Vietnam's Ministry of Planning and Investment announced this week that the country attracted USD47.15bn in foreign direct investment (FDI) in the first eight months of 2008, which is a 4.7 fold increase over the same period last year.
According to a report from the official Vietnam News Agency, the majority of this dramatic injection of investment has come from the arrival of 772 newly-licensed projects to the country.
Alongside this, 210 current FDI projects have also been given the go-ahead to increase their capital, with a total of USD833.6mn being generated as a consequence.
The VNA went on to highlight that in the month of August alone, Vietnam
licensed 118 FDI projects worth more than USD1.8bn.
In an effort to increase Vietnam's attractiveness to foreign business, it was announced at the beginning of this month that Vietnam's Ministry for Planning and Investment, the UN's Industrial Development Organisation, and the Norwegian Embassy had made plans to structure a three year project to streamline the registration process for new businesses.
The USD8.9mn project aims to simplify all business, tax, statistics and seal procedures, and thereby reduce costs for new businesses, by including all relevant pre-registration and registration requirements on one application form.
The project will be administered by the MPI's Agency for Small and Medium-sized Enterprises Development, working in tandem with the Tax Department in the Ministry of Finance, the Ministry of Public Security, and 63 provincial business registration offices.
In addition to simplifying the business registration process, the initiative will reportedly assist in the development of a central legal framework in this area, help to computerise the registration process across the country, where possible, and provide representatives to work with the MPI on creating a central national business registration system.
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