ACIA Reservation Lists - Invest ASEAN

ACIA - ASEAN Comprehensive Investment Agreement

The ASEAN Comprehensive Investment Agreement (ACIA) is an ASEAN instrument that aims to enhance the attractiveness of the ASEAN region as a single investment destination. It is expected to result to a more conducive business environment, encourage investors who are not yet in ASEAN to do business in the region, provide greater confidence among current investors in the region to continue and expand their investments, and increase intra-ASEAN investment.

ACIA took effect on 29 March 2012.
To read more about the Agreement click here for the ACIA Guidebook for Businesses and Investors.
Click here to download the Agreement including its Schedule/Reservation Lists.
For quick browsing of the ACIA main text, click here.
For quick browsing of the reservations made by the ASEAN Member States, use the ACIA Database below.

ACIA Database

The database allows users to do a quick search for reservations made by the ASEAN Member States (AMS) under the ACIA. These are reservations maintained by Member States on the sectors covered for liberalisation, namely: manufacturing, agriculture, fishery, forestry, mining and quarrying, and services incidental services to these sectors.

Reservations are measures that individual AMS maintains at the central or regional level of governments, which do not conform to their National Treatment (Article 5) and Senior Management and Board of Directors (Article 8) obligations under the ACIA.

The National Treatment obligation means that investors from other ASEAN Member States and their investments will not be discriminated vis-à-vis the domestic/local investors and their investments unless specified in their reservation lists.

The Senior Management and Board of Directors obligation means a Member State shall not impose any specific nationality requirement for the senior management position unless specified in their reservation lists.

Learn more about the specifics of the reservations

How to Use the Database

The database grouped the reservations according to three categories: (1) ASEAN country, (2) sector covered for liberalisation under the ACIA, and the (3) level of government to which the reservation applies.

National Treatment shall not apply with respect to registration requirements for establishment of businesses for public or private company.

Sole Proprietors and Co-operative Societies
Consistent with the national and social development policies of Brunei Darussalam to nurture the development of local entrepreneurship, the registration for sole proprietorships or cooperative societies is only open to nationals of Brunei Darussalam.

Partnerships
Applications by foreign individuals are subject to prior written approval or clearance by the Department of Immigration, the Department of Labour, and the Department of Economic Planning and Development, before they are registered.

Branch of a foreign company
The company must at least have one resident agent in Brunei Darussalam.

For purpose of this reservation, foreign individuals refer to those who do not hold the nationality of Brunei Darussalam.

One of the 2 directors or, where there are more than 2 directors, at least 2 of them shall be ordinarily resident in Brunei Darussalam

All foreign investment in manufacturing that utilises Government industrial sites* under the control of the Industrial Development Authority (BINA) of Brunei Darussalam must have at least 30% local equity participation.

* As of the entry into force of this Agreement, the sites in operation are as follows:

1. Beribi Industrial Site
2. Lambak Kanan East Industrial Site
3. Lambak Kanan West Industrial Site
4. Serasa Industrial Site
5. Salar Industrial Site
6. Serambangun Industrial Site
7. Sungai Bera Industrial Site
8. Pekan Belait Industrial Site
9. Batu Apoi Industrial Site

All foreign investment in agriculture that utilises Government sites* as provided for by the Department of Agriculture of Brunei Darussalam must have at least 30% local equity participation.

* As of the entry into force of this Agreement, the sites in operation are as follows:

Brunei-Muara District
1. Batumpu, Bengkurong-Masin
2. KKP Tanah Tuah, Kulapis
3. KKP Si Bongkok, Kg Batong & Kg Masin
4. KKP Si Bongkok, Kg Parit, Masin
5. KKP Si Tukak 'B', Kg Limau Manis
6. KKP Lumapas
7. KKP Mulaut, Kg Mulaut
8. KKP Limpaki, Kg Mulaut
9. KKP Sungai Tajau, Wasan-Bebuloh
10. KKP Putat
11. KKP Tanjong Nangka
12. KKP Mentiri
13. KKP Wasan
14. KKP HBC Rimba
15. KKP Tungku
16. KKP Mulaut
17. KKP Limau Manis / Kuala Lurah
18. KKP Kg Bebuloh
19. KKP Jerudong (PP Luahan)
20. KKP Terunjing

Tutong District
1. KKP Sungai Paku, Mukim Telisai
2. KKP Kupang
3. KKP Maraburong
4. KKP Padnunok / Sungai Burong, Kiudang
5. KKP Bang Nukat, Lamunin (GP.133)
6. KKP Birau
7. KKP Batang Mitus
8. KKP Bang Nukat, Lamunin (GP.400)
9. KKP Sg. Supon Besar

Belait District
1. KKP Rampayoh, Kg Labi
2. KKP Merangking, Bukit Sawat
3. KKP Sungai Liang
4. KKP Tunggulian, Kg Tunggulian, Mukim Liang
5. KKP Lot Sengkuang, Labi
6. KKP Malayan 'A'
7. KKP Malayan 'B'
8. KKP Labi Lama, Kg Tarunan, Labi
9. KKP Kg. Sungai Petai, Mukim Labi
10. KKP Kg. Mumong, Mukim Kuala Belait
11. KKp Kg. Kenapol
12. KKP Kg. Singap
13. KKP Kg. Buau
14. KKP Kg. Tanjong Sudai

Temburong District
1. KKP Labu Estate A
2. KKP Labu Estate B
3. KKP Bakarut
4. KKP Perdayan
5. KKP Selapon A
6. KKP Selapon B
7. KKP Senukoh A
8. KKP Senukoh B
9. KKP Lakiun
10. KKP Sembabat
11. KKP Kampong Puni

*KKP: Kawasan Kemajuan Pertanian (Agricultural Development Area).

National Treatment shall not apply to any measure relating to any fishery activities in Brunei Darussalam, including its Economic Exclusive Zone (EEZ). This may include the requirement for all catch/produce to be processed/landed in Brunei Darussalam.

All foreign investment in this sector that utilises Government sites* as provided for by the Department of Fisheries of Brunei Darussalam must have at least 30% local equity participation.

*As of the entry into force of this Agreement, the sites in operation are as follows:

Aquaculture sites
1. Tanjung Pelompong
2. Pengkalan Sibabau, Phase I and I
3. Telisai, Phase I
4. Laluan Pulau Kaingaran
5. Tunggulian, Phase I and III

All foreign investment in this sub-sector must have at least 30% local equity participation.

National Treatment shall not apply to any measure as may be stipulated by royal decree or ‘titah’ of His Majesty the Sultan and Yang Di-Pertuan of Negara Brunei Darussalam.

Note:
Any amendment or modification of an existing measure or adoption of a new measure shall not be more restrictive to existing investors and their investments than the measure applied to such investors or investments immediately before such amendments or modification or adoption.

National Treatment shall not apply to any measure affecting:

(i) the commercialisation of projects, privatisation, corporatisation, or divestment of assets owned by the Government.

(ii) the transfer or disposal of equity interests or assets of a state enterprise, a government entity, or a government-linked company (GLC) of Brunei Darussalam.

National Treatment shall not apply to any measure on imposing licensing requirements on any business activity, including the regulation and control of such business activity, and to approve or reject the application of such licenses by foreigners, in accordance with its relevant laws and national policies.

Note 1:
This includes application of licenses for new business activities and application for renewal of licenses for existing business activities.

Note 2:
This reservation shall not include local equity requirements unless otherwise provided for in this schedule.

National treatment shall not apply to any measure with respect to any activities which relate to national food security.

National Treatment shall not apply to any measure relating to the activities using natural resources. This may include limitations in the issuance of permits and quotas.

National Treatment shall not apply to:

(i) any measure affecting all land transactions and use, including ownership and lease of land of property, and conditions on which such land shall be held, including the use of natural resources associated with such land, as subject to approval and consent by His Majesty-in-Council.

(ii) any measure affecting subdivision and consolidation of land, land use land planning and earthwork and building applications on state and private land.

Permits and licenses are no longer issued for this sub-sector following the implementation of the National Forestry Policy 1990.

National Treatment shall not apply to any measure relating to the oil and gas sector.

National treatment shall not apply to any measure affecting the sectoral activities. Foreign equity participation will be considered on a case-by-case basis.

NT shall not apply to any measure relating to land ownership, leasing, transactions, or use; including conditions on which such land shall be held, including the use of natural resources associated with land.

Ownership of Land: Only natural persons or legal entities of Khmer nationality (at least 51% of the equity held by Khmer Nationality) shall have the right to ownership of the land in the Kingdom of Cambodia. The State may also provide to natural persons or legal entities of Khmer nationality ownership over immovable property belonging to the State within the strict limits set forth in the Land Law.

A Foreign Legal Entity may use the land in various forms, including concession, long term lease for 15 (fifteen) years or more, and renewable short term lease. Land Use rights include the rights on buildings, arrangements, or improvements made by the lessee for a duration specified in the contract, provided that the uses are exercised in compliance with the law in force.

National Treatment and Senior Management, Board of Director shall not apply to any measure regarding the hiring of employment policies and obligation of the investor.

Employers must give preference to Cambodians when hiring the workers (Article 263 of Labor Law). Investors shall be obliged to promote the Cambodian staff to a senior management level, and this shall be made overtime.

The maximum percentage of foreigners who may be allowed to be employed in each of the enterprises shall not exceed 10% of the total number of Cambodian employees.

NT and SMBD may not apply to any measure relating to investment in the portfolio investment.

National Treatment and SMBD shall not apply to any measure relating to the manufacturing of narcotic and psychotropic substances.

