It is necessary to make adjustments to existing laws in order to boost foreign investment.
Economic delegates made the assessment at a conference held in Hanoi on May 16, aiming to collect opinions on draft amendments to the Investment Law and Enterprise Law. They also put forth suggestions to heighten the effectiveness of foreign investment in Vietnam.
Addressing the event, Deputy Minister of Planning and Investment Dang Huy Dong said Vietnam faces challenges in wooing investors, competing with regional and global rivals and simplifying administrative formalities.
To improve the investment climate and State agencies’ capacity in managing foreign capital, participants agreed that attention should be placed on checking and evaluating barriers, especially those concerning investment procedures prescribed in the aforementioned two laws and other legal documents.
Nguyen Anh Tuan, Editor-in-Chief of the Vietnam Investment Review, said the enforcement of the investment and enterprise laws, both promulgated in 2005, exposed inadequacies and shortcomings.
Specifically, some articles of the two laws are not concrete and suitable with reality, while several regulations do not match international norms or the country’s commitments to its integration into the global economy, noted Tuan.
Director of the Central Institute for Economic Management Nguyen Dinh Cung said it is vital to restrict the withdrawal of business permits, adding that relevant agencies should only revoke the permits when necessary.
Chairman of the Vietnam Association of Foreign Invested Enterprises (VAFIE) Nguyen Mai said that various difficulties in managing foreign direct investment (FDI) enterprises will emerge if regulations on the establishment of such firms, especially those related to fields of business and minimum capital, are not specified.
According to statistics released by the ministry’s Foreign Investment Agency, Vietnam lured 390 FDI projects with a combined registered capital of 3.2 billion USD in the first four months of this year. The total capital disbursement of FDI projects in the reviewed period reached 4 billion USD, up 6.7 percent year-on-year.-VNA
Economic delegates made the assessment at a conference held in Hanoi on May 16, aiming to collect opinions on draft amendments to the Investment Law and Enterprise Law. They also put forth suggestions to heighten the effectiveness of foreign investment in Vietnam.
Addressing the event, Deputy Minister of Planning and Investment Dang Huy Dong said Vietnam faces challenges in wooing investors, competing with regional and global rivals and simplifying administrative formalities.
To improve the investment climate and State agencies’ capacity in managing foreign capital, participants agreed that attention should be placed on checking and evaluating barriers, especially those concerning investment procedures prescribed in the aforementioned two laws and other legal documents.
Nguyen Anh Tuan, Editor-in-Chief of the Vietnam Investment Review, said the enforcement of the investment and enterprise laws, both promulgated in 2005, exposed inadequacies and shortcomings.
Specifically, some articles of the two laws are not concrete and suitable with reality, while several regulations do not match international norms or the country’s commitments to its integration into the global economy, noted Tuan.
Director of the Central Institute for Economic Management Nguyen Dinh Cung said it is vital to restrict the withdrawal of business permits, adding that relevant agencies should only revoke the permits when necessary.
Chairman of the Vietnam Association of Foreign Invested Enterprises (VAFIE) Nguyen Mai said that various difficulties in managing foreign direct investment (FDI) enterprises will emerge if regulations on the establishment of such firms, especially those related to fields of business and minimum capital, are not specified.
According to statistics released by the ministry’s Foreign Investment Agency, Vietnam lured 390 FDI projects with a combined registered capital of 3.2 billion USD in the first four months of this year. The total capital disbursement of FDI projects in the reviewed period reached 4 billion USD, up 6.7 percent year-on-year.-VNA
