Part 1: Regime and policy reforms

Update: 04-10-2019 | 11:36:25

Production line of TPR Vietnam Company (Vietnam - Singapore Industrial Park). Photo: Phuong Le

On August 20, 2019, the Politburo issued Resolution No. 50-NQ / TW on the orientation to perfect institutions and policies, improve the quality and effectiveness of foreign investment cooperation by 2030. Vietnam's decision to open a new era in attracting foreign direct investment (FDI); It is a great motivation for Binh Duong to develop high-tech industry and successfully build a smart city in Binh Duong in the future.

Improve quality and efficiency

Vietnam is aiming to transform a new growth model, modern economic structure, especially towards shifting to a digital economy model in the context of developing the industrial revolution 4.0 (Industrial Revolution 4.0) ). Therefore, the orientation of FDI attraction must also be changed in the direction of a new growth model. Therefore, the Resolution mentioned above clearly indicates that in the coming time, Vietnam will focus on attracting high-tech, future-friendly and environmentally-friendly projects - projects that need to be joined by Vietnam. Industrial network 4.0.

Mr. Vu Dai Thang, Deputy Minister of Planning and Investment, said that in the past, Vietnam's advantage in attracting FDI mainly relied on cheap labor, conditions of natural resources, land ... However, These advantages have now begun to mature. In addition, in the current context of extensive international integration, countries are competing fiercely in attracting FDI resources. Therefore, in order to attract foreign investors, there is no other way that Vietnam will have to compete with open institutions and favorable business environment.

That is also the reason that the Politburo's Resolution on FDI focuses so much on the institutional part, towards perfecting the institution, general policies on FDI and improving the effectiveness and efficiency of state management of FDI to to ensure our country has a favorable and open business environment, creating the best support conditions for foreign investors.

In particular, the Politburo's Resolution emphasizes the building of institutions, superior preferential policies, and international competition to attract large projects, hi-tech projects, and attract multinational corporations. come to invest, set up headquarters and set up research - development centers and innovation centers in Vietnam. Thereby contributing to increasing the link between foreign investment and domestic investment.

This resolution was issued with specific guidelines to prevent bad FDI projects, limit investors from undergoing, transfer pricing, thin capital to give more opportunities for serious and methodical investors. like creating a healthier, more transparent business investment environment.

Motivation for developing high-tech industry

In recent years, Binh Duong has made quite a breakthrough in attracting FDI. Specifically, right after the Resolution of the 10th Provincial Party Congress, the term 2015-2020, the Executive Committee of the provincial Party Committee built an innovative action program to attract investment in the 2016-2020 period in order to Innovative orientation attracts active and effective investment.

Innovative action program to attract investment with the aim of promoting investment attraction to mobilize resources to meet the needs of economic growth in the 2016-2020 period. In particular, the province focuses on attracting FDI, focusing on investment capital from domestic enterprises, creating a breakthrough in industrial development, high-tech agriculture, contributing to increasing budget revenue. ...

Since the construction of the task of attracting investment in the period of 2016-2020, the province has shown a modern vision, which is to clearly identify the focus and focus of investment attraction focusing on partners with Strong economic potential, major economic groups in the world. In addition, the province continues to develop traditional markets, attracting FDI into high technology, high added value, less labor-intensive and environmentally friendly. The province also focuses on attracting investment in planned industrial zones and industrial clusters; focus on attracting domestic investment in supporting industries, supplying raw materials for large corporations, joining the global value chains of corporations.

In order to accomplish the set objectives and tasks, the province has set up major solutions, such as building and completing mechanisms and policies to attract investment, including researching and developing policies and mechanisms to mobilizing non-budgetary capital sources for major technical and social infrastructure works, first of all traffic infrastructure, water supply and drainage and urban services. In addition, the province continues to review and develop incentive mechanisms and policies in accordance with the law and a list of priority industries to facilitate investment in the province. The project was licensed to invest in the province to deploy quickly.

Along with that, the province paid attention to developing industry in accordance with master plans, plans on land use in association with adjusting economic restructuring towards increasing the proportion of service industry, focusing on attracting investment in public industries. supporting industries, high technology industry. At the same time, the locality also associates and exploits the advantages from the socio-economic infrastructure system of the southern key economic region; investing in new construction, upgrading, expanding and improving the transport infrastructure system in order to improve navigation capacity and create favorable conditions to attract investment.

Part 2: Creating a superior investment environment

Reported by Phuong Le – Translated by Vi Bao

Share

Resolutionbreakthroughs for foreign investment attraction

Part 1: Regime and policy reforms

HIGHLIGHTS

MOST READ