Một số bất cập của luật đầu tư liên quan đến đầu tư nước ngoài tại việt nam

- T A I C H I N H -Woj5/!?(i;

MOT so BAT CAP CUA LUAT DAU Tl/
LIEN Q U A N DEN DAU Tl/ Nl/dC NGOAl TAI VIET NAM
CAONHATLINH,HdDlJrCHl|P
Trong xu the todn cdu hoa vd hgi nhdp quoc ti phdp ludt ve ddu tdid mdt trong nhimg nhdn to
dnh hddng trdc tiep din viic thu hut ddu tti nddc ngodi. Lugt Bdu tti hien hdnh cho thdy cd nhieu
bdt cdp lien quan din hogt dgng ddu tti ntidc ngodi, tuy nhien, nhting bat cap ndy vdn chtia dtigc
Dti thdo ludt Bdu tti ndm 2020 khac phuc. Thtic ticho thdy, viec hodn thiin Ludt Bdu tti Id rdt cdn
thiSdi tbu hut dau tti ndi chung vd thu hut nhd ddu tti ntidc ngodi ddu tti tgi Viit Nam ndi rieng.
Tit khod: Ludt Bau td, thu bdt dau tU, nba ddu tU nddc ngodi, bat cap

SOME INADEQUACIES OF THELAWON INVESTMENT

thanh lap hoac tham gia ihanh lap to chiic kmh te tai

RELATED TO FOREIGN INVESTMENT IN VIETNAM

Vigt N a m thi chi duge thanh lap nhiing to chiic kinh

Cao Nhat Linh, Ho Due Hiep

te'nao ma nha dau tu se tib thanh thanh vien hogc co

!n the trend of globalization and international
integration, the law on investment

is one of

the factors that directly affect the results of
attracting foreign investment.

The

Investment Law shows many

shortcomings

related to foreign

investment

however, these shortcomings

current
activities,

have not been

overcome by the Draft Investment Law of 2020.
In fact, the completion of the Investment Law
is essential to attract investment in general and
attract foreign investors to invest in Vietnam
in particular.

dbng. Noi each khae, doi vbi doanh nghigp (DN), nha
d'au tu nube ngoai chi duoc quyen dau tu thanh lap,
tham gia thanh lap eong ty ttach nhigm h u u han, cbng
ty cb phan va cbng ty h o p danh (Theo quy dinh a i a
Luat DN nam 2014, chi doi vbi cac logi hinh cbng ty
nay thi nha d'au tu sau khi thanh lap, tham gia thanh

lap mbi dupc ggi ia thanh vien hoac co dbng).
Vige khong cho phep ngubi nube ngoai dau t u
thanh lap DN tu nhan d i n g duoc gian tiep quy dinh
trong Luat DN nam 2014. Cu the, Dieu 20 a i a Luat
DN 2014 quy dinh ho so dang ky DN tu nhan chi bao
gbm Giay de nghi dang ky DN va Ban sao The can
cube cbng dan, Giay chiing mmh nhan dan, Hb ehieu

Keywords: investment law. investment attraction, foreign

hoac chiing thuc ca nhan h g p phap khae ciia chu DN

investors, inadequacies

tu nhan. Trong khi ho so dang ky DN a i a tat ca cae

\

ioai hinh cbng ty (tir Dieu 21 den Dieu 23) deu eb "Ban
sao Giay chiing nhgn dang ky dau tu' doi vbi nha d'au

Ngay nhdn bai: 21/4/2020
Ngay hoan thien biin tap: S/S/2020
Ngdy duyet dang:

ll/S/2020

t u n u b e ngoai theo quy dmh ciia Luat Dau tu". Dieu
nay v i n dupc tiep tiic ghi nhgn trong D u thao Luat
DN siia doi nam 2010 P g thao ngay 10/3/2020).

Cb nhieu nguyen nhan de Lugt Dau tit va Lugt DN

Quy djnh ve chd the dau t u thanh lap
to chdc kinh te tai Viet Nam
Khoan 17, Dieu 3 Luat Dau t u nam 2014 d i n h

khbng cho phep nha dau tu nube ngoai thanh lap DN
tu nhan tgi Vigt Nam, tiong db eo the eo Iy do ve"DN
tu n h a n la DN do mbt ca nhan lam ehii va tij ehiu

