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Sector : Manufacturing Subsector : Playing cards Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Senior Management and Board of Directors (Article 10.7) Description of Measure : No natural person or juridical person is allowed to produce or import playing cards, except receiving approval from the Director General of Excise Department. Source of Measure : - Playing Cards Act B.E. 2486 (1943), as amended, and its subsidiary legislations - Excise Act B.E. 2560 (2017), as amended, and its subsidiary legislations

2.

Sector : Manufacturing Subsector : Manufacturing of notes and minting Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Senior Management and Board of Directors (Article 10.7) Description of Measure : Only the Bank of Thailand has the right and authority to print, manage, and issue the notes of the Government of Thailand under the law governing the Bank of Thailand. Only the Ministry of Finance has the right and authority to mint and put coins into circulation. No person shall make, issue, use, or put into circulation any material or token for money except by authorisation from the Minister of Finance. Source of Measure : Currency Act B.E. 2501 (1958), as amended

3.

Sector : Manufacturing Subsector : Manufacturing of lottery Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Senior Management and Board of Directors (Article 10.7) Description of Measure : Only the Government Lottery Office is authorised to produce, manage, and distribute the lottery in Thailand. Source of Measure : The Government Lottery Office Act B.E. 2517 (1974), as amended

4.

Sector : Agriculture Subsector : Onion seed propagation Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Description of Measure : Foreign equity participation must not exceed 49 per cent of registered capital of a business in onion seed propagation. Source of Measure : Foreign Business Act B.E. 2542 (1999), as amended, and its subsidiary legislations

5.

Sector : Fishery Subsector : Culture of tuna in deep sea cage and indigenous breeding of spiny lobsters Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Description of Measure : Foreign equity participation must not exceed 51 per cent of registered capital of a business in the culturing of tuna in deep sea cage and indigenous breeding of spiny lobsters: Panulirus versicolor, P. homarus, P. ornatus, P. longipes, P. penicilatus, and P. polyphagus. Source of Measure : Foreign Business Act B.E. 2542 (1999), as amended, and its subsidiary legislations

6.

Sector : Mining and Quarrying Subsector : Marble mining Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Description of Measure : Foreign equity participation must not exceed 49 per cent of registered capital of a business in marble mining and is subject to government concession. Source of Measure : Foreign Business Act B.E. 2542 (1999), as amended, and its subsidiary legislations

7.

Sector : Oil and gas related extraction Subsector : - Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Description of Measure : Foreign equity participation must not exceed 49 per cent of registered capital of a business in oil and gas related extraction and is subject to government concession. Source of Measure : Foreign Business Act B.E. 2542 (1999), as amended, and its subsidiary legislations

8.

Sector : Manufacturing Subsector : Manufacturing of tobacco products Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Description of Measure : Only the Tobacco Authority of Thailand is allowed to produce tobacco products. Source of Measure : Tobacco Authority of Thailand Act B.E. 2561 (2018), as amended

9.

Sector : Fishery Subsector : - Industry Classification : ISIC 0500 Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Description of Measure : A foreigner (1) or fishing vessel with foreign flag is not allowed to apply for a fishing licence or to fish within Thailand’s territorial waters, contiguous zone, and Exclusive Economic Zone. Source of Measure : - Emergency Decree on Fisheries B.E.2558 (2015) - Act Governing the Right to Fish within Thai Waters B.E. 2482 (1939) - Thai Vessels Act B.E. 2481 (1938)

(1) For the purposes of this entry, the definition of “foreigner” shall be in accordance with the Foreign Business Act B.E. 2542 (1999).

10.

Sector : Agriculture Subsector : Cattle farming Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Description of Measure : Foreign equity participation must not exceed 49 per cent of registered capital of a business in cattle farming. Source of Measure : Foreign Business Act B.E. 2542 (1999), as amended, and its subsidiary legislations

List B. Explanatory Notes

1. This Schedule is made pursuant to Chapter 10 (Investment) only. Any commitment of Thailand made pursuant to Chapter 8 (Trade in Services) and Chapter 9 (Temporary Movement of Natural Persons) is found in Thailand's Schedules in Annex II (Schedules of Specific Commitments for Services) and Annex IV (Schedules of Specific Commitments on Temporary Movement of Natural Persons) respectively.

2. This List sets out, pursuant to Article 10.8 (Reservations and Non-Conforming Measures), the sectors, subsectors, or activities for which Thailand may adopt or maintain any measure that does not conform to the obligations under:

(a) Article 10.3 (National Treatment);

(b) Article 10.4 (Most-Favoured-Nation Treatment);

(d) Article 10.7 (Senior Management and Board of Directors).

3. List A and this List pursuant to Article 10.8 (Reservations and Non-Conforming Measures) follow the negative list with two-list approach as follows:

(a) List A sets out commitments in relation to existing non-conforming measures. Paragraph 1 of Article 10.8 (Reservations and Non-Conforming Measures) applies to this List only; and

(b) this List sets out policy flexibility in relation to measures in sectors, subsectors, and activities.

