Hanoi (VNA) – The Ministry of Planning andInvestment on July 9 released a report on the recommendations for the strategyand orientation of new-generation foreign direct investment (FDI) attraction for 2020-2030,a key piece of the socio-economic development strategy for 2021-2030.

Over the past decade, FDI inflowinto Vietnam has surged nearly ten-fold.

Speaking at the event held in Hanoi, Deputy Minister ofPlanning and Investment Vu Dai Thang expressed his belief that therecommendations will lay the foundation for a new national-level approach onFDI and contribute to fulfilling national development goals.

According to the report, positive FDI attraction is mainlythanks to low workforce costs and incentives. However, the lack of a skilledworkforce is a barrier to growth, while the shortage of supply chains, qualitysuppliers, and effective policies reduce corporate competitiveness.

In order to deal with challenges ahead and graspopportunities arising from the Fourth Industrial Revolution, Vietnam needs tobuild a business environment that matches corporate demand during the digitalera, it said.  

Le Bich Loan, from the management board of the SaigonHi-tech Park, underscored the need to continue with administrative reform,simplify procedures on construction licensing, and improve post-inspection onprojects that are already underway.

Other recommendations include building a national plan onimproving the skill of workers; modernising investment attraction in severalpriority fields; reviewing the framework on existing preferential policies; openingthe door to several important service sectors to improve competitiveness andgrowth; and issuing strategies and policies on facilitating investment abroad.

The report called for the establishment of a new-generationFDI management agency to ensure the effective realization of such recommendations.-VNA