Vietnam to Issue New Investment Law late this Year

Vietnam to Issue New Investment Law late this Year

The Ministry of Planning & Investment is completing the draft common investment law to submit to the Government this June and to the National Assembly late this year for ratification.

"The common investment law will be a combination of the current Domestic Investment Law and the Foreign Investment Law," said Pham Manh Dzung, head of the ministry's Legislation Department.

The new law will create a transparent and favorable investment environment for investors of all economic sectors, ensuring the equality between domestic and foreign investors.

Vietnam expects to attract between US$4.5-5 billion worth of foreign direct investment (FDI) capital this year compared with nearly US$4.2 billion in 2004.

By the end of February this year, the country had attracted 5,217 FDI projects with aggregate registered investment of US$47.16 billion, of which US$25.87 billion had been put into operation.

Saigonnews.vn, VNExpress.net