4. Each entry shall set out the following elements, where applicable:

(a) Sector refers to sector or sectors for which an entry is made;

(b) Subsector refers to specific industries, products, and activities for which an entry is made;

(c) Industry Classification refers to the activities covered by the entry according to the International Standard Industrial Classification (ISIC) Revision 3. As necessary and appropriate, Thailand may specify the exact coverage of the entry if the entry does not exactly conform to the classification system;

(d) Level of Government specifies the level of government (e.g., Central or Regional) maintaining the measure for which an entry is made;

(e) Type of Obligation refers to the obligation of Article 10.3 (National Treatment), Article 10.4 (Most-Favoured-Nation Treatment), Article 10.6 (Prohibition of Performance Requirements), or Article 10.7 (Senior Management and Board of Directors), as the case may be, which does not apply to the listed measure;

(f) Description of Measure describes measures that do not conform to Article 10.3 (National Treatment), Article 10.4 (Most-Favoured-Nation Treatment), Article 10.6 (Prohibition of Performance Requirements), and Article 10.7 (Senior Management and Board of Directors) for which an entry is made; and

(g) Source of Measure is identified for transparency purposes only, for existing measures that apply to the sector, subsector, or activity covered by the entry.

5. In the interpretation of any entry, all elements of an entry shall be considered. The Description of Measure element shall prevail over all other elements.

6. These Explanatory Notes form an integral part of this List.

1.

Sector : All sectors Subsector : - Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Prohibition of Performance Requirements (Article 10.6) Senior Management and Board of Directors (Article 10.7) Description of Measure : In the case where the Head of the National Council for Peace and Order is of opinion that it is necessary for the benefit of reform in any field and to strengthen public unity and harmony, or for the prevention, disruption, or suppression of any act which undermines public peace and order or national security, the Monarchy, national economy or administration of State affairs, whether that act emerges inside or outside Thailand, the Head of the National Council for Peace and Order shall have the powers to make any order to disrupt or suppress regardless of the legislative, executive, or judicial force of that order. In this case, that order, act or any performance in accordance with that order is deemed to be legal, constitutional and conclusive, and it shall be reported to the National Legislative Assembly and the Prime Minister without delay. In the event of the occurrence of an emergency situation and the Prime Minister considers that it is appropriate to use the force of administrative officials or police officers, civil officials or military officers to jointly provide assistance, prevent, remedy, suppress, withhold the emergency situation, rehabilitate or provide assistance to the people, the Prime Minister, upon the approval of the Council of Ministers, is empowered to declare an emergency situation applicable to the whole country or in some area or locality as necessary for the situation. Source of Measure : - Constitution of the Kingdom of Thailand B.E.2560 (2017) - Martial Law B.E.2457 (1914), as amended - Emergency Decree on Public Administration in Emergency Situation B.E.2548 (2005), as amended - Internal Security Act B.E.2551(2008), as amended

2.

Sector : Agricultural Subsector : - Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Prohibition of Performance Requirements (Article 10.6) Senior Management and Board of Directors (Article 10.7) Description of Measure : Thailand reserves the right to adopt or maintain any measure with respect to an investor or investment in any activity related to agriculture except: - onion seed propagation - Foreign equity participation must not exceed 49 per cent of registered capital as specified in Entry 4 of List A; and - cattle farming - Foreign equity participation must not exceed 49 per cent of registered capital as specified in Entry 10 of List A Source of Measure : -

3.

Sector : Fishery Subsector : - Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Prohibition of Performance Requirements (Article 10.6) Senior Management and Board of Directors (Article 10.7) Description of Measure : Thailand reserves the right to adopt or maintain any measure with respect to an investor or investment in any activity related to fishery except: - culture of tuna in deep sea cage: Foreign equity participation must not exceed 51 per cent of registered capital as specified in Entry 5 of List A; and - indigenous breeding of spiny lobsters; Panulirus versicolor, P. homarus, P. ornatus, P. longipes, P. penicilatus, and P. polyphagus: Foreign equity participation must not exceed 51 per cent of registered capital as specified in Entry 5 of List A. Source of Measure : -

4.

Sector : Forestry Subsector : - Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Prohibition of Performance Requirements (Article 10.6) Senior Management and Board of Directors (Article 10.7) Description of Measure : Thailand reserves the right to adopt or maintain any measure with respect to an investor or investment in any activity related to forest plantation and the forest industry. Source of Measure : - Foreign Business Act B.E. 2542 (1999), as amended, and its subsidiary legislations - Natural Reserved Forest Act B.E. 2507 (1964), as amended - Commercial Forest Plantation Act B.E. 2535 (1992), as amended

5.

