The Vietnamese Ministry of Planning and Investment with technical supports of UNCTAD and financial aids of Luxemburg launched a Web site to help foreign investors gain access to Vietnamese business regulations in Hanoi December 19.
This is part of the pilot project on E-regulations conducted by the ministry, which is aimed at outlining clear investment procedures, said Phan Huu Thang, director of the ministry's foreign investment agency.
Under the scheme, first-time and existing investors now can download free all necessary paperwork involved in setting up a company, leasing land and signing a business cooperation contract in Vietnam, or the costs involved and how long the process should take from the website
http://vietnam.investway.info, Thang said., Thang said.
After Hanoi, the project would be extended to investors in Ho Chi Minh City and Danang next year, he added.
Vietnam is the first nation in Asian region applying the E-regulations.
Addressing the meeting, UNCTAD Secretary General Supachai Panitchpakdi the Vietnamese government needed to more simplify current investment procedures to attract a larger FDI influx.
Such a plan focuses on production activities for exports and FDI, including services, he noted. The UN official also suggested the Vietnamese government should encourage FDI businesses to invest in telecommunications, electricity, transport and education.
Since the Foreign Investment Law became effective almost 20 years ago, Vietnam has attracted more than 7,300 projects totaling $70 billion with Singapore, the Republic of Korea, Taiwan, Japan and Hong Kong are leading investors. The nation is expected to attract more than $16 billion in FDI this year. (Pioneer, VNA)
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