FDI firms act as a catalyst to Vietnam’s economic development and integration into an ever-globalizing world. Vu Dai Thang, Deputy Minister of Planning and Investment, pointed out the mixed results that the Law on Enterprises and the Law on Investment have created, in spite of the number of new enterprises jumping 70 per cent over three years since the laws came into effect. Despite this jump, there remains many bottlenecks in the implementation of the Law on Investment, Thang complained. He said that drastic amendments to the law are needed to help it bring about wider benefits. According to Thang, one of the main shortcomings hindering the effective implementation of the Law on Investment is that the legislation does not explicitly define the concept, purpose, legal value, and scope of procedures. With unclear legislation, it therefore becomes more challenging to meet requirements necessary to grant in-principle approval to different investment projects. The Law on Investment does not note any specific regulations that allow power to be decentralised to different-level authorities for their in-principle approval of investment projects in conformity with administrative reforms. Many regulations of the two laws overlap with those of other sectoral laws. So far, there has been… Read full this story
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