Sector : Mining and Quarrying, and Energy Subsector : - Industry Classification : ISIC 10-14 Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Prohibition of Performance Requirements (Article 10.6) Senior Management and Board of Directors (Article 10.7) Description of Measure : Thailand reserves the right to adopt or maintain any measure with respect to an investor or investment in any activity related to mining and quarrying, and energy except: - marble mining: Foreign equity participation must not exceed 49 per cent of registered capital as specified in Entry 6 of List A; and - oil and gas related extraction: Foreign equity participation must not exceed 49 per cent of registered capital as specified in Entry 7 of List A. Source of Measure : -

6.

Sector : Manufacturing Subsector : - Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Prohibition of Performance Requirements (Article 10.6) Senior Management and Board of Directors (Article 10.7) Description of Measure : Thailand reserves the right to adopt or maintain any measure with respect to an investor or investment in all manufacturing sectors except for subsectors below, a foreigner (2) is allowed to obtain up to 100 per cent of registered capital: - Manufacture of motor vehicle (ISIC 3410); - Manufacture of parts and accessories for motor vehicles and their engines (ISIC 3430); - Manufacture of furniture (ISIC 3610), except product of wood carving furniture; - Manufacture of finishing textiles (ISIC 1712), except any activity relating to production, weaving or printing of Thai silk; - Manufacture of preparation and spinning of textile fibers; weaving of textiles (ISIC 1711), except any activity relating to production, weaving or printing of Thai silk; - Manufacture of plastics products (ISIC 2520); - Manufacture of electric LED lamps and lightings; - Manufacture of printed circuit boards (ISIC Rev. 4 - 2610 Manufacture of electronic components and boards); - Manufacture of domestic appliances (ISIC 2930); - Manufacture of office, accounting and computing machinery (ISIC 3000); - Manufacture of electric motors, generators and transformers (ISIC 3110); - Manufacture of electric lamps and lighting equipment (ISIC 3150); - Manufacture of television and radio receivers, sound or video recording or reproducing apparatus, and associated goods (ISIC 3230); - Manufacture of sports goods (ISIC3693); Manufacture of industrial robots for multiple uses (Part of ISIC 2929 manufacture of other special-purpose machinery); - Manufacture of insulated wire and cable (ISIC 3130); - Manufacture of peripheral units (Parts of ISIC 3000 Manufacture of office, accounting and computing machinery); - Manufacture of luggage, handbags and the like, saddlery and harness (ISIC 1912); - Manufacture of watches and clocks (ISIC 3330); - Manufacture of dairy products (ISIC 1520); - Manufacture of starches and starch products (ISIC 1532); - Manufacture of macaroni (part of ISIC 1544); - Manufacture of food processing Source of Measure : -

(2) For the purposes of this entry, the definition of “foreigner” shall be in accordance with the Foreign Business Act B.E. 2542 (1999).

7.

Sector : All new sectors Subsector : - Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Prohibition of Performance Requirements (Article 10.6) Senior Management and Board of Directors (Article 10.7) Description of Measure : Thailand reserves the right to adopt or maintain any measure relating to a sector or subsector which is specified as “not elsewhere classified (n.e.c.)” in ISIC Revision 3 at the date of entry into force of this Agreement for Thailand. Source of Measure : -

8.

Sector : All Sectors Subsector : - Industry Classification : - Level of Government : All levels Type of Obligation : Most-Favoured-Nation Treatment (Article 10.4) Description of Measure : Thailand reserves the right to adopt or maintain any measure that accords more favourable treatment to an investor or investment under any international agreement or arrangement in force or signed prior to the date of entry into force of this Agreement. For greater certainty, this extends to: (a) any preferential treatment accorded pursuant to a subsequent review or amendment of the relevant international agreements or any forms of economic or regional cooperation with any Party or non-Party; and (b) any existing or future preferential treatment accorded pursuant to any agreement or arrangement between or among Member States of ASEAN. Thailand reserves the right to adopt or maintain any measure that accords more favourable treatment to an investor or investment under any international agreement or arrangement in force or signed after the date of entry into force of this Agreement in the following sectors: - agriculture except farming of livestock; - fishery and maritime matters; and - forestry. Thailand reserves the right to adopt or maintain any measure and treatment relating to procedures for the resolution of investment disputes between investors and states provided for in other international investment treaties and other trade agreements. Source of Measure : -

9.