nghia: "To chiic kmh te cb vbn dau t u n u b e ngoai la

tiach nliigm bang toan bg tai san eua minh ve mpi

to chiic kinh tg'cb nha d'au t u n u b e ngoai la thanh vien

hoat dgng ciia D N " tiieo quy dinh ciia Khoan 1, Dieu

hogc CO dbng". Dinh nghia nay van d u g c tiep tuc ghi

183 Lugt DN nam 2014. Noi each khac, tiach nhiem

nhan tgi Khoan 20, Dieu 3 ciia D u thao Lugt Dau tu

vb hgn cua ehii D N h i n h a n eo the la nguygn n h a n

nam 2020. N h u vay, nha dau t u n u a c ngoai m u o n tu

ehinh de Luat Dau tu khbng chap nhan nha dau tir
73

m
nube ngoai thanh lap DN tu n h a n tai Viet Nam, mac
dii DN t u nhan ciing la mgt logi hinh DN nam ttong
nhbm cac to chiic kinh te theo quy dinh a i a phap luat
hign hanh.
Tuy nhien, neu xet ve tinh trach nhiem vb h g n
m a khong cho nha dau tu nuoc ngoai thanh lap D N
tir n h a n thi khbng h g p Iy va khbng thong nhat giiia
eae quy djnh trong Luat DN. Cu the, tgi Khoan 5,
Dieu 21 cua Luat DN nam 2014 thira nhgn n h a d a u
tu n u b e ngoai la ea nhan, van cb quyen lam t h a n h
vien h g p d a n h ciia cbng ty h p p danh. Dieu n a y
dbng nghia vai viec neu nha dau tu la ca n h a n n u o c
ngoai, d a u tu vbi tu each la thanh vien h o p d a n h

ly ciing khbng khac gi chii DN tir n h a n khbng con tai
san de thanh toan cac khoan n p cbn lai cua DN.
Xuat phat tir bat cap neu tien, Luat Dau tu nen quy
dinh ve to ehiic kinh te eb von dau t u n u b e ngoai theo
h u b n g : "To chiic kinh te cb von dau tu nuoc ngoai
la to chiic kinh te cb n h a dau tu' n u o c ngoai thanh
lap hoae gbp von, m u a eo phan, p h a n von gbp"- Neu
sua doi dinh nghia theo h u b n g n h u vay thi nha dau
t u n u o c ngoai eb the dupc binh dang vbi nha d a u t u
ttong n u o c trong viec t h a n h Igp DN tai Viet N a m ,
tiong db eb dau tu thanh Igp D N tu nhan.
Ve giay chdng nhan dang ky dau ttf
khi thanh lap to chuTc kinh te tai Vi&t Nam

ciia cong ty h g p d a n h thi ciing phai "chiu trach
nhiem bang toan bg tai san ciia minh ve cae nghia

Theo Khoan 1, Dieu 22 ciia Luat D a u t u n a m

v g ciia cbng ty" (theo quy dinh tgi Diem b, Khoan 1,

2014 thi "Trube khi t h a n h lap tb chiie kirdi te, nha
dau tu n u b e ngoai p h a i cb d u an d a u tu, t h g c hign

Mot s6 quy dinh trong Luat f)au ttf nim 2014
li&n quan trtfc ti^p d€n diu ttf ntfdc ngoai dang
dtfOc hoin thi^n trong Dtf thio Luat Dau ttf nam
2020. Tuy nhi^n, van con cic quy dinh lam han
ch^ d^u ttf ntforc ngoai chtfa dtftfc khic phuc.
Vi#c ti^p tuc hoan thi&n cac quy d|nh niy l i mdt
trong nhdng y^u t5 gdp phan ti'ch ctfc trong vi@c
thu hut d i u ttf ntfdc ngoai tai Viet Nam.

thil tuc cap Giay ehiing n h g n d a n g k y d a u t u theo
quy dinh tgi Dieu 37 eiia Luat n a y . . . " . D g thao Lu§t
D'au tu n a m 2020 b o s u n g 2 t r u b n g h p p ngogi le
khong c'an phai cb d g an va Giay chiing n h a n d a n g
ky dau t u la: " t r u b n g h o p t h a n h lap D N n h b v a vira
i khbi nghigp sang tgo va q u y d a u t u k h b i nghigp
sang tgo theo quy d i n h ciia p h a p luat ve h o t r p D N
n h b va vira".

Dieu 172) va eiing phai "Lien dbi chju trach nhiem

t h a n h toan het sb n g cbn lai ciia cbng ty neu tai san
ciia cbng ty khbng du de trang trai so n p ciia cong
ty" (theo quy dinh tai Diem d, Khoan 2, Di'eu 176).
Nhiing quy dinh nay van eon duge giii nguyen npi
d u n g trong D u thao Luat DN (sira dbi) nam 2020.
N h u vay, xet v^ traeh nhiem ve tai san thi cb the ket
luan la thanh vien h g p d a n h a i a cong ty h g p danh
phai chiu trach nhigm ve tai san nhieu hon chii DN
t u n h a n (Bbi vi, ngoai ttach nhigm vo han n h u chu
DN tu n h a n thi thanh vien h g p danh a i a cbng ty
h g p d a n h cbn phai chiu trach nhiem trach nhiem
lien dbi vbi cac thanh vien h g p d a n h khac doi voi
cac nghia vu eua eong ty).
Mgt vi du de chiing minh eho su bat cap ve vige
cbng n h a n quyen d'au tu thanh Igp cong ty hgp danh
vbi tu each thanh vien h p p danh, ma khong cong
rihgn quyen dau tu tharih lap DN tu nhan doi vbi
nha dau tu nube ngoai Ia: Hai ngubi nube ngoai eiing
n h a u thanh lap cbng ty h g p danh. Theo quy dinh o i a
Lugt DN thi ca hai thanh vien h g p danh nay deu phai
ehiu ttach nhiem vb han ve tai san va Lien dbi cho
n h a u . The' n h u n g , khi ea hai thanh vien h p p d a n h
nay deu khbng con tai san de chju ttach nhiem tiong
boat dgng kinh doanh eiia cong ty ttu hgu qua phap

