It is necessary to survey and appraise of FDI inflows during 2001-2010 and FDI-related trends worldwide since the economic crisis as well as adjust strategies in relation to the state, Vietnam Association for Foreign-Invested Enterprises Chairman, Nguyen Mai said.

Meanwhile, FDI strategy needs to be formed based on four factors: high efficiency, sustainable development, low-carbon impact and technology transfer. FDI projects should suit the socio-economical development plan of each locality.

The government has the right to choose projects and investors and refuse licensing for projects which do not benefit the community or which cause environmental pollution. Thus, the state needs give priority to environmentally friendly projects, she added. 

State agencies need to focus on creating regulations and standards for foreign-invested projects. The effectiveness of the state oversight can only now be measured through the outcome of a project.

We should not trust all promises by investors. If foreign investors have the right to choose the locations for their projects, the state also has the right to say no to projects that are not beneficial to their economy.

Investors should be provided information about capital, investment forms, human resources, tax preferences, land use fees and the domestic market. After selecting a project for investment, the investor can propose adjustments.

The progress will help local authorities consider projects more carefully to avoid the situation in which they approve a project solely because of its value, while ignoring its effectiveness.

Authorized agencies need to collect and process information related to investors, including requiring them to provide independently audited financial statements. Another way is to ask investors to deposit 1%-2% of the total investment capital to be refunded after the project is completed.