Nghe An prepares '5 readiness' to support and attract investors

On the morning of September 17, the Government held a conference between the Prime Minister and foreign invested enterprises with the theme "Overcoming challenges, seizing opportunities, and cooperating for development".

Prime Minister Pham Minh Chinh delivers the opening speech at the Prime Minister's Conference with foreign-invested enterprises. Photo: VGP/Nhat Bac

Comrade Nguyen Duc Trung - Deputy Secretary of the Provincial Party Committee, Chairman of the Provincial People's Committee chaired the Nghe An bridge point. Photo: Pham Bang

NGHE AN IS PREPARING "5 READINESSES" TO WELCOME FOREIGN INVESTORS

Opening the conference, Prime Minister Pham Minh Chinh stated that Vietnam consistently and affirms its view that the foreign-invested economic sector is an important component of the Vietnamese economy, and is encouraged and facilitated for long-term development, cooperation and healthy competition with other economic sectors. The State respects and protects the legitimate and legal rights and interests of investors; ensuring the harmony of interests between the State, investors and workers.

The Prime Minister expressed his appreciation and gratitude for the companionship and contributions of foreign investors in the process of protecting, building and developing the country, and sympathized with investors facing difficulties due to the domestic and international situation. The Vietnamese Government always cares, sincerely listens, shares and strives to resolve difficulties and obstacles, creating all favorable conditions for foreign enterprises to operate.

Reporting at the conference, Minister of Planning and Investment Nguyen Chi Dung said that foreign investment activities in Vietnam are increasingly vibrant, many multinational corporations and large enterprises with modern technology have invested in Vietnam; the scale of capital and quality of projects have increased, contributing to creating jobs and income for workers; improving qualifications and production capacity; increasing state budget revenue, stabilizing the macro economy; promoting economic restructuring, renewing the growth model; enhancing Vietnam's position and prestige in the international arena.

Minister of Planning and Investment Nguyen Chi Dung presented the introductory report on "Domestic and international context: Opportunities and challenges - Solutions to seize investment cooperation opportunities in the new situation". Photo: VGP/Nhat Bac

In particular, in the recent period, when the Covid-19 epidemic was complicated, foreign-invested enterprises always trusted and accompanied the Government's management, continued to maintain production and business activities, ensured jobs for workers, and prevented supply chain disruptions. This has contributed significantly to the implementation of the Government's dual goals of both preventing and fighting the epidemic and recovering and developing the socio-economy.

Minister Nguyen Chi Dung said that Vietnam is assessed by international organizations as an attractive and safe investment destination, with advantages such as: stable economy, politics, and society; a highly open economy, deep international economic integration, increasingly enhanced international position; abundant human resources, young labor structure and competitive costs; continuing to perfect institutions, building a favorable investment and business environment.

In addition, infrastructure is focused on investment and continued improvement; strategic geographical location, the center of the region; the attention, companionship and determination of the Government, the Prime Minister and the participation of the entire political system to remove obstacles and difficulties for businesses, improving the investment environment to be more open and favorable.

Eurocham representative: "We are confident that Vietnam will overcome the current difficulties and the country will certainly rebuild stronger than ever." Photo: VGP/Nhat Bac

At the conference, representatives of business associations and foreign enterprises in Vietnam assessed the investment and business environment in Vietnam; identified challenges, took advantage of opportunities to invest and expand investment in a number of fields in Vietnam; proposed and recommended many new policies and solutions. Localities will also discuss policy implementation and prepare conditions to welcome foreign investment flows into Vietnam. At the same time, representatives of leaders of ministries and branches will give feedback and accept policies.

Speaking at the conference, Chairman of Nghe An Provincial People's Committee Nguyen Duc Trung said that in the past 3 years, in response to the shift in investment waves, the province has made many innovations in attracting foreign investment. That is, building mechanisms and policies to attract investment; Promoting and supporting the effective implementation of industrial park infrastructure development projects.

Be proactive, proactive and flexible in promoting and attracting investment, regularly pay attention to and support the implementation of FDI project procedures. The time to handle administrative procedures of key projects has been reduced by 2/3 according to regulations; Support the production activities of investment enterprises, including FDI enterprises, especially in supporting the prevention and control of the Covid-19 pandemic and connecting and recruiting workers; Promote the role of industrial park infrastructure investors in investment promotion and investment support for secondary investors.

Chairman of Nghe An Provincial People's Committee Nguyen Duc Trung speaks at the conference. Photo: Pham Bang

Since 2019, Nghe An province has attracted more than 1.8 billion USD of FDI capital, including 4 projects in the field of electronics and technology manufacturing such as: Goertek, Everwin, JuTeng, Luxshare ICT with a total investment capital of nearly 1.1 billion USD. For the first time, in the first 8 months of 2022, Nghe An province entered the top 10 localities attracting the largest FDI capital in the country.

Foreign investment in Nghe An province is increasing rapidly, attracting the attention of many large investors, the scale of projects is getting bigger and bigger and continues to expand and develop, making a very important contribution to the socio-economic development of the province. This has demonstrated the trust of foreign investors in the investment environment, in the efforts and support of the Nghe An provincial government.