Manufacturing of narcotic and psychotropic substances of schedule 1 is prohibited in the Kingdom of Cambodia, but the manufacturing of finished products of schedule 2 and 3 is only permitted according to the needs and planning of the Ministry of Health of Cambodia.

The production of poisonous chemicals, agriculture pesticide/ insecticide is closed to foreign investors.

The production of other goods by using chemical substances, prohibited by international regulations or the World Health Organization, is closed to all investors.

NT and SMBD shall not apply to any measure relating to restrictions or regulations on forestry and forestry-related industries.

All activities prescribing in the chapter 8 (article 28 to article 39) of the Forestry Law shall be prohibited. Natural Protected Areas shall be governed by the Law on Environmental Protection and Management of Natural Resources, with the purpose to:

protect and promote environmental quality and public health through the prevention, reduction, and control of pollution.
assess the environmental impacts of all proposed projects prior to the issuance of the decision by the Royal Government
ensure the rational and sustainable conservation, development, management, and use of the natural resources of the Kingdom of Cambodia
encourage and enable the public to participate in environmental protection and natural resource management
suppress any acts that cause harm to the environment

Cambodia measures relating to the investments in the Permanent Forest Reserves, except for rubber and eucalyptus plantations, are for the purpose of ensuring the sustainable management of forests for its social, economic and environmental benefits, including conservation of biological diversity and cultural heritage and Investors or the investment must comply with environmental impact assessment screening criteria and assessment process applicable to their proposed investments prior to their establishment, as required by the Law on Environmental Protection and Natural Resource Management of the Kingdom of Cambodia and its Sub-Decree on Environmental Impact Assessment Process (EIAP) for such investment.

In order to protect the Natural Environment in all areas within the fresh water and sea water in the Kingdom of Cambodia, all kind of sand exploitation for export abroad shall be prohibited and closed.

National Treatment and Senior Management and Board of Director shall not apply to any measure relating to mining including the sand exploitation and oil and gas activities carried out within Cambodia.

Investment license in mining including sand exploitation and oil and gas activities is required and shall be subject to terms and conditions determined by the relevant regulatory authorities including: the National Petroleum Authority and the Ministry of Industry, Mines and Energy, Ministry of Water Resources Management and Meteorology.

National Treatment may not apply to any measures affecting land, property and natural resources associated with land, including acquisition, ownership and lease of land and property

Business license is given to a foreign investment [1] as required by the relevant regulatory authorities.

National Treatment may not apply to any measure with regard to the duration [2] of the Business License.

[1] For the purpose of this reservation, the term “foreign investment” can be found in Law No. 25 of 2007.

[2] For illustrative examples, the duration of the Business License depends on the respective policy of each sector (e.g., the license period for the manufacturing sector is 30 years and for the fishery and aquaculture (sub-sector: Coral) is 5 years).

Foreign investor[1] investing in Indonesia must take the form of an Indonesian limited liability company which is subject to Indonesia’s Corporate Law, denoted as PT (Perseroan Terbatas).

[1] For the purpose of this reservation, the term “foreign investor” can be found in Law No. 25 of 2007.

Foreign investment[1] shall appoint local distribution agents to sell its products to the end-users in Indonesia.

[1] For the purpose of this reservation, the term “foreign investment” can be found in Law No. 25 of 2007.

As may be required by the relevant regulatory authorities, a company in which foreign investors[1] own 100% of shares, subject to prior notification before the grant of the license, after a certain period since commencement of commercial production, the said foreign investors should sell a part of the company’s shares to domestic investors[2].

In the case of the Mineral and Coal Mining subsector[3], foreign investors, subject to prior notification before the grant of the license, should sell their shares to domestic investors, on the condition that after five (5) years from the commencement of commercial production, domestic investors shall own at least 20% of the company’s shares.

[1] For the purpose of this reservation, the term “foreign investor” can be found in Law No. 25 of 2007.
[2] For the purpose of this reservation, the term “domestic investor” can be found in Law No. 25 of 2007.
[3] For the purpose of this reservation, the scope of the Mineral and Coal Mining subsector is defined in Law No. 4 of 2009 Concerning Mineral and Coal Mining and Government Regulation No. 23 of 2010 Concerning the Implementation of Mineral and Coal Mining Activities.

Foreign investment established under Indonesia’s Corporate Law must have certain positions[1] to be occupied by Indonesian nationals.

[1] For illustrative purposes, this may include, but is not limited to, positions that deal with personnel affairs.

National Treatment may not apply to any measure with regard to privatization[1], or divestment of assets through transfer or disposal of equity interests or assets of State-owned enterprises, including Badan Usaha Milik Negara and Badan Usaha Milik Daerah[2].

[1] For the purpose of this reservation, the privatization plan can be found in Law No. 19 of 2003.
[2] For the purpose of this reservation, Badan Usaha Milik Negara refers to State-Owned Enterprises, while Badan Usaha Milik Daerah refers to Provincial-Owned Enterprises.

National Treatment and SMBD shall not apply to any measure with regard to special preferences given for Micro, Small and Medium-sized Enterprises, and Cooperatives, denoted as Usaha Mikro, Kecil, Menengah dan Koperasi (UMKMK)[1].

[1] For the purpose of this reservation, the definition of Micro, Small, and Medium-Sized Enterprises (UMKM) can be found in Law No. 20 of 2008. The definition of Cooperatives can be found in Law No. 25 of 1992.

For illustrative purposes, the criteria for Micro, Small, and Medium-Sized Enterprises, as stipulated in Law No. 20 of 2008, are as follows:

(1) Micro Enterprise
a. Has net assets, excluding land and buildings, up to IDR 50 million; or
b. Has annual sales up to IDR 300 million.

(2) Small Enterprise
a. Has net assets, excluding land and buildings, more than IDR 50 million up to IDR 500 million; or
b. Has annual sales more than IDR 300 million up to IDR 2.5 billion.

(3) Medium Enterprise
a. Has net assets, excluding land and buildings, more than IDR 500 million up to IDR 10 billion; or
b. Has annual sales more than IDR 2.5 billion up to IDR 50 billion.

(4) Adjustment Clause
The nominal amounts determined in points (1), (2), and (3) above may be changed due to economic conditions by Presidential Regulation.

National Treatment shall not apply to any measures with respect to activities which relate to national food security.

National Treatment shall not apply to any measure affecting the type of activities which may be conducted on land or the usage of land, including but not limited to, land zoning, land use and urban planning policies.

Traditional fishery[1] is not allowed to be undertaken by foreign investors[2]. Foreign investors are allowed to undertake fishery activities in Indonesia and its Exclusive Economic Zone, subject to licensing conditions imposed by the relevant regulatory authorities.

[1] For the purpose of this reservation, the term “traditional fishery” refers to “small-scale fisherman” as stipulated in Law No. 31 of 2004 as amended by Law No. 45 of 2009 concerning Fishery, and Regulation of the Minister of Marine Affairs and Fisheries of the Republic of Indonesia No. PER.05/MEN/2008 as amended by No. PER.12/MEN/2009 regarding Capture Fishery. A small-scale fisherman is defined as any person whose livelihood is fishing to fulfill daily life needs.

[2] For the purpose of this reservation, the term “foreign investor” can be found in Law No. 25 of 2007.

National Treatment shall not apply to any measures relating to portfolio investment

National Treatment may not apply in the measures relating to the employment of expatriates. Restrictions may be imposed on the number, duration and type of expatriates employed.

National Treatment may not apply to any measures relating to the issuance of investment implementation licenses/permits[1] at the provincial level[2], which shall be considered on a case-by-case basis.

[1] For illustrative purposes, this may include location permits, building permits, and nuisance permits.
[2] For the purpose of this reservation, “provincial level” means the regional level of government as in ACIA.

NT and SMBD may not apply in the event where activities restricted to designated enterprises[1] are liberalized to those other than the designated entities, or in the event where such designated enterprises no longer operate on a non-commercial basis.

[1] For illustrative purposes, this may include the State Forestry Public Enterprise (Perum PERHUTANI) and the National Money Printing Public Enterprise (Perum PERURI).

For companies/projects that are in existence before the entry into force of this Agreement, conditions imposed in their approvals for license/permits shall continue to apply. Any changes to these conditions shall be subject to approval.

Certain restrictions or requirements that may be inconsistent with National Treatment may be imposed on foreign investors regarding the establishment of the following lines of business in Indonesia:

1. Closed to Foreign Investors and Special Permit for Domestic Investors (from Relevant Ministerial/Government Authority):

Utilization (exploitation) and distribution of coral/decorative coral from nature for aquarium usage.

Utilization (exploitation) and distribution of coral/dead coral resulting from transplantation/propagation techniques.

2. Foreign Capital Ownership Limitation:

Coral breeding/cultivation with a maximum foreign capital ownership of 49%.

National Treatment and Senior Management and Board of Directors shall not apply to any measures related to the Horticulture subsector activities including but not limited to breeding and propagation, cultivation, harvest and post-harvest, processing, and their services incidental.

Transition period of four years is provided for existing investors in the Horticulture subsectors to make adjustment to comply with measures stated in the Law No. 13 of 2010 and its implementing regulation.

The definition of Horticulture subsectors can be found in the Law No. 13 of 2010.

Existing investors refer to the existing investors before the enactment Law No. 13 of 2010.

Certain restrictions/requirements which may be inconsistent with National Treatment may be imposed on foreign investors on the establishment of the following lines of business in Indonesia:

Agriculture
Closed to Foreign Investors
For each individual crop cultivation in an area less than or equal to 25 hectares:
Main food crops are corn, soy, peanuts, green beans, rice, cassava, sweet potato; other food crops are wheat, oats, barley, rye, millet, taro, and other food crops not classified elsewhere (ISIC 0111, 0112).
For each individual crop cultivation in an area less than 25 hectares:
Estate crops as follows:
Sugar cane and other sweetening plant cultivation, tobacco plantation, rubber and other latex-producing plantations, cotton plantation, textile raw material crop plantation, medicinal/pharmaceutical crop plantation, essential oil crop plantation, and other crop plantations not classified elsewhere (ISIC 0111, 0112).

