Deputy Prime Minister and Foreign Minister Pham Binh Minh has said that as Vietnam’s stature has increasingly improved it is now time for the country to be more selective in its FDI attraction efforts.

Chairing a meeting of the working group in charge of promoting foreign investment in Hanoi on July 23, Minh, who is also the group’s head, said Vietnam has become one of the most attractive destinations in the world thanks to its competitiveness, business climate reform, and effective response to the COVID-19 pandemic.  

He highlighted the need to identify challenges in foreign investment cooperation as well as adopt solutions to attract capital.

Minh hailed the Ministry of Planning and Investment, ministries, and localities for proposing measures to lure high-quality projects to the country.

The working group was asked to look into the criteria on technology and environmental protection so as to draw investment selectively and efficiently, with priority to be given to projects using advanced and clean technology, applying modern governance methods, and facilitating technology transfer and links with global production and supply chains.

The Deputy PM also called for special attention to be paid to developing domestic enterprises, via incentives.

Between now and year’s-end, the working group will focus on three key tasks: promoting investment, offering policy consultations, and advocating for Vietnam and its business environment.