Leaders of departments, branches and sectors attended the conference. Photo: Pham Bang

Nghe An province has recognized, analyzed, and evaluated the advantages and disadvantages and prepared conditions to continue to welcome the investment wave. In the coming time, the province will focus on implementing 5 important tasks that the province calls "5 ready". These are: ready for investment site; ready for essential infrastructure; ready for human resources; ready for innovation, reform, and substantial improvement of the investment and business environment; and ready for support.

Nghe An province pledges to continue to stand side by side, accompany and create the most favorable conditions in terms of policies and investment and business environment for investors; always highly determined and take practical actions to make Nghe An an investment location: "Convenient, safe and reliable for investors, including foreign investors".

CREATING FAVORABLE CONDITIONS FOR FOREIGN INVESTORS TO INVEST WITH CONFIDENCE

Concluding the conference, Prime Minister Pham Minh Chinh requested the Ministry of Planning and Investment and the Government Office to synthesize legitimate opinions at the conference and advise on the issuance of the Prime Minister's Directive on increasing foreign investment.

The Prime Minister affirmed that Vietnam creates all conditions to create a favorable, safe, and transparent environment for foreign investors to confidently invest long-term in Vietnam "with the spirit of equality, mutual development, mutual benefit, and responsibility to society, workers, and environmental protection; "no saying no, no saying difficult, no saying yes but not doing"; harmonious benefits, shared risks".

Prime Minister Pham Minh Chinh delivered a concluding speech at the conference. Photo: Pham Bang

Vietnam commits to creating the best business environment towards OECD standards, which are: Maintaining political, social and macroeconomic stability; Removing economic bottlenecks in legal institutions, infrastructure and human resources; Developing supply chains, reducing transaction costs, especially logistics and administrative costs; Building a stable and highly predictable policy environment, transparent implementation and accountability; Friendly cooperation, listening, respecting each other's opinions, and jointly solving difficulties and challenges.

Emphasizing that in the coming time, opportunities, advantages and challenges, difficulties are intertwined, but Vietnam determines that there are more difficulties and challenges, Prime Minister Pham Minh Chinh said that Vietnam will effectively implement 4 stabilizations: Stabilizing the macro economy; Stabilizing all types of markets; Stabilizing and improving people's material and spiritual lives; Stabilizing politics, order and social security so that foreign investors can feel secure in investing.

In addition, implement 3 enhancements: Strengthening situational awareness, promptly responding to effective and flexible policies to the current unpredictable situation; Strengthening protection and health care for people, including workers, strengthening social security work; Strengthening discipline and administrative discipline in the State management system. Implement 2 enhancements: Boosting production and business to create jobs, create livelihoods, and improve people's lives; Boosting disbursement of public investment capital and thoroughly saving, reducing unnecessary costs, including input costs of enterprises and not operating the economy jerkily, not suddenly changing states.

Leaders of the Department of Planning and Investment and the Southeast Economic Zone Management Board attended the conference. Photo: Pham Bang

The Government will focus its management thinking on the spirit of: Ensuring stability in uncertainty; Maintaining initiative in a passive position; Being steadfast and consistent in conditions of multi-dimensional impacts from inside and outside; Designing risk control tools, responding promptly, flexibly and effectively to possible crises and recessions of the market economy; Integrating and establishing a front line of cooperation and healthy economic competition.

On the other hand, in all circumstances, people and businesses must always be the center, the subject, the goal, and the driving force for innovative thinking, promoting socio-economic development in difficult conditions. Attracting foreign investment capital needs to be reasonably balanced and flexible, based on the characteristics of localities, regions, and areas, ensuring compliance with planning orientations, goals, and development requirements according to the Resolutions of the Party, the National Assembly, and the Government.

The Prime Minister requested ministries and branches to review difficulties, obstacles and proposals of enterprises and foreign investors; have timely and effective plans to completely resolve difficulties and obstacles, overcome limitations and shortcomings in building and perfecting institutions. Focus on improving the investment and business environment; proactively assess and review necessary conditions regarding law, infrastructure, energy and labor; research and create a legal corridor for new forms and methods of investment.

Representatives of foreign investors and enterprises in Nghe An attended the conference. Photo: Pham Bang

Prioritize the development of a number of fields in supporting industries, digital transformation, green transformation, and diversification of supply chains; Build a business database that meets international standards, connects and supports investors; have appropriate development support policies for industries and fields that have competitive advantages; proactively form large energy centers, diversify ownership forms and business methods; study and propose the construction of large-scale logistics centers to meet the high demands of businesses; Focus on improving capacity, improving labor productivity, technology level, and innovation.

For foreign enterprises and investors, Prime Minister Pham Minh Chinh suggested continuing to maintain confidence, upholding the spirit of mutually beneficial cooperation, continuing to accompany Vietnam to soon recover production and business, and continuing to expand investment in Vietnam. Sharing with Vietnam the challenges and difficulties because Vietnam is transforming and developing in the spirit of "harmonious benefits and shared risks". Strictly complying with the law, conditions for sustainable development, regulations on security and defense, promoting social responsibility, protecting the environment, creating jobs, improving the material and spiritual life of workers.