MINISTRIES, LOCALITIES URGED TO ROLL OUT MEASURES TO INCREASE FOREIGN INVESTMENT

Deputy Prime Minister Trần Lưu Quang has asked ministries, sectors and localities to promptly implement solutions to strengthen foreign investment attraction, according to a document released by the Government Office.

According to the document, the solutions have been clarified in Decision 667/QĐ-TTg issued by the Government on June 2, 2022 approving the foreign investment cooperation in the 2021-30 period, and Decision 308/QĐ-TTg approving an action plan to realise the strategy.

Deputy PM Quang ordered the Ministry of Planning and Investment (MPI) to co-ordinate with localities to strengthen State management over investment, and strengthen post-investment support to minimise and prevent conflicts with foreign investors.

The MPI was requested to assist localities in policy consultations and preparations to receive foreign investment inflows on the win-win spirit, while popularising Việt Nam's readiness to welcome new-generation investment as well as the country's advantages and potential.

It was necessary to complete non-tariff policies for high technology projects when the global minimum tax is applied, asked the Deputy PM.

He urged the Ministry of Finance to work with other ministries and sectors to assess the impacts of the global minimum tax regulations and give advice to the Government and National Assembly on the issuance of effective policies with a suitable roadmap to minimise negative impacts and efficiently adapt to the regulations, while adjusting Việt Nam's investment incentive framework to suit the new context and improve competitiveness in foreign investment attraction.

The Deputy PM assigned the Ministry of Industry and Trade to speed up the issuance and implementation of policies to ensure that the capacity of the domestic supporting industries meets the development requirements, so that Vietnamese firms could engage in the supply chain of FDI businesses. The ministry should promote the implementation of power projects following the 8th National Power Development Plan to deal with the power shortage in some localities, he asked.

The Deputy PM also assigned specific tasks to particular ministries and sectors to strengthen investment attraction.

Particularly, he asked the People’s Committees of centrally-run cities and provinces to strengthen their capacity and reform the administrative procedures to better serve the people and enterprises.

They should provide the best conditions to foreign investors in terms of administrative procedures, land stocks, infrastructure, and labourers, he added.

Source: VNS