VietNamNet Bridge – The Vietnamese Government will continue its effort to improve the country’s business environment in a bid to further raise the efficiency of foreign investment attraction and use.

Delegates to the conference on reviewing 25 year foreign investment attraction, Ha Noi, March 27, 2013.

PM Nguyen Tan Dung made the statement at the conference held in Ha Noi on March 27 to review 25-year foreign direct investment (FDI) attraction.

The Government will also commit to perfecting market mechanisms; reforming administrative procedures, financial and banking systems while enhancing workforce training and infrastructure upgradation, he said.

PM Dung tasked inferior levels to focus on key tasks, including administrative procedure reform and improvement of legal system to create a more competitive business environment.

They need to accelerate foreign investment in public-private partnership (PPP) projects, supplement norms for high-tech enterprises and mechanisms for development of supporting industries, capital and financial markets.

Inferior levels were also asked to adopt detailed regulations relevant to environmental protection and enterprises will be required to make public information on waste discharge.

Emphasizing the importance of human resource training, PM Dung said that the Government will encourage foreign investors to invest in training high-quality workforce and enhance management over foreign laborers.  

He said that planning schemes, once approved, will be made public to create favorable conditions for foreign investors to access to planning information.

PM Dung also stressed the necessity to improve decentralization mechanisms to mitigate mistakes in luring foreign investment.

After 25 years, Viet Nam has attracted nearly US$211 billion in 14,550 projects while the disbursed volume stood at some US$100 billion, official statistics show.

In a recent interview with VGP’s reporter, Chairman of the Eurocham Viet Nam Preben Hjortlund underscored that “foreign investment has helped increase Viet Nam GDP growth rate.”

This has not only been in terms of capital influx, but also – and especially – through the transfer of technology and skills. The combination of these factors has driven the economy to a much stronger position, which in turn has had a positive impact on socio-economic developments.

However, a number of shortcomings and limitations need to be addressed. Prominent among them are the imbalance of foreign investment among sectors, slow disbursement, limited efficiency and high-tech rate and others.

Source: VGP