Vietnam’s New National Strategy for Foreign Investment Cooperation

The National Strategy for Foreign Investment Cooperation, signed by Vietnam’s Deputy Prime Minister Pham Binh Minh, issued by the Vietnamese Government along with Decision No. 667/QD-TTg, on June 2, 2022, will improve Vietnam’s business conditions to attract more foreign and higher quality investments.

Foreign direct investments (FDI) into Vietnam have increased dramatically and have become one of the most important sources of capital for the country’s economic development. In fact, FDIs have a greater positive impact on Vietnam’s IP system than FDIs have on its own IP system.

To that end, the Strategy proposes nine solutions, one of which is the creation of science, technology, and innovation ecosystem. In this regard, the Vietnamese government intends to complete the legal framework for establishing, protecting, and commercializing intellectual property rights in scientific, technological, and creative activities, among other things.

The overall goal of the Strategy

The overall goal of the Strategy are:

a) Attracting foreign investment (foreign investment) projects using advanced, new, and high-tech technologies of the Fourth Industrial Revolution, modern management, and high added value, has a positive spillover effect, connecting global production and supply chains;

b) Expanding the market, taking advantage of capital, technology, management knowledge, and corporate culture of the FDI sector; improving the competitiveness of the economy, enterprises and domestic products; promoting domestic industries, agriculture and services, establishing and strengthening the role of Vietnamese enterprises in the international community;

c) Improving the efficiency and comprehensive quality in attracting and using foreign investment capital, increasing the contribution rate of the foreign investment sector in socio-economic development, commensurate with the incentives and supports;

d) Building and developing innovation centers and financial centers of regional and international stature to create a driving force for socio-economic development in the coming period.

The specific goal of the Strategy

The specific goal of the Strategy are:

a) Accomplishing specific goals stated in Resolution No. 50-NQ/TW dated August 20, 2019 of the Politburo on orientations to perfect institutions and policies, and improve the quality and effectiveness of foreign investment to 2030;

b) Increasing the proportion of registered investment capital of countries and territories in some regions in the total foreign investment capital of the country to more than 70% from 2021 to 2025 and 75% in the period from 2026 to 2030, including (i) Asia: Korea, Japan, Singapore, China, Taiwan (China), Malaysia, Thailand, India, Indonesia, Philippines; (ii) Europe: France, Germany, Italy, Spain, Russia, Great Britain; and (iii) Americas: United States of America;

c) Increasing 50% in the number of multinational corporations in the group of 500 largest corporations in the world ranked by Fortune Magazine (USA) having presence and operations in Vietnam;

d) By 2030, to be in the group of 3 leading countries in ASEAN and the group of 60 leading countries in the world according to the World Bank’s business environment ranking.

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– You could visit here to see the Trademark Registration in Vietnam.

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– You could check Questions of filing trademark in Vietnam: POA, Trademark requirement and trademark fee in Vietnam.

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