Policy of level ground for foreign investors
Ha Noi, July 17 (VNA) -- The Government will issue a regulation to help attract more foreign investment by creating a level ground of operation between foreign investors and those of other economic sectors, said a Deputy Minister of Planning and Investment.
Mr. Nguyen Hong Phuc added that the Government is to apply the single price policy later this year. The move will cover the fees for registry and examination of means of transport, sea port charges, advertisements on mass media and entrance fees to historic and revolutionary sites.
Before next June, the Government plans to have finished repaying foreign businesses for the money they spent building electricity projects outside their premises.
This year is also the deadline for authorities to issue guidelines on granting certificates on land use rights to businesses operating inside industrial and export-processing parks.
A source from the Ministry of Planning and Investment said that the Government is set to approve proposals for diversifying forms of foreign investment within the next five years. The new forms will include pilot joint stock businesses with foreign investment so as to create opportunities for them to list their shares in the stock market. The Government also plans to open the real estate market to foreign investment businesses in the next five years. They may be afforded apportunities for investment in housing and urban development.
With all this effort, the Ministry of Planning and Investment, MPI, is expected to smooth out foreign investment problems such as the large scale revocation of licenses for ineffective projects.
Currently, there are 635 licensed foreign investment projects capitalised at USD 6.4 billion that are yet to be deployed, 28 of which are in danger of having their licenses revoked within this year, reported the MPI.
Although the total foreign investment and additional capital licensed in the past six months increased 30 percent year on year to USD 1.247 billion, 26 projects (almost USD 700 million) were declared invalid before their operation terms had expired.
With an industrial growth rate of only 15.1 percent in the past six months, the sector yielded its leading position to the private sector, which outperformed it with a growth rate of 17 percent.
Phuc said the MPI is, therefore, set to issue a list of projects in need of foreign investment. Priorities will be given to labour-intensive and export-oriented projects such as processing industries, industries in service of agricultural production and rural development, and industries dealing with information technology and bio-techniques.
This five-year plan is meant to attract foreign investment to industrial and export-processing parks as well as money from overseas Vietnamese. It offers top priority to projects in areas with special socio-economic difficulties, the deputy MPI minister said.--VNA