Sector : All Sectors Subsector : - Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Description of Measure : A foreign national or a domestic company which is deemed foreigner (3) is not allowed to purchase or own land in Thailand. However, it may lease or hire land and own building. Thailand reserves the right to adopt or maintain any measure in relation to acquisition or usage of land in Thailand, including the development or usage of land or the type of activities which may be conducted on land in accordance with its land zoning, land usage, urban planning, development control, conservation, and preservation policies as well as policies relating to environmental protection, nature reserves, and national parks. Source of Measure : - The Land Code - Civil and Commercial Code - Hire of Immovable Property for Commerce and Industry Act B.E. 2542 (1999), as amended - Agricultural Land Reform Act B.E. 2518 (1975), as amended - Land Lease for Agriculture Act (No. 2) B.E. 2559 (2016), as amended - Act Promulgating the Land Code B.E. 2497 (1954), as amended - Regulations of the Agricultural Land Reform Executive Committee on Rules, Procedures and Conditions for the Selection of Farmers Eligible to Acquire Land from Agricultural Land Reform B.E. 2535 (1992) - Regulations of the Agricultural Land Reform Executive Committee on Rules, Procedures and Conditions for Granting Permission and Being Complied with by the Recipients of the Granting in Respect of Utilization on Land or Immovable Property for Activities, which Support or are Related to Agricultural Land Reform B.E. 2541 (1998)

(3) For the purposes of this entry, the definition of “foreigner” shall be in accordance with the Foreign Business Act B.E. 2542 (1999).

10.

Sector : All sectors Subsector : - Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Senior Management and Board of Directors (Article 10.7) Description of Measure : Thailand reserves the right to adopt or maintain any measure with respect to: 1. devolution to the private sector of any investment in the exercise of government authority at the date of entry into force of this Agreement; 2. the privatisation of an entity or asset owned wholly or partially by the government; and 3. divestment of an asset through transfer or disposal of equity interests or assets owned wholly or partially by the government. Source of Measure : -

11.

Sector : All sectors Subsector : - Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Most-Favoured-Nation Treatment (Article 10.4) Description of Measure : Thailand reserves the right to adopt or maintain any measure with respect to an investor or investment relating to foreign exchange transactions by non-resident and any measure relating to transactions in, and holdings of, local currency by non-resident, for the prevention of Thai Baht speculation. Note: 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 Securities (NRBS) accounts - measures on non-deliverable forwards. Source of Measure : -

13.

14.

15.

Sector : Industrial estate Subsector : - Establishment or expansion of an industrial estate - Land entitlement in industrial estate area Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Prohibition of Performance Requirements (Article 10.6) Senior Management and Board of Directors (Article 10.7) Description of Measure : Thailand reserves the right to adopt or maintain any measure with respect to industrial estate. An applicant for Joint Development of an Industrial Estate Establishment Project with the Industrial Estate Authority of Thailand (IEAT) shall possess the following qualifications: - being a Thai juridical person; - having evidence of ownership or possession right in the land intended for an Industrial Estate Project, or evidence showing acquisition of ownership or possession right in the land, with consent from the land owner, to be developed as an industrial estate. If the business operator, which is a foreigner (4), dissolves or transfers its business to another person, the business operator shall dispose such land for which permission has been granted to hold the ownership under this Notification to the IEAT or the business transferee, as the case may be, within three years from the date of such dissolution or business transfer. If the business operator fails to do so, the Director-General of the Land Department shall dispose such land together with its component part to IEAT or other persons in accordance with the Land Code. Regarding the rules for consideration of the number of foreigners who are skilled workers or experts to stay in Thailand and work in industrial estate, the IEAT shall consider granting permission for the business operator to bring a foreigner to stay in Thailand according to the number and for the period of work in an industrial estate, by taking into account business category, registered capital, number of Thai workers, and business areas of the business operator. Source of Measure : - The Industrial Estate Authority of Thailand Act B.E. 2552 (1979), as amended, including its regulations, notifications, and administrative guidelines - Promotion and Conservation of National Environmental Quality Act B.E. 2535 (1992), as amended, including its regulations, notifications, and administrative guidelines - Factory Act B.E. 2535 (1992), as amended, including its regulations, notifications, and administrative guidelines - Eastern Economic Corridor Act B.E. 2561 (2018), and as amended

(4) For the purposes of this entry, the definition of “foreigner” shall be found in accordance with the Foreign Business Act B.E. 2542 (1999).

16.

Sector : All sectors Subsector : - Industry Classification : - Level of Government : Local Type of Obligation : National Treatment (Article 10.3) Prohibition of Performance Requirements (Article 10.6) Senior Management and Board of Directors (Article 10.7) Description of Measure : Thailand reserves the right to adopt or maintain any measure with respect to an investor or investment relating to environment, health, or culture. Source of Measure : -

17.

Sector : All sectors Subsector : - Industry Classification : - Level of Government : All levels Type of Obligation : Prohibition of Performance Requirements (Article 10.6) Description of Measure : Thailand reserves the right to adopt or maintain any measure with respect to an investor or investment relating to the government requirements on technology transfer. Source of Measure : -

18.

19.

