Illustrative image (Source: VNA)Hanoi (VNA) – Party General Secretary Nguyen Phu Trong hassigned for issuing Resolution 50-NQ/TW on directions forimproving institutions and policies to enhance the quality and effectiveness offoreign investment cooperation to 2030.
The resolution expresses Vietnam’s viewpoints, policies and targets inattracting foreign investment in the new stage.
It also provides the foundation to address the trend of developedcountries exporting pollution to developing ones through FDI, as one of theguiding viewpoints mentioned in the resolution is to proactively attractforeign investment in a selective manner, based on the main criteria of quality,effectiveness, technology and environmental protection.
One of the specific targets set by Resolution 50 is to attract 150-200billion USD of foreign investment in the 2021-2025 period, or 30-40 billion USDeach year, and 200-300 billion USD in the 2026-2030 period, or 40-50 billionUSD each year.
The disbursement of foreign investment capital should reach 100-150billion USD during 2021-2025, and 150-200 billion USD during 2026-2030.
To achieve this target, the resolution said institutions and policies onforeign investment attraction must encourage foreigninvestors to join fields and sectors outside those subject to State protection.
The document outlined criteria to select and prioritise investment, aswell as to build mechanisms to assess the possible impacts on national securityof certain foreign-invested projects and activities.
It is noteworthy that besides preferential treatment and incentives forforeign-invested enterprises, the resolution mentioned the principle onproviding incentives along with conditions and commitments, and requiringinvestors to compensate when they break their commitments.
The resolution also emphasized continued protection of investors throughsuch institutions as investment protection treaties with other countries, andbuilding of mechanisms for arbitration and complaint settlements for investors.
Director of the Foreign Investment Agency Do Nhat Hoang said four groupsof measures should be taken to fulfill the targets set by Resolution 50.
First, it is necessary to review the legal system to solve the problemof overlapping and inconsistency towards ensuring feasibility.
Second, investment attraction policies should be revised based on theviewpoint of selective attraction. Research is also needed to createbreakthrough incentives.
Third, measures are needed to ensure the rights, interests and assets ofinvestors while enhancing investors’ responsibility for complying with the lawand contributing to the community.
The fourth group of measures deal withmanagement and monitoring investment activities.
Resolution 50 is expected to make theinvestment environment more transparent and healthy, which is what genuine investors hope for./.
VNA
