Which contents in the Investment Law will be revised?

VCN- At the seminar for comments from businesses on the draft revising the Investment Law and the Business Law held by the Vietnam Chamber of Commerce and Industry (VCCI) on 20 February 2019, many people said that these laws have contributed to eliminating investment barriers, and have created a legal basis for improving the investment and business environment in the direction of increasing facilitation, transparency and equality among investors. However, some provisions of these two laws have been not been specific, and are not feasible.
which contents in the investment law will be revised Why must Investment Law and Enterprise Law be amended?
which contents in the investment law will be revised Some regulations are complicated and the Public Investment Law will be revised
which contents in the investment law will be revised Business associations’ role put in law for the very first time
which contents in the investment law will be revised

The Investment Law 2014 has contributed to creating a legal basis in developing an increasingly favorable investment and business environment. Photo: X.T

Overlap between documents

At the seminar, Dr. Vu Tien Loc, Chairman of VCCI, said that although there has been a control goal for the conditional business lines, and for business conditions, in fact, the promulgation of provisions on business lines are still out of control, and the quality of business conditions in other legal documents still has many shortcomings.

Whenever there was a major review, as in 2018, with strong pressure from the business community and with the Government’s drastic direction, ministries and sectors have completed the target of simplifying and reducing at least 50% of current business conditions as assigned by the Government.

However, there has been a question about the sustainability of this reduction, and the control method of the promulgation of new business conditions. This is the problem that the Investment Law needs to solve to prevent current, ineffective reform.

“The investment procedures have been improved and opened up (are easier). However, there is still some overlaps between related documents. For example: The time for assessments of environmental impacts (before or after being approved by investors); whether the investment procedures of the Investment Law are uniformly applied or not, and are other specialized legal documents allowed to request additional documents in the dossier?

Also, there are problems related to land auctions, land bidding of investment projects that require the State to allocate land. The relationship between the Investment Law and other specialized laws (Environmental Protection Law, Land Law, Bidding Law...) that should also be mentioned and specified in this Law.

Commenting on the Draft revised law on the Investment Law, Mr. Truong Quoc Hoe, Head of Interla Law Office, proposed that in order to simplify administrative procedures and reduce workload for management agencies, as well as costs for investors, and report the regime for sectors and branches, investors in unconditional business lines shall not be required to submit investment registration certificates.

Propose to annul registration procedures for capital contribution

Talking about new contents that will be amended and supplemented in the draft, Mr. Quach Ngoc Tuan, Deputy Head of Legal Department of the Ministry of Planning and Investment, said that for the Investment Law, the draft with many key contents will be revised, such as investment procedures, the competency to decide investment policies and legal status of foreign investors. In addition to the Appendix amending and supplementing a number of business lines in the list of conditional business and investment lines, the draft revises the Investment Law amends 23 articles and supplements 1 article of the Investment Law 2014. Accordingly, Article 3 will be amended and supplemented to specify concepts: “Business investment”, “business”, "conditional business lines", “business investment conditions”, “investment conditions with foreign investors”.

Also, Mr. Quach Ngoc Tuan said that the draft law amending the Investment Law revised articles 24, 25 and 26 towards supplementing provisions to request the approval of the competent State agencies for foreign investment and foreign-invested economic organizations when contributing capital to purchase shares or capital in enterprises engaged in business investment activities in a number of key fields in localities affecting defense and security.

In addition, abolishing registration procedures for capital contribution, share purchase, contributed capital if capital contribution, share purchase and contributed capital do not increase the ownership rate of foreign investors in the enterprise; specifying processes, procedures and conditions of capital contribution, share purchase, contributed capital by individuals, organizations, state-owned enterprises and FDI enterprises.

Besides, the draft also supplements Article 26b, for specifying the rules and conditions for applying each form of investor selection to implement land use projects, including: Auction of land use rights according to the Land Law, bidding for investor selection according to the Bidding Law; approval of investment policy under the Investment Law.

Notably, the draft Law on amending the Investment Law also abolishes some investment projects subject to submission to the Prime Minister for approval of investment policies, in accordance with Article 31 of the Investment Law. Including project investments with capital of VND 5,000 billion or more, and projects that investment and business conditions are specified in international treaties and relevant laws, such as projects of foreign investors in the field of shipping business, providing telecommunications network infrastructure services, press, establishment of science and technology organizations, science and technology enterprises, with 100% foreign capital.

By Xuan Thao/ Ngoc Loan

Related News

Simplification is not enough, enterprises need stronger administrative reform

Simplification is not enough, enterprises need stronger administrative reform

VCN - Commenting on the Draft Report on improving business regulations to support productivity growth in Vietnam, the Vietnam Chamber of Commerce and Industry (VCCI) said that regulations on administrative procedures need stronger reform.
The important “puzzle piece” for green transformation

The important “puzzle piece” for green transformation

VCN - To contribute to clearing the "path" to green transformation, Mr. Nguyen Quang Vinh (photo), Vice President of the Vietnam Federation of Commerce and Industry (VCCI), Chairman of the Vietnam Business Council for Sustainable Development (VBCSD) said that the efforts of the business community will be important "pieces".
VCCI Deputy Secretary General Dau Anh Tuan: Customs-Business Partnership has dramatic changes

VCCI Deputy Secretary General Dau Anh Tuan: Customs-Business Partnership has dramatic changes

VCN - Deputy Secretary General, Director of Legal Department of Vietnam Federation of Commerce and Industry (VCCI) Dau Anh Tuan assessed that 10 years of Customs sector implementing Customs-Business Partnership has created dramatic changes.
Make good use of e-commerce data, create effective tax and customs management

Make good use of e-commerce data, create effective tax and customs management

VCN - According to Mr. Pham Tan Cong, Chairman of the Vietnam Confederation of Commerce and Industry (VCCI), making good use of e-commerce data can help manage import and export work very well, bringing high efficiency for tax and customs management.

