Deputy Prime Minister: Mechanisms are needed to enable domestic businesses to 'partner' with FDI.

Deputy Prime Minister Tran Luu Quang believes that there is a need for mechanisms to support domestic businesses in "joining hands" with the FDI sector, to help them gradually enter the global arena.

Speaking at a conference with Nordic investors on March 12, Deputy Prime Minister Tran Luu Quang said that Vietnam aims to attract selective investment in projects with spillover effects between foreign direct investment (FDI) and domestic investment.

Accordingly, Vietnamese businesses are participating more deeply in the production chains of foreign investors through expanded cooperation. "Policies are needed to support and encourage domestic businesses to cooperate and do business with the FDI sector," the Deputy Prime Minister said.

He also believes this is an opportunity for Vietnamese businesses to expand and gradually enter the global arena.

*Deputy Prime Minister Tran Luu Quang met with leaders of Nordic corporations on the sidelines of an investment conference on March 12. Photo: VGP*

According to a report by the Ministry of Planning and Investment, foreign direct investment (FDI) attracted nearly $4.3 billion in the first two months of the year. This represents an increase of nearly 37% compared to the same period last year. Among the Nordic countries (Denmark, Finland, Ireland, Norway, and Sweden), Denmark is the largest investor, with over $2 billion invested in Vietnam.

Deputy Prime Minister Tran Luu Quang suggested that Nordic businesses explore opportunities for cooperation in areas where Vietnam has strengths and needs, such as finance, banking, green industry, education and training, and healthcare.

At the same time, he hopes that businesses in this region will act as a bridge to share information about Vietnam's policies and investment environment with investors from their respective countries.

To attract investment, according to the Deputy Prime Minister, Vietnam will continue administrative reforms, increase digital transformation, decentralize power to localities, and commit to providing sufficient electricity for production and business. The power source structure will be adjusted towards increasing the proportion of renewable energy, aiming for net emissions of zero by 2050.

"The goal is that by the end of his term, all administrative procedures will be moved online so that investors can easily access them and reduce unnecessary costs," he said.

Vietnam also ensures the quantity and quality of human resources to meet the needs of investors. In addition to efforts from Vietnam, the Deputy Prime Minister suggested that Nordic businesses cooperate in specialized vocational training.

Regarding the semiconductor industry specifically, he informed that Vietnam aims to train 50,000 engineers by 2030. Currently, the government is collaborating with major training centers and successful FDI enterprises in Vietnam, such as Samsung, LG, and Intel, to provide training.

Phuong Dung

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