Vietnam’s Preparations to Welcome the New Generation of FDI
On the afternoon of September 25, Prime Minister Pham Minh Chinh attended and chaired the dialogue session at the 5th Ho Chi Minh City Economic Forum. To attract FDI to Vietnam, it is necessary to ensure basic conditions for investors to see and come to Vietnam.
First, clear and transparent development orientation and policy orientation.
Second, related to basic conditions for foreign investment, including conditions on land, human resources, energy, etc. In recent times, Vietnam has made many changes, including amending the Land Law to increase access to land for investors. Vietnam has approved the Power Plan VIII as well as the Prime Minister’s direction in implementing the 500 kV line 3 with the highest goal of not having a shortage of electricity for production and people’s lives. Regarding human resource training, the Prime Minister has approved the Project to train 100,000 engineers and high-tech workers in the fields of semiconductors and AI to serve the new attraction orientation. The Prime Minister is also directing the Ministry of Planning and Investment to urgently complete the decree on the investment support fund. The fund targets investors in the fields of technology, new industries such as semiconductor chips, green hydrogen, etc. to support businesses with feasibility in expanding investment in Vietnam.
The Government has submitted to the National Assembly for approval the revised Telecommunications Law, including two key points. That is, foreign investors are not limited in the capital contribution ratio when participating in investing in the construction of data centers. At the same time, data centers do not need to be licensed.
Regarding the global minimum tax, the Prime Minister analyzed that Vietnam had previously reduced taxes to attract investment. When the OECD (Organization for Economic Cooperation and Development) applied the global minimum tax, instead of using tax tools, Vietnam had to use other tools to support investors such as support in cash, products, mechanisms and policies.
