FOREIGN ECONOMIC RELATIONS Updated at 15:12:51 09/14/2020  (Views:  73 )
Toward an integration and develo

Toward an integration and development for Binh Thuan province:

Improving the quality and efficiency of foreign investment cooperation

BTO - Implementing the Politburo's Resolution No.50-NQ/TW (Session XII) on the orientation of completing institutions and policies, improving the quality and efficiency of foreign investment cooperation to 2030, Binh Thuan defines the goal of improving the quality and efficiency of foreign investment cooperation is a prerequisite for Binh Thuan and the whole country to soon complete their integration and development goals.

An Overview of Vinh Tan 2 Thermal Power Plant.

The Reality

During the process of renovation, to pave the way for the country’s intergration and development, the Vietnam Party and State have issued many guidelines, policies, and laws to attract and manage foreign investment, creating building a favorable business investment environment, gradually approaching international practices. The foreign-invested economic sector has developed rapidly and effectively, being an important part of the economy, positively contributing to the country's socio-economic development.

In recent years, Binh Thuan has seen many positive changes in the work of attracting foreign investment capital. The whole province has more than 100 valid foreign investment (FDI) projects with a total registered investment capital of more than USD3,3 billion; The total implemented investment capital is about USD2,3 billion (reaching 69.5% of the total registered investment capital), creating jobs for nearly 8,500 workers. FDI projects have contributed to improving production skills and capacity, innovating growth models, positively contributing to socio-economic development, increasing local budget revenues.

However, the attraction, management, and operation of FDI projects in the province are still limited, notably: Organizational structure, the province’s capacity of foreign investment attraction and promotion are still fragmented, inadequate, not proactive, creative, and unprofessional, leading to ineffective promotion and attraction of FDI projects; the ratio of realized capital to registered capital is still low. The proportion of contributions to the budget is limited; the quality of human resources, transport infrastructure, and logistics services have not met the requirements of large-scale investors, high-tech application; The creation of a clean land fund to attract FDI projects is still difficult.

A must-have comprehensive Solution

In the face of such difficulties and advantages in foreign investment cooperation, Binh Thuan province is required to constantly improve the quality and efficiency of foreign investment cooperation. Consequently, Binh Thuan must develop and immediately implement synchronous and effective foreign investment cooperation policies, in accordance with the orientation of economic restructuring, growth model renewal, and competitiveness enhancement, environmental protection, ensuring the national defense and security, improving income and people's lives.

Mechanisms and policies must create a dynamic, open, transparent and equal business investment environment; step by step invest in perfecting the socio-economic infrastructure system of the province, to better meet the requirements and conditions for attracting and cooperating foreign investment.

It should focus on reforming administrative procedures as a breakthrough with a criteria on improving quality, socio-economic efficiency, management experience, advanced technology, environmental protection, ability to link production under the value chain are the evaluation criteria; diversifying activities and methods of investment promotion, taking on-site investment promotion as the nucleus, creating clear changes in service quality, supporting investors and enterprises.

In the meantime, it needs reviewing and restructuring the system, consolidating the existing investment promotion agencies and agencies under the jurisdiction of the province towards streamlining, professional operation, efficiency, unified focal point, no overlapping with agencies with functions of state management of foreign investment. Proactively promoting targeted, focused, key investment, continuing to maintain markets and traditional partners; continue to expand markets and seek new, partners.

Furthermore, the role and responsibility of local governments and leaders in the observance of the Party's guidelines, the State's policies and laws on foreign investment should be better enhanced. The province needs to intensify interdisciplinary inspection and examination in order to promptly detect, prevent, and handle acts of price transfer, investment "underground", and investment "hiding shadow" to protect economic security of the province. Moreover, they should strengthen preventive measures; promptly settle and effectively disputes related to foreign investment activities.

Targeted goal is achieving soon…

It can be affirmed that foreign investment cooperation plays an important role in the integration process of Vietnam; so far the foreign-invested economic sector has become an important constituent part of the economy. Vietnam is encouraged and facilitated for long-term development, healthy cooperation and competition with other economic sectors.

On the path of integration and development, improving the quality and efficiency of foreign investment cooperation is indispensable, the Provincial Party Committee and Provincial People's Committee always clearly define the viewpoint of respecting and protecting legal interests that are legitimate for investors. They can create an open, fair and transparent mechanism on the basis of appropriate and effective application of investment incentive and incentive mechanisms and policies set by the Central Government's regulations; creating all favorable conditions for foreign businesses and investors to feel secure to invest and develop production and business for a long and stable term in Binh Thuan.

Leaders of all levels, branches and localities have increasingly renewed their thinking about investment attraction, improving the quality and efficiency of investment in cooperation with foreign countries in service of the local socio-economic development. All of us strive to achieve the goal of making Binh Thuan a bright spot in attracting foreign investment, contributing to early completion of the integration and development goals with the whole country.

Translated by Uyen Linh (Source Binh Thuan Newspaper)

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