Is a green light soon, eliminating bureaucratic "request-and-grant" procedures for investment?

TPO - Many proposals aim to simplify procedures, narrow the scope of projects requiring policy approval, and abolish business conditions for many sectors. Experts and businesses expect that this reform will remove investment barriers and create a "green channel" mechanism for businesses.

Báo Tiền Phong•20/08/2025

The Ministry of Finance is seeking feedback on the draft Investment Law (replacement), which proposes policies to improve and simplify investment and business procedures.

Regarding regulations on conditional investment and business sectors, the drafting agency proposed three amendment options and recommended option 1. This option stipulates that the law only specifies the principles for determining conditional investment and business sectors for reasons of national defense, security, public order, social ethics, and public health; it entrusts the Government with the authority to regulate the detailed list; and specialized laws should not provide separate regulations. This option would review and abolish unnecessary sectors, shift from pre-approval to post-approval, and manage through technical standards.

The Ministry of Finance has proposed simplifying investment and business procedures and strengthening the decentralization of authority for approving investment policies.

Mr. Nguyen Hong Chung, Vice Chairman and General Secretary of the Vietnam Industrial Park Finance Association, assessed that the investment licensing process in industrial parks has seen many improvements, but major bottlenecks still exist. The overlapping procedures and lengthy processing times are causing significant difficulties for investors.

In reality, the appraisal of investment policies under the Investment Law, the appraisal of land use needs under the Land Law, the appraisal of basic design under the Construction Law, and the appraisal of environmental impact assessment (EIA) reports under the Environmental Protection Law are often conducted separately. Investors have to submit multiple sets of duplicate documents, and even wait for the results of one stage before proceeding to the next, causing significant delays in project progress.

The business of gold jewelry and handicrafts is currently a regulated industry. According to Mr. Dinh Nho Bang, Chairman of the Vietnam Gold Business Association (VGTA), Vietnam imports approximately 5 billion USD worth of raw gold annually. If half of the gold processed from this raw material were exported, the industry could earn 2.5-3 billion USD, creating a very high added value from labor, up to 25%, while also contributing to job creation and generating foreign exchange.

According to Mr. Bang, this is a sector that urgently needs to be encouraged. If freed from restrictions and developed in the right direction, the export of gold jewelry and handicrafts alone could bring the country 5-7 billion USD annually.

gia-vang-hom-nay--11--1543388549-48-width640height480.jpg — Trading in gold, jewelry, and handicrafts is a conditional business activity.

At the recent policy consultation workshop on the Investment Law (replacement) held at the Ministry of Finance, many opinions suggested simplifying procedures to facilitate implementation by relevant agencies and clarifying the concept of conditional business.

Representatives from the Ministry of Industry and Trade proposed not completely abolishing the investment approval procedure for projects in industrial clusters, but rather narrowing its scope of application; they also suggested adding flexible investment forms to ensure compatibility between the Investment Law, the Land Law, and other specialized laws. Regarding the assignment of responsibilities, they proposed allowing provincial People's Committees to independently decide on the delegation of authority to relevant departments and agencies, instead of rigidly stipulating it in the law.

Mr. Tran Van Lam, a member of the National Assembly's Delegation Affairs Committee of the 15th term, emphasized the need for strict but effective management, avoiding the two extremes of "prohibiting what cannot be managed" or "letting go when it cannot be managed." Mr. Lam proposed strengthening the "green channel" mechanism, shifting to post-audit to reduce inconvenience; requiring investors to take responsibility for financial, security, and environmental factors; carefully reviewing the list of preferential sectors and clearly identifying the laws that need to be amended synchronously when adjusting the Investment Law.