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Conference discusses refining policies on FDI attraction

Deputy Prime Minister Vuong Dinh Hue chaired a consultation conference in the southern province of Binh Duong on February 14 to discuss orientations towards refining mechanisms and policies on foreign direct investment (FDI) in the new context.

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conference discusses refining policies on fdi attraction hinh 0
Deputy Prime Minister Vuong Dinh Hue at the event (Source: chinhphu.vn)

The occasion was the final fact-finding trip, following those in Hai Phong, Bac Ninh, and Hanoi, in order to build a draft project on policymaking to improve the efficiency of using FDI until 2030, which will be submitted to the Politburo for consideration by this April. 

Deputy Minister of Planning and Investment Vu Dai Thang said that as of January 20, 2019, the country had recorded over 27,400 valid FDI projects with a total registered capital of nearly 343 billion USD.

A 2017 report by the United Nations Conference on Trade and Development said Vietnam was one of the 12 most successful countries in terms of FDI attraction. 

Permanent Vice Chairman of the Ho Chi Minh City People’s Committee Le Thanh Liem affirmed that mergers and acquisitions, and FDI projects have effectively restructured sectors in the southern city over the past few years. 

He suggested that foreign enterprises that deliver on commitments should enjoy incentives, while better financial policies should be issued to attract multinational corporations and research and development centres in the country. 

International Finance Corporation (IFC) Country Director for Vietnam, Laos, and Cambodia Kyle Kelhofer said FDI now mostly focuses on manufacturing, instead of fields of added value such as finance or research and development. 

He proposed that Vietnam should issue mechanisms to woo new-generation FDIs with better work skills and governance, while effectively tapping the recent free trade agreements. 

Former minister of the Small and Medium Business Administration of the Republic of Korea Young Sup-joo said Vietnamese firms should make partnerships with foreign enterprises in different sectors to expand regional and global markets. 

Participants also called for renewing education-training to create a high-quality workforce, and choosing eco-friendly and socially responsible FDI. 

Concluding the event, Deputy PM Hue affirmed that the Vietnamese Government has consistently refined mechanisms and policies to lure more FDI, adding that FDI is an active part of the Vietnamese economy and that Vietnam will cooperate with FDI firms. 

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VNA

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