VietNamNet Bridge – Foreign Investment Agency director Do Nhat Hoang spoke with Dau Tu (Investment) newspaper about the revocation of investment licences for some foreign-invested projects.
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Is it true that a number of projects worth several billion dong will have their licences revoked?
There are some projects that are being sluggishly implemented, but whether they will have their investment licences revoked or not is still in the air. The projects need to be assessed very carefully.
If projects remain idle because investors are not able to finance the project, then their investment licences should be revoked.
On the contrary, agencies that grant investment licences need to create favourable conditions for investors so that they can implement their projects in accordance with the law. If investors are able to put forth a legitimate reason why their projects are idle, then that should be taken into consideration.
Reasons could include the amount of time it takes to clear land or an increase in the cost of building materials.
So it’s key to define the reasons why a project is being slowly implemented?
It is essential to make sure that investment inspections are congruent with the law. The Ministry of Planning and Investment continuously asks big investors to make detailed progress reports and to establish measures to address conflicts.
For example, the ministry sent documents to provincial People’s Committees asking them to improve their inspection and assessment of projects that are being funded by foreign direct investment and writing reports about big investment projects that are being implemented on a large area of land.
Work is also underway to inspect afforestation, aquaculture and property projects. The reports will be sent to the Prime Minister for consideration before the projects are finished.
What do management offices that oversee the implementation of FDI projects do?
First of all, it is the responsibility of investors to implement their commitments in accordance with investment certificates and laws. The success of a project will also depend on the ability of investors to anticipate changes within their projects to avoid possibly slowing down their project’s implementation.
State management offices at all levels also have an important role to play in the process. Stalled projects should be uncovered in a timely fashion, so inspectors need to stay alert and observant. This role needs to be emphasised.
VietNamNet/Viet Nam News
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