The Vietnamese Ministry of Planning and Investment has asked the People’s Committees of centrally-governed cities and provinces nationwide to instruct their relevant agencies to review foreign-invested projects in their localities.

Illustrative image (Photo: DNO)

The move aims to raise the quality of foreign investment attraction and deal with any difficulties facing FDI firms, as requested by the national government and the Prime Minister.

As announced by the ministry, projects with registered capital of at least 100 million USD and an area of at least 50ha, along with real estate ones in Hanoi, Ho Chi Minh City, Da Nang, Hai Phong, Khanh Hoa and Ba Ria-Vung Tau, each covering 2ha and above, will be reviewed.

Investment registration agencies shall make reports on information related to capital contribution and disbursement, and the implementation of objectives specified in investment licences and investment registration certificates by the businesses.

They will also check the businesses’ performance in land use and observance of legal regulations on land, construction, finance, employment and environmental protection.

In case there is a delay or failure to fulfill the objectives set in the investment license and investment registration certificates or the provisions of law, investment registration agencies must report to the Ministry on the situation and reasons.

Along with that, investment registration agencies also summarise difficulties and obstacles to FDI projects in their localities as well as proposes proper solutions and proposes amendments to laws and policies to speed up project implementation.

Reporting by PHUONG UYEN - Translating by A.THU