Foreign Direct Investment (FDI) projects that have expired but not yet re-registered will be revoked after February 1 next year, according to a newly issued directive from the Ministry of Planning and Investment (MPI).
The directive was sent to all municipal and provincial People’s Committees, the management boards of industrial zones, export processing zones, economic zones and high technology zones.
The ministry said that it will revoke business licences, levy fines and wind up projects whose licences were granted before July 1, 2006 , but have still not re-registered in accordance with the current investment law.
According to the ministry, the revised Enterprise Law on the re-registration of FDI businesses whose licences have expired was approved by the National Assembly and came into effect on August 1, 2013.
Currently, the ministry is putting final touch on a draft decree on re-registration, registration changes and transformational investments for FDI enterprises under the provisions of the Foreign Investment Law and the Enterprise Law. The draft is to be submitted to the Government later this month.-VNA