PM orders enhancement of foreign investment attraction efficiency

Producing automobile frame at Ford Vietnam factory in Hai Duong (Photo: VNA)

Hanoi – Prime Minister Pham Minh Chinh has signed a directive clarifying tasks and solutions to enhance the efficiency of foreign investment attraction in the new period.

Under the document, ministers and heads of minister-level agencies, Government agencies and chairmen of the People’s Committees of centrally-run cities and provinces must promptly implement tasks assigned on them earlier in luring foreign investment.

They were requested to prepare favourable conditions for investment attraction and business activities by promptly completing planning for the 2021-2030 period with a vision to 2050. The Ministry of Planning and Investment was asked to report the feasibility of building a Law on Adventure Investment, while developing a database on Vietnamese enterprises that are able to become suppliers to foreign-invested firms in particular areas.

The Ministry of Labour, Invalids and Social Affairs was ordered to apply policies and measures to enhance skills for workers to meet the demand of foreign investors and encourage them to employ local labourers.

The Ministry of Science and Technology was tasked to submit to the PM a proposal on the supplementation and adjustments to a decision on regulations to import used equipment, machineries and technology chains with simplified procedures within June, while building policies to encourage cooperation in technology transfer.

The Ministry of Information and Communications was assigned to propose a pilot policy and breakthrough measures to draw world leading techfirms to Vietnam, while the Ministry of Finance was asked to review the legal system related to taxation to discover and settle problems, and build a roadmap to apply the global minimum tax rate and submit it to the National Assembly’s sixth session.

The Ministry of Finance, through diplomatic and external channels, was ordered to strengthen the promotion of Vietnamese investment and business environment and the Government’s orientations on sustainable development, thus diversifying investment opportunities with major partners.

In the directive, the PM also clarified specific tasks to particular ministries, agencies. The Government leader also asked localities to develop their technical and social infrastructure system outside industrial parks, export processing zones, and hi-tech parks, while simplifying procedures regarding investment licencing.

The PM also underlined the need to enhance State management efficiency in foreign investment attraction and strengthen supervision and inspection over the work.

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