Reform the business environment to attract FDI

In the first 7 months of 2023, foreign investment capital in Vietnam increased again, reaching more than 16 billion USD.

This result shows a clear change in the investment environment and solutions being implemented from the central to local levels. In particular, Resolution 105 of the Government has proposed tasks and solutions to more effectively attract this capital source.

Inventec Appliances Company was granted a business registration certificate in March this year after just 24 hours of submitting documents to the Hanoi Industrial and Export Processing Zone Management Board. This consumer electronics factory was quickly established on a 2.7-hectare area of land, with a capital of 300 million USD.

Mr. Ngo Kiet - Chairman of Inventec Appliances Company, Vietnam said: "Issuing documents very quickly within 24 hours, we are very confident in the environment as well as the help of agencies in Vietnam."

 In the first 7 months of this year, Hanoi has attracted more than 2.28 billion USD in FDI capital, an increase of more than 200% over the same period in 2022. Illustration - Photo: Investment Newspaper

To promote the investment environment, Hanoi has just established a special working group to inspect, direct and review difficulties and obstacles of businesses and investors in project implementation.

Mr. Nguyen Hoai Nam - Deputy Head of the Management Board of Hanoi Industrial and Export Processing Zones said: "Shorten the time to carry out administrative procedures from 15 days to 3 days, especially for projects granted in 24 hours".

The result of this process is that in the first 7 months of this year, Hanoi has attracted more than 2.28 billion USD in FDI capital, an increase of more than 200% over the same period in 2022, leading the country thanks to its efforts to reform procedures. administration and focus on attracting high-tech projects.

Mr. Nguyen Ngoc Tu - Deputy Director of Hanoi Department of Planning and Investment informed: "Hanoi City in the near future will comply with Resolution 105 of the Government, we will focus on continuing to promote reform." administrative procedures, on-site investment promotion".

According to foreign businesses, in terms of administrative procedures in Vietnam, production fields in industrial parks are fast and convenient, but there are still areas where procedures are slow such as real estate. Considering many factors, Vietnam has many advantages in attracting investment.

Mr. Hong Sun - Chairman of the Korean Business Association in Vietnam (KOCHAM) assessed: "Advanced fields focus on investing in Hanoi or Ho Chi Minh City. Many localities are making great efforts and The government is very favorable, the investment situation in Vietnam is quite favorable."

As the race to attract FDI between countries becomes more and more intense, Vietnam is forced to act more decisively. Up to this point, FDI enterprises have had positive experiences in reforming administrative procedures, reducing time and improving unofficial costs of Vietnamese local governments. These reforms have contributed to increasing FDI attraction into Vietnam in the first 7 months of this year.

According to vtv.vn