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PM Nguyen Xuan Phuc made the point at the Conference on 30 years of FDI attraction in Viet Nam on October 4 in Ha Noi.
At the conference, a summary report on 30 years of FDI attraction was presented by the Ministry of Planning and Investment (MoPI). Business associations and international consulting companies raised frank feedback on the investment environment, investment opportunities, shortcomings, challenges and investment attraction.
PM Nguyen Xuan Phuc at the Conference on 30 years of FDI attraction in Viet Nam on October 4 in Ha Noi
Representatives from Ha Noi and Binh Duong province also gave comments on regional investment attraction and solutions to economic transformation and sustainable growth.
The MoPI will collect these comments to compose a project on 30 years of FDI attraction then submit it to the Government for policy issuance.
Addressing the event, PM Phuc affirmed that foreign investment attraction represents a respectable orientation, contributing to fulfilling important socio-economic development goals for national development.
So far, the FDI sector has become an integral part of the Vietnamese economy. Viet Nam houses over 26,500 FDI projects from 129 countries and territories with a total investment capital of US$ 334 billion.
Last year, the FDI sector accounted for nearly 20% of GDP, made up 23.7% of total development investment; over 50% of industrial production; 70% of export turnover. It generated nearly 4 million jobs and 5-6 million indirect jobs.
However, besides the great achievements, PM Phuc noticed the necessity to focus on shortcomings. FDI investors are using medium technologies. Multinational groups and corporations have yet developed high or source technologies.
The connectivity among domestic and foreign sectors on technology transfer failed to meet expectations. Some projects consumed large energy and natural resources, causing pollution.
PM Phuc tasked ministries, agencies, and localities to maintain social, political and macro-economic stability; perfect the legal system on investment; encourage domestic investors to beef up joint-venture models especially in high and new technological projects.
Preferential policies will be bettered and put under closer supervision.
Trade, investment, tourism promotion mechanisms will be boosted.
On this occasion, PM Phuc praised foreign investors for selecting Viet Nam as their investment destination. The Vietnamese Government, affirmed the PM, is consistently determined to build a more favorable and competitive investment environment in line with international standards especially new-generation FTAs.
The Government always listens to and stands by foreign investors in favor of mutual and sustainable benefits, Mr. Phuc underscored.
PM Phuc and Deputy PM Vuong Dinh Hue presented noble awards of the State for organizations, groups, individuals, and FDI enterprises which made great contributions to Viet Nam’s socio-economic development.
