Conference Seeks Better Policies to Attract Foreign Investment

Vietnam should have specific and comprehensive planning before calling for the arrival of foreign investors, and launch more effective investment promotion programs at home and abroad, heard a conference on the country’s investment environment held in Ho Chi Minh City on December 20.

 

The conference, chaired by the Ministry of Planning and Interment, urged Vietnam to pay due attention to space and land use rights, sector planning, and helping foreign investors and creating favorable conditions for them after their arrival.

 

According to Deputy Head of Dong Nai Industrial Park Management Unit Vo Thanh Lap, a US investor had to suspend a project to build a power plant in southern Dong Nai province because it is incompatible with the national power network plan despite the project receiving praise from the Prime Minister during his visit to the US this year.

 

Lap said “we [Vietnam] spend large amount of money on many trips abroad to call for investment, but do not pay due attention to creating the necessary conditions after foreign investors have come in.” “This has made them discouraged,” he added.

 

Mekong Delta Long An province is a neighboring locality of Ho Chi Minh City, but foreign investment into the province remains modest due to lack of specific planning. 

 

Moreover, only big cities with good infrastructure such as Hanoi, Ho Chi Minh City, Dong Nai and Binh Duong are attractive to foreign investors. Although Mekong Delta Can Tho City is central-governed city, but the province remains unknown to foreign investors.    

 

Head of the Can Tho City IP Management Unit Vo Van Luy proposed the Ministry of Planning and Investment at the conference to frequently launch foreign investment promotion programs for the whole Mekong Delta region. He said localities in the Mekong Delta region now hold unprompted and less effective investment promotion trips.

 

The conference concluded that continuously creating a better investment environment and addressing obstacles for existing foreign investors in the country are also effective measures to attract more foreign investment in the coming time.

 

Vietnam is predicted to draw about US$6 billion in foreign direct investment next year, compared to around US$5.8 billion estimated for this year, US$4.2 billion last year and US$3.2 billion in 2003, according to the ministry.
Youth