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.
Hong Kong, South Korea, Japan, France, Malaysia, Australia, Singapore, Britain
and the Netherlands are the top 10 countries with companies that have pledged
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
"Once the license has been given, land use rights and permits
should be included," he was quoted as saying.