Updated  
February, 08 2014 08:51:00

New resolution cuts investment red tape

Administrative procedure fees in Viet Nam ranks the highest in the world.— Photo baocongthuong
HA NOI (VNS)  — Many unnecessary administrative procedures will be cut out when a new resolution on administrative procedures reform in investment projects is approved by the Government.

The draft resolution, which was announced at a meeting held by the Ministry of Justice yesterday in Ha Noi, aims at simplifying administrative procedures in investment projects and improving trade environment.

Speaking at the meeting, Minister of Justice Ha Hung Cuong said the simplification of administrative procedures at many state agencies is still slow and unsystematic. Many agencies even add extra requirements for individuals and enterprises.

Administrative procedure fees in Viet Nam ranks the highest in the world.

The draft resolution proposes measures to simplify administrative procedures in investment projects implementation, including the abolishment of unnecessary and ineffective administrative procedures. "One-door" policy will also be applied aggressively in these investment projects.

Other measures on administrative procedures transparency will help prevent corruption and create trust for individuals and enterprises in investment and business activities.

The number of administrative procedures that enterprises have to follow from the beginning to the implementation phase will be cut down from 34 to 22.

Accordingly, the time frame will be reduced up to 50 per cent. Individuals and enterprises, thus, can save up to VND1.3 trillion (US$61 million) every year.

Cuong asked relevant agencies to address properly individuals and enterprises' responses and recommendations on administrative procedures reform and timely tackle government staff corruption and wrongdoings related to investment procedures. He also required that the assessment of the draft resolution be conducted effectively to prevent from the beginning unnecessary procedures. — VNS

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