PM orders enhancement of foreign investment attraction efficiency
Prime Minister Pham Minh Chinh has signed a directive clarifying tasks and solutions to enhance the efficiency of foreign investment attraction in the new period.
Producing automobile frame at Ford Vietnam factory in Hai Duong (Photo: VNA)
Hanoi (VNA) – Prime Minister Pham Minh Chinh hassigned a directive clarifying tasks and solutions to enhance the efficiency offoreign investment attraction in the new period.
Under the document, ministers and heads ofminister-level agencies, Government agencies and chairmen of the People’sCommittees of centrally-run cities and provinces must promptly implement tasks assigned on them earlier in luring foreign investment.
They were requested to prepare favourable conditions forinvestment attraction and business activities by promptly completing planningfor the 2021-2030 period with a vision to 2050. The Ministry of Planning andInvestment was asked to report the feasibility of building a Law on AdventureInvestment, while developing a database on Vietnamese enterprises that are ableto become suppliers to foreign-invested firms in particular areas.
Workers at Giang Dien IP in Trang Bom district, Dong Nai province (Photo: VNA)
The Ministry of Labour, Invalids and Social Affairs wasordered to apply policies and measures to enhance skills for workers to meetthe demand of foreign investors and encourage them to employ local labourers.
The Ministry of Science and Technology was tasked to submitto the PM a proposal on the supplementation and adjustments to a decision on regulations to import used equipment, machineries and technology chains withsimplified procedures within June, while building policies to encouragecooperation in technology transfer.
The Ministry of Information and Communications was assigned to propose a pilotpolicy and breakthrough measures to draw world leading techfirms to Vietnam,while the Ministry of Finance was asked to review the legal system related totaxation to discover and settle problems, and build a roadmap to apply theglobal minimum tax rate and submit it to the National Assembly’s sixth session.
The Ministry of Finance, through diplomatic and external channels, was orderedto strengthen the promotion of Vietnamese investment and business environment andthe Government’s orientations on sustainable development, thus diversifyinginvestment opportunities with major partners.
In the directive, the PM also clarified specific tasks to particularministries, agencies. The Government leader also asked localities to developtheir technical and social infrastructure system outside industrial parks,export processing zones, and hi-tech parks, while simplifying proceduresregarding investment licencing.
The PM also underlined the need to enhance State management efficiency inforeign investment attraction and strengthen supervision and inspection overthe work./.
Despite impacts caused by the COVID-19 pandemic, foreign direct investment is still being poured into Vietnam, contributing importantly to turning the country into a new production hub of the world.
The northern province of Hai Duong has worked continuously to improve its investment environment, removing difficulties and creating favourable conditions to facilitate the operation of foreign direct investment (FDI) enterprises in the locality, the provincial leaders told representatives of 400 FDI firms based in the locality at a meeting on May 18.
The global corporate minimum tax is unlikely to impede Vietnam’s FDI inflows given the fact that tax incentives are not the primary attraction for setting up a factory in Vietnam, said Michael Kokalari, chief economist at investment fund VinaCapital.
Vietnam jumped 12 places in the Economist Intelligence Unit (EIU)’s latest business environment rankings which measure the attractiveness of doing business in 82 countries with 91 crucial indicators.
Vietnam’s participation at the meeting underscores the country’s consistent foreign policy of independence, self-reliance, multilateralisation and diversification, and proactive international integration in a broad, deep, and effective manner. It also conveys Vietnam’s ambition and determination to enter a new era - the era of the nation’s rise.
The amended law will take effect on July 1, 2025, except for provisions on civil servant evaluation in Section 3, Chapter IV, which will be implemented from January 1, 2026.
Prime Minister Pham Minh Chinh’s participation at the 16th Annual Meeting of the New Champions of the World Economic Forum (WEF) in Tianjin, China, reflects the Vietnamese Party and Government’s strong commitment to the Vietnam–China comprehensive strategic cooperative partnership, while injecting fresh momentum into bilateral economic and trade cooperation amid a volatile global economic landscape.
A key amendment was made to Clause 2, Article 16, which now stipulates that a child born to one parent who is a Vietnamese citizen and the other a foreign national shall be granted Vietnamese nationality, if both parents agree to choose Vietnamese nationality for the child during birth registration with competent Vietnamese authorities
PM Chinh's participation demonstrates Vietnam's strong appreciation and support for China. This, in turn, contributes to further promoting the positive development of the Comprehensive Strategic Cooperative Partnership, aiming to build a Vietnam-China community with a shared future, which carries strategic significance.
At the WEF meeting in Tianjin, Vietnam continues to affirm its foreign policy of independence, self-reliance, diversification and multilateralisation, as well as its proactive and active approach to comprehensive, extensive, and effective international integration
Vietnam always regards the RoK as an important and long-term strategic partner; and hopes that the two sides will work together to further deepen the Comprehensive Strategic Partnership in a more substantive, effective, and comprehensive manner in the coming time.
Within the framework of the Vietnam-Australia Comprehensive Strategic Partnership, people-to-people exchanges and local cooperation have been priorities.
The merger of Nam Dinh, Ha Nam, and Ninh Binh aims to shape a modern, vibrant development space with Ninh Binh at its heart, transforming the region into a hub of smart and green industry and services by 2030, while preserving its unique identity as a national heritage centre.
While praising the efforts of ministries, sectors, and localities in tackling smuggling, trade fraud, counterfeiting, and intellectual property violations, PM Chinh acknowledged that in some places and at certain times, there has been lax enforcement and unclear jurisdiction, leading to increasingly complex developments in these issues.
At the working session, General Secretary Lam presented the Party Committee of the VFF and central mass organisations with the Politburo’s Decision No. 304-QD/TW, which outlines the new structure, functions and tasks of the VFF Central Committee, marking a significant step in improving its organisational effectiveness.
Describing the exhibition as a large-scaled, content-rich, and unprecedented event with high requirements and limited preparation time, PM Pham Minh Chinh urged all ministries, sectors, and localities to participate with the highest sense of responsibility, ensuring the exhibition is inclusive, objective, truthful, feasible, and impactful.
Vietnam’s attendance reaffirms its consistent foreign policy of independence, self-reliance, multilateralisation and diversification, and comprehensive, intensive, extensive and effective international integration.
Cheng stressed that this is third time PM Chinh has attended the meeting and he is among the few senior government officials participating in this year's event, which is considered as a rare and commendable gesture.
The fact that the Vietnamese PM has been invited to attend and speak at this important event for three consecutive years reflects the WEF as well as the international business community's recognition and high regard for Vietnam's position, role, and contributions to global and regional economic growth.
Producing automobile frame at Ford Vietnam factory in Hai Duong (Photo: VNA) 
Workers at Giang Dien IP in Trang Bom district, Dong Nai province (Photo: VNA) 
