The minister of Planning and Investment, Bui Quang Vinh, said that he has heard many complaints from businesses over complicated investment procedures, which has caused him a “headache”.
Minister of Planning and Investment Bui Quang Vinh
It was pointed out at a recent discussion of the National Assembly Standing Committee on the revision of the 2005 Investment Law that eight years after the law came into being, domestic and foreign investors still face a lack of transparency as well as clear conditions and procedures for investment.
The revision of the law aims to cut unnecessary administrative procedures and create a more open and streamlined process for investors, while simultaneously dealing with the difficulties faced by enterprises.
Vinh said that no exact statistics exist on investment procedures in Vietnam. He also admitted that he had to deal with many adamant complaints about the current investment procedures, noting, “We want to remove all the current barriers we can for investors.”
According to Mr. Vinh, once revised, the Investment Law will allow companies to complete their business registration procedures online, with no need of going to management agencies.
He also said the Ministry of Planning and Investment had proposed imposing investment certificates on certain areas of business, the use of a land covering more than 500ha, areas receiving investment priorities and those which cause environmental pollution.
The revised draft Investment Law will also include certain kinds of projects for which investment is banned, consisting of those which negatively affect national security and defense or other national interests, those adversely affecting the national cultural and historical relics, habits and customs as well and those which can have a bad impact on people and damage the environment.
However, National Assembly Chairman, Nguyen Sinh Hung, said this set of criteria for banning projects is too general. Minister Vinh said the Ministry of Planning and Investment will set up a task force for assessing the impacts of specific kinds of projects to have a clearer list of those which should be banned.
Minister admits investment procedures cumbersome Related image(s)
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