By 2030, the country will be ranked among the ASEAN’s top three countries and the world’s top 60 countries in the World Bank’s Doing Business ranking, according to the foreign investment cooperation strategy recently approved by the Prime Minister.
Under Decision 667/QD-TTg, it is expected to increase the proportions of registered foreign investment capital from the Republic of Korea, Japan, Singapore, China, Taipei (China), Malaysia, Thailand, India, Indonesia, the Philippines, France, Germany, Italy, Spain, Russia, the UK, and the US, to over 70 percent of the total inflow of foreign investment in Vietnam in the 2021-25 period and 75 percent in the 2026-30 period.
At the same time, the number of multinational corporations in the group of the world’s 500 largest corporations as ranked by the US’s Fortune magazine that have presence and operations in Vietnam will be increased by half.
To achieve the above targets, the Government proposes nine solutions to improve the efficiency of foreign investment cooperation. They include effectively implementing law-provided solutions; improving the business investment environment as well as quality, efficiency and competitiveness of the economy; developing a science, technology and innovation ecosystem; and renewing and boosting competitiveness of the foreign investment attraction work. Others are to develop allied industries and promote linkage and spillover effects; bring into fullest play internal strengths and competitive edges to improve the foreign investment cooperation efficiency; improve efficiency of international economic integration and the country’s profile in the international area; modernize and diversify investment promotion activities; and improve effectiveness of the state management of foreign investment.
The Strategy also sets the objectives of developing strong domestic enterprises capable of international integration, and providing every necessary support for startup and innovative enterprises as well as small- and medium-sized enterprises to enter into joint ventures and linkages with foreign investors. Priorities will be given to the fields of high technologies, new technologies and advanced technologies brought about by the Fourth Industrial Revolution, modern services, manufacturing industries, information technology and financial services.- (VLLF)
