Deputy General Auditor Doan Xuan Tien speaks at the event (Photo: VNA) Hanoi (VNA)- Measures to improve FDI attraction, bolster the competitiveness of Vietnameseenterprises, and make the local investment environment more transparent were discussedat a workshop held by State Audit of Vietnam (SAV) in Hanoi on June 9.
In his opening remarks, Deputy General Auditor at the SAVDoan Xuan Tien emphasised that FDI is a key element in a country’s development,especially for developing countries in general and Vietnam in particular.
Since joining the WTO and signing a range of free trade agreements (FTAs) with foreignpartners, FDI flows into Vietnam have increased sharply every year in recenttimes.
Over the last three decades the country attracted more than 30,000 FDI projectsfrom 130 countries and territories, with total registered capital of 362 billionUSD.
FDI projects, he went on, have helped generate employment and train workers, contributingto creating a skilled workforce and helping Vietnamese firms join global supplychains.
He also, however, touched on law violations by FDI firms, noting that annualauditing activities have uncovered many violations regarding environmentalprotection, land, and transfer pricing. Therefore, the Deputy General Auditor emphasisedthe need to amend regulations to address certain issues.
Vice Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Hoang QuangPhong said Vietnam needs to adjust its FDI attraction policies and focus FDI flowson economic restructuring and renewal of the growth model to increase productivity,efficiency, and competitiveness in the national economy.
Participants said localities’ policies to attract investment should be implementedconsistently and be based on law and regional socio-economic development planning.
They also proposed solutions to improve the role and auditing quality of the SAV,thus contributing to preventing and minimising law violations by FDI firms and ensuringdiscipline and sustainability in the national finance system./.
In his opening remarks, Deputy General Auditor at the SAVDoan Xuan Tien emphasised that FDI is a key element in a country’s development,especially for developing countries in general and Vietnam in particular.
Since joining the WTO and signing a range of free trade agreements (FTAs) with foreignpartners, FDI flows into Vietnam have increased sharply every year in recenttimes.
Over the last three decades the country attracted more than 30,000 FDI projectsfrom 130 countries and territories, with total registered capital of 362 billionUSD.
FDI projects, he went on, have helped generate employment and train workers, contributingto creating a skilled workforce and helping Vietnamese firms join global supplychains.
He also, however, touched on law violations by FDI firms, noting that annualauditing activities have uncovered many violations regarding environmentalprotection, land, and transfer pricing. Therefore, the Deputy General Auditor emphasisedthe need to amend regulations to address certain issues.
Vice Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Hoang QuangPhong said Vietnam needs to adjust its FDI attraction policies and focus FDI flowson economic restructuring and renewal of the growth model to increase productivity,efficiency, and competitiveness in the national economy.
Participants said localities’ policies to attract investment should be implementedconsistently and be based on law and regional socio-economic development planning.
They also proposed solutions to improve the role and auditing quality of the SAV,thus contributing to preventing and minimising law violations by FDI firms and ensuringdiscipline and sustainability in the national finance system./.
VNA
