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If the business environment is not promptly bettered, the country will be lagged behind economically, said the Government chief.

It is required that the future business environment and policies on foreign investment attraction must not be inferior to those of other countries in the region.

Accordingly, ministries and agencies were tasked to review and quickly repair improper preferential policies, focusing on tax, fee and site clearance.

The Ministry of Planning and Investment was asked to continue finalizing a resolution on foreign investment management and submit it to the Government for approval.

Three major orientations

During the meeting, the Government has also adopted three major orientations for foreign investment attraction through 2020 with top priority given to sectors.

To the end, high-quality, high-tech, environmentally friendly and competitive projects will be selected.

The Government will prioritize large-scale projects producing highly competitive products that can join the global value chain, and the development of auxiliary industries.

The country will also shift foreign investment attraction from labor-extensive projects to the ones that are based on high-quality human resources.

For the industry and construction sector, foreign investment will be steered to high-tech manufacturing, mechanics engineering, pharmacy, biology, renewable and clean energies, supporting industries, high-quality construction materials, and application of new technologies.

Foreign investment in the fields of processing, energy industry, mining, metallurgy, and chemicals will be selectively sorted.

High priority will be given to luring foreign investment in big infrastructure projects.

To realize the above orientations, the Government pledged to amend and supplement policies on preferential investment, renovate investment promotion forms, improve procedures relevant to the control of imported machinery and environment, and enhance post-licensing State management.

It will also consider the establishment of a steering committee for foreign investment./.

By Hai Minh