Coconut plantation, palm plantation, beverage material crop plantation (tea, coffee, and cocoa), cashew plantation, peppercorn plantation, clove plantation, and other spices crop plantation (ISIC 0113).

Breeding and propagation of the following:

Jatropha curcas plantation, sugar cane and other sweetening plants, tobacco plant, rubber and other latex-producing plants, textile raw material plant, medical/pharmaceutical plant, cotton plant, essential oil plant, and other plants not classified elsewhere (ISIC 0111, 0112).
Coconut plant, palm plant, plants for beverage material (tea, coffee, and cocoa), cashew plant, peppercorn plant, clove plant, and other spices plants (ISIC 0113).
Breeding and propagation of forest plants (ISIC 0111, 0200).
Pig breeding and farming in a quantity less than or equal to 125 heads, native chicken (“ayam buras”) and its cross-breeding and farming (ISIC 0122).
Plantation processing product business industry below certain capacity according to Regulation of Minister of Agriculture Number 26 of 2007:
Dry clove flower industry (ISIC 0140).
Capturing and propagating wildlife from natural habitat except reptiles (snake, lizard, turtle, soft shell turtle, and crocodile) (ISIC 0150).
Special Permit from Relevant Ministerial/Government Agencies and Foreign Capital Ownership Limitation
Cultivation of agricultural germ plasm, including food crops, horticulture, plantation, livestock (maximum foreign capital ownership 49%) with special permit from the Minister of
Agriculture (ISIC 0111, 0112, 0113, 0121, 0122).
Cultivation and processing of genetically modified organism (GMO) products (maximum foreign capital ownership 49%) with special permit from the Minister of Agriculture (ISIC 0111, 0112, 0113, 0121, 0122).
For each individual crop cultivation in an area of more than 25 hectares with special permit from the Minister of Agriculture:
Main food crops are corn, soy, peanuts, green beans, rice, cassava, sweet potato (maximum foreign capital ownership 49%) (ISIC 0111, 0112).
Other food crops are wheat, oats, barley, rye, millet, taro, and other food crops not classified elsewhere (maximum foreign capital ownership 95%) (ISIC 0111, 0112).
For each individual crop culturing medium/nursery business with special permit from the Minister of Agriculture:
Main food crops are corn, soy, peanuts, green beans, rice, cassava, sweet potato (maximum foreign capital ownership 49%) (ISIC 0111, 0112).
Other food crops are wheat, oats, barley, rye, millet, taro, and other food crops not classified elsewhere (maximum foreign capital ownership 95%) (ISIC 0111, 0112).
Estate crops plantation with an area equal to or more than 25 hectares, up to a certain area stipulated in Regulation of Minister of Agriculture Number 26 of 2007, is subject to a maximum foreign capital ownership of 95% and a special permit from the Minister of Agriculture:
a. Without an integrated processing unit
Jatropha curcas plantation; sugar cane and other sweetening plants; tobacco plantation; rubber and other latex-producing plantation; raw material textile crop plantation; cotton plantation; medicinal/pharmaceutical crop plantation; essential oil crop plantation; other crop plantations not classified elsewhere (ISIC 0111, 0112).
Coconut plantation; palm plantation; crop plantation for beverage material (tea, coffee, and cacao); cashew plantation; peppercorn plantation; clove plantation; other spices crop plantations (ISIC 0113).
b. With an integrated processing unit with an input capacity equal to or more than a certain capacity as stipulated in Regulation of Minister of Agriculture Number 26 of 2007
Clove plantation and dry flower clove industry (ISIC 0113 & 0140).
Cotton plantation and cotton fiber and seed industry (ISIC 0111 & 1514, 1711).
Cashew plantation and cashew seed industry and Cashew Nut Shell Liquid (CNSL) (ISIC 0113 & 1531).
Peppercorn plantation and dry white peppercorn and dry black peppercorn industry (ISIC 0112 & 1531, 1549).
Jatropha plantation and Jatropha curcas oil industry (ISIC 0111 & 2429).
Sugar cane plantation; sugar industry; sugar cane and sugar cane residue (ISIC 0111 & 1542).
Tobacco plantation and dry tobacco leaves industry (ISIC 0111 & 1600).
Coconut plantation and coconut oil industry (ISIC 0113 & 1514).
Coconut plantation and copra, fiber, coconut charcoal, dust, nata de coco industry (ISIC 0113, 1514 & 1549).
Palm plantation and palm oil industry (CPO) (ISIC 0113 & 1514).
Cacao plantation and cleaning, peeling and drying industry (ISIC 0113 & 0140, 1543).
Tea plantation and black/green tea industry (ISIC 0113 & 1549).
Essential oil crop plantation and essential oil industry (ISIC 0111, 0112, 0113 & 2429).
Coffee plantation and coffee sorting, cleaning and peeling industry (ISIC 0113 & 0140, 1549).
Rubber plantation and sheet, thick latex industry and crumb rubber industry (ISIC 0111 & 2519).

Seed plantation other than coffee and cacao and seeds other than coffee and cacao cleaning and peeling industry (ISIC 0111, 0112, 0113 & 0140, 1531).

Estate crops plantation with an area more than a certain area as stipulated in the Regulation of Minister of Agriculture Number 26 of 2007 is required to have an integrated processing unit with an input capacity equal to or more than a certain capacity as stipulated in that regulation, and is subject to maximum foreign capital ownership of 95% and a special permit from the Minister of Agriculture:

Clove plantation and dry flower clove industry (ISIC 0113 & 0140).
Cotton plantation and cotton fiber and seed industry (ISIC 0111 & 1514, 1711).
Cashew plantation and cashew seed industry and Cashew Nut Shell Liquid (CNSL) (ISIC 0113 & 1531).
Peppercorn plantation and dry white peppercorn and dry black peppercorn industry (ISIC 0112 & 1531, 1549).
Jatropha plantation and Jatropha curcas oil industry (ISIC 0111 & 2429).
Sugar cane plantation; sugar industry; sugar cane and sugar cane residue (ISIC 0111 & 1542).
Tobacco plantation and dry tobacco leaves industry (ISIC 0111 & 1600).
Coconut plantation and coconut oil industry (ISIC 0113 & 1514).
Coconut plantation and copra, fiber, coconut charcoal, dust, nata de coco industry (ISIC 0113, 1514 & 1549).
Palm plantation and palm oil industry (CPO) (ISIC 0113 & 1514).
Cacao plantation and cleaning, peeling and drying industry (ISIC 0113 & 0140, 1543).
Tea plantation and black/green tea industry (ISIC 0113 & 1549).
Essential oil crop plantation and essential oil industry (ISIC 0111, 0112, 0113 & 2429).
Coffee plantation and coffee sorting, cleaning and peeling industry (ISIC 0113 & 0140, 1549).
Rubber plantation and sheet, thick latex industry and crumb rubber industry (ISIC 0111 & 2519).
Seed plantation other than coffee and cacao and seeds other than coffee and cacao cleaning and peeling industry (ISIC 0111, 0112, 0113 & 0140, 1531).
Breeding and propagation of the following for an area of 25 hectares or over, up to a certain area according to Regulation of Minister of Agriculture Number 26 of 2007, with maximum foreign capital ownership of 95%, with a special permit from the Minister of Agriculture:
Jatropha curcas plantation; sugar cane and other sweetening plant plantation; tobacco plantation; raw material textile crop plantation; cotton plantation; rubber and other latex-producing plantation; other crop plantations not classified elsewhere; medicinal/pharmaceutical crop plantation; essential oil crop plantation (ISIC 0111, 0112).
Cashew plantation; coconut plantation; palm plantation; crop plantation for beverage material; peppercorn plantation; clove plantation; other spices crop plantation (ISIC 0113).

Product processing plantation industry (harvesting and activities relating to harvesting) with an input capacity equal to or exceeding a certain limit as stated in Regulation of the

Minister of Agriculture Number 26 of 2007, with maximum foreign capital ownership of 95%, with a special permit from the Minister of Agriculture:

Dry clove flower industry (ISIC 0140).
Foreign Capital Ownership Limitation
Hunting business in hunting parks and hunting blocks (maximum foreign capital ownership 49%) (ISIC 0150).
Raising wild animals (ISIC 0150).
Partnership with Micro, Small and Medium-Sized Enterprises and Cooperatives
Tobacco drying and preliminary processing industry (ISIC 0111).
Silkworm cocoon/chrysalis (natural silk) farming; bee farming (ISIC 0122).
Locational Requirements
Pig breeding and farming (for quantity of more than 125 heads) with a special permit from the local authority (ISIC 0122).
Special Permit from Relevant Ministerial/Government Agencies (applies to both local and foreign investors)
Capturing and propagating reptiles (snake, lizard, turtle, soft shell turtle, and crocodile) from natural habitat with a special permit from the Minister of Forestry (ISIC 0150).
Services Incidental to Agriculture
Open with certain restriction
Estate plantation (CPC 88110).
Pest (diseases and insects) forecasting, control and equipment rental (partnership with Micro, Small and Medium-Sized Enterprises and cooperatives).
Agriculture (CPC 88110) (partnership with Micro, Small and Medium-Sized Enterprises and cooperatives).
Food crops land/soil preparation, harvesting, threshing, rice milling unit (to be located outside of Java Island).
Horticultural pest control (diseases and insects).
Food crop pest control.
Livestock (CPC 88110).
a. Partnership with Micro, Small and Medium-Sized Enterprises and cooperatives.
Slaughterhouses for cattle/poultry.
b. Partnership with Micro, Small and Medium-Sized Enterprises and cooperatives and special permit from relevant ministerial/government agencies.
Meat processing/butchering plant.
Estate plantation (CPC 88110): partnership with Micro, Small and Medium-Sized Enterprises and cooperatives.
Land/soil preparation.
Landscape planning and survey.
Plant breeding/transplantation and nursery.

