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Fresh FDI attraction strategy badly needed: lawmaker
Tuyen Quang
Tuesday,  May 29, 2018,16:05 (GMT+7)

Fresh FDI attraction strategy badly needed: lawmaker

Tuyen Quang

HANOI – The Ministry of Planning and Investment should ready a new strategy for attracting foreign direct investment (FDI) all over the country to catch up with new trends, said National Assembly (NA) deputy Truong Trong Nghia of HCMC at a NA meeting on May 26.

Nghia said foreign capital inflows had for the past 20 years bolstered the national economy by creating jobs, increasing exports and incomes, and ushering in industrialization.

After two decades, it is high time for the Government to come up with a new strategy for FDI attraction, according to him.

He said Vietnam has ample opportunities to develop faster thanks to FDI inflows in the course of the Fourth Industrial Revolution. The country could keep up with regional economies, even regarding income and labor productivity.

Vietnam has failed to meet many requirements in the industrialization process, he stressed.

“Our current FDI attraction strategy is heavily related to land and tax incentives, and cheap labor… We should adjust it,” he said, adding the Ministry of Planning and Investment should be given the mandate to help the Government redo the strategy.

He suggested the ministry should pay attention to localities which have common potential, and could learn from other countries, including neighboring China.

He stressed that under the current strategy, key aims to restructure the economy, and develop a new growth model have yet to be realized. As such, a fresh strategy is needed.

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