Representative Truong Trong Nghia: What the Internal Forces of Vietnam Benefited from Hundreds of Billions of Dollars of FDI Attraction in the Past 20 Years ?

Representative Truong Trong Nghia: What the Internal Forces of Vietnam Benefited from Hundreds of Billions of Dollars of FDI Attraction in the Past 20 Years ?

This is a question posed by Congressman Truong Trong Nghia at the conference on the Law on Competition (revised) on November 15 morning.

He said that billions of dollars from attracting FDI did not produce corresponding results with the State incentives for investors. Many foreign companies transferred pricing and evaded payment of taxes. Many of the loose laws have been unintentionally causing foreign contractors to win the contract but fail to fulfill their commitments.

"We are almost powerless before the winning bids of foreign investors just by the form of cheap price offer and high tech commitments, but happened phenomenon of cost overrun (even doubled), behind the schedule, cheating on quality and technology when joining, ... Many Vietnamese enterprises shed in tears because of losing market right in their own country, even costing a futune when being offered for acquisiton" said Nghia.

Meanwhile, the localization rate of the automobile and electronics sectors after decades remains unchanged as committed. Animal feed, veterinary, retails, culture, ... are the fields of business kicked off from the market. Domestic enterprises also suffered from unfair treatment from state administrative agencies.

"While Vietnamese goods and services are struggling on foreign markets, but simultaneously have to compete against the domestic market from foreign service providers. A question is that what is our purpose when integrating and attracting foreign investment? "- Mr. Nghia asked.

According to Nghia, there should have policies to solve all these problems. This is aimed at enhancing internal forces, national might on politics, economy, culture, society, security and defense.

In the context many countries are joining the free trade agreement to achieve a mighty desire, while some are showing different intentions. Nghia said that the slogans "America above all" or "Chinese dream" may be playing the international rules: Big fish eat little fish and no free meal.

"I know that the above situation may not be solved only by the Competition Law but also by other policies and measures. But by my work experience, I think our competition law may have to contribute more to enhancing internal capabilities of the country , otherwise the press button of the National Assembly will not go well with its functions, "- said Mr. Nghia.

Source: Tri Thuc Tre Newspaper

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