HANOI -Vietnam plans to simplify procedures for foreign investment including

speeding up permits for the use of state-owned land, the Vietnam Investment

Review reported on Saturday.

The country's economics chief, Deputy Prime

Minister Phan Van Khai, told the state Committee for Cooperation and Investment

(SCCI) to act immediately "to simplify all kinds of procedures involving

foreign-funded projects," the SCCI's weekly newspaper said.

The SCCI, the

government watchdog on foreign investment, has licensed 857 projects - mostly in

industry, oil and natural gas and hotels and tourism - with capital of U.S. $7.8

billion. Only about one-third of the total has been committed.

Taiwan,

Hong Kong, South Korea, Japan, France, Malaysia, Australia, Singapore, Britain

and the Netherlands are the top 10 countries with companies that have pledged

investments.

The Review quoted Khai as saying that if complicated

investment application procedures were not adjusted, "they may hamper our

efforts as well as the eagerness of foreign businessmen."

The SCCI and

other authorities would overhaul regulations on land-use rights and construction

permits in the next three months, the weekly said.

In Hanoi alone, at

least six projects licensed two years ago had not got off the ground due to an

inability to secure land use permits, it added.

Khai said other central

and local authorities should work with the SCCI to abolish red

tape.

"Once the license has been given, land use rights and permits

should be included," he was quoted as saying.

 

- Reuters