Business leaders were speaking at a meeting Friday with officials from the Ministry of Planning and Investment.
According to Vu Huong Giang, head of the foreign investment department of Mai Linh Group, the company has poured money into several countries, including Cambodia, Russia, Thailand and Japan.
The main obstacle, she said, was getting all the paperwork approved by Vietnamese authorities.
Government regulations specify only 15 days for investment license approvals but the wait could be as long as several months.
Giang said it often takes too long for government offices to assess the projects.
Nguyen Van Thanh, chairman of Viet Trang Import Export Joint Stock Company, said his company submitted an application to the ministry six months ago and still hasn’t heard any word.
“We even said if the ministry can’t process the application, we would make an official complaint,” he said.
According to Thanh, China only issues investment licenses after foreign investors transfer enough funds there.
But the State Bank of Vietnam said it would only transfer the funds when China granted the investment license.
Nguyen Quang Thuat, general manager of Foodinco Investment and Trading Joint Stock Group, said his company lost its investment foothold in Africa because of that regulation.
An official from the Ministry of Planning and Investment, Do Nhat Hoang, warned domestic companies’ foreign investments affected the nation’s economic security so care must be taken during this tough economic period.
According to Hoang, the ministry is working to simplify procedures for foreign investment.
He said, however, that the focus would be on assessing the completed project.
In the near future, businesses might only need to show a good tax record and a comprehensive investment plan for local government offices to approve a license to invest offshore, Hoang said.
By Minh Quang |
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