Footnotes

[1] Partnership with Micro, Small and Medium-Sized Enterprises and cooperatives means cooperation between MSMEs/cooperatives and foreign investors, which may take any of the following forms: joint operation (plasma-core), subcontracting, franchise, distributorship, general trading, joint venture, and outsourcing.

[2] The definition of Micro, Small, and Medium-Sized Enterprises (UMKM) can be found in Law No. 20 of 2008. The definition of Cooperatives can be found in Law No. 25 of 1992.

[3] Same definition of partnership with MSMEs and cooperatives as in [1].

[4] Same references for UMKM and Cooperatives as in [2].

Certain restrictions/requirements which may be inconsistent with National Treatment may be imposed on foreign investors on the establishment of the following line of businesses in Indonesia:

Mining & Quarrying
Closed to Foreign Investors
Sea sand extraction (ISIC 1410).
Foreign Capital Ownership Limitation
Geothermal drilling (maximum foreign capital ownership 95%) (ISIC 1110, 1120).
Oil and gas drilling offshore outside of Eastern Indonesia Territory (maximum foreign capital ownership 95%) (ISIC 1110, 1120).
Oil and gas drilling onshore (maximum foreign capital ownership 95%) (ISIC 1110, 1120).
Special Permit from Relevant Ministerial/Government Agencies
Radioactive mineral mining (ISIC 1200). Special permit is required from the National Agency for Atomic Energy (BATAN).
Drilling of crude oil and gas on fee or contract basis (ISIC 1120). Special permit is required from the Minister of Energy and Mineral Resources, on condition of cooperation with national enterprises and only offshore drilling.
Services Incidental to Mining & Quarrying
Closed Only for Foreign Investors
Services of bottling and filling of Liquified Petroleum Gas (LPG) (CPC 8830).
Open with Certain Restriction
Operation and maintenance services of geothermal facility (maximum foreign capital ownership 90%) (ISIC 8830).
Operation and maintenance services of oil and gas facility (maximum foreign capital ownership 95%) (ISIC 8830).
Services incidental to the following general mining activities (CPC 8830) (special permit from the Minister of Energy and Mineral Resources):
Research for general investigation and exploration of mines in offshore or onshore with various research methods.
Laboratory analysis and mini processing.
Research and feasibility study on environment.
Mine construction, cutting, top layer excavation, mining and mine transportation, and mine reclamation.
Consultancy on mining.
Operation and consultancy on planning of building construction and other facilities in surrounding general mining project.
Other business directly related and supporting mining business.

Certain restrictions/requirements which may be inconsistent with National Treatment may be imposed on foreign investors on the establishment of the following line of businesses in Indonesia:

Forestry
Closed to Foreign Investors
Exploitation of other forest plants (sugar palm, pecan, tamarind seed, charcoal raw material, cinnamon, etc.) (ISIC 0200).
Exploitation of swallow nests in nature (ISIC 0200).
Primary industry of forest products other than wood (pine sap, bamboo) (ISIC 0200).
Gathering wild-growing forest plants (ISIC 0200).
Exploitation of wood forest products from the natural forest (ISIC 0200).
Forest ecosystem restoration (ISIC 0200).
Exploitation of wood forest products from community-based forests (ISIC 0200).
Exploitation of water resources in forest areas (ISIC 0200).
Foreign Capital Ownership Limitation
Growing and gathering wild plants (maximum foreign capital ownership 49%) (ISIC 0200).
Partnership with Micro, Small and Medium-Sized Enterprises and Cooperatives
Rattan exploitation, bamboo exploitation, Aquilaria malaccensis (gaharu) exploitation, shellac exploitation, alternative crop plant (sago) exploitation, pine sap exploitation, resin exploitation, eaglewood exploitation, exploitation of latex-producing plants (ISIC 0200).
Special Permit from the Minister of Forestry
Development of technology used on plant and wildlife genetics (ISIC 0200).
Services Incidental to Forestry
Industries Closed to Foreign Investors
Contractors in the field of lumbering (CPC 88140).

Footnotes

[2] The definition of Micro, Small, and Medium-Sized Enterprises (UMKM) can be found in Law No. 20 of 2008. The definition of Cooperatives can be found in Law No. 25 of 1992.

Certain restrictions/requirements which may be inconsistent with National Treatment may be imposed on foreign investors on the establishment of the following line of businesses in Indonesia:

Mining & Quarrying
Closed to Foreign Investors
Sea sand extraction (ISIC 1410).
Foreign Capital Ownership Limitation
Geothermal drilling (maximum foreign capital ownership 95%) (ISIC 1110, 1120).
Oil and gas drilling offshore outside of Eastern Indonesia Territory (maximum foreign capital ownership 95%) (ISIC 1110, 1120).
Oil and gas drilling onshore (maximum foreign capital ownership 95%) (ISIC 1110, 1120).
Special Permit from Relevant Ministerial/Government Agencies
Radioactive mineral mining (ISIC 1200). Special permit is required from the National Agency for Atomic Energy (BATAN).
Drilling of crude oil and gas on fee or contract basis (ISIC 1120). Special permit is required from the Minister of Energy and Mineral Resources, on condition of cooperation with national enterprises and only offshore drilling.
Services Incidental to Mining & Quarrying
Closed Only for Foreign Investors
Services of bottling and filling of Liquified Petroleum Gas (LPG) (CPC 8830).
Open with Certain Restriction
Operation and maintenance services of geothermal facility (maximum foreign capital ownership 90%) (ISIC 8830).
Operation and maintenance services of oil and gas facility (maximum foreign capital ownership 95%) (ISIC 8830).
Services incidental to the following general mining activities (CPC 8830) (special permit from the Minister of Energy and Mineral Resources):
Research for general investigation and exploration of mines in offshore or onshore with various research methods.
Laboratory analysis and mini processing.
Research and feasibility study on environment.
Mine construction, cutting, top layer excavation, mining and mine transportation, and mine reclamation.
Consultancy on mining.
Operation and consultancy on planning of building construction and other facilities in surrounding general mining project.
Other business directly related and supporting mining business.

Foreign investors are not allowed to own land, but are allowed to lease land or to receive a grant concession of land for investment purposes.

The period of the lease is between 35–50 years and can be extended for another 25 years to a maximum of 75 years, for agriculture, mining, and energy.

Foreign investors needs to obtain investment license as follows:

For investment of more than USD 5 million in the provinces of Savannakhet, Champasack and Luangpabang, and for investment of more than USD 3 million in other provinces, requirement of investment license from the Ministry of Planning and Investment (MPI).
Investment licenses may be obtained either from the MPI or from the Committee for promotion and Management of Investment (CPMI), for investment of less than USD 5 million in the provinces of Savannakhet, Champasack and Luangpabang.

Investment licenses may be obtained either from the MPI or from the Committee for promotion and Management of Investment (CPMI), for investment of less than USD 3 million in the other provinces.

The investment term of a foreign investment enterprise depends on the nature, size and conditions of the business activities or project but shall not exceed fifty years and may be extended with the approval of the government. However, the investment term of a foreign investment enterprise shall be for a maximum of seventy-five years.

There are 3 types of businesses for foreign investment: Joint VentureA , wholly-owned foreign and business cooperation by contracts.

Foreign investors investing in a Joint Venture must contribute at least thirty percent (30%) of the total investment capital and minimum registered capital USD 100,000

Investment in mining operations in Lao PDR shall take following forms:

sole investment by the state;
joint investment between the state and domestic or foreign investors;
collective or private investment from domestic investors.

Reserved exclusively for Lao citizens, to promote the domestic production and exportation. Subject to joint venture with domestic investors and/or export 100%.

The establishment of the new wood processing factory is not permitted, except the case of utilizing raw material (wooden) from the reforestation or forest plantation. No new wood processing factory is to be licensed, but investment is promoted if planted wood is used.

Collection of Guano is reserved for citizens and companies wholly-owned by citizens.

Subject to agreement and specific approval from the Lao government.

Operation of fish/aquaculture hatcheries in the Mekong River and its tributaries in Lao PDR is reserved for citizens and companies wholly-owned by Lao citizens. No foreigner is authorize to undertake fishing activity for commercial purposes in Lao PDR.

For a company incorporated in Malaysia, at least 2 directors must have their principal or only place of residence in Malaysia.

National Treatment may not apply to any measures affecting land, property and natural resources associated with land, including acquisition, ownership and lease of land and property.

National Treatment may not apply to any measure with respect to treatment of shares in the share capital of a corporation quoted on the official list of the stock exchange, which have been deposited with the central depository, that restricts the rights, benefits, powers, and privileges or makes them subject to liabilities, duties, and obligations, where such shares are owned by a foreigner, or the shares are quoted separately as foreign shares on the official list of a stock exchange.

National Treatment may not apply to any measure with respect to any security to be listed or listed on a stock exchange, and securities subject to regulation governing acquisition of interests or take-overs and mergers.

National Treatment and Senior Management and Board of Directors may not apply to privatisation, or divestment of assets through transfer or disposal of equity interests or assets owned wholly or partially by the Government or Government-linked entity.

