Capital transfer and cumbersome licensing procedures are the biggest obstacles to offshore investment by Vietnamese enterprises, participants heard at a conference on promoting offshore investment, held in Ho Chi Minh City on September 5 by the Foreign Investment Agency under the Ministry of Planning and Investment (MPI).
The participants proposed the MPI to continue working on streamlining bureaucracy, organizing promotion campaigns and providing consultancy services to Vietnamese businesses.
The MPI is planning to decentralize more provinces and centrally run cities to license offshore investment, reducing its workload and facilitating the operation of enterprises, said MPI Vice Minister Nguyen Duc Hoa.
The State Bank of Vietnam is expeditiously finalizing regulations on foreign exchange management of offshore investment in order to form a complete legal framework for management, monitoring and supervision work and facilitate offshore investors.
Offshore investment projects, which have positive impacts on national economic development and are encouraged for investment, are proposed to enjoy capital and tax incentives, according to the Foreign Investment Agency.-