Vietnam Continues to Attract strongly FDI Capital

Vietnam Continues to Attract strongly FDI Capital

Vietnam regards the success of FDI enterprises as a success of the Government of Vietnam and would like FDI enterprises regard the success of domestic enterprises as also their own successes.

On the morning of June 16 in Hanoi, Deputy Prime Minister Vuong Dinh Hue attended the Vietnam Business Forum (VBF) mid-term in 2017, by the Ministry of Planning and Investment, International Finance Corporation (IFC) and Union of Business Forum Vietnam co-organized.

The topic of the Mid-Term Forum this year is to strengthen the linkage between foreign investment and domestic investment in the new context of the world economy. Attending the Forum were leaders from Vietnamese ministries and branches, business associations from countries and regions in the world and Embassies of many countries in Vietnam.

With three sessions, speakers discussed issues that attract private investment in the fields of investment-trade, banking, supporting industries, automobile-motor industry, electricity and energy ... to the challenges of global policies and improve law enforcement capacity. Subsequently, leaders and representatives of the ministries and branches directly addressed the concerns and recommendations of the speakers and business associations of the countries.

Action to connect

On behalf of the Government of Viet Nam speaking at the Mid-term Forum, Deputy Prime Minister Vuong Dinh Hue expressed that the Forum was held in a special time when the Central Committee of the Communist Party of Vietnam just issued resolutions to continue perfecting the market economy mechanism, socialist orientation, reforming the state-owned enterprises, developing the private economy as an engine of the economy. 

On the side of the State, the National Assembly of Vietnam has just passed a law supporting small and medium enterprises, the visits by senior leaders to China, the United States, Japan, and Russia and European countries creating favorable in increasing trade cooperation, investment with partners around the world. And recently, the Prime Minister as well as many local organizations successfully held conferences with businesses, attracting the deep concern of business community.

However, Deputy Prime Minister Vuong Dinh Hue expressed regret when the Forum did not mention deeply about the attraction of foreign direct investment (FDI) into Vietnam and strengthen linkage between FDI enterprises and domestic enterprises, although this content is the topic of the Mid-term forum.

Currently, there is the "deflective" between FDI enterprises (good performance, good growth-Reporter) and the domestic economy (slow growth-Reporter) and the government's view is to create favorable conditions to continue to attract more FDI enterprises, connect production and investment with domestic enterprises so that both divisions will have uniform development, capable to participate in the world's valuable production chains. Deputy Prime Minister Vuong Dinh Hue expressed.

The Government of Vietnam affirms the standpoint and opinion of Vietnam considering FDI enterprises are an organic part of the economy, the success of FDI enterprises is a success of the Government of Vietnam and want FDI enterprises to consider the success of domestic enterprises is also their success.

In the coming time, Deputy Prime Minister said that Vietnam will continue to promote FDI attraction but will have a selection, give priority to foreign enterprises operating in line with the process of economic restructuring of Vietnam, modern technology, friendly with the environment, available the connection string, good governance, ready to connect with Vietnamese enterprises.

At the conference, Deputy Prime Minister highly appreciated the initiative of the Vietnam Chamber of Commerce and Industry (VCCI) and the Taiwanese Association of Investors will meet to further strengthen the connectivity between the two sides and expect other business associations to discuss with the Vietnamese side on this topic.

Vietnam attaches importance to facilitating favorable trade

Exchanging with the delegates on the policy of international integration of Vietnam, Deputy Prime Minister Vuong Dinh Hue shared, international economic integration is the consistent policy of Vietnam. Vietnam has signed many new free trade agreements with very high standards. Alongside that, Vietnam also strives to improve domestic economic institutions, strengthen national competitiveness, capacity and products for international economic integration; whether or not there are free trade agreements like TPP.

In order to create favorable conditions for enterprises including state enterprises, private enterprises, FDI and business households, the Government of Vietnam is pursuing the way to build and perfect a clear and transparent business investment environment for all these types of businesses. The Government is resolutely implementing Resolution No. 19 / NQ-CP and Resolution No. 35 / NQ-CP and will soon issue decrees and circulars guiding the implementation of the Law on Support to Small and Medium Enterprises.

On creating favorable trade, Deputy Prime Minister said that the Government has strengthened; the Committee has created favorable condition for national trade, setting a target that by 2018, 80% of administrative procedures will be implemented on the one-gate National Information Portal, and Asean. Government leaders are reviewing, and revising 73 specialized customs procedures to facilitate domestic and foreign businesses investing in Vietnam.

The Government also focused on removing difficulties, bottlenecks, completing and developing markets (goods-services, capital, science-technology, real estate, labor). They are necessary and sufficient conditions for business development; at the same time accelerate the economic restructuring attaching innovation growth model, attach importance to quality of growth.

Deputy Prime Minister Vuong Dinh Hue requested the Ministries, branches and VCCI to synthesize their ideas and proposals to report to the Government, improve the legal system, transparency, stability and mitigation of legal risks. To create favorable conditions for domestic and foreign investors; to properly implement the spirit of action-creating government, serving the people and businesses.

According to VCCI Chairman Vu Tien Loc, Vietnam Business Forum mid-term 2016 received 127 opinions and recommendations of the business community sent to state agencies. Afterwards, the business associations received 88 feedbacks from the ministries in writing and rated more than 55% of the responses as good.

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