All privatised projects are subject to Malaysia’s development policies and the Privatisation Master Plan with regard to foreign participation. Privatisation projects must be at least 75% Malaysian-owned. Foreign participation may be considered in the following cases:

Where foreign expertise is needed to upgrade efficiency and such expertise is not available locally.
Where their participation is necessary to promote export markets.
Where local capital is insufficient.
Where the nature of business requires international linkages and exposure.

All conditions imposed on existing privatised entities will continue to be applicable.

National Treatment and Senior Management and Board of Directors may not apply in the event where activities restricted to designated enterprises are liberalized to those other than the designated entities, or in the event where such designated enterprises no longer operate on a non-commercial basis.

National Treatment and Senior Management and Board of Directors may not apply to any measure relating to special preferences to:
(i) Bumiputera; and
(ii) Bumiputera-status companies, trust companies, and institutions.

National Treatment and Senior Management and Board of Directors may not apply in the measures relating to the employment of expatriates. Restrictions may be imposed on the number, duration and type of expatriates employed.

National Treatment may not apply to any measures relating to acquisition and ownership of National and State unit trusts.

National Treatment may not apply to any measure relating to the rights of statutory bodies

For companies/projects that are in existence before the entry into force of this Agreement, conditions imposed in their approvals for licence/permits shall continue to apply. Notwithstanding the liberalisation of similar licence conditions for new companies/ projects, or expansion and/or diversification projects, any liberalisation for existing companies/projects shall be considered on a case by case basis.

Foreign equity is limited up to 30% in the following activities/products:

Fabrics and apparels of Batik (ISIC 1711, ISIC 1712, ISIC 1810)
Integrated Portland Cement (ISIC 2694)

The following activities/products may be subjected to conditions which may be inconsistent with National Treatment:

Sectors with specific conditions

Pineapple canning (ISIC 1513)
Palm oil milling and refining (ISIC 1514)
Wood-based products utilizing local logs (ISIC 2010, ISIC 2021, ISIC 2022)
Steel billets/blooms (ISIC 2710)
Arms, weapons, ammunitions, explosive, pyrotechnic products, propellant powders, detonating or safety fuses, and the like (ISIC 2429, ISIC 2927)
Petroleum refining (ISIC 2320)
Manufacture/assembly of motor vehicles, passenger cars, and commercial vehicles (ISIC 3410)

Sectors which are currently closed

Sugar refining (ISIC 1542)
Liquors and alcoholic beverages (ISIC 1551-3)
Tobacco processing and cigarettes (ISIC 1600)
Hot rolled steel bars and wire rods (ISIC 2710)
Optical discs, including CD, CD-ROM, VCD, DVD (ISIC 2230)
Biodiesel (ISIC 2411)
Collection, storage, treatment, and disposal of hazardous and toxic wastes
Ordinary Portland Cement (non-integrated) (ISIC 2694)

Foreign fishing vessels are not allowed to fish or attempt to fish or conduct any research or survey in Malaysia’s Exclusive Economic Zone (EEZ).

No foreign fishing vessels shall load or unload or land any fish, fuel or supplies or tranship any fish in Malaysian fisheries waters or Malaysian ports without written approval by the Malaysian Government.

National Treatment may not apply to any measure relating to tuna fishing. Local equity requirement may be imposed in the establishment of a business operation in Malaysia.

Equity ownership must be in line with the national development objectives of growth with equity in order to meet distributional goals.

National Treatment may not apply to measures relating to forest plantation.

Extraction and harvesting of timber is closed to foreign investors in Peninsular Malaysia and Sabah. However, for Sarawak, local involvement and majority local control is required. Forest areas to be opened for such activities will be gradually reduced in the future to enable the resources to be managed sustainably.

For services incidental to extraction and harvesting of timber is closed to foreign investors in Peninsular Malaysia and Sabah. However, for Sarawak, maximum foreign equity ownership allowed is 30%; flexibility could be considered on a case by case basis.

PETRONAS is given the exclusive rights, powers, liberties and privileges to explore, exploit, win and obtain petroleum, whether onshore or offshore of Malaysia.

National Treatment and Senior Management and Board of Directors may not apply to any measure relating to mining and quarrying activities. Joint ventures with state or state-linked enterprises may be required.

No new permits are issued to foreign investors

For Manufacture of pulp, paper and paper board (ISIC 2101), integrated project is compulsory. Integrated project means combining of all plants into a whole Mill which compose Pulp Plant, Paper Plant, Chemical Plant, Recovery Plant, Power Plant and Waste Water Treatment Plant etc.

Only allowed to State-owned Enterprises under the Ministry.

Require permission from Food and Drug Administration (FDA) under the Ministry of Health.

State-owned Enterprises are allowed to operate oil refining and undertake refining activities.

Myanmar Nationals/ Myanmar Companies established under the existing Laws of Myanmar can be allowed subject to the approval of the Cabinet on a case-by-case basis.

Newspaper business must be run by Government bodies only.

Reproduction of recorded media business must be run by Government and Myanmar nationals only.

Only allowed to State-owned Enterprise under the Ministry

If any investor desires to engage in a fishery in the exclusive economic zone, he shall apply to the Department of Fisheries in the prescribed form. Such an investor shall form a joint venture with State organization (or) existing joint venture company or private Myanmar Company, subject to the approval of the Government. Provided that in exceptional circumstances, he may apply for permission to operate a fishery in other fisheries waters.(Chapter 3, para 6 at Law Relating to the Fishing Rights of Foreign Fishing Vessels)(1989).

Such an investor shall initially discuss with the Department of Fisheries under the Ministry of Livestock and Fishery. The Ministry shall submit the proposal to Cabinet through Myanmar Investment Commission (MIC) and Trade Council. After getting approval from Cabinet, MIC will issue the investment permit. An investor who has been granted a fishery on application under section 6 shall obtain a licence and register at the Department of Fisheries.

If any investor desires to engage in a fishery in the exclusive economic zone, he shall apply to the Department of Fisheries in the prescribed form. Such an investor shall form a joint venture with State organization (or) existing joint venture company or private Myanmar Company, subject to the approval of the Government. Provided that in exceptional circumstances, he may apply for permission to operate a fishery in other fisheries waters.(Chapter 3, para 6 at Law Relating to the Fishing Rights of Foreign Fishing Vessels)(1989)

Such an investor shall initially discuss with the Department of Fisheries under the Ministry of Livestock and Fishery. The Ministry shall submit the proposal to Cabinet through Myanmar Investment Commission (MIC) and Trade Council. After getting approval from Cabinet, MIC will issue the investment permit. An investor who has been granted a fishery on application under section 6 shall obtain a licence and register at the Department of Fisheries.

According to the section-3 of State-owned Economic Enterprises (SEEs) Law (1989), Exploration and Extraction of Natural Gas and Petroleum are restricted activities to be carried out solely by the State. However, investor who wants to engage in these activities shall initially discuss with the Ministry of Energy under Production Sharing Contract. The Ministry shall submit the proposal to Cabinet through MIC and Trade Council. After getting approval from Cabinet, the Government will issue notification subject to the State-owned Economic Enterprises Law.

The Management Committee shall consist of a total of 7 members, 4 from the Myanmar side, one of whom shall act as Chairman and 3 from the investor side according to Production Sharing Contract or according to the agreement between Ministry of Energy and the investor.

Foreigners and foreign companies are not allowed for prospecting, exploration and mining of gemstone.

Services relating to prospecting, exploration and mining of gemstone are only allowed to the Companies formed solely with Myanmar Citizen under the Special Company Act 1950.

The composition of Joint Management Committee may consist of a minimum of five members and to be mutually agreed by Product Sharing Contract (PSC) Partners.

A minimum of three members from Myanmar side one of who shall act as chairman and two members from the partner company.

The Joint Management Committee is responsible for assisting the General Manager in decision making in financial, technical and procurement issues.

National Treatment may not apply to any measures affecting land , property and natural resources associated with land. Land is owned by the State. However, government-owned lands, lands owned by the government department, organization and private lands owned by the citizen can be leased for initial 30 years and extendable two consecutive terms of 15 years subject to the approval of the Myanmar Investment Commission.

Company incorporation

A foreign company, whether a hundred percent owned or a joint venture and a branch/ representative office, is required to apply and obtain a permit for business operation.

A joint venture with the State equity formed under the Special Company Act 1950 is exempted from obtaining a permit.

National Treatment shall not apply to any measure affecting land and property associated with land, including their acquisition, ownership, lease, development, utilization, conservation and protection.

National Treatment and the Senior Management and Board of Directors obligations shall not apply to:

1. a right, franchise, privilege, property or business, which is expressly reserved by the Constitution or the laws of the Philippines to its citizens and its qualified entities that has been transferred, conveyed or leased to a foreign investor not possessing the prescribed requisites by the Constitution or such laws; and

2. a foreign investor that intervenes in the management, operation, administration or control of such businesses which are reserved for Filipinos, whether such investors are officers, employees or laborers therein, except technical personnel whose employment may be specifically authorized by the Secretary of Justice.

Note:
The election of aliens as members of the board of directors or governing body of corporation or associations engaging in partially nationalized activities shall be allowed in proportion to their allowable participation or share in the capital of such entities.

National Treatment shall not apply to measures affecting the establishment of a corporation, partnership, sole proprietorship, association or branch office of a foreign corporation. The operations of these entities shall be subject to their continuing compliance with registration and qualification requirements.

Domestic corporations shall comply with the following requirements:
1. Majority of the incorporators must be residents of the Philippines.
2. Corporate secretary shall be a resident and citizen of the Philippines.
3. Treasurer shall be a resident of the Philippines
4. Majority of the directors must be residents of the Philippines.

