Minister of Planning and Investment Nguyen Chi Dung submitted an action plan of four groups of solutions to ensure the smooth implementation of the EU-Vietnam Free Trade Agreement (EVFTA) at a video conference in Hanoi on August 6.
|The Minister of Planning and Investment outlining the solutions to implement the EVFTA |
The Minister of Planning and Investment laid out the action plan at a video conference on August 6 to ensure the smooth implementation of the EVFTA and that both sides can maximise benefits from the agreement.
The minister outlined four groups of solutions. Notably, the first solution group would increase the organisation of investment promotion programmes and conferences to disseminate Vietnam’s commitment to local authorities and the business community.
The investment promotion programmes would aim to increase the awarness of foreign investors, particularly EU enterprises about Vietnam’s commitments to open its market and liberalise investment.
These investment promotion events will be based on Resolution No.50-NQ/TW on orientations to perfect institutions and policies and to improve the quality and effectiveness of foreign investment cooperation until 2030. Accordingly, Vietnam will focus on attracting investment in sectors where EU investors have an advantage or a particular strength, including manufacturing and processing, renewable energy, or sectors which can connect Vietnam’s supporting industries with global supply chains.
The second group of solutions revolves around completing policies and regulations to improve the investment and trading environment as well as to ensure that Vietnam’s commitments are met.
“In to order to implement the EVFTA, the Ministry of Planning and Investment (MPI) has cooperated with the Ministry of Justice of Vietnam and relevant authorities to check related regulations and propose adding new regulations where it was necessary. The result shows that almost all EVFTA commitments relating to state management suit existing regulations,” Dung said.
“In order to maximally take advantages of the EVFTA and the EVIPA, the ministry will continue completing the regulatory system. One of our major missions is to build a decree guiding the implementation of the laws on Investment, Enterprises and PPP Investment so that all three can come into effect on time from January 1, 2021,” Dung said.
The third group of solutions is to rapidly implement plans to improve the competitive capacity of the economy. The MPI submitted the prime minister the national programme about supporting small- and medium-sized enterprises (SMEs), startups, and innovations to join global value chains in the 2021-2025 period for approval. In addition, the ministry will accelerate taking the National Innovation Centre into operation to support these SMEs. Furthermore, the MPI is also building a policy to encourage and support enterprises to embrace digital transformation.
Building and completing policies to control and prevent disputes between the state and investors is the last solution. Notably, it is necessary to accompany investors after they implement their projects to deal with arising difficulties and problems to avoid disputes.