Sector : All sectors Subsector : - Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Description of Measure : In order to operate business in Thailand, a foreigner (5) shall obtain a licence or certificate from the Department of Business Development, and comply with conditions set forth in the Foreign Business Act B.E. 2542 (1999) (6) and subsidiary legislations. A foreigner must meet a minimum capital requirement which is stipulated in Ministerial Regulation prescribing the Minimum Capital and Period for Bringing or Remitting the Minimum Capital into Thailand B.E. 2562 (2019). Minimum capital required to be registered 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 by the Ministerial Regulations, which in no case shall be less than three million Thai Baht. In all other cases, minimum capital required to be registered at the commencement of the business operation shall not be less than that prescribed by the Ministerial Regulations and shall in no case be less than two million Thai Baht. Source of Measure : - Foreign Business Act B.E. 2542 (1999), as amended, and its subsidiary legislations - Ministerial Regulations prescribing the Minimum Capital and Period for Bringing or Remitting the Minimum Capital into Thailand B.E. 2562 (2019)

(5) For the purposes of this entry, the definition of “foreigner” shall be found in accordance with the Foreign Business Act B.E. 2542 (1999).

(6) For illustrative purposes, “conditions set forth in the Foreign Business Act B.E. 2542 (1999)” may include the ratio of the capital and loans and the number of foreign directors who must have a domicile in Thailand.

20.

(7) For the purposes of this entry, the definition of “foreigner” shall be in accordance with the Foreign Business Act B.E. 2542 (1999).

21.

Sector : All Services sectors Subsector : - Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Most-Favoured-Nation Treatment (Article 10.4) Prohibition of Performance Requirements (Article 10.6) Senior Management and Board of Directors (Article 10.7) Description of Measure : Thailand reserves the right to adopt or maintain any measure relating to investment in service sectors. Source of Measure : -

22.

Sector : All sectors Subsector : - Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Most-Favoured-Nation Treatment (Article 10.4) Prohibition of Performance Requirements (Article 10.6) Senior Management and Board of Directors (Article 10.7) Description of Measure : Consistent with Thailand’s investment promotion regime as set out in relevant provisions of Investment Promotion Act B.E. 2520 (1977), as amended, and National Competitiveness Enhancement for the Targeted Industries Act B.E. 2560 (2017), as amended, investment project to be granted with advantage requires approval from the Thailand Board of Investment and the Board of the National Competitiveness Enhancement Policy for the Targeted Industries, respectively. An investor must comply with the criteria set out in the investment promotion regime and any condition specified by the regulator and relevant agencies. Source of Measure : - Investment Promotion Act B.E. 2520 (1977), as amended - National Competitiveness Enhancement for the Targeted Industries Act B.E. 2560 (2017), as amended

Viet Nam

List A. Explanatory Notes

1. This List sets out, pursuant to Article 10.8 (Reservations and Non-Conforming Measures), measures that are not subject to some or all of the obligations imposed by:

(a) Article 10.3 (National Treatment);

(b) Article 10.6 (Prohibition of Performance Requirements); and

2. This List is made pursuant to Chapter 10 (Investment). Any commitment of Viet Nam made pursuant to Chapter 8 (Trade in Services) is found in Viet Nam’s Schedule in Annex II (Schedules of Specific Commitments for Services).

3. Each reservation in this List shall set out the following elements, where applicable:

(a) Sector refers to the sector or sectors for which the reservation is taken;

(b) Subsector refers to specific industries/products/activities for which the reservation is taken;

(c) Industry Classification refers to the activities covered by the reservation according to: International Standard Industrial Classifications (hereinafter referred to as “ISIC”) Revision 3 for manufacturing, agriculture, fishery, forestry and hunting, mining and quarrying. As necessary and appropriate, Viet Nam has specified the exact coverage of the reservations if the reservations do not exactly conform to the classification system;

(d) Level of Government refers to the level of government adopting or maintaining the measure for which a reservation is taken;

(e) Type of Obligation refers to the obligations of National Treatment, Prohibition of Performance Requirements, and Senior Management and Board of Directors, as the case may be, which do not apply to the listed measures;

(f) Description of Measure element sets out the non-conforming measure for which the reservation is made. The obligations under Type of Obligation element do not apply to the non-conforming measure identified in the Description of Measure element of that reservation;

(g) Source of Measure element provides non-binding reference to the non-conforming measures for which the reservation is made for the purposes of transparency and illustration only and shall not be interpreted as an additional binding explanation of such measure.

4. In the interpretation of a reservation, all elements of a reservation shall be considered. The Description of Measure element shall prevail over all other elements.

5. Viet Nam may add, withdraw or modify any of its reservations as set out in this List for a period of 24 months from the date of entry into force of this Schedule, provided that relevant non-conforming measures are in existence as of the date of entry into force of this Agreement. Any such addition, withdrawal or modification will be submitted to the Depositary who will notify the other Parties, including the relevant laws and regulations. Such non-conforming measure shall be deemed to form part of this Schedule and shall take effect upon such notification.

6. These Explanatory Notes shall form part of this List.

1.

(1) For illustrative purposes, the condition may be the investors’ commitment to transferring the invested assets to the Government of Viet Nam on a non-compensable basis at the time of termination of their projects.

2.

