The National Assembly Standing Committee took a close look at draftrevisions and amendments to the 2005 Investment Law on April 22.
Eight years after its promulgation, the Investment Law has sufferedmany shortcomings, particularly a lack of transparency, feasibility andconsistency in stipulations on conditions and procedures for investment,failing to create a real fair playground for domestic and foreigninvestors.
The revision of the lawis expected to cut unnecessary administrative procedures and create amore open and favourable environment for investors, at the same timedealing with difficulties faced by enterprises during their operation.
While expressing their approval of the goals andviewpoints of the revised law’s drafting board, the NA StandingCommittee members said the board should take into considerationinternational agreements currently under negotiation between Vietnam andforeign partners, so that the revised law will not become out of datewhen these deals are signed.
The NAEconomic Committee, which is in charge of examining the draft revisedlaw, was of the opinion that the law should include a list of specificareas banned from investment, thus making it easier for investors tomake decision as well as facilitating the enforcement of the law.
Explaining this idea, Minister of Planning and Investment Bui QuangVinh said there are several dozen areas banned from investment andaround 330 other fields that require certain conditions for investment.He added that the drafting board is verifying whether the investment banin these fields is in line with the Constitution.
NA Vice Chairwoman Nguyen Thi Kim Ngan requested that the drafting boardfurther research potential problems facing the implementation of thelaw to ensure that it is comprehensive and specific, ensuring a fairenvironment for both domestic and foreign investors.-VNA
Eight years after its promulgation, the Investment Law has sufferedmany shortcomings, particularly a lack of transparency, feasibility andconsistency in stipulations on conditions and procedures for investment,failing to create a real fair playground for domestic and foreigninvestors.
The revision of the lawis expected to cut unnecessary administrative procedures and create amore open and favourable environment for investors, at the same timedealing with difficulties faced by enterprises during their operation.
While expressing their approval of the goals andviewpoints of the revised law’s drafting board, the NA StandingCommittee members said the board should take into considerationinternational agreements currently under negotiation between Vietnam andforeign partners, so that the revised law will not become out of datewhen these deals are signed.
The NAEconomic Committee, which is in charge of examining the draft revisedlaw, was of the opinion that the law should include a list of specificareas banned from investment, thus making it easier for investors tomake decision as well as facilitating the enforcement of the law.
Explaining this idea, Minister of Planning and Investment Bui QuangVinh said there are several dozen areas banned from investment andaround 330 other fields that require certain conditions for investment.He added that the drafting board is verifying whether the investment banin these fields is in line with the Constitution.
NA Vice Chairwoman Nguyen Thi Kim Ngan requested that the drafting boardfurther research potential problems facing the implementation of thelaw to ensure that it is comprehensive and specific, ensuring a fairenvironment for both domestic and foreign investors.-VNA
