VietnameseResolution No. 13/NQ-CP of April 7, 2009, on orientations and solutions to attract and manage foreign direct investment in the coming time
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Resolution No. 13/NQ-CP of April 7, 2009, on orientations and solutions to attract and manage foreign direct investment in the coming time
| Issuing body: | Government | Effective date: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Official number: | 13/NQ-CP | Signer: | Nguyen Tan Dung |
| Type: | Resolution | Expiry date: | Updating |
| Issuing date: | 07/04/2009 | Effect status: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Fields: | Finance - Banking , Investment |
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Effect status: Known
THE GOVERNMENT --------- | SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness ---------- |
No. 13/NQ-CP | Hanoi, April 7, 2009 |
RESOLUTION
ON ORIENTATIONS AND SOLUTIONS TO ATTRACT AND MANAGE FOREIGN DIRECT INVESTMENT IN THE COMING TIME
On February 3-4, 2009, the Government held its regular meeting to evaluate the socio-economic situation of January- 2009 and work out directions and solutions to boost economic development. The Government discussed and evaluated the attraction and management of foreign investment capital in Vietnam over the past time and reached agreement on a number of orientations and basic solutions for the coming years.
I. FOREIGN INVESTMENT SITUATION IN THE 2006-2008 PERIOD
The Xth Party Congress's Resolution set the targets of an average gross domestic product growth of 7.5-8% in the 2006-2010 period, striving for 8%: and the society's total investment capital of around 40% of GDP. To achieve these targets, the society will need to raise a total development investment capital of around IISD 160 billion, including around DSD 25.1 billion in foreign investment, or an average of over USD 5 billion each year. In the first three years of the 2006-2010 plan, both disbursed and registered foreign investment capital increased considerably. Registered capital reached USD 97.6 billion, 77.4% higher than the target set for the whole 2006-2010 period: and disbursed capital reached around USD 23.6 billion, 94.4% of the target.
The foreign-invested sector has added an important capital source for development investment and played an increasingly active role in Vietnam's economic restructuring and growth. The foreign-invested sector's proportion in GDP kept rising over years, from 17.02% in 2006 (compared with 15.99% in 2005) to 17.66% in 2007; the sector contributed to raising the entire society's average investment rate to over 45% of GDP in the first three years of the 2006-2010 plan. The foreign-invested sector has played a significant role in export activity, accounting for 44% of the country's total export value in 2008. a 24% increase over 2007. During 2006-2008, foreign-invested enterprises additionally created 370.000 jobs and remitted around USD 5 billion in taxes into the state budget. The legal system governing the organization and operation of foreign-invested enterprises and projects had been increasingly improved with flexible and effective economic administration policies; central and local governments had been more active and dynamic in attracting and managing foreign investment with numerous measures reducing administrative procedures and supporting and creating favorable conditions for investors in project implementation, making Vietnam still an attractive destination for foreign investors.
Despite the above encouraging results, Vietnam's investment environment has over the past time revealed many limitations, some of which have even become more serious given strong and remarkable growth of foreign investment in Vietnam. There remain inconsistencies among investment and business laws and specialized laws; territorial planning and planning of branches, trades, domains and products are poor and inadequate, especially given the thorough decentralization of investment licensing and management to localities, resulting in a general imbalance; poor outside-fence infrastructure still worries investors; trained human resources, especially technical workers and engineers, arc insufficient. Many problems still exists in land recovery, resettlement and site clearance and the observance of the environmental protection law. A number of emerging problems have started adversely affecting the investment environment, restraining the economy's capacity to attract and use investment capital.
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