LAW

More drastic measures to be taken to attract foreign investment

Ministers, heads of responsible agencies and chairpersons of People’s Committees have been urged to prepare favorable conditions for improving the efficiency of foreign investment in the new period.

More drastic measures to be taken to attract foreign investment
Ministers, heads of responsible agencies and chairpersons of People’s Committees have been urged to prepare favorable conditions for improving the efficiency of foreign investment in the new period.

Ministers, heads of responsible agencies and chairpersons of People’s Committees have been urged to prepare favorable conditions for improving the efficiency of foreign investment in the new period.

Under Directive 14/CT-TTg dated May 25, the Prime Minister assigns the Ministry of Planning and Investment to report on the feasibility of passage of a law on adventure investment, develop a database on Vietnamese enterprises qualified for acting as suppliers of foreign-invested enterprises in certain sectors and fields.

The Ministry of Labor, Invalids and Social Affairs is tasked to formulate policies and solutions to raise workers’ skills and professional qualifications to meet requirements of both domestic and foreign investors, focusing on development of open, flexible, modern, efficient and integrated vocational education systems, reviewing and reporting to the Government the practical employment of workers who return home after working abroad, and recommending measures to tackle labor shortage.

By the third quarter of this year at the latest, the Ministry of Information and Communications will have to propose to the cabinet a regulatory sandbox for attracting world leading techfirms into Vietnam, and promulgate according to its competence policies on building and operating centralized information technology parks up to international standards.

In addition, the cabinet leader directs the Ministry of Finance in revising the relevant tax laws applicable to the electric power field and set out a roadmap to apply the global minimum tax rate and submit it to the National Assembly’s 6th session, while the Ministry of Foreign Affairs, through diplomatic and external channels, will have to further improve the country’s investment and business environment, thus contributing to diversifying the country’s investment cooperation opportunities with major partners.

Related ministries and sectors are assigned to identify difficulties arising in the course of implementation of the investment law for promptly providing guidance or proposing competent authorities to promulgate regulations on solution thereof and simplify administrative procedures for investors.- (VLLF)

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