Vietnam Pledges to Create the Best Business Environment for Foreign Investors

Prime Minister Pham Minh Chinh chairs the conference

On September 17, Prime Minister Pham Minh Chinh chaired a conference with foreign invested enterprises under the theme "Overcoming challenges, seizing opportunities, cooperating for development" which was virtually in Hanoi, connecting 63 centrally-run provinces and cities across the nation.

In his speech, The Government chief said besides difficulties and challenges, Vietnam has many opportunities to further spur its development, stressing that Vietnam continues to build and perfect a socialist-oriented market economy, a rule-of-law socialist State, and a socialist democracy, according to the VOV.

In the context of the the world's unpredictable, complicated situation, Vietnam prioritises stabilising macro-economy, controlling inflation, and ensuring major balances of the national economy; managing monetary and fiscal policies in a harmonious, reasonable, effective and mutually supportive manner; and effectively implementing the socio-economic recovery and development programme in order to create a favourable, safe and transparent business and investment environment, he said.

The nation will create a safe and transparent environment and favourable conditions for foreign investors to make long-term investments in the country in the spirit of equality; mutual development and benefit; responsibility for society, employees, and the environment, PM Chinh affirmed.

Vietnam is committed to creating the best business environment in line with the OECD Guidelines for Multinational Enterprises (OECD Guidelines), focusing on maintaining socio-political and macroeconomic stability; removing bottlenecks of the economy in terms of legal institution, infrastructure and human resources; developing supply chains and reducing transaction costs; building stable and highly predictable policies among others, he went on to say.

For foreign investment, Vietnam prioritizes attracting projects in the fields of high technology, innovation, research and development; facilitating Vietnamese enterprises’ participation in the value chain; promoting digital, green and circular economies towards sustainable development, he noted.

He expected foreign-invested enterprises to continue to strengthen linkages and create favourable conditions for their Vietnamese peers to join in production and supply chains, contributing to making Vietnam a centre in regional and global value chains as soon as possible.

Prime Minister Pham Minh Chinh chairs the meeting (Photo: VNA)

For foreign investment, Vietnam prioritizes attracting projects in the fields of high technology, innovation, research and development; facilitating Vietnamese enterprises’ participation in the value chain; promoting digital, green and circular economies towards sustainable development, he noted.

He expected foreign-invested enterprises to continue to strengthen linkages and create favourable conditions for their Vietnamese peers to join in production and supply chains, contributing to making Vietnam a centre in regional and global value chains as soon as possible.

The cabinet leader requested ministries, sectors and localities to effectively implement the guidelines of the Party, policies and laws of the State, and directions of the Government and the Prime Minister on national governance in a modern, effective and competitive manner;and perfecting institutions and policies on foreign investment cooperation.

Ministries and sectors were requested to work out plans and solutions to thoroughly solve difficulties facing foreign-invested enterprises; and focus on improving business investment environment and simplifying administrative procedures to make it easier for foreign firms to operate in Vietnam.

Prime Minister Pham Minh Chinh (R) shakes hands with a delegate at the meeting (Photo: VNA)

The PM said that priority should be given to further promoting support industries in order to create a breakthrough in forming new production capacity associated with science and technology application, innovation and digital transformation; and developing large-scale logistics centres.

He also used the occasion to thank FDI enterprises for their support and contributions to Vietnam’s COVID-19 prevention and control efforts, and the country’s socio-economic development and production and business recovery.

The Government leader requested ministries, sectors and localities to effectively implement the guidelines of the Party, policies and laws of the State, and directions of the Government and the Prime Minister on national governance in a modern, effective and competitive manner;and perfecting institutions and policies on foreign investment cooperation.

Ministries and sectors were demanded to have plans and solutions to thoroughly solve difficulties facing foreign-invested enterprises; and focus on improving business investment environment and simplifying administrative procedures to make it easier for foreign firms to operate in Vietnam.

The PM believes that, with great efforts and close cooperation, investment and business cooperation activities will continue to grow stronger, towards the sustainable development of the parties.

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