Sector : Manufacturing Subsector : Aircraft Manufacture Industry Industry Classification : ISIC 353 Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Description of Measure : Foreign investment in the manufacture of aircraft may not be permitted except through a joint venture or the purchase of shares in an enterprise. Foreign equity shall not exceed 49 per cent total equity of such joint venture or enterprise. Source of Measure : Decision No. 58/2016/QD-TTg dated 28 December 2016

3.

Sector : Manufacturing Subsector : Manufacture of railway rolling stock, spare parts, wagon and coach Industry Classification : ISIC 352 Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Description of Measure : Foreign investment in the manufacture of railway rolling stock, spare parts, wagon and coach may not be permitted except through a joint venture or the purchase of shares in an enterprise. Foreign equity shall not exceed 49 per cent total equity of such joint venture or enterprise. Source of Measure : - Decision No. 214/QD-TTg dated 10 February 2015 - Decision No. 58/2016/QD-TTg dated 28 December 2016

List B. Explanatory Notes

1. This List sets out, pursuant to Article 10.8 (Reservations and Non-Conforming Measures), measures that Viet Nam may maintain existing, or adopt new or more restrictive, measures that do not conform with obligations imposed by:

(a) Article 10.3 (National Treatment);

(b) Article 10.6 (Prohibition of Performance Requirements); and

3. Each reservation in this List shall set out the following elements, where applicable:

(a) Sector refers to the sector or sectors for which the reservation is taken;

(b) Subsector refers to specific industries/products/activities for which the reservation is taken;

(d) Level of Government refers to the level of government adopting or maintaining the measure for which a reservation is taken;

4. In the interpretation of a reservation, all elements of a reservation shall be considered. The Description of Measure element shall prevail over all other elements.

5. These Explanatory Notes shall form part of this List.

1.

2.

Sector : All sectors Subsector : - Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Senior Management and Board of Directors (Article 10.7) Description of Measure : Viet Nam reserves the right to adopt or maintain any measure relating to investment procedures, such as procedures relating to investment registration certificate of investment projects, and foreign exchange management procedures. Source of Measure : - Law on Investment - Law on Enterprises

3.

4.

5.

Sector : All sectors Subsector : - Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Description of Measure : Viet Nam reserves the right to adopt or maintain any measure relating to land, properties, and natural resources (2) associated with land, including but not limited to land acquisition, land ownership (3), land allocation, land lease, policy on the usage of land, land plans and planning, term of land use, rights and obligations of land users. Source of Measure : - Law on Land - Law on Minerals - Law on Cultural Heritage - Law on Real Estate Business - Law on Investment

(2) Natural resources found in land belong to the Government of Viet Nam.

(3) For illustrative purposes, foreign organisations and individuals cannot own land. The Government of Viet Nam can allocate land or lease land for them in line with the duration of their investment project subject to approval of a competent State body in accordance with Viet Nam’s laws and regulations.

6.

7.

Sector : Manufacturing Subsector : - Production of firecrackers, including fireworks; - Production of sky-lanterns; - Production and supply of explosive materials; - Publishing: All kinds of publishing product.  Publishing of books, brochures, musical books and other publications;  Publishing of newspapers, journals and periodicals;  Publishing of recorded media;  Other publishing. - Printing:  Books (including books for the blind), pictures, maps, posters, leaflets, calendars;  Minting coin, molding and pressing money, value papers, forms with denomination, financial invoices, checks, etc;  Journals, Newspapers, Magazines, Periodicals, Counterfeit stamps, Certificates, Passport, National Identity Cards, etc. - Remanufacturing or refurbishing of Information and Communication Technology (ICT) products; - Production of cigarettes and cigars; - Production of liquor and alcoholic beverages; - Production of tobacco; - Manufacturing and assembling of buses and transport vehicles of more than 29 seats; - Production of gold. Industry Classification : - Level of Government : All levels Type of Obligation : National Treatment (Article 10.3) Prohibition of Performance Requirements (Article 10.6) Senior Management and Board of Directors (Article 10.7) Description of Measure : Viet Nam reserves the right to adopt or maintain any measure relating to the above-mentioned subsectors. Source of Measure : - Law on Investment - Law on Environment Protection - Law on the State Bank of Viet Nam

