Prime Minister Pham Minh Chinh has asked relevant ministries, agencies, and localities to introduce measures to enhance the efficiency of foreign investment in the new era.

A directive signed on May 24 states that foreign investment in Vietnam has developed quickly in terms of quantity and value as well as project quality, contributing to generating jobs, increasing incomes for workers, and boosting production capacity.

However, unexpected changes in the global situation and emerging issues have affected foreign investment activities.

In order to address the shortcomings and difficulties, continue to improve the business and investment environment, and attract and improve the quality and efficiency of foreign investment flows, Prime Minister Chinh directed ministries, agencies, and localities to promptly carry out assigned tasks and attract further foreign investment.

The Ministry of Planning and Investment (MPI) and centrally-run localities were also requested to promptly complete provincial-level planning for the 2021-2030 period with a vision to 2050.

MPI was also asked to report on the feasibility of building a Law on Adventure Investment, while developing a database on Vietnamese enterprises that are able to become suppliers to foreign-invested enterprises (FIEs) in particular areas.

The Ministry of Labor, Invalids, and Social Affairs was ordered to apply policies and measures to enhance worker skills to meet the needs of foreign investors.

The Ministry of Information and Communications, meanwhile, was assigned to propose a pilot policy and breakthrough measures to lure world leading tech firms to Vietnam, and the Ministry of Finance was asked to review the legal framework relating to taxation to identify and settle problems and to build a roadmap to apply the Global Minimum Tax, for submission to the National Assembly’s sixth session.

Localities were asked to develop technical and social infrastructure networks outside of industrial parks, export processing zones, and hi-tech parks, while simplifying procedures regarding investment licensing.

Source: VNECONOMY