To formulate and promulgate criteria and conditions for investment rates on an area of land in Vietnam

To formulate and promulgate criteria and conditions for investment rates on an area of land in Vietnam (Internet image)

On May 24, 2023, the Prime Minister of Vietnam issued Directive 14/CT-TTg on a number of tasks and solutions to improve the efficiency of foreign investment in the new period.

To formulate and promulgate criteria and conditions for investment rates on an area of land in Vietnam

In order to continue to strongly improve the investment and business environment and to attract and improve the quality and efficiency of foreign investment flows, the Prime Minister of Vietnam requested the People's Committees of the provinces and centrally-run cities to perform the following tasks and solutions:

- Assume the prime responsibility for, and coordinate with concerned ministries and branches in, formulating and promulgating criteria and conditions on investment rates per land area and criteria on the number of employees employed in accordance with the Law on Investment and Decree 31/2021/ND-CP, serving as the basis for the issuance of the Investment Registration Certificate and monitoring, inspection, and supervision.

- Actively approach and grasp the problems and difficulties of existing investors to identify current difficulties and propose improvements to policies and laws.

Expeditiously handle the problems of enterprises due to the implementation stage in Vietnam

- For important and pervasive projects, coordinate with ministries and sectors to develop incentive and support plans to exchange with investors; ensure compliance with current legal regulations and competitiveness compared to other countries.

- Review, develop, and adjust the orientation to attract investment into the locality in line with the local socio-economic development strategy and plan for the 2021-2030 period.

- Continue to improve the investment environment, actively develop and implement appropriate and effective investment promotion activities in the new situation.

- Shape the industrial production space and related fields for investors' orientation, supporting localities to have links to help investment projects be effective.

- Plan industrial production zones in the direction of sustainable development and environmental protection, linking industrial parks with urban areas, expert housing areas, and safe and healthy living conditions.

Form specialized industrial production areas, contributing to the development of economies of scale towards sustainable modernization and industrialization.

- Combine new digital technologies such as virtual reality and augmented reality to build a digital map of industrial parks and industrial clusters associated with a description of production status to assist foreign investors in visualizing the whole picture and identifying suitable investment locations in Vietnam.

To reform of administrative procedures related to business investment in Vietnam

Specifically, the Prime Minister of Vietnam requested ministries and branches to reform administrative procedures and apply digitization of documents and procedures related to business investment, contributing to building e-Government according to the Government's resolutions.

At the same time, perform the following tasks and solutions in order to improve the effectiveness and efficiency of state management in the field of foreign investment:

- Review problems in the process of implementing the provisions of the law on investment to summarize, promptly guide handling, or submit to competent authorities for promulgation of regulations on solving problems.

Thoroughly cut down on cumbersome administrative procedures, causing difficulties for investors and people.

- Review and amend international treaties related to investment in order to conform to new standards, ensuring the State's management authority and public policies; limit the possibility that investors abuse and take advantage of the State-investor dispute settlement mechanism.

- Review and synchronize legal provisions related to business investment to avoid overlapping, causing difficulties for investors' business and investment activities.

- Strengthen the propaganda and dissemination of the law, propagate policies, and carefully guide state agencies and investors to understand and properly apply the provisions of the law.

- Organize, inspect, and supervise the performance of official duties. Strictly handle acts that harass, cause difficulties, trouble, or have negative effects on investors.

- Coordinate the appraisal and careful assessment of technology, standards, technical regulations, product quality, environment, investment rate, etc. for foreign investment projects in fields where investors show signs of taking advantage of their origin in Vietnam to evade trade remedies and tax evasion.

- Enhance dialogue with the business community, honestly, substantively, and effectively, in the spirit of harmonizing benefits and sharing risks.

More details can be found in Directive 14/CT-TTg, dated May 24, 2023.

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