Businesses involving in Bank & property to be issued license

The Investment and Trade Promotional Center (ITPC) with Vietnam Business Forum (VBF) held a forum between authorities and foreign direct investment (FDI) enterprises on March 24 to set up issuance of licenses.

From 1988 to March 15, 2014 there were 4,990 FDI projects with total cost of US$34.1 billion in HCMC, said Le Manh Ha, deputy chairman of HCMC People’s Committee.

In 2013, two thousand two hundred eighteen files were waitlisted for investment licenses. The maximum time to solve a file is 257 days, minimum is one day and average is 58 days.

In order to set up a FDI branch or enterprise, the company must have a detailed report, said Ms Nguyen Lan Phuong of Baker & McKenzie Law Company. If it does not meet this demand, the branch will only be in operation as a representative office. Branches can still carry out business operations.

The government will announce regulations regarding establishment of branches with clear administrative formalities to all domestic and foreign companies, said Phuong.

Issuing a license can be difficult because of miscommunication between ministries in the central authority, said Bui Quang Vinh, Minister of Planning & Investment. They will remove the necessity to issue licenses. Businesses involving bank, property, environmental and large investments must have a license.


 

Dinh Ly –Translated by Thanh Tran

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