Monitoring and evaluation of foreign investment activities would be carried out on the principle of publicity and transparency and must not obstruct or adversely affect normal operations of businesses and foreign-invested projects.
Such rules are set out by the Ministry of Planning and Investment (MPI) in the latest version of a draft circular on monitoring and evaluation of foreign investment in Vietnam.
Accordingly, state agencies would monitor and evaluate foreign investment intra vires and in compliance with law, avoiding overlaps in subjects, time and contents of monitoring and evaluation activities.
As stated in the draft, the MPI would monitor and evaluate the performance of state management of foreign investment; conduct overall monitoring and evaluation of foreign-invested projects; inspect foreign-invested projects subject to investment policy approval by the Prime Minister, large-scale projects with great impacts on socio-economic development and other projects as directed by the Government or Prime Minister.
Provincial-level People’s Committees would be responsible for organizing overall monitoring and evaluation of foreign investment activities as well as operation of economic organizations and foreign-invested projects in their localities.
Line ministries would take charge of monitoring and evaluating the observance of specialized law by foreign-invested projects in the fields under their management or authorize local specialized management agencies to make in-depth monitoring and evaluation activities. In case of authorization, the authorized units would have to report monitoring and evaluation results to line ministries and local investment registration agencies. Particularly, projects whose investment registration certificates or papers of equivalent validity are issued by line ministries would be subject to monitoring and evaluation by these ministries in accordance with specialized laws.
According to the draft, monitoring and evaluation of foreign investment activities would be carried out in a regular or thematic basis, covering such contents as implementation and operation of, and problems, facing foreign-investment businesses and projects; compliance with the laws on land, foreign exchange management, construction, fire prevention and fighting, etc.; fulfillment of financial obligations toward the State; financial status, including also transactions with overseas parent companies and affiliated companies.- (VLLF)