Prime Minister
will approve the Strategy for foreign investment cooperation in 2021 – 2030.
General objectives of the Strategy are:
- Attract foreign investment projects that utilize advanced technology, new technology, high technology of the fourth Industrial Revolution, modern administration, yield high added value, and connect global production and supply, demand chains;
- Expand market, utilize capital, technology, and knowledge regarding management and culture of enterprises in areas with foreign investment capital; improve competitiveness of the economy, enterprises, and domestic products; promote industries, agriculture and service sectors in Vietnam, establish and enhance the role of Vietnamese enterprises in international communities;
- Improve comprehensive effectiveness in attracting and using foreign investment capital, increasing capital contribution percentage of foreign investment in socio-economic development to match benefits and support provided;
- Build and develop innovation centers, financial centers of regional and international scale to create socio-economic development drive.
The Strategy focused on improving competitiveness index of Vietnam based on assessment criteria of World Bank, World Intellectual Property Organization, and World Economic Forum; focus on low indices in terms of institutions, infrastructure, and commodity market.
Regarding institution, the Scheme points out the solutions as:
- Enhance the active, exhaustive, extensive, and practical participation of ministries, departments, and local governments in order to create fair, coherent, and transparent business investment environment. Ensure stable, consistent, synchronous, and developing investment environment and regulations in order to promptly adapt to new issues and deal with difficulties.
- Improve outlook capacity and transparency in developing legislative documents; develop procedures for monitoring, assessing conformity, impact, and quality of policies, effectiveness of policy implementation.
- Research and develop policies on flexibly adopting business investment procedures for appropriate business lines in order to create competitiveness in attracting and using foreign investment capital.
- Closely monitor the promulgation of business conditions for conditional lines of business. Conduct research to reduce unnecessary, unreasonable lines of business and business conditions in a manner that guarantees adequacy and consistency in business freedom of investors as per the law.
- Develop regulations on prevention of investment disputes; propose solutions for resolving difficulties and disputes of investors, issue early warnings regarding potential disputes between the Government and foreign investors.
- Issue policies to create legal corridors for development and management of new investment methods formats and methods conforming to international practice.
- Closely monitor acquisition activities of foreign investors and foreign-invested enterprises in domestic enterprises, especially major enterprises, enterprises operating in key sectors; closely monitor investment projects that can potentially impact national security or public order.
- Promote the development and completion of institutions in order to create the adequate and comprehensive legal basis for implementation and development of e-Government, moving towards digital Government and digital economy in Vietnam.
- Review and assess advanced institution solutions that have entered into pilot implementation or application and yielded positive results, implement institutions for application on a nationwide scale; assess preferential treatments that create inequality in terms of institutions among areas in order to narrow and soon eliminate institution inequality and inconsistency.
In terms of infrastructure, it needs:
- Produce planning for infrastructure development following modernization direction with strategic mindset, long-term aim, together with region connection in order to create development drive.
- Develop policies on facilitating types of ownership, including foreign investment, invest in development and trade of infrastructures via multiple forms, prioritizing PPP model and research shared risk mechanism conforming to international practice.
- Promulgate the list of priority projects for investment in infrastructure development in order to develop high quality infrastructure system for traffic, telecommunication, information technology, electricity, water, logistics, etc. in order to reduce transport cost and input costs of enterprises and improve competitiveness of the economy.
Regarding the commodity market, it needs:
- Diversify export market, utilize advantages brought by signed FTA, especially agreements such as the CPTPP, EVFTA, and RCEP.
- Review policies, tariff barrier and non-tariff barrier solutions, ensure integration commitment and benefits of domestic enterprises, and improve cooperative effectiveness with foreign investment sector.
- Form and ensure effective operation of markets serving commodity production, especially markets related to foreign investment such as finance, land, employment, technology, Etc.
- Enhance free market of commodity production factors; ensure market principles in access to land, capital, and market integration opportunity.
Ministry of Planning and Investment will take charge and cooperate with relevant entities in developing Decision of the Prime Minister on action plan for implementing the Strategy for foreign investment cooperation of 2021-2030; Consolidate the implementation of the Strategy, submit annual report to the Prime Minister; organize preliminary conclusion of implementation of the Strategy until 2025 and identify tasks, solutions for subsequent stages.
Ministries, ministerial agencies, Governmental agencies, the People’s Committees of provinces and central-affiliated cities will integrate principles and objectives of the Strategy in planning, plans, and strategies for socio-economic development of ministries, departments, and local governments; Implement preliminary and final conclusion of implementation of the Strategy within their fields in accordance with instructions of Ministry of Investment and Planning; submit reports to the Ministry of Investment and Planning on an annual basis for reporting to the Prime Minister.