Branch of a foreign corporation shall have at least one resident agent in the Philippines.

National Treatment shall not apply to any measure relating to registration of foreign investment (equity and debt) and foreign loans with the Bangko Sentral ng Pilipinas.

Note:
Registration of a foreign investment (equity and debt) with the Bangko Sentral ng Pilipinas (BSP) is required if the foreign exchange needed to service the repatriation of capital and the remittance of dividends, profits and earnings which accrue thereon shall be sourced from Authorized Agent Banks (AABs) or AAB foreign exchange corporations.

The approval and registration with BSP of a foreign loan is required if the foreign exchange needed to service the loan shall be sourced from AABs or AAB foreign exchange corporations, except in the following cases, which require BSP prior approval and registration regardless of source of foreign exchange for servicing: (a) public debt; and (b) private debt which are:
(i) guaranteed by government corporations and/or government financial institutions, or by AABs; or
(ii) granted by local banks and directly funded or collateralized by offshore loans or deposits.

National Treatment shall not apply to any measure relating to cooperatives. No foreign equity allowed.

Note:
As a general concept, a cooperative is a duly registered association of persons, with a common bond of interest, who have voluntarily joined together to achieve a lawful common, social or economic end, making equitable contributions to the capital required and accepting a fair share of the risks and benefits of the undertaking in accordance with universally accepted cooperative principles.

National Treatment and the Senior Management and Board of Directors obligations shall not apply to any measure relating to:

1. certain areas of investments, when national interest so dictates; and,
2. regulation over foreign investments within its national jurisdiction and in accordance with its national goals and priorities, as embodied in the Philippines Medium Term Development Plan and provided that such measure shall not affect such existing investments, where such measure is necessary and would not constitute arbitrary or unjustifiable discrimination or a disguised restriction on foreign investments.

National Treatment and the Senior Management and Board of Directors obligations shall not apply to any measure relating to small and medium sized domestic market enterprise

Foreign equity is restricted to a maximum of 40% for domestic market enterprises with paid-in equity capital of less than the equivalent of USD 200,000

Note:
Members of the Board of Directors or governing body of corporation or associations shall be allowed in proportion to their allowable participation or share in the capital of such enterprises.

National Treatment and the Senior Management and Board of Directors obligations shall not apply to any measure relating to portfolio investments, which shall include but not be limited to stocks listed in the Philippine Stock Exchange, bonds and other securities.

National Treatment shall not apply to any measure relating to export requirement.

Foreign-owned corporations/entities shall export at least 60% of their output to be considered an export enterprise and subject to certain terms and conditions.

National Treatment and the Senior Management and Board of Directors obligations shall not apply to any measure affecting the grant of licenses and permits. This shall include but not be limited to equity restrictions, minimum investment thresholds, duration or validity, areas or hectarage and other conditions and requirements.

National Treatment and the Senior Management and Board of Directors obligations shall not apply to any measure relating to privatization programs and divestment of assets requirement

National Treatment and the Senior Management and Board of Directors obligations shall not apply to any measure of Autonomous Region of Muslim Mindanao and the Cordillera Administrative Region.

No foreign equity allowed.

National Treatment and the Senior Management and Board of Directors (SMBD) obligations shall not apply to any measure relating to the employment of foreign nationals. Restrictions may be imposed on the number, duration and type of SMBD positions where foreign nationals may be employed.

National Treatment and the Senior Management and Board of Directors obligations shall not apply to measures relating to investments such as but not limited to the following sectors, for reasons of security, defense, risk to health and morals:

1. Manufacture of firecrackers and other pyrotechnic devices
2. Manufacture of arms and explosives
3. Manufacture of dangerous drugs

National Treatment and the Senior Management and Board of Directors obligations shall not apply to measures relating to investments such as but not limited to the following sectors, consistent with economic development goals:

1. Manufacture of iron and steel products; and,
2. Establishment, installation, addition and operation of any wood or forest products processing plants.

Measures may include but not be limited to foreign equity restrictions and export requirements.

National Treatment and the Senior Management and Board of Directors obligations shall not apply to any measure relating to food security, poverty alleviation and social equity, income enhancement and profitability, global competitiveness and sustainability. This shall include restrictions on foreign equity.

National Treatment and the Senior Management and Board of Directors obligations shall not apply to any measure relating to utilization, exploitation, occupation, possession, or conduct of any activity within any forest and grazing land.

Foreign equity may be allowed up to 40%, subject to government approval

Note:
Members of the Board of Directors or governing body of corporation or associations shall be allowed in proportion to their allowable participation or share in the capital of such enterprises.

National Treatment and the Senior Management and Board of Directors obligations shall not apply to measures relating to exploration, development and utilization of mineral resources. This shall include but not be limited to prohibition on foreign equity in small-scale mining and restriction on foreign equity on other mining activities.

National Treatment shall not apply to measures affecting national patrimonyand the rights of indigenous cultural communities in accordance with national development.

1. Financial institutions extending Singapore dollar (S$) credit facilities

(i) exceeding S$5 million per entity to non-resident financial entities; or
(ii) arranging S$ equity or bond issues for non-residents,

shall ensure that where the S$ proceeds are to be used outside Singapore, they are swapped or converted into foreign currency upon draw-down or before remittance abroad.

2. Financial institutions shall not extend S$ credit facilities to non-resident financial entities if there is reason to believe that the S$ proceeds may be used for S$ currency speculation.

Individual investors, apart from the Singapore Government, shall be subject to the following equity ownership limits in the enterprises, and/or their successor bodies, listed below:

(i) Singapore Technologies Engineering: 15%
(ii) Singapore Power, Power Grid, Power Supply, Power Gas: 10%
(iii) PSA Corporation: 5%
(iv) Singapore Airlines: 5%

For the purposes of this reservation, ownership of equity by an investor in these enterprises and/or their successor bodies includes both direct and indirect ownership of equity.

Only a Singapore citizen, Singapore permanent resident or Singapore Employment Pass holder shall be allowed to register a business without appointing a local manager.

A local manager shall be a Singapore citizen, Singapore permanent resident or Singapore Employment Pass holder.

All locally incorporated companies shall comply with the following requirements:
(i) At least 1 director of the company shall be resident in Singapore.
(ii) All branches of foreign companies registered in Singapore shall have at least 2 agents resident in Singapore.

To be resident in Singapore, a person shall either be a Singapore citizen or Singapore permanent resident or Singapore Employment Pass holder.

NT shall not apply to any measure affecting the type of activities which may be conducted on land or the usage of land, including but not limited to, land zoning, land use and urban planning policies.

NT shall not apply to any measure affecting State Land, including but not limited to alienation and divestment.

NT and SMBD shall not apply to any measure affecting:

(i) the full or partial devolvement to the private sector of services provided in the exercise of governmental authority;
(ii) the divestment of its equity interests in, and/or the assets of, an enterprise that is wholly owned by the Singapore government; and
(iii) the divestment of its equity interests in, and/or the assets of, an enterprise that is partially owned by the Singapore government.

NT and SMBD shall not apply to any measure affecting the arms and explosives sector. The manufacture, use, sale, storage, transport, importation, exportation and possession of arms and explosives are regulated for the protection of vital security interests.

NT and SMBD shall not apply to any measure in relation to the retention of a controlling interest by the Singapore Government in Singapore Technologies Engineering (“the Company”) and/or its successor body, including but not limited to controls over the appointment and termination of members of the Board of Directors, divestment of equity and dissolution of the Company.

NT shall not apply to any measure affecting the manufacture for sale or other commercial purpose of any goods scheduled in the Control of Manufacture Act.

(i) beer and stout,
(ii) cigars,
(iii) drawn steel products,
(iv) chewing gum, bubble gum, dental chewing gum, or any like substance;
(v) cigarettes
(vi) matches, and
(vii) firecrackers.

NT shall not apply to any measure affecting the manufacture for sale or other commercial purpose of any goods scheduled in the Manufacture of Optical Discs Act.

(i) compact discs (CD), including compact discs-read only memory (CD-ROM),
(ii) digital video discs (DVD), including digital video discs-read only memory (DVD-ROM),
(iii) video compact discs (VCD),
(iv) master discs, and
(v) stampers.

NT shall not apply to any measure affecting pig farming.

(No more licences are issued for this sector.)

NT shall not apply to any measure affecting quarrying.

(No more licences are being issued for this sector.)

NT and SMBD shall not apply to any measure affecting the publishing or printing of newspapers, including but not limited to, shareholding limits and management control.

Foreigner is not allowed to have equity participation of 50% or more of registered capital.

For the purposes of this reservation, the definition of “foreigner” can be found in the Foreign Business Act B.E. 2542 (1999).

More than 50% of Thai equity participation is required.

Foreigner is allowed to obtain 50% or more of registered capital, subject to all of the following conditions:

1. Permission by the Minister of Commerce with the approval of the Cabinet is required, and the following conditions shall be fulfilled:

Thai nationals or Thai juridical persons shall hold not less than 40% of the capital of that foreign juridical person.
The number of Thai directors shall not be less than two-fifths of the total number of directors.
or
Promotion under the Investment Promotion Act B.E. 2520 (1977), or permission under the law governing the Industrial Estate Authority of Thailand, or other related laws is granted.

2. The minimum capital used at the commencement of the business operation shall not be less than that prescribed by ministerial regulations, and shall in no case be less than three million Baht.

3. Foreigner shall apply for a license or certificate from the Department of Business Development, Ministry of Commerce.

4. Foreigner shall comply with other conditions prescribed in the Foreign Business Act B.E. 2542 (1999) and related laws.

