Authorities Urged to Improve FDI Licensing Procedures

Posted by Reading Time: < 1 minute

Sept. 8 – The Foreign Investment Bureau (FIB) is being urged to improve foreign direct investment licensing procedures to ease fund disbursement for projects.

“Those projects which apply obsolete technology or have a negative impact on the environment must not be granted licenses for investment. The FIB should also withdraw land lots and granted licenses to those FDI projects which are slow in deployment,” according to a workshop held in Ba Ria-Vung Tau Province in southern Vietnam yesterday.

Participants also encouraged the FIB to be more stringent with projects not meeting requirements; saying that land left idle for an FDI projects must be reevaluated and distributed to other projects.

From January to June, an estimated 438 projects were licensed for investment and capitalized at US$7.9 billion. The figure is a 43 percent increase over the previous year. There were 11,759 FDI projects operational in July amounting to more than US$187 billion.