Driving Strategic Investments from the Republic of Korea
Deputy Prime Minister Nguyễn Chí Dũng has initiated a significant effort to accelerate foreign direct investment (FDI) projects from the Republic of Korea, urging for firm commitments based on investor proposals, Vietnamese law, and a balanced approach to interests. The primary focus of these high-impact projects is on strategic sectors that are deemed crucial for Việt Nam’s long-term socio-economic development, including cutting-edge industries such as semiconductors and energy. Dũng emphasized the critical importance of these investments in helping the country achieve its ambitious goal of double-digit economic growth in the near future. Attendees at the meeting, which included key leaders from various ministries and representatives from local authorities, underscored the significance of these projects. They highlighted that the proposed investments are expected to create thousands of direct and indirect jobs, thereby providing a substantial boost to the labor market and further advancing the already strong economic cooperation between Việt Nam and the Republic of Korea.
Collaborative Approach to Streamline Processes
To ensure the effective implementation of these crucial projects, Deputy Prime Minister Dũng has tasked all relevant ministries, government agencies, and local authorities with a coordinated and collaborative approach. He called for a consensus on the importance of these projects and urged them to review the legal framework necessary for their successful and timely execution. In a move designed to streamline the entire process, Dũng specifically assigned ministries the responsibility of intensifying their engagement with South Korean businesses to secure preliminary agreements on key commitments. These commitments are not limited to financial investment but also include vital aspects such as technology transfer, the establishment of research and development (R&D) centers within Việt Nam, and the implementation of comprehensive workforce training programs. By focusing on these elements, the government aims to ensure that these FDI projects provide long-term, sustainable benefits beyond just capital injection.
Removing Bottlenecks for a Favorable Investment Climate
The success of this initiative hinges on the ability of local authorities to promptly resolve any existing investment bottlenecks that could hinder project implementation. Deputy Prime Minister Dũng has underscored the need for swift action on matters already delegated to local authorities. He believes that by proactively tackling bureaucratic and logistical issues, local governments can create a more favorable and attractive environment for businesses to effectively carry out their projects. This concerted effort at both the national and local levels is designed to foster an investment climate that is not only efficient but also highly appealing to foreign investors, particularly those from the Republic of Korea who are looking to make high-impact investments. By ensuring that all parties involved can operate with greater clarity and fewer obstacles, Việt Nam is strategically positioning itself as a top destination for foreign capital and a reliable partner in the global investment landscape, ensuring sustainable benefits for all stakeholders.
