Domestic and foreign-invested enterprises in Vietnam have been encouraged to get involved in mineral exploration, extraction and processing, local newspaper Vietnam Investment Review reported Monday.

Under a recent government decree, the Vietnam Geology and Mineral Resources Department under the Ministry of Natural Resources and Environment, and the departments of Natural Resources and Environment of cities and provinces have been given the authority to receive applications for mineral exploration, extraction and processing licenses.

Within 90 days, license granting agencies have to give an official response to license seekers, as long as they have already delivered all of the required necessary dossiers.

The representative of a foreign mineral company seeking a gold exploration permit said mineral license seekers would be very pleased if such a time limit was strictly implemented.

"Until now, the duration for foreign investors like us to obtain an official license to explore, extract and process minerals in Vietnam has not been limited. This is one of the biggest obstacles for us," the representative said.

It took Australian-invested Triple Plate Junction Company almost 10 years before it was awarded a two-year license to explore a gold mine in the northern province of Lai Chau, said the report.

Since 1955, Vietnam has discovered more than 5,000 mines of mineral ores, including those important to industries such as oil, coal, apatite, iron, copper, aluminum, lead and zinc.

Source: Xinhua