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