VIETNAM TO REVIEW PROMINENT FOREIGN-FUNDED PROJECTS WITH LARGE LAND USAGE

The Ministry of Planning and Investment (MPI) is mulling over an in-depth assessment of land usage of foreign-invested enterprises, particularly projects in major localities such as Hanoi, Ho Chi Minh City, Danang, Haiphong, and Khanh Hoa.

The MPI has just issued Official Letter No.3409/BKHT-TNN dated May 25, requesting the people's committees of provinces and centrally-run localities to implement the directives of the government and the prime minister regarding improving the quality of attracting foreign investment capital, strengthening inspection and supervision, and reviewing, assessing, and eliminating difficulties and obstacles in foreign investment activities. The registration of investments will analyse and assess the implementation of foreign-invested projects in the area.

Accordingly, projects with registered investment capital of $100 million or more, projects with a usable land size of 50 hectares or more, and projects in the real estate industry in the following provinces and cities are subject to review: Hanoi, Ho Chi Minh City, Danang, Haiphong, Khanh Hoa, and Ba Ria-Vung Tau.

The MPI requests investment registration agencies to report on capital contribution and disbursement; the implementation of the objectives specified in the investment certificates; the land-use situation, and the observance of the provisions of the law on land and construction.

The MPI proposes that, in the event of a delay or failure to meet the objectives outlined in the investment certificates or the law, the investment registration agencies clearly state the status and reasons.

In addition, the MPI suggested to direct investment registration agencies that the people's committees of core cities and provinces explain issues and problems of foreign-invested projects, concentrating on two kinds of projects and providing solutions to remove difficulties and hurdles as well as adjustments to laws and regulations to expedite project implementation.

The first group consists of projects encountering roadblocks in investment operations. The second risk is that the project team fails to implement, implements too slowly, or does not adhere to the promised timeframe.

Source: VIR