Type	Agreements	Date of signature	Date of entry in force
IT_OVERLAP	Australia - Philippines BIT (1995)	25 / Jan / 1995	08 / Dec / 1995
IT_OVERLAP	China - Viet Nam BIT (1992)	02 / Dec / 1992	01 / Sep / 1993
IT_OVERLAP	Japan - Myanmar BIT (2013)	15 / Dec / 2013	07 / Aug / 2014
IT_OVERLAP	China - Singapore FTA (2008)	23 / Oct / 2008	01 / Jan / 2009
IT_OVERLAP	Cambodia - Korea, Republic of FTA (2021)	26 / Oct / 2021	01 / Dec / 2022
IT_OVERLAP	China - Philippines BIT (1992)	20 / Jul / 1992	08 / Sep / 1995
IT_OVERLAP	Japan - Lao People's Democratic Republic BIT (2008)	16 / Jan / 2008	03 / Aug / 2008
IT_OVERLAP	Indonesia - Korea, Republic of BIT (1991)	16 / Feb / 1991	10 / Mar / 1994
IT_OVERLAP	Framework Agreement on the BIMST-EC Free Trade Area (2004)	08 / Feb / 2004	30 / Jun / 2004
IT_OVERLAP	Indo-Pacific Economic Framework (IPEF) (2023)
IT_OVERLAP	Indonesia - Japan FCN (1961)	01 / Jul / 1961	01 / Jul / 1961
IT_OVERLAP	Korea, Republic of - Viet Nam BIT (1993)	13 / May / 1993	04 / Sep / 1993
IT_OVERLAP	Japan - Thailand EPA (2007)	03 / Apr / 2007	01 / Nov / 2007
IT_OVERLAP	Australia - Malaysia FTA (2012)	22 / May / 2012	01 / Jan / 2013
IT_OVERLAP	Korea, Republic of - Viet Nam FTA (2015)	05 / May / 2015	20 / Dec / 2015
IT_OVERLAP	Australia - Japan EPA (2014)	08 / Jul / 2014	15 / Jan / 2015
IT_OVERLAP	Australia - Singapore FTA (2003)	17 / Feb / 2003	28 / Jul / 2003
IT_OVERLAP	China - Japan BIT (1988)	27 / Aug / 1988	14 / May / 1989
IT_OVERLAP	Cambodia - Japan BIT (2007)	14 / Jun / 2007	31 / Jul / 2008
IT_OVERLAP	ASEAN - Japan FTA (2008)	14 / Apr / 2008	01 / Dec / 2008
IT_OVERLAP	Japan - Philippines EPA (2006)	09 / Sep / 2006	11 / Dec / 2008
IT_OVERLAP	ASEAN - Korea, Republic of Investment Agreement (2009)	02 / Jun / 2009	01 / Sep / 2009
IT_OVERLAP	Investment Facilitation for Development (2024)
IT_OVERLAP	Asia-Pacific Trade Agreement (APTA) Framework Agreement on Investment (2009)	15 / Dec / 2009	06 / Apr / 2011
IT_OVERLAP	Trans - Pacific Strategic Economic Partnership (TPSEP) (2005)	18 / Jul / 2005	28 / May / 2006
IT_OVERLAP	Korea, Republic of - Singapore FTA (2005)	04 / Aug / 2005	02 / Mar / 2006
IT_OVERLAP	Australia - Indonesia Comprehensive Economic Partnership Agreement (2019)	04 / Mar / 2019	05 / Jul / 2020
IT_OVERLAP	Australia - Indonesia BIT (1992)	17 / Nov / 1992	29 / Jul / 1993
IT_OVERLAP	China - Myanmar BIT (2001)	12 / Dec / 2001	21 / May / 2002
IT_OVERLAP	China - Indonesia BIT (1994)	18 / Nov / 1994	01 / Apr / 1995
IT_OVERLAP	China - Korea, Republic FTA (2015)	01 / Jun / 2015	20 / Dec / 2015
IT_OVERLAP	Australia - China BIT (1988)	11 / Jul / 1988	11 / Jul / 1988
IT_OVERLAP	Japan - Philippines Treaty of Amity, Commerce and Navigation (1979)	10 / May / 1979	20 / Jul / 1980
IT_OVERLAP	Australia - Korea, Republic of FTA (2014)	08 / Apr / 2014	12 / Dec / 2014
IT_OVERLAP	New Zealand - Singapore CEPA (2019)	17 / May / 2019	01 / Jan / 2020
IT_OVERLAP	China - New Zealand BIT (1988)	22 / Nov / 1988	25 / Mar / 1989
IT_OVERLAP	Korea, Republic of - Malaysia BIT (1988)	11 / Apr / 1988	31 / Mar / 1989
IT_OVERLAP	Australia - China FTA (2015)	17 / Jun / 2015	20 / Dec / 2015
IT_OVERLAP	Organisation of the Islamic Conference (OIC) Investment Agreement (1981)	05 / Jun / 1981	23 / Sep / 1986
IT_OVERLAP	Brunei Darussalam - China BIT (2000)	17 / Nov / 2000
IT_OVERLAP	China - Singapore BIT (1985)	21 / Nov / 1985	07 / Feb / 1986