Quy dinh dieu kign ve d u an va Giay chiing nhgn
dang ky dau tu neu tren la chua h o a n toan h g p ly bbi
eae ly do sau:
Thu nhai, tao them t h u tue r u b m ra cho n h a dau
tu n u b e ngoai: Theo quy dinh ciia L u a t D N hien

hanh, vigc dang ky quy m b von, n g a n h n g a n h nghe
kinh doanh la rat t u do, trir n h i i n g n g a n h n g h e kinh
doanh eb dieu kien. Doi vbi nha d a u t u trong nube,
khi thanh lap DN thi khbng bat b u g c p h a i cb d g an
va giay ehiing n h a n d a n g ky d a u txt. D o vay, viee
quy dinh 2 dieu kien nay doi vbi nha d a u t u n u b e
ngoai se tgo bat binh diing giiia n h a d a u t u

ttong

n u o c va nha d a u t u n u b e ngoai, lam giam di vigc
thu hiit d a u t u n u b e ngoai (2 dieu kign n a y se lam
mat di thbi gian, gay phien ha ve thu tgc cho nha
dau tu n u b e ngoai).
Thu hai, khbng cb y nghia khi nha dau h i n u b e
ngoai khbng m u o n lam thanh vien, eo dbng sang lap
o i a to chiic kinh te: Theo quy dinh hien hanh tiii hinh
tiiiic dau ti^ gbp vbn, mua co phan, mua ph^n vSn
gbp a i a to chiic kinh te khbng yeu elu nha d i u tir
nube ngoai phai eb d u an va Giay chung nhan d a n g
ky dau til (theo Khoan 2, Di^eu 36 Lugt D i u tir n a m
2014). Do db, nha d i u tir nube ngoai mubn khbng l^m
d u an va thu tiic cap G i ^ ehimg n h a n dang ky dau t u


till ho xo the m y c hienTjangT^aerr u i u g

fc L_ian^£HfNli:

thi hg cb the thgc Men bang each thba t h u a n de phia

eua thanh vien h g p danh cua cbng ty h p p d a n h tiong

nha dau tu Vigt N a m thanh lap trube tb ehiie kinh te".

Luat DN. Cu tiie^ Lugt Dau tij nam 2014 thira nhgn

Ngay sau khi to chiie kinh te' d u g c thanh lap, nha d i u

nha d i u t u la ca n h a n n u o c ngoai dugc dau tu thanh

tu nube ngoai se d i u t u vao Iam thanh vien, co dbng

lap cbng ty h p p d a n h vbi tu each la thanh vien h g p

theo hinh thiic gop vbn, m u a cb p h i n , m u a p h a n von

d a n h (Di'gu 22) va d u g e d i u tu gbp von vao cong ty

gop va thay db'i ngi d u n g d a n g ky de tham gia vao

h p p d a n h de trb thanh thanh vien h g p danh eiia cbng

ngay cae chite d a n h quan ly eong ty.

ty (gop vbn de tang von dieu le cua cbng ty hgp danh

Xuat phat tit bat cap neu tren, Lugt Dau t u nen bb

theo Khoan 1, Dieu 25).

2 dieu kign phai eo d u an va Giay ehiing n h a n dang

N h u vay, tai sao nha dau t u n u b e ngoai khbng

ky dau tu trube khi thanh lap hogc t h a m gia thanh lap

d u p c mua p h a n von gop a i a thanh vien h g p danh de

to chiic kmh te tai Viet N a m doi vbi n h a d i u tu' n u b e

trb thanh thanh vien h p p d a n h eiia cbng ty? Trong

ngoai, chii khbng chi d i m g lai b vigc b b 2 dieu kign

khi tgi Khoan 3, Dieu 175 o i a Luat DN nam 2014 (Dg

nay doi vbi t r u b n g h g p t h a n h lap D N n h b va vira,

thao Luat DN sira db'i nam 2020 van giir nguygn ngi

khbi nghiep sang tao va quy dau t u khbi nghigp sang

d u n g nay) eho phep thanh vien h g p danh dugc quyen

tao theo quy dinh ciia p h a p luat ve h b ttp DN n h b va

ehuyen n h u g n g p h a n vbn gbp o i a minh tai cong ty

vita nhu nbi d u n g a i a D g thao n e u tren. Viee bb ca

cho ngubi khac neu dugc s g chap thuan a i a cac thanh
vien h g p danh con lai.

