A view of Hanoi (Photo: VNA) Hanoi (VNA) – General Secretary of the Communist Partyof Vietnam Central Committee Nguyen Phu Trong has signed a resolution onorientations to perfect institutions and policies to enhance the quality andefficiency of foreign investment cooperation through 2030.
The objectives of the Resolution No. 50-NQ/TW include makingmechanisms and policies in foreign investment cooperation more competitive,meeting requirements in reforming the growth model and restructuring the economy,protecting the environment, dealing with social issues, and improving thequality, efficiency and competitiveness of the economy.
It is expected to bring the Vietnamese business environmentand competitiveness to among the top four countries in the ASEAN before 2021and top three before 2030.
The resolution highlights the significant role of theforeign-invested sector in the economy, while stating that the sector isencouraged to develop and cooperate, and compete equally with other economicsectors. The State respects and protects the rights and interest of investors,ensuring harmony in interests between the State, investors and workers, itstates.
Meanwhile, it underscores that projects with advanced andenvironmentally-friendly technology and high added value will be prioritised,along with the need to diversify partners and investment methods.
Looking back on foreign investment attraction over the past30 years, the resolution notes many policies and regulations have been issuedto build a favourable investment and business environment.
The foreign direct investment (FDI) sector has seen rapidgrowth with the presence of an increasing number of multinational groups andlarge-scale projects.
However, the resolution also points out that institutionsand policies regarding foreign investment have yet to suit developmentrequirements, adding that the number of small-scale projects with lowtechnology remains high, the sector’s connection with other economic sectors isstill loose, and the localisation ratio maintains modest.
It gives specific targets in foreign investment attraction,with investment in the 2021-2030 hoped to hit up to 20-50 billion USD eachyear.
The ratio of businesses using advanced technology and modernmanagement without harming the environment is expected to increase by 50percent in 2025 and 100 percent in 2030.
The localisation ratio is set to rise from the current 20-25percent to 40 percent in 2030, while the percentage of trained labourers isexpected to reach 80 percent in 2030.
To this end, the resolution mentions several solutions,including the synchronisation of the legal system to deal with existingproblems, and ensuring equal treatment among foreign and domestic investors.
A security evaluation mechanism will be applied to foreign-investedprojects with risks of harming national security, according to the resolutionwhich also encourages the transfer of technology and management methods toVietnamese firms as well as the use of local labourers.
Projects damaging the environment and failing to effectivelyuse land will be strictly handled, the resolution notes.-VNA
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