 At the National Assembly's Q&A session (Photo: National Assembly Media) |
Minister Nguyen Van Thang answered legislators’ questions concerning financial policy for socio-economic development, achieving growth targets, the performance of state-owned enterprises, the private sector development, and foreign direct investment (FDI) attraction.
Minister Thang emphasized that amid global economic competition, Vietnam is crafting its own competitive strategy to attract sustainable foreign investment.
 Minister of Finance Nguyen Van Thang at the Q&A session. (Photo: National Assembly Media) |
Thang said: “Vietnam's strategy is to shift the focus from tax incentives to improving the investment environment and support services, developing industrial and economic zone infrastructure, ensuring electricity supply and land resources, and developing a highly skilled workforce. We are also pushing for extensive administrative reform post-licensing to shorten project implementation times for FDI enterprises."
"Vietnam will continue to utilize its 17 signed free trade agreements (FTAs) to expand export markets and diversify trade partners. Additionally, we will enhance strategic and comprehensive partnerships with leading global economies, and actively engage in investor dialogues and multilateral cooperation initiatives to gain technical and financial support from partners and promote its image as an innovative and investor-friendly destination,” said Minister Thang.
Mr. Thang urges for creating a favorable, transparent, and efficient business environment, accelerating the transition from household businesses to registered enterprises, and enhancing the competitiveness of Vietnamese companies to realize the target of having two million businesses by 2030.
“We must focus on removing barriers to increase market penetration and at the same time reducing administrative procedures and compliance costs, and reforming business conditions. Government agencies need to address bottlenecks in investment, land use, construction, and planning to provide a clear and stable regulatory framework. In line with current trends, industries need to accelerate digital transformation in management processes to complement administrative reform efforts in order to make g it easier for businesses to thrive,” said Thang.
At the conclusion of the Q&A session on financial matters, National Assembly Chairman Tran Thanh Man requested that Minister of Finance Nguyen Van Thang, the Government, and relevant ministries and agencies carefully consider and act upon the feedback provided by National Assembly deputies.