Vietnam to appraise delays at large FDI projects

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The Ministry of Planning and Investment is set to appraise large foreign-invested projects that have been delayed inordinately as part of its efforts to rationalize the licensing process.

A draft circular issued by the ministry says the checks -- to be done periodically -- will appraise investors' compliance with business and investment regulations besides uncovering irrationalities in their enforcement to tweak them.

The ministry last week urged local governments to gather reports from companies in their jurisdiction with investment of US$100 million or more or land use of at least 50 hectares but face delays.

The reports will be about how the companies use land for their projects, raise capital, and use labor, whether they comply with laws, and their commitment on the progress of their project.

They would also include the difficulties faced by the investors in project implementation and suggested solutions.

The local authorities have to send the reports to the ministry by June 30 for identifying which projects need to be inspected.

This year Vietnam attracted FDI worth $10.5 billion as of June 20, an increase of 15.9 percent over the same period last year.

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