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Vietnam sets up special working group to ride wave of investment relocation

Vietnam Investment Review

Vietnam's new special working group will be in charge of tapping into the new investment relocation wave gripping the globe

The special working group would create an impetus for the formulation of new policies in order to catch the investment capital inflows early from multinational groups, which are diversifying investment locations and repositioning manufacturing facilities after the COVID-19 pandemic.

At a recent meeting hosted by the prime minister, the representatives of the Ministry of Planning and Investment (MPI) and localities shared that after studying investment opportunities in the country, foreign investors found Vietnam a safe and promising investment destination and a likely candidate for their diversification of supply sources.

The PM also agreed to establish a special working group headed by the Minister of Planning and Investment to catch this wave of new investment.

The special working group was established to build competitive investment attraction policies to tap into the wave of investment going into this global strategic relocation. The policies to be created include incentives on tariffs, access to land, as well as solutions to prevent further disruptions to the supply chain and a lack of human resources. In addition, as a key priority for investors is stability and legal consistency, the special working group will complete the relevant legal framework.

Vietnam is looking to lure in some of the world's leading technology groups that are looking to diversify manufacturing hubs and would bring projects of modern technology and high added value, as well as renewable energy projects. In general, Vietnam is focusing on attracting foreign investment into a few priority sectors, including ITC, electronic equipment and e-commerce, logistics, and consumer and retail.

The PM asked ministries and localities to prepare specific measures to lure in the new investment capital, especially offering solutions to deal with bottlenecks in access to land and human resources and assigned the special working group to monitor the implementation of these programmes.

“In developing countries, including Vietnam, there is a severe lack of a complete infrastructure system and the legal framework, thus we should build on our available advantages and adopt new initiatives and a new thinking to set ourselves apart from other countries in the region, which also offer numerous incentives for foreign investors,” the prime minister said.

“We have to map out investors’ demand to be able to meet their requirements and create mutual benefits for both investors and the country. This way, investors will succeed in their business while Vietnam lures in groups using high-technology and environmentally friendly machinery,” the PM said.

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