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Move to support strategic markets   2008-09-18 - VNS

Measures to encourage overseas investment is a top priority for the Ministry of Planning and Investment (MPI).

The MPI is submitting a project proposal, which will include the creation of a legal frameworks and many administrative reforms, to be submitled the Prime Minister for approval.

The proposal recommends that the State have policies to encourage and support business investments and operations in strategic markets such as Laos, Cambodia and Russia, especially in the key sectors of oil, power generation and mining.

Agencies at various levels would be empowered to issue investment licenses. Previously, only the Department of Overseas Investment could do this.

Negotiations are currently underway to carry-out agreements on double taxation avoidance, investment encouragement and protection with a view to creating good conditions for businesses’ overseas investment, an MPI official said.

Vietnamese businesses currently have 317 investment projects operating in 35 countries and territories, mostly in Asia, with a total registered capital of US$2.5 billion.

Capital going overseas is estimated to hit $500 million in 2008, 20 per cent higher than that of 2007.

The outbound investment of Vietnamese businesses is expected to rise steadily at an annual rate of 20 per cent until 2010, thanks to the improved procedures and a new legal framework, said an MPI official.

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