Businesses and economic experts brainstormed for initiatives to reform administrative formalities in the investment sector at a recent conference in Hanoi, aiming for a nationwide united code of investment procedures.

The conference was jointly held by the Consultative Council for Administrative Procedure Reform and the Ministry of Justice’s Department of Administration Procedures Control.

Investment procedures and others relating to construction investment are always great barriers for domestic enterprises, reported Vietnam Chamber of Commerce and Industry (VCCI) Chairman Vu Tien Loc at the event.

Cumbersome and overlapping procedures and different and asynchronous documents guiding the implementation of related laws and regulations reduce the competitive edge of Vietnam ’s business and investment climate, added Loc.

A VCCI survey conducted last year showed that most of the surveyed businesses, including over 8,000 domestic and 1,540 foreign-invested firms, said procedures in the fields of land use, investment and construction caused the largest problem for them.

Meanwhile, 28.3 percent of the foreign-invested enterprises said they have seen the biggest inconveniences in obtaining business registrations and permissions.

Participants at the conference said it is urgent to revise the Investment Law and other relevant documents in order to devise attractive, transparent and favourable investment policies for investors.

They urged reviewing nationwide experience in the field to pinpoint the most suitable procedures in line with investment regulations so that a national legal framework can be established. This helps reinforce investment attraction, restructuring and economic growth in the coming time.

Delegates also suggested the Government amend the Investment Law and other related legal documents.

It is essential to build a diagram of all existing investment processes, clear out unnecessary stages and procedures, and move towards building a standardised model of administrative formalities by 2015.

In the long term, Vietnam needs a law on administrative formalities, the delegates said.-VNA