Vietnam strives to be in the top of ASEAN business environment ranking in 2023 according to the World Bank?
- Opinions on the implementation of the foreign investment cooperation strategy for the period of 2021-2030?
- What is the objective of the foreign investment cooperation strategy for the period of 2021-2030?
- By 2030, is Vietnam among the top ASEAN leaders in the ranking of the World Bank's business environment?
Opinions on the implementation of the foreign investment cooperation strategy for the period of 2021-2030?
On June 2, 2022, the Prime Minister issued Decision 667/QD-TTg in 2022 approving the strategy for foreign investment cooperation in the 2021-2030 period. Accordingly, in Section I, Article 1 of the Prime Minister's Decision 667/QD-TTg in 2022, the views of the foreign investment cooperation strategy in the 2021-2030 period are:
- Thoroughly grasp the guiding viewpoints in Resolution No. 50-NQ/TW dated August 20, 2019 of the Politburo on orientations to perfect institutions and policies, and improve the quality and efficiency of water investment cooperation. beyond until 2030.
- In line with the five-year socio-economic development plan 2021-2025, the economic restructuring plan for the period 2021-2025 and the 10-year socio-economic development strategy 2021-2030.
- Associating attracting foreign investment with building and developing an independent and self-reliant economy in the spirit of extensive, substantive and effective international integration.
- Focus on attracting foreign investment with focus and focus; select regions, markets and partners to promote development cooperation in accordance with the global and regional context; repositioning investment flows, reducing dependence on risky and potentially disputed markets; prioritizing the connection of global production and supply chains; attracting green investment, high technology, auxiliary technology, management methods, advanced governance.
- Promote and improve competitive advantages, conform to development trends, approach international advanced standards and harmonize with international commitments, ensuring synchronization, consistency, publicity, transparency and highly competitive.
- Promote foreign investment cooperation in parallel with the socio-economic development process, renew the growth model, restructure the economy and make the most of internal resources; closely link and improve the national competitiveness, the competitiveness of each industry and each enterprise; strengthen linkages between regions, regions and regions in the country on the basis of comparative advantages.
- Building and forming the awareness of "Cooperation for development", strengthening the connection between domestic production and the production chain of multinational corporations to improve Vietnam's position in the production chain; raise the localization rate and value-added content of domestic enterprises, organizations and individuals; promote social responsibility and environmental protection in order to improve the efficiency of foreign investment cooperation.
- Ensuring the balance between the interests of the investing parties with the interests of the State and the people in foreign investment cooperation activities in the spirit of harmonizing benefits and sharing risks; comply with conditions on sustainable development and security - defense.
Accordingly, the viewpoint of implementing the foreign investment cooperation strategy for the period 2021-2030 follows the direction of the Politburo's Resolution 50-NQ/TW in 2019 to perfect institutions and policies aimed at improving efficiency of foreign investment cooperation. Focusing on attracting foreign investors with focus and focus to cooperate with partners that match the development trend of the world. In addition, it is necessary to ensure a balance between the interests of investors and the interests of the state and the people.
Vietnam strives to be in the top of ASEAN business environment ranking in 2023 according to the World Bank?
What is the objective of the foreign investment cooperation strategy for the period of 2021-2030?
According to subsection 1, section II, Article 1 of Decision 667/QD-TTg in 2022 on approving the foreign investment cooperation strategy for the period of 2021-2030, the general objectives are set out as follows:
- Attracting foreign investment (foreign investment) projects using advanced, new and high-tech technologies of the Fourth Industrial Revolution, modern management, high added value, positive spillover effects, connecting global production and supply chains;
- Expanding the market, taking advantage of capital, technology, management knowledge and corporate culture of the FDI sector; improve the competitiveness of the economy, enterprises and domestic products; promote domestic industries, agriculture and services, establish and strengthen the role of Vietnamese enterprises in the international community;
- Improve the efficiency and comprehensive quality in attracting and using foreign investment capital, increase the contribution rate of the foreign investment sector in socio-economic development, commensurate with the incentives and supports enjoyed. ;
- To build and develop innovation centers and financial centers of regional and international stature to create a driving force for socio-economic development in the coming period.
Accordingly, the goal of the foreign investment cooperation strategy for the period 2021-2030 is to attract foreign investment projects using technologies of the fourth industrial revolution to spread positivity and connect production and supply chains within the world. Expanding the market aims to improve the competitiveness of the economy and domestic products, thereby promoting the development of industry, agriculture, and domestic services. To build an innovation center and a financial center of regional and international stature.
By 2030, is Vietnam among the top ASEAN leaders in the ranking of the World Bank's business environment?
According to subsection 2, section II, Article 1 of Decision 667/QD-TTg in 2022 on approving the strategy of foreign investment cooperation in the 2021-2030 period, the following specific objectives have been set:
- Accomplish specific objectives stated in Resolution No. 50-NQ/TW dated August 20, 2019 of the Politburo on orientations to perfect institutions and policies, and improve the quality and effectiveness of foreign investment cooperation to the year 2030;
- Increase the proportion of registered investment capital of countries and territories in some regions in the total foreign investment capital of the country to more than 70% in the period of 2021 - 2025 and 75% in the period of 2026 - 2030, including: (i) Asia: Korea, Japan, Singapore, China, Taiwan (China), Malaysia, Thailand, India, Indonesia, Philippines; (ii) Europe: France, Germany, Italy, Spain, Russia, Great Britain; and (iii) Americas: United States of America;
- Increase by 50% the number of multinational corporations in the group of 500 largest corporations in the world ranked by Fortune Magazine (USA) having presence and operations in Vietnam;
- By 2030, to be in the group of 3 leading countries in ASEAN and the group of 60 leading countries in the world according to the World Bank's ranking of the business environment.
Thus, the objective of the foreign investment cooperation strategy is to increase the proportion of registered investment capital from countries to 70% of the total foreign investment capital in the 2021-2025 period and 75% in the next 2026 - 2030. Increase 50% of the number of multinational corporations in the top 500 of the world's major corporations present and operating in Vietnam. Finally, by 2030, Vietnam will be in the top of ASEAN countries and the top 60 countries in the world in terms of business environment ranking.
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