A Samsung factory in the northern province of Thai Nguyen. It is among the South Korean phone maker's largest operations in Asia. (Photo courtesy of Samsung)

It aims to increase registered investment capital in Vietnam by large corporations from the Asia region such as China, India, Malaysia, Singapore, and Thailand; from Europe such as France, Germany, Spain, Russia, and the UK as well as the US by 70-75 per cent by the end of 2030.

Vietnam has also set a goal to be among the bloc's top three and the world's top 60 countries in the World Bank’s Ease of Doing Business rankings.

Key elements of the strategy include: the establishment of a fair, streamlined, and transparent investment and business environment, improved economic efficiency and competitiveness, strengthened cooperation with foreign partners to develop the country's industrial infrastructure, finding new markets for made-in-Vietnam products, making full use of numerous free trade agreements, investing in R&D activities as well as the development of innovation and creativity culture. 

Vietnam is to continue upgrading and modifying its legal frameworks to govern FDI activities with priority given to high-tech industries and the interconnectedness of economic zones across the country.