Guidelines for building investment promotion programs in 2024 in Vietnam

Guidelines for building investment promotion programs in 2024 in Vietnam (Internet image)

Guidelines for building investment promotion programs in 2024 in Vietnam

Official Dispatch 4155/BKHDT-DTNN in 2023, guiding the development of the investment promotion program in 2024, issued by the Ministry of Planning and Investment of Vietnam on June 1, 2023.

In particular, the orientation to build the investment promotion program in 2024 in Vietnam is as follows:

In the last months of 2023 and 2024, the world situation is forecast to continue to suffer from many difficulties and uncertainties; strategic competition between major countries, the COVID-19 epidemic, and newly arising diseases adversely affect the global economy, and geopolitical conflicts in Europe continue to develop complicatedly and unpredictably. The World Bank (WB) forecasts that global GDP growth in 2023 will decline, leading to a sharp decline in outward investment flows from developed countries in the last months of 2023 and early 2024. These will be the main factors that directly affect the prospect of attracting foreign investment to Vietnam.

In order to overcome the above-mentioned difficulties and challenges, and create positive stability in attracting foreign investment in the coming time, the construction of the investment promotion program in 2024 should adhere to the following orientations:

(i) Focusing on implementing the main orientations and objectives of the Socio-Economic Development Strategy for the period 2021-2030 and the 5-year socio-economic development plan 2021-2025 at the Resolution of the 13th National Party Congress; the National Master Plan; the Resolution of the Party Congress of the province or city directly under the Central Government; and implementing the Government's Action Program to implement the Politburo's Resolutions on socio-economic development, national defense, and security assurance of 6 economic regions by 2030, with a vision to 2045.

(ii) Sticking to the guiding point of view on foreign investment cooperation orientation in Resolution 50-NQ/TW in 2019 of the Politburo; Foreign investment cooperation strategy for the period 2021-2030 in Decision 667/QD-TTg in 2022 of the Prime Minister; the Government's action programs on the National Strategy for development of the digital economy and digital society to 2025, with a vision to 2030; National Strategy on the Fourth Industrial Revolution to 2030; National Strategy on Green Growth for the Period of 2021–2030, with a Vision to 2050; Strategy for the Development of Science, Technology, and Innovation until 2030.

(iii) Investment promotion activities need to be focused to realize the goal of 03 strategic breakthroughs: institutional reform, administrative reform, improvement of the quality and efficiency of human resources, strategic infrastructure, and transport infrastructure. Effectively implementing investment promotion on the spot, supporting investors, and considering this as a key solution to improve investment promotion efficiency.

(iv) Promoting green growth associated with digital transformation, the circular economy, and the knowledge economy to create growth drivers in the long term; especially in some new industries and fields such as the semiconductor industry, hydrogen, science and technology, and innovation. Building linkages between the foreign investment sector and domestic enterprises to create spillover and high added value.

(v) Reviewing information on investment and development of technical and social infrastructure in industrial parks and industrial clusters to ensure that they are eligible to attract secondary investment projects.

(vi) Proactively offering practical, effective, and appropriate supporting policies and solutions to ensure the interests of existing investors, maintaining the competitiveness and attractiveness of Vietnam's investment environment, attracting and encouraging long-term projects in Vietnam, especially high-tech, high-value-added projects with spillover effects, and connecting global production and supply chains.

More details can be found in Official Dispatch 4155/BKHDT-DTNN in 2023.

Duong Chau Thanh

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE