Action plan issued to implement resolution on foreign-invested economic sector development

The plan aims to institutionalise and fully, comprehensively and consistently implement the viewpoints, objectives, tasks and solutions set out in Resolution No. 10. It also identifies specific tasks to serve as a basis for ministries, sectors and localities to formulate their own action plans, organise implementation, conduct inspections and supervision, and evaluate results, thereby ensuring the effective and sustainable development of the sector and turning Viet Nam into a competitive destination for attracting high-quality medium- and long-term foreign investment for development.

Accordingly, in the time to come, alongside their regular tasks, ministries, sectors and localities are required to concretise and resolutely renew their thinking and build a common understanding of the position and role of the foreign-invested economic sector, improve institutions and the investment and business environment, develop high-quality human resources and attract, and effectively utilise talent.

They are also tasked with upgrading and completing infrastructure to support the attraction of strategic investment, renewing orientations for attracting foreign investment by industry, sector and locality, while promoting the green and digital economies, technology transfer and greater spillover effects and linkages with the domestic economic sector. It is also necessary to renew and improve the effectiveness of investment promotion, enhance State management’s efficiency, and complete mechanisms and policies related to foreign indirect investment.

Regarding the renewal of orientations for attracting foreign investment by industry and sector, the newly signed resolution stipulates that the Ministry of Finance shall study and report to competent authorities on the development of preferential and support policies that offer enhanced incentives, along with special and flexible investment procedures for core projects. These incentives will be linked to commitments on technology transfer, research and development, worker training, domestic added value, growth of domestic suppliers, green transition and digital transformation. The ministry will also identify criteria and procedures for selection, as well as mechanisms for monitoring and supporting strategic investment projects in line with each stage of development.

Localities shall develop lists of priority investment projects suited to their potential, advantages and regional and local development orientations; establish roadmaps for attracting foreign investment; and incorporate them into their annual and five-year socio-economic development plans. Priority will be given to high-quality projects capable of generating spillover effects and linking with domestic businesses in the locality, as well as to developing industry clusters and industrial-service ecosystems.