FOREIGN-INVESTED SECTOR, AN IMPORTANT COMPONENT OF THE ECONOMY

Viet Nam continues to affirm that the foreign-invested sector is an important component of the economy and is encouraged to promote long-term development, Deputy Minister of Planning and Investment Vu Dai Thang has said.

Speaking at a conference discussing orientations for the future attraction and use of foreign investment in VinhPhuc province on December 21, the official reiterated the Government’s standpoint on the role of foreign investment, as the global foreign investment flow is showing a declining trend and trade conflicts worldwide have affected the investment flows of countries, including Viet Nam.

Thang affirmed that in the time ahead, Viet Nam will focus on attracting foreign investors to invest capital, high technology and modern governance; expand the export market; and participate more deeply in the global production network and global value chains, thus contributing to enhancing Viet Nam’s innovation capacity, national competitiveness, enterprises, products and service, and boosting the country’s economic restructuring, associated with renovating the growth model on the Industry 4.0 base.

In order to realise the set orientations, the deputy minister stressed the need to be fully aware of the fact that promoting rapid and sustainable economic development requires the mobilisation and combination of the effective use of domestic and foreign resources, with the domestic resources as a decisive factor and the foreign resources as an important factor.

In addition, finalizing institutions and policies and improving the business climate in accordance with full and modern market standards are an important premise to draw foreign investment in the context of globalization and international competition, Thang said.

He stressed the significance of developing and improving capabilities of the domestic sector, particularly in terms of technology and governance, in receiving and strengthening connectivity with the foreign-invested sector, thus creating a spillover effect of foreign investment to the economy.

Source: VGP


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