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Vietnam sets up task force responsible for FDI attraction

Vietnam sets up task force responsible for FDI attraction

Friday, June 19, 2020, 15:52 GMT+7
Vietnam sets up task force responsible for FDI attraction
Vietnam’s Deputy Prime Minister Pham Binh Minh, who will head a special task force in charge of FDI attraction, is seen in this undated file photo. Photo:

Prime Minister Nguyen Xuan Phuc has signed a decision to establish a special task force responsible for attracting foreign development investment (FDI) as Vietnam strives to boost its post-pandemic economic recovery.

The task force will be headed by Deputy Prime Minister Pham Binh Minh while Planning and Investment Minister Nguyen Chi Dung will be its standing deputy head.

Its main roles include consulting the prime minister on mechanisms, policies, and standards of investment that promote Vietnam’s competitiveness in the international market and strategies to timely capture opportunities for investment cooperation.

With flexible and appropriate approaches, the task force shall target large conglomerates, hi-tech corporations, or leading companies in value chains for cooperation while attracting foreign and domestic investments into high-quality, large-scale, hi-tech and innovative projects.

The selected projects must also be high-impact, creating advantages for Vietnamese enterprises to join the value chain and train their workforces, boosting the digital economy and contributing to the sustainable socio-economic development of Vietnam.

In addition, the task force has to coordinate support between sectors, regions, and levels, and shall periodically report their works to the prime minister.

The establishment of the special task force is expected to prepare Vietnam for seizing the opportunity to receive FDI inflows that are being shifted from China following the novel coronavirus disease (COVID-19) pandemic.

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