30-year FDI attraction: shifting focus onto quality
Updated : Thursday, October 04, 2018 3:17 PM (GMT+0700)

Leadingdestinations for the flow of foreign direct investment (FDI) such as Ho ChiMinh City, Dong Nai, Binh Duong and Ba Ria-Vung Tau provinces, have beenshifting their focus to investment quality after 30 years attracting foreigncapital.

 
Leading destinations for the flow of foreign direct investment (FDI) such as Ho Chi Minh
City, Dong Nai, Binh Duong and Ba Ria-Vung Tau provinces, have been shifting their
focus to investment quality after 30 years attracting foreign capital - Photo: VNA

The localities now givepriority to high-tech projects and those creating high added value withoutcausing environmental pollution.

As the locomotive of thenational economy and the core of the southern key economic zone, Ho Chi MinhCity is moving towards a dynamic economic structure with greater proportion ofhigh added-value and environmentally-friendly industries.

According to the municipalPeople’s Committee, the city has set the goal that the FDI sector contributesaround 575.4 trillion VND (USD), or 20.1 percent of total social investment inthe city during 2018-2020. The city will work to attract FDI into all aspects,thus creating momentum for sustainable and multi-faceted development.

Standing Vice Chairman ofthe municipal People’s Committee Le Thanh Liem said in the context of thefourth industrial revolution, Ho Chi Minh City will strive to give intention toFDI projects creating jobs for the “smart” workforce.

For the southern coastalprovince of Ba Ria-Vung Tau, FDI will continue to play an important role in therestructuring of the local economy.

The provincialadministration has affirmed the policy of selective investment attraction, withpriority given to large-scale projects using modern technology, producing productswith high added-value, consuming less energy and causing less environmentalpollution.

Ba Ria-Vung Tau hopes to woo80 new FDI projects with total capital of 4 billion USD from now to 2020.

Meanwhile, the southernprovince of Binh Duong set the goal of attracting at least 7 billion USD of FDIduring 2016-2020.

In its FDI attractionstrategy, the province gives attention to high-quality services andenvironmentally-friendly industries with high value, while phasing outinvestment in labour-intensive industries.

The southern province ofDong Nai is orienting the FDI inflow to the support industry, which has so farbeen a bottleneck in industrial development in the locality. Besides bigcorporations, the province also encourages small- and medium-sized enterprisesto invest in the support industry.

In order to improve the FDIinflow, Deputy Director of the Foreign Investment Agency Dang Xuan Quangadvised localities to complete specialised development plans for eachsocio-economic aspect such as land use, specific industrial sector, and urbanareas.

Attention should be paid tothe connection among road, waterway and aviation networks and industrial parks,thus creating favourable conditions for enterprises to cut production costs andenhance competitiveness, he said.

Prof. Vo Thanh Thu, seniorlecturer at the Ho Chi Minh City Economics University, said each city andprovince should consider their local development plans in the context ofregional plans and increase linkages with other localities in the region.

Source:VNA 

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