For the purposes of this reservation, the definition of “foreigner” can be found in the Foreign Business Act B.E. 2542 (1999).

More than 50% of Thai equity participation is required.

Foreigner is allowed to obtain 50% or more of registered capital, subject to the following conditions:

1. Permission under the Foreign Business Act B.E. 2542 (1999) by the Director-General of the Department of Business Development with the approval of the Foreign Business Committee is required.
or
Promotion under the Investment Promotion Act B.E. 2520 (1977), or permission under the law governing the Industrial Estate Authority of Thailand, or other related laws is granted.

2. The minimum capital used at the commencement of the business operation shall not be less than that prescribed by ministerial regulations, and shall in no case be less than three million Baht.

3. Foreigner shall apply for a license or certificate from the Department of Business Development, Ministry of Commerce.

4. Foreigner shall comply with other conditions prescribed in the Foreign Business Act B.E. 2542 (1999) and related laws.

For the purposes of this reservation, the definition of “foreigner” can be found in the Foreign Business Act B.E. 2542 (1999).

Foreigner shall be prohibited from manufacturing sugar from sugarcane, unless permission is obtained from the Cabinet.

For the purposes of this reservation, the definition of “foreigner” can be found in the Foreign Business Act B.E. 2542 (1999).

Prohibitions or restrictions which are inconsistent with National Treatment and Senior Management and Board of Directors may apply to foreigner in manufacture of Tobacco products.

For the purposes of this reservation, the definition of “foreigner” can be found in the Foreign Business Act B.E. 2542 (1999).

Prohibitions or restrictions which are inconsistent with National Treatment and Senior Management and Board of Directors may apply to foreigner in manufacture, production, or printing of playing cards.

For the purposes of this reservation, the definition of “foreigner” can be found in the Foreign Business Act B.E. 2542 (1999).

Prohibitions or restrictions which are inconsistent with National Treatment and Senior Management and Board of Directors may apply to foreigner in manufacture and production of alcoholic beverages and ethyl alcohol.

For the purposes of this reservation, the definition of “foreigner” can be found in the Foreign Business Act B.E. 2542 (1999).

More than 50% of Thai equity participation is required.

Foreigner is allowed to obtain 50% or more of registered capital, subject to all of the following conditions:
1. Permission by the Minister of Commerce with the approval of the Cabinet is required, and the following conditions shall be fulfilled:

Thai nationals or Thai juridical persons shall hold not less than 40% of the capital of that foreign juridical person.
The number of Thai directors shall not be less than two-fifths of the total number of directors.
or
Promotion under the Investment Promotion Act B.E. 2520 (1977), or permission under the law governing the Industrial Estate Authority of Thailand, or other related laws is granted.

2. The minimum capital used at the commencement of the business operation shall not be less than that prescribed by ministerial regulations, and shall in no case be less than three million Baht.

3. Foreigner shall apply for a license or certificate from the Department of Business Development, Ministry of Commerce.

4. Foreigner shall comply with other conditions prescribed in the Foreign Business Act B.E. 2542 (1999) and related laws.

For the purposes of this reservation, the definition of “foreigner” can be found in the Foreign Business Act B.E. 2542 (1999).

More than 50% of Thai equity participation is required.

For onion seed, foreigner is allowed to obtain up to 51% of registered capital, subject to laws and regulations.

1. Foreigner is allowed to obtain 50% or more of registered capital, subject to the following conditions:

2. Permission under the Foreign Business Act B.E. 2542 (1999) by the Director-General of the Department of Business Development with the approval of the Foreign Business Committee is required.
Or
Promotion under the Investment Promotion Act B.E. 2520 (1977), or permission under the law governing the Industrial Estate Authority of Thailand, or other related laws is granted.

3. The minimum capital used at the commencement of the business operation shall not be less than that prescribed by ministerial regulations, and shall in no case be less than three million Baht.

4. Foreigner shall apply for a license or certificate from the Department of Business Development, Ministry of Commerce.

5. Foreigner shall comply with other conditions prescribed in the Foreign Business Act B.E. 2542 (1999) and related laws.

For the purposes of this reservation, the definition of “foreigner” can be found in the Foreign Business Act B.E. 2542 (1999).

More than 50% of Thai equity participation is required.

For the culture of tuna deep sea cage and indigenous breeding of spiny lobsters (Panulirus versicolor, P. homarus, P. ornatus, P. longipes, P. penicillatus, and P. polyphagus), foreigner is allowed to obtain up to 51% of registered capital, subject to laws and regulations.

Foreigner is allowed to obtain 50% or more of registered capital, subject to the following conditions:

1. Permission under the Foreign Business Act B.E. 2542 (1999) by the Director-General of the Department of Business Development with the approval of the Foreign Business Committee is required.
Or
Promotion under the Investment Promotion Act B.E. 2520 (1977), or permission under the law governing the Industrial Estate Authority of Thailand, or other related laws is granted.

2. The minimum capital used at the commencement of the business operation shall not be less than that prescribed by ministerial regulations, and shall in no case be less than three million Baht.

3. Foreigner shall apply for a license or certificate from the Department of Business Development, Ministry of Commerce.

4. Foreigner shall comply with other conditions prescribed in the Foreign Business Act B.E. 2542 (1999) and related laws.

For the purposes of this reservation, the definition of “foreigner” can be found in the Foreign Business Act B.E. 2542 (1999).

More than 50% of Thai equity participation is required.

Foreigner is allowed to obtain 50% or more of registered capital, subject to the following conditions:

1. Permission under the Foreign Business Act B.E. 2542 (1999) by the Director-General of the Department of Business Development with the approval of the Foreign Business Committee is required.
Or
Promotion under the Investment Promotion Act B.E. 2520 (1977), or permission under the law governing the Industrial Estate Authority of Thailand, or other related laws is granted.

2. The minimum capital used at the commencement of the business operation shall not be less than that prescribed by ministerial regulations, and shall in no case be less than three million Baht.

3. Foreigner shall apply for a license or certificate from the Department of Business Development, Ministry of Commerce.

4. Foreigner shall comply with other conditions prescribed in the Foreign Business Act B.E. 2542 (1999) and related laws.

For the purposes of this reservation, the definition of “foreigner” can be found in the Foreign Business Act B.E. 2542 (1999), as amended.

Equity participation of up to 60% by foreigner is allowed subject to the criteria listed below:

1. Foreigner which is a juridical person of a Member State must be registered as a registered ordinary partnership, limited partnership, or limited company in Thailand.

2. A debt-to-equity ratio of 3:1 or lower shall be maintained.

3. Concessions must be granted by the Department of Primary Industries and Mines, Ministry of Industry, as provided by the Mineral Act B.E. 2510 (1967), as amended by the Mineral Act (No. 2) B.E. 2516 (1973), the Mineral Act (No. 3) B.E. 2522 (1979), the Mineral Act (No. 4) B.E. 2534 (1991), and the Mineral Act (No. 5) B.E. 2545 (2002).

4. At least two-fifths of the members of the Board of Directors must be Thai nationals.

For the purposes of this reservation, the definition of “foreigner” can be found in the Foreign Business Act B.E. 2542 (1999).

More than 50% of Thai equity participation is required.
Foreigner is not allowed to have equity participation of 50% or more of registered capital.

For the purposes of this reservation, the definition of “foreigner” can be found in the Foreign Business Act B.E. 2542 (1999).

More than 50% of Thai equity participation is required.

Foreigner is allowed to obtain 50% or more of registered capital, subject to all of the following conditions:

1. Permission by the Minister of Commerce with the approval of the Cabinet is required, and the following conditions shall be fulfilled:

Thai nationals or Thai juridical persons shall hold not less than 40% of the capital of that foreign juridical person.
The number of Thai directors shall not be less than two-fifths of the total number of directors.
Or
Promotion under the Investment Promotion Act B.E. 2520 (1977), or permission under the law governing the Industrial Estate Authority of Thailand, or other related laws is granted.

2. The minimum capital used at the commencement of the business operation shall not be less than that prescribed by ministerial regulations, and shall in no case be less than three million Baht.

3. Foreigner shall apply for a license or certificate from the Department of Business Development, Ministry of Commerce.

4. Foreigner shall comply with other conditions prescribed in the Foreign Business Act B.E. 2542 (1999) and related laws.

For the purpose of this reservation, the definition of “foreigner” can be found in the Foreign Business Act B.E. 2542 (1999).

More than 50% of Thai equity participation is required.

Foreigner is allowed to obtain 50% or more of registered capital, subject to following conditions:

1. Permission by the Director-General of the Department of Business Development with the approval of the Foreign Business Committee is required.
Or
Promotion under Investment Promotion Act B.E. 2520 (1977) or permission under law governing Industrial Estate Authority of Thailand or other related laws is granted;

2. The minimum capital used at the commencement of the business operation shall not be less than that prescribed by ministerial regulations and shall in no case be less than three million Baht;

3. Foreigner shall apply for license or certificate from Department of Business Development, Ministry of Commerce; and

4. Foreigner shall comply with other conditions prescribed in Foreign Business Act B.E. 2542 (1999) and related laws.

For the purposes of this reservation, the definition of ‘foreigner’ can be found in Foreign Business Act B.E. 2542 (1999).

In order to operate business in Thailand, foreigner shall obtain a license or certificate from the Department of Business Development, and comply with conditions set forth in the Foreign Business Act B.E. 2542 (1999) and subsidiary legislations.

For the purposes of this reservation, the definition ‘foreigner’ can be found in the Foreign Business Act B.E. 2542 (1999).

For illustrative purposes, ‘conditions set forth in the Foreign Business Act B.E. 2542 (1999)’ may include, for example, the ratio of the capital and loans and the number of foreign directors who must have domicile in the Kingdom.

