There are still lingering concerns regarding the implementation of a post-audit mechanism instead of a pre-audit mechanism in special investment procedures.
Special investment procedures: The "green channel" must be truly "green".
There are still lingering concerns regarding the implementation of a post-audit mechanism instead of a pre-audit mechanism in special investment procedures.
Questions such as "What should the regulatory agency do? What should be considered? What opinions should be given when investors submit notifications?", "Should the investor deposit requirement be increased for greater peace of mind?..." continued to be raised at a recent consultation meeting at the Ministry of Planning and Investment to gather feedback on the draft Decree detailing the Law on Investment regarding special investment procedures. Significantly, these questions came not only from representatives of several ministries, sectors, and industrial park management boards, but also from businesses. Some suggested that regulations from the law and related documents be included in the decree, because "it's too liberal, so people are afraid to proceed"...
The fear of making mistakes and taking responsibility seems to remain unresolved, putting considerable pressure on the process of perfecting mechanisms and policies, especially on promoting the implementation of institutional breakthroughs in investment procedures. During the meeting, representatives of the Drafting Committee for the Draft Decree (Ministry of Planning and Investment) repeatedly reiterated the principle of the "green channel" procedure, which is to provide maximum convenience for investors.
Special investment procedures – often referred to as the “green channel” – are a groundbreaking new regulation applied to investment projects in the semiconductor and high-tech industries within industrial parks, export processing zones, high-tech zones, and economic zones. Accordingly, investors can register their investment and receive an Investment Registration Certificate within 15 days, without having to go through several procedures for obtaining permits in the areas of construction, fire safety, and environmental protection. Compared to the normal procedure, this shortens the time by approximately 260 days.
According to the Law amending and supplementing a number of articles of the Planning Law, the Investment Law, the Law on Investment under the Public-Private Partnership Method, and the Bidding Law (Law No. 57), which came into effect on January 15, 2025, investors proposing investment projects that meet the conditions can register their investments under the new regulations. Furthermore, the "green channel" procedure is also applied to existing projects, provided they meet the necessary conditions.
Currently, the draft Decree has 10 articles designed to detail the investor's commitment to meeting the conditions, standards, and regulations stipulated by law on construction, environmental protection, and fire prevention and fighting in the investment project registration document; it also stipulates the responsibility to fully comply with the provisions of the Investment Registration Certificate and the commitments, as well as enforcement sanctions. The role of the management agency in this special procedure is to proactively monitor, evaluate, detect, and inform the investor of any issues arising during the implementation of the investment project; and to inspect and supervise the project's implementation according to the Investment Registration Certificate and the investor's commitments...
Therefore, the rigid, mechanical way of working "according to regulations, procedures, and processes" will no longer have a place. And it is also very clear that opportunities are emerging for high-tech projects, which the Vietnamese economy needs to attract investment in, to shorten implementation time and quickly bring them into operation.
The immediate implementation of the message to "remove institutional bottlenecks" will create a very positive impact on Vietnam's investment and business environment. However, this also means that state management agencies and implementing officials must immediately change their mindset and approach to these projects, avoiding a situation where "the law is green" but "implementation is... red".
Source: https://baodautu.vn/thu-tuc-dau-tu-dac-biet-luong-xanh-phai-that-xanh-d232345.html
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