A Korea - investment semiconductor industry in Bắc Giang Province. Streamlined investment procedures are proposed for high-tech projects to create favourable conditions for attracting strategic investors. — VNA/VNS Photo Tuấn Anh

Streamlined investment procedures are proposed for high-tech projects to create favourable conditions for attracting strategic investors, according to the draft amendments to the laws on planning and investment recently made public for comments by the Ministry of Planning and Investment.

Special procedures are proposed for projects in research and development, semiconductor, chip-making and new technology battery, as well as investments in high-tech industrial parks, export processing and functional zones in economic areas.

The ministry said that policies to attract strategic investors in several sectors have been applied in some provinces and cities such as HCM City, Khánh Hoà and Đà Nẵng.

However, these projects must be implemented following normal procedures in accordance with the established regulations on investment, bidding, land, construction and environmental rules, which might take on average 250-350 days to complete.

The ministry said in some countries around the world, policies to enhance competitiveness in attracting strategic investors are being applied at different levels.

Numerous strategic investors are promoting research and seeking large-scale investment opportunities in Việt Nam, the ministry added.

“Amid fierce competition, applying current investment procedures might undermine competitiveness in attracting strategic investors in areas of priority for investment attraction,” the ministry stressed.

Thus, the ministry proposed procedures to be streamlined for these products while investors must be responsible for full compliance with the established regulations. — VNS