Director of the Ministry of Planning and Investment's Foreign InvestmentAgency Do Nhat Hoang spoke to Dau Tu (Investment) newspaper about howthe new national information system for foreign investment would benefitinvestors.
*What is the national information system of foreign investment?
Theestablishment of the national information system of foreign investmentis carried out by the Ministry of Planning and Investment following thePrime Minister's Decision 48/2009/QD-TTg about applying informationtechnology at State agencies.
The system, which is nearlycomplete, aims to standardise and computerise investment procedures andthe investment process of foreign direct investment (FDI) firms and FDImanagement 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?
Thisis the first national database of FDI. It will be an effective supporttool for both FDI firms and FDI management agencies during theinvestment process as well as when collecting statistics and compilingreports.
Clearly, the major beneficiaries are FDI firms. They canupdate information about their projects online before submittingdocuments for investment certificates. This will help State managementagencies review their documents promptly and efficiently. They can alsosubmit reports to management agencies more easily online.
Statemanagement agencies also benefit from the system, as it makes compilingaccurate statistics and reports easier and more cost-effective.
Thesystem will also benefit the Ministry of Planning and Investment andother central-level management agencies. With a national database of FDIprojects throughout the country, State management of FDI will beunified from central to local levels.
The database plays a veryimportant role in statistics and forecasts, which are used as a basis todevelop macro-economic and FDI management policies. This alsocontributes to administrative reform and improvement of the businessclimate in Vietnam.
*What are the differences between this system and the national business registration system that already exists?
Thenational business registration system is established based on the Lawon Enterprise. It includes the business registration, licensing andlegal information of firms in Vietnam.
The national informationsystem of foreign investment, meanwhile, is built based on the Law onInvestment. It includes information about FDI projects in Vietnam andVietnamese investment overseas.
*Will there be connections between the two systems when the amended Law on Investment comes into effect on July 1?
Theamended Law on Investment, which was recently approved by the NationalAssembly and will come into force on July 1, separates investmentcertificates and business registration certificates for foreigninvestors. Accordingly, foreign investors must first conduct investmentcertification procedures at investment management agencies, then conductbusiness registration procedures.
The Foreign Investment Agencyis closely working with the Business Registration Management Departmentto set up connections between the two systems to ensure compliance withthe new law. The connections will help save time for firms andcontribute to administrative reform.-VNA
*What is the national information system of foreign investment?
Theestablishment of the national information system of foreign investmentis carried out by the Ministry of Planning and Investment following thePrime Minister's Decision 48/2009/QD-TTg about applying informationtechnology at State agencies.
The system, which is nearlycomplete, aims to standardise and computerise investment procedures andthe investment process of foreign direct investment (FDI) firms and FDImanagement 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?
Thisis the first national database of FDI. It will be an effective supporttool for both FDI firms and FDI management agencies during theinvestment process as well as when collecting statistics and compilingreports.
Clearly, the major beneficiaries are FDI firms. They canupdate information about their projects online before submittingdocuments for investment certificates. This will help State managementagencies review their documents promptly and efficiently. They can alsosubmit reports to management agencies more easily online.
Statemanagement agencies also benefit from the system, as it makes compilingaccurate statistics and reports easier and more cost-effective.
Thesystem will also benefit the Ministry of Planning and Investment andother central-level management agencies. With a national database of FDIprojects throughout the country, State management of FDI will beunified from central to local levels.
The database plays a veryimportant role in statistics and forecasts, which are used as a basis todevelop macro-economic and FDI management policies. This alsocontributes to administrative reform and improvement of the businessclimate in Vietnam.
*What are the differences between this system and the national business registration system that already exists?
Thenational business registration system is established based on the Lawon Enterprise. It includes the business registration, licensing andlegal information of firms in Vietnam.
The national informationsystem of foreign investment, meanwhile, is built based on the Law onInvestment. It includes information about FDI projects in Vietnam andVietnamese investment overseas.
*Will there be connections between the two systems when the amended Law on Investment comes into effect on July 1?
Theamended Law on Investment, which was recently approved by the NationalAssembly and will come into force on July 1, separates investmentcertificates and business registration certificates for foreigninvestors. Accordingly, foreign investors must first conduct investmentcertification procedures at investment management agencies, then conductbusiness registration procedures.
The Foreign Investment Agencyis closely working with the Business Registration Management Departmentto set up connections between the two systems to ensure compliance withthe new law. The connections will help save time for firms andcontribute to administrative reform.-VNA
