Prime Minister orders improving effectiveness of foreign investment attraction

Accordingly, the Ministry of Planning and Investment (MPI) was tasked to establish a database on Viet Nam's enterprises meeting the standards and requirements necessary to join the supply chain of foreign firms.

The MPI, the Ministry of Finance (MoF) and other related ministries and agencies were required to develop solutions to lure investment, provide support for foreign investors other than taxes that is not contrary to regulations and international commitments in the spirit of harmonizing the interests of all parties and ensure equal treatment among businesses. 

The MoF was requested to review the legal system related to taxation to discover and settle problems, and build a roadmap to apply the global minimum corporate income tax and submit it to the 15th National Assembly at its 6th sitting.

Meanwhile, the Ministry of Labor, Invalids and Social Affairs must carry out policies and measures to raise technical vocational skill for laborers, giving priority to high-quality training and new technology industries and promoting public-private partnership and digital transformation in training. 

The Prime Minister ordered localities to continue improving the investment environment and effectively launch investment promotion activities while forming specialized industrial production areas towards sustainable industrialization and modernization.

Foreign direct investment (FDI) channeled into Viet Nam has neared US$8.9 billion so far this year, according to the Ministry of Planning and Investment's Foreign Investment Agency.

The figure is a positive sign for Viet Nam amid global fluctuations of FDI capital as developed countries who are main FDI suppliers decided to impose minimum tax of 15 percent on multilateral groups with global revenue of €750 million and more by the end of this year.

In the last four months, foreign investors invested in 18 economic sectors. Processing and manufacturing attracted the biggest foreign investment with over US$5.1 billion or 57.8 percent of the total investment. It is followed by finance, banking and real estate. 

According to the Foreign Investment Agency, under the MPI, the growth of new investment projects reflects businesses' confidence in Viet Nam's investment environment./.