In the mid-1980s, in conjunction with the exhortation of the Singapore government, Singapore businessmen gamely forayed into the Socialist Republic of Vietnam ("Vietnam") seeking for opportunities of investment in numerous fields. These foreign ventures of Singaporean businessmen were timely indeed as they coincided with the reform measures of the Communist Party of Vietnam in the implementation of its program of "doi moi"(renovation). Pursuant to Vietnam's shift from a centrally planned economy to a market economy, Vietnam's first Law on Foreign Investment in Vietnam was promulgated by the National Assembly on 29 December 1987. Since then, there have been numerous amendments to the laws on foreign investment to meet the rapidly changing requirements of foreign investors.
