Deputy Prime Minister Pham Binh Minh speaks at the forum (Photo: VNA) Atthe connections for development forum 2021 with the theme ‘Presentingopportunities and challenges from the movement of FDI flows in the new context’co-organised by the Ministry of Foreign Affairs and newspaper Vietnam Economic Times on April 26 in Hanoi,Minh said since 1987, along with the process of renewing and opening up thecountry’s economy, the Law on Foreign Investment had been enacted. The countryhad seen three FDI waves, which had made the FDI sector present in manyimportant industries and contribute significantly to the overall socio-economicdevelopment of the country.
Asof December 2020, over 33 years of developing and attracting FDI, Vietnam has33,070 FDI projects with registered capital of more than 384 billion USD, ofwhich about 231.86 billion USD has been disbursed.
Inorder to successfully attract FDI in the new context, the Deputy PM said theGovernment would focus on solving four issues.
Firstly,Vietnam would be determined to maintain a stable socio-political environment,considering it a competitive advantage of the country in the context that theworld has many unpredictable uncertainties and it is difficult to forecast theCOVID-19 pandemic.
Second,the country would focus on improving the quality of institutions and legalpolicies towards enhancing transparency, soundness, safety and efficiency aswell as improving the governance and macroeconomic management of the State toattract high-quality FDI inflows and enhance the competitiveness of the economy.
Inaddition, the Government would encourage and support domesticenterprises to enter into joint ventures, contribute capital and purchaseshares of FDI enterprises in projects using high and new technologies andsupporting industries to master technology, manage and develop nationalproducts.
Third,the Government would prioritise investment in infrastructure development tocreate smart and efficient connections to help reduce transaction costs andenhance the competitiveness of businesses, investors and the entire economy.
Inparticular, the Government would encourage investment in education andscience and technology, considering it an engine of growth for the country inthe coming decades.
Finally,together with investment attraction, provinces and cities would organise andsupport investors to build their projects effectively andpromptly through reforming the business environment and administrativeprocedures, especially in land clearance.
Minhexpected the measures would help reduce investment costs for investors andstrengthen their confidence besides supporting domestic enterprises to developand participate more deeply in the global production and distribution chains./.
VNA
