Recommendations made for new-generation FDI attraction
Updated : Tuesday, July 10, 2018 9:40 AM (GMT+0700)

TheMinistry of Planning and Investment on July 9 released a report on therecommendations for the strategy and orientation of new-generation free tradeagreement (FTA) attraction for 2020-2030, a key piece of the socio-economicdevelopment strategy for 2021-2030. 

Illustrative image - Source: VNA

Over the past decade,foreign direct investment (FDI) inflow into Vietnam has surged nearlyten-fold. 

Speaking at the event heldin Hanoi, Deputy Minister of Planning and Investment Vu Dai Thang expressed hisbelief that the recommendations will lay the foundation for a newnational-level approach on FDI and contribute to fulfilling nationaldevelopment goals. 

According to the report,positive FDI attraction is mainly thanks to low workforce costs and incentives.However, the lack of a skilled workforce is a barrier to growth, while theshortage of supply chains, quality suppliers, and effective policies reducecorporate competitiveness. 

In order to deal withchallenges ahead and grasp opportunities arising from the Fourth IndustrialRevolution, Vietnam needs to build a business environment that matches corporatedemand during the digital era, it said.  

Le Bich Loan, from themanagement board of the Saigon Hi-tech Park, underscored the need to continuewith administrative reform, simplify procedures on construction licensing, andimprove post-inspection on projects that are already underway. 

Other recommendationsinclude building a national plan on improving the skill of workers; modernisinginvestment attraction in several priority fields; reviewing the framework onexisting preferential policies; opening the door to several important servicesectors to improve competitiveness and growth; and issuing strategies andpolicies on facilitating investment abroad. 

The report called for theestablishment of a new-generation FDI management agency to ensure the effectiverealization of such recommendations.


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