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New checks soon on all FDI projects

Update: June, 05/2012 - 10:05

HA NOI — State management agencies would inspect foreign-invested projects periodically or unexpectedly in a bid to guarantee the effects of legal regulations under a draft circular newly released by the Ministry of Planning and Investment.

The circular was composed to provide guidelines for the implementation of Decree No 113/2009/ND-CP, issued in late 2009, on investment assessment and supervision.

The move would make sure that every phase of each project complied with the law and that project goals and their social effects were performed, the ministry specified.

According to the draft, authorities would check that foreign-invested enterpises/projects conform to investment licences, development plans, investment incentives as well as regulations related to capital attraction, land use, ground clearance and compensation.

They would also inspect such matters as capital contribution, project progress, tax duty performance, wage mechanisms, labour treatment and environmental protection.

The ministry said authorities would classify foreign-invested projects into different groups to take appropriate actions, from giving firms more preferential policies, helping them solve difficulties, to revoking land use rights or investment licences.

Meanwhile, the State Bank of Viet Nam (SBV) said it was building a scheme to enhance the country's foreign direct investment infux management efficiency.— VNS

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