Professor Nguyen Mai, chairman of the Vietnam Association of Foreign Invested Enterprises, stressed the need of adjusting the law to fit present situations due to much inadequacy it contained.

The Investment Law, having ten chapters and 89 articles, was issued in 2005 on the basis of combining foreign and domestic investment laws, aiming to create a level-playing field for all enterprises. Policy makers then regarded the law as one of Vietnam’s most liberal ones.

However, the law contained and mentioned too many things, said Professor Mai, an investment policy-making expert, at a conference held on Tuesday by the Vietnam Chamber of Commerce and Industry (VCCI).

“Domestic and foreign investments are different, so are public and private investments. However, they all are put together in a single law,” he explained.

Meanwhile, lawyer Pham Chi Cong from law firm Khai Phong, said the Investment Law overlapped many other related laws, including the Enterprise Law, Securities Law, Land Law, Trade Law, and Intellectual Property Law among others. He questioned the need of having the Investment Law as a separate one.

Besides, the investment certificate should be omitted under present conditions as it did not affect the State management, Cong added.

Phan Duc Hieu, a member of Investment Law reviewing team, said the legal value of investment certificates not clear. The certificate is part of the law but it gives no value to the State as well as investors.

All opinions on the Investment Law will be collected in a report and then presented to the National Assembly, Government and ministries at the end of this year.