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Key issues for FDI policy re-formulation in Vietnam

Key issues for FDI policy re-formulation in Vietnam. This paper offers an overview of policy issues that should be considered in re-formulating Vietnam’s FDI policy orientation and structure. At first, three basic issues of definition, positive and negative impacts, and the dynamic nature of FDI policy are reviewed. | Journal of Economics and Development, Vol.16, No.3, December 2014, pp. 5-31 ISSN 1859 0020 Key Issues for FDI Policy Re-formulation in Vietnam Kenichi Ohno Graduate Institute for Policy Research (GRIPS), Tokyo, Japan Email: kohno@grips.ac.jp Le Ha Thanh National Economics University, Vietnam Email: lhthanh@vdf.org.vn Abstract This paper offers an overview of policy issues that should be considered in re-formulating Vietnam’s FDI policy orientation and structure. At first, three basic issues of definition, positive and negative impacts, and the dynamic nature of FDI policy are reviewed. Following that, FDI performance and eight key issues relevant to Vietnam are discussed in turn, which consist of (i) policy consistency; (ii) operational effectiveness; (iii) screening and post-investment follow-up; (iv) FDI marketing; (v) priority and restricted sectors; (vi) FDI-local firm linkage; (vii) consistency with international rules; and (viii) decentralized administration. These eight issues range from procedural matters on the ground to overall policy consistency, from maximizing developmental efforts to minimizing conflicts and problems. They are presented as a comprehensive checklist for FDI policy design and implementation. Keywords: Foreign Direct Investment (FDI); policy; Vietnam. Journal of Economics and Development 5 Vol. 16, No.3, December 2014 1. Introduction high-quality FDI among existing and emerging ASEAN economies. Since the Doi Moi policy was launched in 1986, Vietnam has gained significant achievements in its development goals. Positive results include an economic growth rate averaging more than 7 percent per annum dung the period of 1991-2008 (ADB, 2013), increased foreign investment, and improved living standards for its citizens. Vietnam’s export base also shifted from primary commodities to manufactured goods such as electronics, garments and footwear. Foreign direct investment (FDI) policy has contributed to this achievement through gradual