Latest News

Import and export are expected to reach 800 billion USD

Import and export are expected to reach 800 billion USD

VCN - Although the import and export turnover of goods slowed down in September 2024, in general, import and export activities, especially exports, still grew positively in the first 9 months of 2024. It is expected that import and export of goods in 2024 will reach a record of 800 billion USD.
Fresh coconuts quenching new overseas markets

Fresh coconuts quenching new overseas markets

Vietnam’s fresh coconuts are being increasingly consumed in international markets such as the US, China, and the UK, highlighting a bright spot in Vietnam's fruit export sector with many opportunities for breakthroughs in the near future.
Rice exports likely to set new record in 2024

Rice exports likely to set new record in 2024

Vietnam sold 800,000 tonnes of rice overseas for 505 million USD in October, bringing the country's total export volume and value in the first ten months to nearly 7.8 million tonnes and 4.86 billion USD, up 10.2% and 23.4% year-on-year, respectively.
Vietnamese goods conquer halal market through trust and quality

Vietnamese goods conquer halal market through trust and quality

VCN - According to the Ministry of Agriculture and Rural Development, Vietnam's capacity to export over 50 billion USD worth of agricultural products annually, coupled with established supply chains, provides a significant advantage for Vietnamese agricultural and aquatic products to penetrate the Halal market.

More News

Exporters urged to have strategies to take advantage of UKVFTA for expansion

Exporters urged to have strategies to take advantage of UKVFTA for expansion

The UK is concerned by sustainable development, labour issues, environmental protection and social responsibility. Therefore, when exporting to the UK, enterprises should not just be concerned about being competitive in terms of price and quality.
Fresh coconuts quenching new overseas markets

Fresh coconuts quenching new overseas markets

Vietnam’s fresh coconuts are being increasingly consumed in international markets such as the US, China, and the UK, highlighting a bright spot in Vietnam's fruit export sector with many opportunities for breakthroughs in the near future.
Vietnam and UAE trade sees billion-dollar growth

Vietnam and UAE trade sees billion-dollar growth

VCN - According to General Department of Vietnam Customs by the end of September 2024, bilateral trade between Vietnam and the United Arab Emirates (UAE) reached nearly US$5 billion, an increase of more than US$1.4 billion over the same period last year.
Sharing responsibility for ensuring security and safety of the supply chain

Sharing responsibility for ensuring security and safety of the supply chain

VCN – Post - clearance audit is carried out in a planned, focused and key manner, avoiding widespread and ineffective inspections, thereby creating convenience for the business community and improving the effectiveness of state management of customs.
Many factors affecting tuna exports in the last months of the year

Many factors affecting tuna exports in the last months of the year

VCN - Tensions between Israel and Iran escalate, tuna businesses are worried, they may have to stop export orders to the Israeli market in the last months of the year.
Vietnam still dominates Philippine rice import

Vietnam still dominates Philippine rice import

Vietnam continues to assert its dominance as the top rice exporter to the Philippines, with 2.91 million tonnes shipped as of the late October, or over 79% of the Philippines' total rice imports, according to the Vietnam Trade Office in the Philippines.
Vietnam cements ties with partners to engage in global semiconductor, AI industries

Vietnam cements ties with partners to engage in global semiconductor, AI industries

By boosting cooperation with reputable partners across the globe, Vietnam is taking steps to gain a foothold in the world’s semiconductor and artificial intelligence (AI) industries.
Aquatic exports expected to rise in year-end despite challenges

Aquatic exports expected to rise in year-end despite challenges

Aquatic exports is expected to surge in the remaining months of this year, as the year-end festive season comes, despite many challenges in the international markets, according to insiders.
Trade Defense: The Key to Success for Vietnamese Businesses

Trade Defense: The Key to Success for Vietnamese Businesses

VCN - From losses and near bankruptcy, many domestic enterprises have recovered thanks to timely application of trade defense measures. Trade defense is also an effective shield for Vietnamese enterprises against a series of lawsuits from importing countries, thereby maintaining advantages and developing on "away grounds".
Read More

Your care

Latest Most read
Import and export are expected to reach 800 billion USD

Import and export are expected to reach 800 billion USD

VCN - At the regular Government meeting in September 2024, Minister of Industry and Trade Nguyen Hong Dien assessed: import and export continued to be a bright spot, recording a positive recovery compared to the same period last year.
Fresh coconuts quenching new overseas markets

Fresh coconuts quenching new overseas markets

Vietnam’s fresh coconuts are being increasingly consumed in international markets such as the US, China, and the UK, highlighting a bright spot in Vietnam's fruit export sector with many opportunities for breakthroughs in the near future.
Rice exports likely to set new record in 2024

Rice exports likely to set new record in 2024

Vietnam sold 800,000 tonnes of rice overseas for 505 million USD in October, bringing the country's total export volume and value in the first ten months to nearly 7.8 million tonnes and 4.86 billion USD, up 10.2% and 23.4% year-on-year, respectively.
Vietnamese goods conquer halal market through trust and quality

Vietnamese goods conquer halal market through trust and quality

According to the Ministry of Agriculture and Rural Development, Vietnamese agricultural and aquatic products could penetrate the Halal market.
Exporters urged to have strategies to take advantage of UKVFTA for expansion

Exporters urged to have strategies to take advantage of UKVFTA for expansion

The UK is concerned by sustainable development, labour issues, environmental protection and social responsibility. Therefore, when exporting to the UK, enterprises should not just be concerned about being competitive in terms of price and quality.
Mobile Version