Minimum capital used at commencement of the business under the Lists attached to the Foreign Business Act B.E. 2542 (1999) shall not be less than that prescribed in the Ministry of Commerce’s regulations, which in no case shall be less than three million Baht.

In all other cases, minimum capital used at the commencement of the business operation shall not be less than that prescribed by the Ministry of Commerce’s regulations and shall in no case be less than two million Baht.

Foreigner is permitted to own land according to the Investment Promotion Act B.E. 2520 (1977), the Industrial Estate Authority of Thailand Act B.E. 2522 (1979), and the Petroleum Act B.E. 2514 (1971).

Foreigner who brings money of at least 40 million Baht for investment is allowed to own land for residential purposes not exceeding 1 rai (1 rai = 1,600 square meters) with permission by the Ministry of Interior.

In the case of hiring land of more than 100 rai for commercial or industrial purposes, where a foreigner or a juridical person according to Section 97 of the Land Code is a hirer, sub-hirer, or transferee of the right of hirer, its investment in such commerce or industry shall not be less than 100 million Baht, excluding the cost of hire. Also, the total amount of money invested shall be foreign exchange brought into the Kingdom, withdrawn from a foreign currency deposit account, or withdrawn from a non-resident Baht account.

For the purposes of this reservation, the definition of ‘foreigner’ can be found in the Land Code B.E. 2497 (1954).

Foreigner is not allowed to own housing except condominium.

The total condominium units owned by foreigners must not exceed 49% of the condominium units in each condominium.

For the purposes of this reservation, the definition of ‘foreigner’ can be found in the Condominium Act B.E. 2522 (1979).

For the purposes of this reservation, the definition of ‘condominium’ can be found in the Condominium Act B.E. 2522 (1979).

National Treatment shall not apply to any measure relating to Small and Medium Enterprise.

For the purposes of this reservation, the definition of ‘Small and Medium Enterprise’ can be found in the Small and Medium Enterprises Promotion Act B.E. 2543. For illustrative purposes, measures relating to Small and Medium Enterprise may include, for example, Thai SMEs being given priority in access to land and water resources in designated areas, and foreign participation not being allowed in small-scale aquaculture enterprises.

National Treatment and Senior Management and Board of Director shall not apply to any measure with respect to privatization, or divestment of assets through transfer or disposal of equity interests or assets owned wholly or partially by the government, a state enterprise, a state agency, or a government entity.

All conditions imposed on existing privatised entities will continue to be applicable.

For illustrative purposes, ‘State enterprise’ may include, for example, PTT Public Company Limited, Thailand Tobacco Monopoly, Playing Cards Factory, Liquor Distillery Organisation, the Police Printing, Industrial Estate Authority of Thailand, Forest Industry Organisation, and Rubber Estate Organisation.

National Treatment shall not apply to any measures relating to portfolio investments.

National Treatment shall not apply to any measures relating to foreign exchange transactions by non-residents and measures relating to transactions in, and holdings of, local currency by non-residents, for the prevention of Thai Baht speculation.

Examples of measures to prevent Thai Baht speculation include the following:

Measures to limit Thai Baht liquidity

Measures to curb capital inflows

Measures on Non-Resident Baht Account (NRBA) and Non-Resident Baht Account for Security (NRBS) accounts

Measures on non-deliverables forward

Foreigner is allowed to work in vocations which are not reserved for Thai nationals.

For the purposes of this reservation, the definition of ‘foreigner’ can be found in the Working Aliens Act B.E. 2551 (2008).

These vocations are listed in the Working Aliens Act B.E. 2551 (2008). For illustrative purposes, vocations reserved for Thai nationals may include, for example, farmers, Buddha image makers, monk alms bowl makers, and Thai musical instrument makers.

Foreigner shall comply with other conditions relating to investment in accordance with national development.

Note: This reservation shall not include local equity requirements unless otherwise provided.

For the purposes of this reservation, the definition of ‘foreigner’ can be found in the Foreign Business Act B.E. 2542 (1999).

For illustrative purposes, conditions may include, for example, the ratio of the capital and loans, and the number of foreign directors who must have domicile in the Kingdom. Forest plantation in the area of natural reserved forests is reserved for Thai nationals only. The applicant for forest plantation in private areas must have the ownership of such area. Only Thai nationals can apply for the license on the possession of a chainsaw. A license for aquaculture in public areas is allowed for Thai nationals only.

National Treatment and Senior Management and Board of Directors shall not apply to any measure in relation to the employment of expatriates. Restrictions may be imposed on the number or ratio, minimum wages, duration and type of expatriates employed.

National Treatment and Senior Management and Board of Director
shall not apply to any measure in relation to portfolio investment

NT may not apply to conditions imposed in investment licenses permits/certificates that were issued before the entry into force of this Agreement

National Treatment and Senior Management and Board of Directors may not apply to any measure relating to establishment, acquisition, organization and operation of foreign invested enterprises or foreign invested projects; including but not limited to the issuance of license/permit, legal form, equity participation , organization, management and duration of investment .

National Treatment and Senior Management and Board of Directors may not apply to any measure relating to State Owned Enterprises and monitoring and management of investment by State funds, including but not limited to privatization, equitization or divestment of assets through transfer or disposal of equity interests or assets of State Owned Enterprises

National Treatment may not apply in the event where activities restricted to designated enterprises are liberalized to those other than the designated enterprises, or in the event such designated enterprises no longer operate on a non-commercial basis .

National Treatment may not apply to any measure affecting land, property and natural resources associated with land, including but not limited to acquisition, ownership , lease, policy on the usage of land, land planning, term of land use, rights and obligations of land users.

Based on the requirements for socio-economic development in each period and consistent with the undertakings in international treaties of which the Socialist Republic of Vietnam is a member, the Government regulates the list of investments in which investment is conditional, and the conditions applicable to the establishment of economic organizations, the forms of investment, and opening of the market in a number of sectors as applicable to foreign investors

Where an enterprise with foreign owned capital invested in a sector in which investment was unconditional but during the course of the investment activity the list of sectors in which investment is conditional was amended with the result that the relevant sector was included, the investor shall be permitted to continue its investment activity in that sector unconditionally.

National Treatment and Senior Management and Board of Directors shall not apply to any measure relating to treatments granted to Small and Medium-sized Enterprises

No investment license shall be issued to foreign investors in these sectors and sub-sectors

National Treatment and Senior Management and Board of Directors shall not apply to any measures in relation to maintaining food security

Investment in these sub-sectors shall be subject to planning of the Government which may give preferences to local investors

Manufacturing projects/investments in these sectors shall comply with specific requirements on local raw material resources , technology and/or environment and/or quality which may be inconsistent with National Treatment article under ACIA

Sub-sector 1: Foreign investment is restricted and subject to foreign equity requirement of maximum of 30%.

Sub-sectors 2 and 3: Foreign investment is restricted.

Investment in these services sub-sectors shall be subject to technology and quality requirements which may be inconsistent with National Treatment Article under ACIA.

National Treatment and Senior Management and Board of Directors shall not apply to any measure relating to oil and gas activities carried out within Viet Nam.

Investment in oil and gas activities shall be subject to approval by the Government of Viet Nam.

National Treatment and Senior Management and Board of Directors may not apply to any measure in relation to mining & quarrying investment, including but not limited to the following sectors:

Survey, exploration and exploitation of minerals
Exploitation, processing of rare and precious minerals, raw materials
Exploitation, processing of rare and precious minerals, rare metals, raw materials; exploitation of clay for production of construction materials; exploitation of high-quality sand for production of construction and technical glasses
Projects in exploitation of precious or rare mineral shall be subject to approval by the Government of Vietnam
Mineral activities related to the special, toxic, rare and precious minerals including basic geological investigation, prospecting, exploration, exploitation and processing

Foreign equity participation in joint ventures shall not exceed 49%. From 11 January 2010, the foreign equity participation in joint ventures may be 51%. From 11 January 2012, 100% foreign-invested enterprises may be permitted.

National Treatment shall not apply to any measure relating to the services incidental to mining and quarrying activities.

Investment in the oil and gas related activities carried out within Viet Nam shall be subject to law, regulations and procedures of Viet Nam.

National Treatment shall not apply to any measure relating to fishery activities within Viet Nam sovereignty and jurisdiction waters as defined in accordance with the1982 UNCLOS.

Requirements on technology, fry quality of foreign invested enterprises must be higher than those that apply to local enterprises

Sub-sectors 1 and 2: Foreign investment is restricted and subject to foreign equity requirement of maximum of 30%.
Sub-sectors 3 and 4: Foreign investment is restricted and subject to foreign equity requirement of maximum of 40%.

National Treatment shall not apply to any measure relating to investment in forestry activities, including but not limited to the following:

Not to grant license to exploit natural forest to foreign investors
To provide rights and obligations of foreign individuals and organizations different from those of Vietnamese individuals and organizations

No investment license will be issued for foreign investors in those sub-sectors.

Foreign investors are only permitted to invest in the form of joint-venture or business co-operation contract. Foreign equity shall not exceed 51% of the legal capital of joint venture.

Foreign investments in these sectors are restricted to certain geographical areas as may be approved on a case-by-case basis.

The foreign equity participation shall not exceed 49% of the legal capital of the Joint-venture companies operating in air-plane manufacture

Joint-venture form is only permitted and foreign equity participation shall not exceed 49% of the legal capital of the Joint venture.

ACIA - ASEAN Comprehensive Investment Agreement

The ASEAN Secretariat

ASEAN Websites

ASEAN FTA and Cooperation

Other Websites