Viet Nam attends meeting on UN sea law convention
Viet Nam has underlined the significant role of the 1982 UN Convention on the Law of the Sea (UNCLOS) in creating legal frameworks for promoting the exploitation of seas and oceans in a peaceful, fair, stable and effective manner for peace and prosperity.
Addressing the 25th meeting of State Parties to the UNCLOS, which took place in New York from June 8-12, the head of Viet Nam's Permanent Representative Delegation to the UN, Ambassador Nguyen Phuong Nga, said that the East Sea, which was rich in natural resources and the second largest maritime route in the world, should be safeguarded and used in a sustainable way.
The ambassador stressed the need to maintain peace, stability, navigation security and freedom of navigation and aviation in the East Sea in line with the UNCLOS and international law.
Viet Nam was concerned about current complicated developments in the East Sea, especially large-scale construction activities which changed the natural characteristics of some structures in the sea, destroyed the marine environment and ecosystem and seriously affected peace, stability and security in the region, causing great concern among ASEAN member nations and countries inside and outside the region, Ambassador Nga stated.
She emphasised that all actions that changed the status quo in the East Sea, damaged the marine environment and further complicated disputes must stop immediately.
The official also reiterated Viet Nam's consistent stance on the issue, which calls for the settlement of disputes in the East Sea by peaceful measures in line with international law, including the UNCLOS, and that parties should fully carry out their commitments to the Declaration on the Conduct of Parties in the East Sea and work together to build a Code of Conduct (COC).
The meeting, which saw the participation of 136 UNCLOS member nations, approved reports on the activities of the International Court of Justice on the Law of the Sea in 2014, the International Seabed Authority and the Commission on the Limits of the Continental Shelf. — VNS
Investment Law guidelines set out
Other notable points of the draft decree are in relation to investment incentives and procedures. In particular, the draft details those entitled to investment incentives via two lists of preferential investment industries and geographical areas. — Photo vneconomy
The planning and investment ministry is finalising a draft decree for building an adequate, transparent and consistent legal framework for the implementation of the 2014 Investment Law.
The Investment Law comes into effect on July 1, 2015.
The draft decree covers guidelines that cover, among others, business investment sectors, investment procedures and transition regulations for investment registration dossiers that are to be submitted to the authority prior to July 1.
Unlike some early drafts, the latest draft decree no longer provides a list of business investment conditions applicable to foreign investors. According to the draft decree, all business investment conditions applicable to foreign and domestic investors shall be published on the National Business Registration portal. Furthermore, in case of projects invested by foreign investors or deemed foreign-invested economic organisations, they are required to further satisfy a number of investment conditions in terms of (i) the capital contribution ratio, (ii) investment form and scope of operation, (iii) Vietnamese partner and, (iv) other conditions provided in international treaties of which Viet Nam is a member.
Other notable points of the draft decree are in relation to investment incentives and procedures. In particular, the draft details those entitled to investment incentives via two lists of preferential investment industries and geographical areas. In respect of investment projects obtained via an investment policy decision as required by the 2014 Investment Law, the licensing authority shall, within five working days, issue an investment registration certificate to the investor without requesting any further documents or re-considering any contents approved under the investment policy decision. It is noted that the investor shall only need to conduct procedures to amend investment policy in certain cases, including adjustment of key technology, investment purpose and location, and changes of more than 10 per cent of the total investment capital.
The draft decree also provides certain transition regulations in respect of investment application dossiers. In case of an investment application dossier submitted by the investor before the new Investment Law comes into effect on July 1, 2015, the licensing authority will apply the laws and regulations applicable at that time (i.e. the 2005 Investment Law) to complete procedures for granting an investment certificate or amending the investment project of the investor, unless otherwise requested by the investors.
Once issued, the decree is expected to create a more convenient business environment for investors in Viet Nam.
Investment law ready to implement
The Investment Law has regulations that mark significant progress in administrative overhaul, including slashing the time to process foreign investment registrations from 45 to 15 working days. — Illustrative image/ Photo ndh
HCM City (VNS) — New points in the Investment and Enterprise Law 2014, which go into effect next month, caught the attention of business players attending a seminar in HC M City yesterday.
The Investment Law has regulations that mark significant progress in administrative overhaul, including slashing the time to process foreign investment registrations from 45 to 15 working days.
It also raises the responsibility of investors, particularly through deposit requirements and equipment quality appraisals.
Based on reviews of 386 business sectors, the new investment law specifically regulates a list of valid business areas and six that are prohibited.
It also streamlines the share purchase process, saying that any entity with more than 51 per cent of its assets and charter capital held by foreigners is to be treated as a foreign-invested firm, said Deputy Director of the Ministry of Planning and Investment's Legal Department Quach Ngoc Tuan.
New points in the Enterprise Law include business registration certificates with information regarding business codes, headquarters addresses and legal representatives. Business areas will be declared in business registration application forms.
The law also abolishes some requirements for professional certificates, shortens business registration timelines and adds criteria for State business executives. It also requests the release of transparent information from firms with State capital up to international standards, among others, said the head of the