The National Assembly Standing Committee took a close look at draft revisions and amendments to the 2005 Investment Law on April 22.

Eight years after its promulgation, the Investment Law has suffered many shortcomings, particularly a lack of transparency, feasibility and consistency in stipulations on conditions and procedures for investment, failing to create a real fair playground for domestic and foreign investors.

The revision of the law is expected to cut unnecessary administrative procedures and create a more open and favourable environment for investors, at the same time dealing with difficulties faced by enterprises during their operation.

While expressing their approval of the goals and viewpoints of the revised law’s drafting board, the NA Standing Committee members said the board should take into consideration international agreements currently under negotiation between Vietnam and foreign partners, so that the revised law will not become out of date when these deals are signed.

The NA Economic Committee, which is in charge of examining the draft revised law, was of the opinion that the law should include a list of specific areas banned from investment, thus making it easier for investors to make decision as well as facilitating the enforcement of the law.

Explaining this idea, Minister of Planning and Investment Bui Quang Vinh said there are several dozen areas banned from investment and around 330 other fields that require certain conditions for investment. He added that the drafting board is verifying whether the investment ban in these fields is in line with the Constitution.

NA Vice Chairwoman Nguyen Thi Kim Ngan requested that the drafting board further research potential problems facing the implementation of the law to ensure that it is comprehensive and specific, ensuring a fair environment for both domestic and foreign investors.-VNA