Director of the Ministry of Planning and Investment's Foreign Investment Agency Do Nhat Hoang spoke to Dau Tu (Investment) newspaper about how the new national information system for foreign investment would benefit investors.
*What is the national information system of foreign investment?
The establishment of the national information system of foreign investment is carried out by the Ministry of Planning and Investment following the Prime Minister's Decision 48/2009/QD-TTg about applying information technology at State agencies.
The system, which is nearly complete, aims to standardise and computerise investment procedures and the investment process of foreign direct investment (FDI) firms and FDI management agencies.
Most importantly, a national database of FDI firms and projects will be set up.
*Is this the first national FDI database? Who will benefit from the system?
This is the first national database of FDI. It will be an effective support tool for both FDI firms and FDI management agencies during the investment process as well as when collecting statistics and compiling reports.
Clearly, the major beneficiaries are FDI firms. They can update information about their projects online before submitting documents for investment certificates. This will help State management agencies review their documents promptly and efficiently. They can also submit reports to management agencies more easily online.
State management agencies also benefit from the system, as it makes compiling accurate statistics and reports easier and more cost-effective.
The system will also benefit the Ministry of Planning and Investment and other central-level management agencies. With a national database of FDI projects throughout the country, State management of FDI will be unified from central to local levels.
The database plays a very important role in statistics and forecasts, which are used as a basis to develop macro-economic and FDI management policies. This also contributes to administrative reform and improvement of the business climate in Vietnam.
*What are the differences between this system and the national business registration system that already exists?
The national business registration system is established based on the Law on Enterprise. It includes the business registration, licensing and legal information of firms in Vietnam.
The national information system of foreign investment, meanwhile, is built based on the Law on Investment. It includes information about FDI projects in Vietnam and Vietnamese investment overseas.
*Will there be connections between the two systems when the amended Law on Investment comes into effect on July 1?
The amended Law on Investment, which was recently approved by the National Assembly and will come into force on July 1, separates investment certificates and business registration certificates for foreign investors. Accordingly, foreign investors must first conduct investment certification procedures at investment management agencies, then conduct business registration procedures.
The Foreign Investment Agency is closely working with the Business Registration Management Department to set up connections between the two systems to ensure compliance with the new law. The connections will help save time for firms and contribute to administrative reform.-VNA
*What is the national information system of foreign investment?
The establishment of the national information system of foreign investment is carried out by the Ministry of Planning and Investment following the Prime Minister's Decision 48/2009/QD-TTg about applying information technology at State agencies.
The system, which is nearly complete, aims to standardise and computerise investment procedures and the investment process of foreign direct investment (FDI) firms and FDI management agencies.
Most importantly, a national database of FDI firms and projects will be set up.
*Is this the first national FDI database? Who will benefit from the system?
This is the first national database of FDI. It will be an effective support tool for both FDI firms and FDI management agencies during the investment process as well as when collecting statistics and compiling reports.
Clearly, the major beneficiaries are FDI firms. They can update information about their projects online before submitting documents for investment certificates. This will help State management agencies review their documents promptly and efficiently. They can also submit reports to management agencies more easily online.
State management agencies also benefit from the system, as it makes compiling accurate statistics and reports easier and more cost-effective.
The system will also benefit the Ministry of Planning and Investment and other central-level management agencies. With a national database of FDI projects throughout the country, State management of FDI will be unified from central to local levels.
The database plays a very important role in statistics and forecasts, which are used as a basis to develop macro-economic and FDI management policies. This also contributes to administrative reform and improvement of the business climate in Vietnam.
*What are the differences between this system and the national business registration system that already exists?
The national business registration system is established based on the Law on Enterprise. It includes the business registration, licensing and legal information of firms in Vietnam.
The national information system of foreign investment, meanwhile, is built based on the Law on Investment. It includes information about FDI projects in Vietnam and Vietnamese investment overseas.
*Will there be connections between the two systems when the amended Law on Investment comes into effect on July 1?
The amended Law on Investment, which was recently approved by the National Assembly and will come into force on July 1, separates investment certificates and business registration certificates for foreign investors. Accordingly, foreign investors must first conduct investment certification procedures at investment management agencies, then conduct business registration procedures.
The Foreign Investment Agency is closely working with the Business Registration Management Department to set up connections between the two systems to ensure compliance with the new law. The connections will help save time for firms and contribute to administrative reform.-VNA