IT_OVERLAP	New Zealand - Singapore CEPA (2000)	14 / Nov / 2000	01 / Jan / 2001
IT_OVERLAP	Japan - Viet Nam BIT (2003)	14 / Nov / 2003	19 / Dec / 2004
IT_OVERLAP	China - Japan - Korea, Republic of Trilateral Investment Agreement (2012)	13 / May / 2012	17 / May / 2014
IT_OVERLAP	Australia - Japan Treaty of Friendship and Co-Operation (1976)	16 / Jun / 1976	21 / Aug / 1977
IT_OVERLAP	China - Thailand BIT (1985)	12 / Mar / 1985	13 / Dec / 1985
IT_OVERLAP	Indonesia - Korea, Republic of CEPA (2020)	18 / Dec / 2020	01 / Jan / 2023
IT_OVERLAP	Korea, Republic of - Viet Nam BIT (2003)	15 / Sep / 2003	05 / Jun / 2004
IT_OVERLAP	Cambodia - Korea, Republic of BIT (1997)	10 / Feb / 1997	12 / Mar / 1997
IT_OVERLAP	Brunei Darussalam - Korea, Republic of BIT (2000)	14 / Nov / 2000	30 / Oct / 2003
IT_OVERLAP	ASEAN - Australia - New Zealand Free Trade Agreement (2009)	27 / Feb / 2009	10 / Jan / 2010
IT_OVERLAP	Indonesia - Japan EPA (2007)	20 / Aug / 2007	01 / Jul / 2008
IT_OVERLAP	Australia - Viet Nam BIT (1991)	05 / Mar / 1991	11 / Sep / 1991
IT_OVERLAP	Japan - Viet Nam EPA (2008)	25 / Dec / 2008	01 / Oct / 2009
IT_OVERLAP	Japan - Singapore New-Age Economic Partnership (2002)	13 / Jan / 2002	13 / Jan / 2002
IT_OVERLAP	China - Korea, Republic of BIT (1992)	30 / Sep / 1992	04 / Dec / 1992
IT_OVERLAP	Korea, Republic of - Philippines BIT (1994)	07 / Apr / 1994	25 / Sep / 1996
IT_OVERLAP	Cambodia - China FTA (2020)	12 / Oct / 2020	01 / Jan / 2022
IT_OVERLAP	China - Malaysia BIT (1988)	21 / Nov / 1988	31 / Mar / 1990
IT_OVERLAP	Australia - New Zealand Investment Protocol (2011)	16 / Feb / 2011	01 / Mar / 2013
IT_OVERLAP	Japan - Korea, Republic of BIT (2002)	22 / Mar / 2002	01 / Jan / 2003
IT_OVERLAP	New Zealand - Thailand EPA (2005)	19 / Apr / 2005	01 / Jul / 2005
IT_OVERLAP	Japan - Philippines FCN (1960)	09 / Dec / 1960	27 / Sep / 1974
IT_OVERLAP	China - Lao People's Democratic Republic BIT (1993)	31 / Jan / 1993	01 / Jun / 1993
IT_OVERLAP	Japan - Malaysia FCN (1960)	10 / May / 1960	10 / May / 1960
IT_OVERLAP	Japan - Malaysia EPA (2005)	13 / Dec / 2005	13 / Jul / 2006
IT_OVERLAP	Australia - Lao People's Democratic Republic BIT (1994)	06 / Apr / 1994	08 / Apr / 1995
IT_OVERLAP	Brunei Darussalam - Japan EPA (2007)	18 / Jun / 2007	31 / Jul / 2008
IT_OVERLAP	China - New Zealand FTA (2008)	07 / Apr / 2008	01 / Oct / 2008
IT_OVERLAP	Trans-Pacific Partnership (TPP) (2016)	04 / Feb / 2016
IT_OVERLAP	ASEAN - China Investment Agreement (2009)	15 / Aug / 2009	01 / Jan / 2010
IT_OVERLAP	ASEAN - Australia - New Zealand FTA Second Protocol (2023)	21 / Aug / 2023
IT_OVERLAP	Pacific Agreement on Closer Economic Relations (PACER) Plus (2017)	14 / Jun / 2017	13 / Dec / 2020
IT_OVERLAP	Korea, Republic of - Thailand BIT (1989)	24 / Mar / 1989	30 / Sep / 1989
IT_OVERLAP	China - Korea, Republic of BIT (2007)	07 / Sep / 2007	01 / Dec / 2007
IT_OVERLAP	Korea, Republic of - Lao People's Democratic Republic BIT (1996)	15 / May / 1996	14 / Jun / 1996
IT_OVERLAP	Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) (2018)	08 / Mar / 2018	30 / Dec / 2018
IT_OVERLAP	Korea, Republic of - Myanmar BIT (2014)	05 / Jun / 2014
IT_OVERLAP	Cambodia - China BIT (1996)	19 / Jul / 1996	01 / Feb / 2000
IT_OVERLAP	Malaysia - New Zealand FTA (2009)	26 / Oct / 2009	01 / Aug / 2010
IT_OVERLAP	Australia - Thailand FTA (2004)	05 / Jul / 2004	01 / Jan / 2005
IT_OVERLAP	Korea, Republic of - New Zealand FTA (2015)	23 / Mar / 2015	20 / Dec / 2015