Viet Nam remains safe destination for development of FDI inflows: Deputy Prime Minister Pham Binh Minh

FDI attraction must be more selective with a specific focus on the main evaluation criteria such as quality, efficiency, technology and environmental protection, said Deputy PM Pham Binh Minh at the Connections for Development Forum 2021 in Ha Noi in April 26.
Viet Nam remains safe destination for development of FDI inflows: Deputy Prime Minister Pham Binh Minh
Deputy Prime Minister Pham Binh Minh addresses the event.

Minh noted that Viet Nam should be proactively catching up with the fourth wave of FDI taking place globally amid the fierce competition of FDI and the adverse impacts of the COVID-19 pandemic.

The foreign direct investment (FDI) sector will continue to be an important driving force behind great contributions to meeting the nation’s aspirations and prosperity goals, with the Government playing a vital role in dealing with crucial issues in terms of FDI attraction, said Deputy Prime Minister Pham Binh Minh.

During the event themed “Seizing new opportunities for localities and businesses”, the Deputy PM emphasised that the Government will focus on resolving four main issues as a means of successfully attracting greater FDI inflows in the country in the future.

Moving forward, priority will be given to maintaining a stable macro-political environment which will ultimately serve as a competitive advantage amid unpredictable fluctuations occurring globally, and fresh challenges caused by the impact of the novel coronavirus (COVID-19) pandemic.

Furthermore, the Government will also focus on fine-tuning the legal system, improving the state governance capacity over macro-economic management as a way of attracting greater FDI inflows in a selective manner, while simultaneously enhancing the competitiveness of the local economy and striving to develop an independent and autonomous economy.

The Government will also look to support domestic firms as they enter into joint ventures with capital contributions of foreign-invested enterprises, particularly in terms of projects which make use of technologies in order to develop national products.

Moreover, policies relating to investment incentives will be perfected with a mechanism being set up to strengthen connectivity among investment, trade, and tourism activities.

The Government will also seek to prioritise investment in relation to infrastructure development, reduce transaction costs, and enhance the competitiveness for businesses and investors, with a specific focus on strengthening transparency.

Most notably, the Government will encourage further investment in education, science, and technology, with human and technological capacity anticipated to be the driving force behind growth over the coming decades.

Along with greater investment attraction, localities will implement support policies for investors through projects at the fastest speed possible, in the shortest time, and with the most efficiency. This will be done by improving the domestic business environment and simplifying administrative procedures, especially those relating to land clearance procedures.

These efforts are expected to reduce investment costs, strengthen investors' confidence, and provide support for domestic enterprises as they participate more deeply in the value chain of global production and distribution.

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(Source: VOV)