Facilitating FDI businesses
An important change in Investment Law 2014 was listing sectors, industries that are prohibited from investment, and sectors, industries having investment conditions. This is applied to all investors based on listing method at attached index of industries prohibited from investment, and industries having investment conditions.
The gathering, reviewing and specifying the list of prohibited industries and industries having investment conditions in Investment Law 2014 has renewed principles of law application.
Other important changes in Investment Law 2014 were specifying application forms of incentives, procedures, and conditions for incentives application; abolishing issuance of certificate of investment registration for foreign investors; applying new procedures of 15 days instead of 45 days for certificate of investment registration.
Investment Law 2014 will contribute to attract effectively FDI. Motorcycle assembly line of Vietnam Kwang Yang Co. (Kimco) in Dai Dang industrial park, Thu Dau Mot City
Increasing investment attraction
Investment Law 2014 amended investment incentives in order to improve the quality and efficiency of investment attraction. The law also bettered the current Investment Law in terms of preferential industries in order to attract selective, qualified investments in high-tech industries, large-scale projects, projects in rural areas employing a large number of labors, projects producing industrial support products, investment-socializing projects.
Binh Duong province is attracting investments in industrial zones, industries using high levels of intelligence, high technologies and complying with laws; besides, facilitating investments in auxiliary industries. During the first 6 months of 2015, provincial business environment was constantly improved, attracted an total FDI investment of $1.012 billion. Up to now, the province has 2,490 FDI enterprises with total registered capital of over $21.247 billion. As Investment Law 2014 comes into effect, the province hopes for a robust FDI investment stream in the future.
Investment Law 2014 (amended) specifies sectors, industries that are encouraged by the State; simultaneously, adjusts shortcomings relating to sectors, industries having investment conditions in order to build up a transparent business environment.
Reported by P.Le, H.H - Translated by Ngoc Huynh