HCM City promises to cut red tape for foreign investors
Ho Chi Minh City has promised to remove some administrative procedures for foreign investors and publicize the status of investment applications to ensure transparency.
The People’s Committee this week ordered the Department of Planning and Investment and other relevant agencies to simplify the process of approving investment applications, news website VnExpress reported.
For example, the department has been asked to skip consulting with district authorities before approving licenses to foreign investors.
According to the committee, the deadline for the approval of investment applications is often not met, with delays of up to a year sometimes. Therefore, the city is striving to settle this problem.
Starting this May, the committee will send apology letters to foreign investors if the deadlines for their applications’ approval are missed.
The status of investment applications will also be publicized on the websites of relevant departments and agencies, so that investors will know if their applications have been passed a certain stage or still pending. The reasons for delays will also be given.