A consultation conference chaired by Deputy Prime Minister Vuong Dinh Hue to discuss orientations towards refining mechanisms and policies on FDI in the new context was held in the southern province of Binh Duong on February 14, according to a report from the Vietnam News Agency (VNA).

The conference was the final leg of the Deputy Prime Minister’s fact-finding trip, following those in Hai Phong, Bac Ninh, and Hanoi, in order to build a draft project on policymaking to improve the efficiency of using FDI to 2030, which will be submitted to the Politburo for consideration by April.

Deputy Minister of Planning and Investment Vu Dai Thang was quoted by the news agency as saying that as at January 20, Vietnam had over 27,400 valid FDI projects with total registered capital of nearly $343 billion.

According to a 2017 report from the United Nations Conference on Trade and Development (UNCTAD), Vietnam was one of the 12 most successful countries in terms of FDI attraction.

Vice Chairman of the Ho Chi Minh City People’s Committee Le Thanh Liem affirmed that mergers and acquisitions and FDI projects have effectively restructured sectors in the southern city over the past few years, according to VNA.

He suggested that foreign enterprises that deliver on commitments should enjoy incentives, while better financial policies should be issued to attract multinational corporations and research and development centers in the country.

International Finance Corporation (IFC) Country Director for Vietnam, Laos, and Cambodia Kyle Kelhofer, as quoted by VNA, said FDI now mostly focuses on manufacturing, instead of fields of added value such as finance or research and development.

He proposed that Vietnam issue mechanisms to woo new-generation FDI with better work skills and governance, while effectively tapping into recent free trade agreements.

Former minister of South Korea’s Small and Medium Business Administration Young Sup-joo said Vietnamese firms should make partnerships with foreign enterprises in different sectors to expand regional and global markets.

Participants also called for renewing education and training to create a high-quality workforce and choosing eco-friendly and socially-responsible FDI.

Concluding the event, Deputy Prime Minister Hue affirmed that the government has consistently refined mechanisms and policies to lure more FDI, adding that FDI is an active part of Vietnam’s economy and that Vietnam will cooperate with FDI enterprises.