Prime Minister Nguyen Tan Dung called for reform of Vietnam’s investment environment to avoid lagging behind countries in the region, as these regional peers continuously introduce open policies to attract investment.

The PM made the remark at a regular Government’s meeting in Hanoi on December 26, where Cabinet members discussed the overall assessment of foreign investment in the country over the past time, policy orientations until 2020 and measures to attract high-quality foreign direct investment (FDI).

As part of efforts to improve the quality of FDI, the Government worked out three orientations, with priorities being given to competitive, hi-tech and environmentally-friendly projects, especially big-scale ones to engage domestic businesses into the global value chain, thereby developing support industry. Additionally, high-quality workforce will gradually replace the low-cost one to lure foreign investment.

The Government will amend investment incentive policies, perfect procedures related to monitoring imported machinery and equipment and environment, increase the efficiency of the State management after issuing investment certificates and consider the establishment of a National Steering Committee on Foreign Investment to resolve difficulties faced by investors.

Cabinet members also agreed the urgent need to overhaul domestic investment environment, especially at a time when the country is restructuring the economy and renewing growth model.

Dung asked ministries and departments to screen inappropriate investment incentive policies, particularly those related to fees, taxation and site clearance.

Agreeing with criteria, solutions and policies recommended by the Ministry of Investment and Planning, Dung asked the ministry to continue perfecting a draft resolution on FDI management to soon submit it to the Government for approval.-VNA