Vietnam takes action to attract private and foreign direct investment

The Vietnamese government has required ministries, government provinces and ministerial level agencies to take actions on promoting investments from the private sector and foreign sources on infrastructure development, bringing into full play the bilateral and multilateral free trade agreements (FTAs), Deputy Prime Minister Pham Binh Minh told the Vietnam Business Forum (VBF) 2020 held on December 22 in Hanoi.

The opening ceremony of the VBF 2020 is held in Hanoi. Photo: Nhat Minh

Speaking at the opening ceremony of the VBF 2020, Deputy PM Minh underlined that creating more conveniences for doing business in Vietnam and improving business environment are the priorities of the Vietnamese government.

“A series of measures supporting manufacturing sectors and boosting the public investment and consumption have been launched. Besides, the Prime Minister has established a task-force on foreign-direct investment attraction in the normal,” he said.

With the determination of the government, the Deputy PM said that activities to promote multilateral trade have been rolled out such as the signing of the EU-Vietnam FTA, the conclusion of the UK-Vietnam negotiation, and the on-going negotiations of other FTAs. “All the activities aim to create favorable conditions for doing business in the new normal,” Mr. Minh said.

Among the three priorities, the Deputy PM said that the government will focus on macro-economic stabilization to boost the comprehensive growth and flexible currency and financial policies management, among others as well as stimulating consumption and promoting the process of digital transformation.

The deputy prime minister also said that the new normal requires new ways of planning and implementing policies to attract investment and promote development. Despite the swift and sustainable leadership of the authorities, the business community still plays a key role in the implementation of the strategy.

He stressed on the role of the VBF, saying it is a bridge in a negotiation mechanism between local enterprises and the government. “I hope the forum will offer practical policies, helping the government create the most favorable conditions for businesses to revive and enhance economic growth,” Mr. Minh said.

Mr. Vu Tien Loc, the Chairman of the Vietnam Chamber of Commerce and Industry (VCCI), said that the business community expects concrete and fast measures from the government to remove bottlenecks which are hindering their business operation and preventing them from grasping opportunities from the FTAs.