All financial transactions relating to activities in the free zones are carried out in hard currency. Attracting investment requires a consistent, predictable system of laws, regulations and administrative practices. In such cases, access to these areas should be provided on a non-discriminatory basis. They will check and verify the verdict made by the foreign court or arbitrator as to whether such verdict aligns with Vietnamese laws and international conventions that Viet Nam is a party to. Investment Incentives and Promotion -- Chapter 6.
Radio and television broadcasting; 2. As a result of amendments in 2001 of the 1992 Constitution Articles 15 and 16 , there is an acknowledgment in the constitution that foreign investor sector and the domestic private for an integral part and can contribute to the Vietnamese economy alongside the already recognised state-owned sector. Moldova: equity capital + reinvested earnings from 1997 + loans from 1995. On the other hand, the length of land use has significantly been extended from previously eligible periods and can even exceed fifty years. In fact, a substantial number of the major reforms on the path to becoming a market economy came from initiatives that emerged from actual experiences in the provinces and local businesses which were later adopted as national policies. It has led to impressive growth of the private sector and to large inflows of foreign investment.
This is attributed by some to a lack of clarity as to how this procedure should be applied by various government agencies and a deep attachment on the part of regulators, but also market operators, to the paper culture. The development of the pension sector is even more retarded due to this factor. In particular, in terms of the land use right, according to the Land Law, enterprises are allowed to use the land use right not originated from the State Budget as an asset to guarantee their loan at credit organisations. This relates exclusively to the textile and garment industries. The agreement with Malta is under negotiation and the agreement with Estonia is ready to be signed. The most important thing to attract investment is the creation of a favourable environment in which the government plays the role of a supporter for investors rather than a controller seeking to fine tune investment flows.
The work permit gives foreign citizens the right to be employed under an individual employment contract with legal and natural Romanian persons, or with authorised branch offices in Romania of legal persons based abroad. Under such circumstances, it is difficult for the judicial system in Viet Nam to uphold the non-discrimination principle across all economic activities. Committee members are typically subject-matter experts from member and non-member governments. A fundamental feature in the formulation of these laws was the strong involvement of the media and the availability of various law analysing articles and public comments. The sharing of responsibilities between the central and local authorities does not seem to be clearly defined or understood.
In the formulation of policies and regulations associated with business in general and investments and investors in particular, the stated policy of the Vietnamese government is an increase in regular dialogue between law makers and the affected groups. Granting of subsidies for agriculture also does not discriminate between foreign and local investors. It is expected to reduce significantly the cost and time spent on starting a business — which was estimated last year by the World Bank to involve 5 steps and require 28 days, at a cost equal to 7. A foreign-controlled firm established in Romania may own a ship with a Romanian flag and thus engage in the same activities as domestic companies flying the Romanian flag are authorized to undertake, including carriage to Romanian harbours, cabotage, assistance and rescue operations and removal of wrecks. The concession procedure can be initiated by an interested investor or the conceding authority. Investment guarantee provisions in the new Investment Law are generally up to international standards but have not been fully tested in practice.
The objective is to ensure access to formerly closed sectors on an equal basis. The basic administrative routines for making investment in Viet Nam are defined in Articles from 45 to 73 of the Investment Law. Amendments to the Tax Code and less zealous tax collection as well as revisions to the new Labour Code are being recommended by various stakeholders. It would be a hard-fought task, and after several sometimes fractious meetings at the in Paris starting in January 1960, a resolution was reached to create a body that would deal not only with European and Atlantic economic issues, but devise policies to assist less developed countries. The institutional standing, mandate and authorities of the competition authorities are not sufficient to take the matter in their hands. All cases of selling shares in State-owned properties are subject to the regulations of the Competition Law if this trading activity meets the conditions on acquisition of enterprises regulated in this Law.
More work is under way to evaluate the average tax burden on domestic profits. For industrial products, the average reduction rate is from 16. The pace of equitisation has been slow. Consideration should be given to adopting strengthened and focused procedures for reviewing the effect on competition of new laws, regulations and sectoral development strategies. Access to local finance None. The Legislation introduced in 2002 was designed to increase the tax base and level the playing field in the area of taxation, thus establishing some control over their use.
Charter capital is defined as the amount contributed or committed to contribute by all shareholders or members of a company respectively and is stated in the company charter. The rule of law has been strengthened with the reform of the judiciary and a new action plan has been elaborated to combat corruption. The overall structure for the monitored contracts taking into consideration the origin of the foreign share capital of the buyers, at 30 June 2004, may be found in the figure below. Establishment of wholly domestic- or foreign-owned companies; 2. All golden shares will be transformed into normal shares. The concession procedure can be initiated by an interested investor or the conceding authority. It now seems that a majority of companies are aware of this development, but only a few companies have tried to use it.
A comprehensive Fiscal Code and a medium-term fiscal strategy have been adopted to ensure greater stability and predictability in business decisions. The sectors with the strongest tariff reductions are textile and garment, fish and fish products, wood and paper, other manufactures, machines and electronic and electric equipment. Statutory Taxes in Viet Nam. Another concern is ineffective follow-up of complaints, leading to delays in complaint settlements some cases took more than one year. The Competition Council is currently working with the sectoral regulatory authorities responsible for electric power, natural gas, electronic communications and rail transport towards the effective opening up of these sectors to competition see also the section on privatization.
Employment of foreign personnel Foreign citizens may carry out economic, social, cultural, sport and commercial activities in Romania on their own or in partnership and they may be employed by Romanian or foreign legal entities or individuals Government Emergency Ordinance No. According to Vietnamese law, Vietnamese courts will not re-hear a dispute previously processed by a foreign court or arbitrator. However, the scope of their participation and operation are restricted, depending on the type of the organisation, its business lines, and the domain of operation. However, these management boards are not part of the national business registration apparatus in accordance with Decree No. Most of these recommendations were made to individual countries, but a number of them were of a general character. Thirty of the 39 commercial banks are foreign owned including 8 foreign branches. This is no longer the case.