Under Decree 23/2007, a foreign invested enterprise (doanh nghiệp có vốn đầu tư nước ngoài) involved in import, wholesale, and retail of goods will need to obtain a trading licence (giấy phép kinh doanh) and, if applicable, a retail outlet licence . A foreign invested enterprise wishes to open more than two retail outlets will need to go through an Economic Need Test except in certain limited circumstances. So being a foreign invested enterprise in trading business would mean more restrictions and regulatory obstacles.

Decree 23/2007 does not define what is a “foreign invested enterprise”. However, it appears that in order to qualify as a foreign invested enterprise, one must have an Investment Certificate. This is because the procedures to issue a trading licence under Decree 23/2007 must be done in conjunction with the procedures to issue or amend an Investment Certificate.