New system facilitates applications for investment certificates and State reporting.
The Ministry of Planning and Investment (MPI) has officially announced the introduction of a national foreign investment information system from March 1.
It will be compulsory for all State management agencies involved in foreign investment and foreign invested enterprises (FIEs) to use the system. FIEs must include all information on their investment projects online before applying for investment certificates and also submit reports to management agencies online.
The establishment of the national information system is being carried out by MPI under Prime Ministerial Decision No. 48/2009/QD-TTg on applying information technology at State agencies. The system has been built based on the Law on Investment and includes information on both FDI projects in Vietnam and Vietnamese investment overseas.
According to Mr. Do Nhat Hoang, Director of the MPI’s Foreign Investment Agency, this is the first national database for FDI and it will be an effective tool for both FIEs and FDI management agencies during the investment process as well as for the collection of statistics and the compiling of reports. Submission of documents online for investment certificates will help State management agencies make appraisals promptly and efficiently.
With a national database of FDI projects throughout the country, State management of FDI will be unified from central to local levels. “The database plays a very important role in statistics and forecasts, which are used as a basis to develop macro-economic and FDI management policies,” said Mr. Hoang. “It also contributes to administrative reform and improvements to the business environment.”
Provincial Departments of Planning and Investment will receive and manage accounts of People’s Committees to collect information on foreign investment in their localities and submit periodical reports to the MPI, as regulated.