Planned laws to simplify business, investment procedures

Foreign Investment and business in Vietnam is about to get easier with proposed new laws that would simplify licensing projects, a government official said August 16. 

The draft Investment Law and Business Law will cut the number of licenses required for an investment project to start operation, according to Vo Hong Phuc, Minister of Planning and Investment.

The planned new laws state that foreign investors need to have an investment project first to establish a company, said Mr. Phuc.

“And to simplify procedures, the paper certifying the investment would double as the business registration license for the project,” he said.

Shorter time

The minister said the bills will also help reduce the time investors need to get a license for investment projects.

Investors would need only seven days to get a license for projects with capital of less than VND300 billion (US$18.9 million), 20 days for projects with capital of more than VND300 billion, and one month for extremely important projects.

Especially, projects with capital of less than VND10 billion (US$630,000) need no license. Investors need only to report to business registration authorities.

(Source: Thanhniennews)