Eliminate investment policy approval procedures, creating a boost for the private economy

(PLO)- The procedure for approving investment policies is a costly and time-consuming barrier that causes businesses to miss many business opportunities.

Abolishing investment policy approval procedures helps save time and costs for investors. Illustrative photo

The Ministry of Finance is drafting the Investment Law (replacement) to promptly remove difficulties and obstacles in institutions, reduce and simplify investment and business procedures, and create favorable conditions for people and businesses. Notably, the Ministry of Finance proposes to abolish the procedure for approving investment policies.

This proposal is controversial, however, according to experts, the procedure for approving investment policies, which is used to manage foreign direct investment (FDI), has for many years become a major barrier for domestic enterprises.

Faced with strong reform pressure, the Draft Investment Law has provided a specific solution, not completely abolishing but significantly narrowing the scope of the investment policy approval procedure. This direction shows that the drafting agency is listening, aiming to eliminate this procedure for projects that do not really need initial screening.

Exempted cases include projects already included in national or provincial sector planning; projects in which investors win land use rights auctions or investor selection bids; investors who win mineral exploitation rights auctions and investors assigned to build technical infrastructure for industrial clusters.

Source: https://quangngaitv.vn/bo-thu-tuc-chap-thuan-chu-truong-dau-tu-tao-cu-hich-kinh-te-tu-nhan-6508687.html