Luat D i u ttf nam 2014 thda nhan nha dau ttf Id
Cci nhSn ntfdc ngoai dtftfc dau ttf thanh ISp cdng
ty htfp danh vcri ttf each 1^ thanh vien hop danh
(Dilu 22) va dtftfc d i u ttf gop von vao cdng ty
htfp danh de trdthanh thanh vien hop danh cda
cdng ty (g6p von de tang v^n dieu le cda cong ty
htfp danh theo KhoSn 1, Dieu 25).

Xuat phat tir bat cap neu tren, doi vbi hinh thiie
dau tu mua p h a n vbn gbp ciia cbng ty h g p danh, Luat
D i u tu nen sira db'i theo h u b n g : Nha d i u tu nube
ngoai d u p c "mua phan von gbp a i a thanh vign trong
eong ty h g p danh de trb thanh thanh vien ciia cbng
ty h g p danh theo quy dinh o i a Lugt nay va phap luat
cb lien quan". Neu sita doi theo hubng nay thi khbng
nhiing dam bao duge su thong nhat gitia Lugt DN

hai dieu kign nay se khbng lam anh h u b n g den eac

va Luat Dau t u ma cbn dam bao dupe quy'gn ciia nha

yeu to ehu quyin, an ninh, t h u l n p h o n g m y tuc, dao

dau t u n u b e ngoai tiong vigc mua p h i n vbn gop cua

diic xa hgi oia Viet Nam, bbi vi p h a p lugt Vigt N a m

thanh vien h g p danh ttong cbng ty h g p danh ne'u

da CO quy dinh hg thong n g a n h ngh'e kinh doanh eb

d u g c su dong y o i a tat ca eac thanh vien h p p danh

dieu kign ap dung cho nha <^u t u n u b e ngoai (hay

cbn lgi.

eon ggi la dleu kien "nganh nghe hgn chg' tiep can thi

Tbm lai, mgt so quy dinh ttong Luat D i u tu nam

trubng doi vbi nha d i u tu n u b e ngoai" theo D u thao

2014 lign quan true tiep den d i u t u nube ngoai dang

Lugt Dau tu nam 2020).
Ve quyen cua nha dau ttf ntfdc ngoai
trong diu ttf mua phan vdn gop cong ty htfp danh

d u g c h o a n thign ttong D u thao Lugt Dau tu nam
2020. Tuy nhien, vSn cbn cac quy dinh Iam han che
dau tu nube ngoai ehua dugc khac phuc. Vige tie'p tiie
hoan thign eac quy dinh nay se la mgt tiong nhimg

Doi vgi cbng ty h g p danh, Khoan 2, Dieu 25 ciia

ye'u to gbp p h a n tieh cue ttong viec thu hiit d i u tu

Lugt Dau tir nam 2014 quy dinh: N h a d i u t u n u b e

nube ngoai tai Viet Nam, dgc biet la tiong boi c a ^

ngoai chi d u g e " m u a p h i n von gbp eiia t h a n h vien

nen kinh te'hpi nhap n h u hign nay,

gop vbn tiong cong ty h g p d a n h de tib thanh thanh
vien gbp von a i a cbng ty h g p d a n h " (Du thao Lugt
Dau tu nam 2020 v i n giii nguyen quy dinh n a y ) . Nbi

1. Lugt Bau td ndm 2014;

each khac, Luat Dau tu han che" quyen ciia nha d i u tu

2. Luat Doanh ngbiep ndm 2014;

nube ngoai trong viec mua p h i n von gbp ciia thanh

3. Dd thdo Ludt Bdu td ndm 2020;

vien hgp danh de lam thanh vien h p p d a n h ciia cbng

4 Ddtbao Ludt Doanh nghiep (s^o 36i) ni

ty hgp danh.
Quy dinh neu tren vira m a u t h u a n vbi cac quy

Thbng tin tac giS:
IS. Cao Nhat Linh, Bo mon Ludt thuang mai, Trucmg Bgi hgc Can Thd;

dinh ve thanh vien h g p d a n h la n h a d a u t u n u b e

TS. Ho Bdc Hiep, Hoi Lugt gia Quan Go Vap, TP. Ho Chi Mmh

ngoai dupe thira n h a n ttong chinh dgo lugt nay, vira

Email:

mau thuan vbi quyen chuyen n h u g n g p h i n von gbp

^

lh\ lieu tham khio: