On May 22nd, Prime Minister Nguyen Xuan Phuc chaired a meeting of the Government Standing Committee, attended by leaders from several ministries, sectors, provinces and cities that attract significant FDI, and economic experts.
The main theme of the meeting was to focus on solutions to attract foreign investment in response to the global challenges posed by Covid-19.
Economist's opinion
Economic experts believe that the four sectors in which corporations will tend to relocate to our country are:
- Information Technology and High Technology
- Electronic device
- E-commerce and Logistics
- Consumer goods and retail
Based on the experience of countries around the world, to "embrace" this trend, they focus on using measures such as: supporting businesses and investors in terms of taxes and land; investment promotion measures; measures to prevent disruptions in the supply chain; and measures to address labor shortages.
From the investors' perspective, they desire consistent and stable policies, for leaders at all levels to fulfill their commitments, and for decisions and policies to be made more quickly. However, according to economists, our investment environment and human resources are the most important issues.
Reports from local authorities
According to several local reports, recently Quite a number of investors and corporations have approached us to learn about investment opportunities or to expand existing investment projects.They are always prepared to provide investors with clean land ready for immediate handover upon request, especially in industrial zones.
Proposal from the Ministry of Planning and Investment
The Ministry of Planning and Investment believes that we should prioritize relocation projects in industries with advanced technology, innovation, high added value, and clean energy… This is because, in reality, large investors have continuously invested in expanding and implementing new projects in Vietnam. We have many opportunities to attract investment capital from multinational companies relocating their production, making us a potential destination in the policy of diversifying supply sources. attracting foreign direct investment (FDI)
Meeting with the Prime Minister
The Prime Minister emphasized that this meeting will Focus on practical and specific measures and approaches to capitalize on the shift of investment flows into Vietnam, with a focus on large multinational corporations, high-tech companies, and those at the top of supply chains.
The Prime Minister stated clearly, we We need a new mindset, we need to be more proactive, and we need to be faster.In particular, to attract investment as we do today, if our country cannot have a complete infrastructure and a complete mechanism, then we must make our advantages more significant and do them better!
Specifically, sectors and localities must anticipate and seize this new investment opportunity. "We must consider what investors need in order to discuss, cooperate, and meet their specific requirements for successful development, bringing benefits to both sides."
The Prime Minister requested that all sectors and localities immediately develop proposals so that he can provide overall guidance, with a focus on speed, strength, and clarity. In particular, the proposals must address bottlenecks for investors, such as land availability and human resources.
Also at the meeting, the Prime Minister agreed to establish special working group To promote investment and to reach out to corporations that are shifting their investment flows, this will be chaired by the Minister of Planning and Investment, along with leaders from several agencies. Localities with projects will be included in the delegation to expedite procedures and address the needs of investors.
Regarding communication efforts, the Prime Minister also paid close attention to the following: There is a need to focus media coverage on Vietnam as an attractive destination for investors and tourists.The government, local authorities, and relevant sectors should create all favorable conditions regarding production space, necessary and attractive incentives, support in resolving administrative procedures, and human resources. Post-inspection should be implemented.
Besides attracting high-tech foreign investment with high added value, we must also continue to create favorable conditions for all economic sectors, especially the private sector, to invest and do business in Vietnam. attracting foreign direct investment (FDI)
Concluding the meeting, the Prime Minister stated that if Vietnam does not invest in development, both domestically and foreign, it will never succeed. We have initially succeeded in combating the COVID-19 pandemic, but we must focus on national development to achieve a double victory.
