Amendments to Investment Law discussed at ministry workshop

After 8 years of enforcement, the 2005 Investment Law has expanded enterprise autonomy and improved the business environment, but some contents of this law have revealed inadequacies that need to be revised, said Deputy Minister of Planning and Investment Dang Huy Dong.

The amendments to the law belong to the following areas: investment activities in Vietnam and investment from Vietnam to foreign countries, rights and obligations of investors, investment policies, incentives and guarantees, and the state management in investment activities.

Many experts said that the concept “enterprises with foreign-owned capital comprise any enterprise established by a foreign investor,” as shown in an amendment, is not specific.

They maintained that the capital ratio of foreign investors in an enterprise must be specified to determine which enterprise is foreign-owned.

Speaking at the workshop, a representative of the Vietnam National Oil and Gas Group said that problems are rife during the business registration stage or when an investment certificate is granted, and they should be resolved soon.

Regarding the concept of investment fields and incentives, a draft amendment recommends the principle of equal treatment between domestic and foreign investors.

Many workshop participants quoted survey results as showing that investors must go through an average of 18 procedures related to land, construction, and implementation conditions before they can execute an investment project.

Many businesses also said that construction and land allocation formalities are the most cumbersome barriers.

The workshop also discussed some amendments to the procedures for establishing enterprises and investment projects.

Currently, revising the Investment Law is part of a program to build laws and ordinances of the National Assembly in 2014.

Local lawmakers will soon consider the amendments to this important law in order to attract more foreign investment and advance the country’s social and economic development.

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