Investment Law expected to create a more equal and transparent environment
(VNA) - The Investment Law, which takes effect on July 1, is expected by the business sector to help create a more equal, transparent and open investment environment in Viet Nam.
The law is based on the principle of creating equality of opportunity and competition. Exceptions, and in particular regulations for domestic and foreign investors are specified clearly, and the time for their removal is fixed.
The law reflects Viet Nam's policy of equal treatment for domestic and foreign investors and incentives for investment.
For foreign investors, the State has undertaken to open the market in accordance with its timetable of commitments to relax requirements to purchase domestic goods and services, and to maintain a certain proportion of locally-made products for use in production.
The law give forces to Viet Nam's commitments to observing the principles of the World Trade Organisation on its way to becoming a member of the global body.
The Investment Law is considered a new step of Viet Nam in the process of perfecting a "softer" infrastructure - a reform of the legal system and administrative procedures, alongside the development of a "hard" infrastructure, including road systems and services, in order to create a better environment for investors.
The new law has raised a hope among investors that there will be open and transparent business environment. This is indicated by the fact that a sum of 2.84 billion USD has been invested in the past six months, representing a 20 percent increase for the same period last year.
Since 1986, when the first Foreign Investment Law took effect, more than 6,000 foreign-invested projects, totally capitalised at 51 billion USD have been registered, with 34.5 billion USD being disbursed./.
The law reflects Viet Nam's policy of equal treatment for domestic and foreign investors and incentives for investment.
For foreign investors, the State has undertaken to open the market in accordance with its timetable of commitments to relax requirements to purchase domestic goods and services, and to maintain a certain proportion of locally-made products for use in production.
The law give forces to Viet Nam's commitments to observing the principles of the World Trade Organisation on its way to becoming a member of the global body.
The Investment Law is considered a new step of Viet Nam in the process of perfecting a "softer" infrastructure - a reform of the legal system and administrative procedures, alongside the development of a "hard" infrastructure, including road systems and services, in order to create a better environment for investors.
The new law has raised a hope among investors that there will be open and transparent business environment. This is indicated by the fact that a sum of 2.84 billion USD has been invested in the past six months, representing a 20 percent increase for the same period last year.
Since 1986, when the first Foreign Investment Law took effect, more than 6,000 foreign-invested projects, totally capitalised at 51 billion USD have been registered, with 34.5 billion USD being disbursed./.
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