Da Nang’s foreign companies give input into investment law

Representatives of foreign companies in Da Nang discussed a draft of the investment law for both Vietnamese and foreigners at a meeting on May 9. Vietnamese policy makers want the law to ensure transparency and a level playing ground for all economic sectors, said Pham Manh Dung, chief of the legal department of the Ministry of Planning and Investment.
He said the new investment law would provide more liberties than the two current separate laws for Vietnamese and foreigners. The law is expected to spur investment by simplifying procedures and providing investors with more rights.
At the meeting companies suggested how the law could make it easier for investors to register businesses.
The meeting also addressed whether foreign investors are permitted to set up shareholding companies with Vietnamese shareholders.
The participants wanted to know guidelines on how much initial capital a company needed to have and how it needed to be managed. They also asked for more information on tax and land incentives.
Dung said lawmakers would consider the suggestions, and the amended draft would be submitted to the government by the end of this month.
The National Assembly is due to pass the common investment law this November.

 

Category: Legal