Deputy Prime Minister Vuong Dinh Hue (standing) addresses the meeting with Hai Phong leaders (Photo: VNA)

At the session, Chairman of Hai Phong People’s Committee Nguyen Van Tung made several recommendations. He said: “We will not attract FDI at all costs. There should be stricter requirements for technology, labor production, and effectiveness of land use, and environmental protection. Foreign investment is encouraged in hi-tech, support industry, renewable, clean energy, and infrastructure development. Priority will be given to large-scale projects, highly-competitive products, and projects joining in the global value chains of multinational groups.”

Deputy PM Hue acknowledged Hai Phong’s recommendations, saying that he will collect opinions from other localities before finalizing the project on improving policies and mechanism for more efficient attraction and use of FDI. The project is expected to be submitted to the Politburo for approval in March. Mr. Hue said: “How should we shift our investment attraction policies to best serve Vietnam’s extensive development? What kind of FDI projects will be encouraged? Currently, tax policies are no longer attractive. So, we need to amend other policies, the  Law on Investment, and the Law on Enterprises to create a new wave of FDI into Vietnam.”