Universal service
 
 
 Any Member has the right to define the kind of universal service obligation it wishes to 
maintain.  Such obligations will not be regarded as anti-competitive per se , provided they are 
administered in a transparent, non-discriminator y and competitively neutral manner and are not more 
burdensome than necessary for the kind of universal service defined by the Member.       WT/ACC/SPEC/VNM/2/Rev.1 
Page 26  
 
 4. Public availability of licensing criteria
 
  Where a licence is required, the following will be made publicly available:  
(a) all the licensing criteria and the period of time normally required to reach a decision 
concerning an application for a licence;  and 
(b) the terms and conditions of  individual licences. 
  The reasons for the denial of a licence will be  made known to the applicant upon request. 
 
5. Independent regulators
 
  The regulatory body is separate from, and not accountable to, any supplier of basic telecommunications services. The decisions of and the procedures used by regulators shall be impartial with respect to all market participants. 
 
6. Allocation and use of scarce resources
 
  Any procedures for the allocation and use of  scarce resources, including frequencies, numbers 
and rights of way, will be carried out in an objective, timely, transparent and non-discriminatory manner. The current state of allocated frequency ba nds will be made publicly available, but detailed 
identification of frequencies allocated for specific government uses is not required. 
  
  WT/ACC/SPEC/VNM/2/Rev.1
 Page 27
 LIST OF ARTICLE II (MFN) EXEMPTIONS 
 
 
Sectors or sub-sectors Description of measures  
(to be applied to sector) indicating its 
inconsistency with Article II Countries to which the 
measures applied Intended duration Conditions creating the need 
for the MFN exemption 
Audiovisual services – 
production and distribution of 
cinematographic works and 
television programmes Measures based upon government-to-
government framework agreements, and 
plurilateral agreements, on co-production of 
audiovisual works, which confer National 
Treatment of audiovisual works covered by these agreements, in particular in relation to 
distribution and access to funding. All countries with whom 
cultural cooperation may be 
desirable Indefinite The aim of these agreements 
is to promote cultural links 
between the countries 
concerned 
International maritime freight transport Cargo sharing:  
- Maritime Agreement between the 
Government of Viet Nam and the Government of Kingdom of Thailand. The Kingdom of Thailand 10 years Bilateral Agreement 
Sea-transport services 
 
- Internal road freight 
transportation by lorry; 
- cargo storage and 
warehousing; 
- container yard The three sub-sectors are subject to 
preferential treatment under Maritime 
Agreement between Viet Nam and Singapore Republic of Singapore 10 years Bilateral Agreement 
Fishery services Bilateral agreement based on reciprocity 
treatment All countries Indefinite Reserving and developing 
natural resources on the 
basis of reciprocity treatment. 
 
 
__________