System offers painless investment procedures

 The move is part of the national foreign investment information system, and is part of the plan to create more favourable conditions for foreign investors. If this plan is enacted next year, foreign investors may finally be able to dispense with  complicated administrative procedures when deciding to invest in Vietnam.

The procedure to obtain an investment certificate where a foreign party wants to invest or buy into a company in Vietnam is still very complex and cumbersome and a significant amount of time is dedicated to the preparation, explanation and supplementation of unnecessary information for various authorities.

For example, investors may be required to explain the origin of funding, business plans and track records. The licensing time is also lengthened with cross-consultations between the municipal and provincial departments of Planning and Investment and the municipal and provincial People’s Committees or relevant governmental agencies. Sometimes, a local department may put an application on hold for two to three months while it awaits feedback from relevant governmental agencies.