Art. 19 of the Constitutional Law on Foreign Productive Investment establishes that in order to be registered, foreign investment must be for a minimum amount, CNY 6,500,000 or its equivalent in another foreign currency (approx. 940,000 USD).

Art. 19 of the Constitutional Law on Foreign Productive Investment establishes that in order to be registered, foreign investment must be for a minimum amount, CNY 6,500,000 or its equivalent in another foreign currency (approx. 940,000 USD).

Art. 35 of the Constitutional Law of Productive Foreign Investment establishes that all foreign investment must comply with several conditions, among which is to contribute to the national economic development. In this regard, Art. 40 states that the governing body has broad supervisory powers for the purpose of verifying compliance with this Constitutional Law.

Art. 35 of the Constitutional Law of Productive Foreign Investment establishes that all foreign investment must comply with several conditions, among which is to contribute to the national economic development. In this regard, Art. 40 states that the governing body has broad supervisory powers for the purpose of verifying compliance with this Constitutional Law.

The main fixed-line operator (Compañía Anónima Nacional Teléfonos de Venezuela, Cantv) is controlled by the Venezuelan government and it is reported that there is no foreign ownership allowed. On the other hand, it is reported that full foreign ownership is allowed with respect to telecommunications sector.

Venezuela is not a party to the World Trade Organization (WTO) Agreement on Government Procurement (GPA), nor does it have observer status.

It has been reported a certain lack of transparency, opacity and discretion in public procurement in Venezuela.

The main fixed-line operator (Compañía Anónima Nacional Teléfonos de Venezuela, Cantv) is controlled by the Venezuelan government and it is reported that there is no foreign ownership allowed. On the other hand, it is reported that full foreign ownership is allowed with respect to telecommunications sector.

Venezuela is not a party to the World Trade Organization (WTO) Agreement on Government Procurement (GPA), nor does it have observer status.

It has been reported a certain lack of transparency, opacity and discretion in public procurement in Venezuela.

Art. 113 of Decree No. 1399 establishes that for the selection of bids whose prices do not exceed 5% of the best evaluated bid, preference shall be given to the bid that complies with the following:
- in the procurement of goods, the offer with the highest national added value;
- in the procurement of works and services, the bid submitted by a bidder whose main domicile is in Venezuela, has a greater incorporation of national parts and inputs and a greater participation of national human resources, including at the managerial level.
Once the above criteria have been applied, if the evaluation yields two or more bids with equal results, preference will be given to the bidder that has greater national participation in its capital.

Art. 12 of Decree No. 1399 states that the contractor must guarantee the inclusion of goods and services produced in Venezuela by designing objective evaluation criteria that assign preferences to these goods in the evaluation of the bid.

Art. 12 of Decree No. 1399 states that the contractor must guarantee the inclusion of goods and services produced in Venezuela by designing objective evaluation criteria that assign preferences to these goods in the evaluation of the bid.

Art. 113 of Decree No. 1399 establishes that for the selection of bids whose prices do not exceed 5% of the best evaluated bid, preference shall be given to the bid that complies with the following:
- in the procurement of goods, the offer with the highest national added value;
- in the procurement of works and services, the bid submitted by a bidder whose main domicile is in Venezuela, has a greater incorporation of national parts and inputs and a greater participation of national human resources, including at the managerial level.
Once the above criteria have been applied, if the evaluation yields two or more bids with equal results, preference will be given to the bidder that has greater national participation in its capital.

Art. 11 of Decree No. 1399 establishes that the President of Venezuela may dictate temporary measures so that the contracting of the contractors compensate for adverse or unfavorable conditions that affect small and medium industry, cooperatives and any other form of community association. Such measures include, among others, the establishment of preferential amounts or categories of contracts, the use of contracting schemes that imply the incorporation of goods with national added value, transfer of technology, and incorporation of human resources.