Smartphones produced at Korea-invested Samsung Electronics Việt Nam. A working group in charge of promoting foreign investment has just been founded. — VNA/VNS Photo Anh Tuấn

A working group in charge of promoting foreign investment has just been founded under the Prime Minister’s decision.

The working group was founded in the context that Việt Nam was expected to arise as a destination for investment in the global production shift away from China spurred by the trade war and the COVID-19 pandemic.

The working group will be led by Deputy Prime Minister Phạm Bình Minh. Other members are from the Ministry of Planning and Investment, the Government’s Office, the ministries of Foreign Affairs, Public Security, Finance, Industry and Trade, Agriculture and Rural Development, Science and Technology, Labour, Invalids and Social Affairs, Information and Communication and the State Bank of Việt Nam.

The working group would be in charge of advising the Prime Minister on mechanisms, policies and standards in investment cooperation as well as solutions to capture investment cooperation opportunities.

The working group would be proactive in approaching and negotiating with large and hi-tech corporations for cooperation for mutual benefit.

Besides, investment promotion activities would be carried out to attract quality, large, hi-tech and innovative projects, which could create spill over and favourable conditions for Vietnamese firms to participate in the value chain, increase added value and improve human resource quality.

The working group would also be in charge of promoting a digital economy and contributing to the country’s sustainable socio-economic development.

Under the decision, the working group would have the right of proposing policies, regulations and support packages to specific projects to the Prime Minister, based on the principle of mutual benefits.

It would ask ministries, ministry-level agencies, provincial and municipal People’s Committees to provide information about investment co-operation or the implementation of projects.