Directions for Perfecting Labor and Income Policies

+ Resource tax : Enterprises in industrial parks that export 70% or more of their products enjoy preferential treatment for export processing enterprises (corporate income tax rate of 10% and tax exemption for 4 years from the start of profitable business and 50% reduction for the next 4 years).

- Tax incentive policy . The State can switch to applying more accelerated depreciation to truly encourage businesses to operate effectively and promote technological innovation. Therefore, it is necessary to choose incentive criteria that are close to the incentive target, avoiding widespread incentives. This policy also has the effect of orienting and attracting FDI into fields, industries, and localities associated with the country's overall socio-economic development strategy.

- Monetary stabilization and anti-inflation policy . Currently, this issue is becoming a topical issue for the macro-economic management and operation of our country. Monetary stabilization and anti-inflation are not simply about putting forth the right policies and solutions for a certain period of time, but also the ability to adjust policies and systems of tools so that they can adapt to rapid changes in the actual situation. The difficulty here is that high investment often leads to inflation (due to increased purchases of materials and equipment for production and business, causing prices to increase accordingly). Experience from the 1997 regional financial and monetary crisis affecting the Malaysian economy shows that Vietnam needs effective measures to control and adjust the pace of investment structure so that the economy does not become too "hot", but still ensures the expected growth rate; It is necessary to overcome the phenomenon of expanding and increasing investment but with low efficiency, large capital loss... The shortcomings of the financial and monetary environment will sooner or later cause instability to the economy and directly affect the psychology of foreign investors. Therefore, in addition to current financial and monetary stability policies, it is necessary to pay attention to building and perfecting regulations on insurance.

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Guarantee loans, pledges, and mortgages so that FDI enterprises can borrow capital from domestic and foreign banks and international organizations; gradually loosen restrictions applied to foreign banks receiving deposits in Vietnamese Dong. FDI enterprises have access to the capital market; can borrow credit from credit institutions operating in Vietnam depending on the economic efficiency, debt repayment capacity of the project and can be secured by assets of parent companies abroad. Create favorable conditions for FDI enterprises that meet the conditions to be listed on the Stock Exchange.

- Land policy . It is necessary to continue to review and reconsider land rental prices, regulations on exemption and reduction of land tax in the first few years to create favorable conditions for FDI enterprises; promptly and completely resolve the issue of compensation and site clearance that is currently causing congestion for FDI project implementation in some localities. It is important to note that in implementing reasonable compensation and site clearance prices, there is no discrimination between FDI projects and domestic projects to avoid pushing up actual land rental prices. It is necessary to soon end the mechanism of Vietnamese enterprises contributing capital with the value of land use rights to switch to the State land leasing regime. Therefore, it is necessary to develop documents guiding the implementation of the 2003 Land Law, which is related to the rights and obligations of foreign investors in land use.

- Regarding investment fields and investment forms , there should be flexible policies to increase the participation of foreign investors. Vietnam joins the WTO, it is necessary to expand the list of projects allowing foreign investors to proactively choose business fields and investment forms based on production and business efficiency, except for fields due to national security requirements; allowing joint venture enterprises in some cases to convert to 100% domestic or 100% foreign-owned enterprises.

- On resolving bankruptcy and disputes for FDI enterprises

In reality, many FDI enterprises have inefficient production and business and some have gone bankrupt. Therefore, it is necessary to study and ensure quick dissolution and bankruptcy procedures for FDI enterprises in accordance with international practices without causing administrative obstacles for foreign investors on this issue.

Regarding the settlement of disputes in the coming time, it is necessary to continue to study and amend the Law on Complaints and Denunciations in the direction of expanding the right of foreign investors to file lawsuits in court, including administrative decisions or administrative acts of state agencies. In addition, it is necessary to study to join the Convention on the Settlement of Disputes between Foreign Investors and the Receiving Country (ISCID Convention) to ensure the legitimate rights and interests of foreign investors.

3.2.2.3. Directions for perfecting market policies

Although the speed and scale are different, the types of markets in Vietnam are mainly formed and developed in the process of transforming the economic management mechanism from centralized planning to a commodity economy including many components and now a socialist-oriented market economy. Although the development time is not much, especially compared to developed countries with market economies that have existed for hundreds of years, but basically the market economic institution in our country has been formed more and more clearly.

The completion of market policies requires ensuring a number of orientations of the modern market economy:

+ The laws of the market, first of all the law of value, the law of competition and the law of supply and demand..., are the basis for the distribution of resources in the economy, governing all of those processes.

+ The market develops comprehensively and synchronously, in which all types of markets develop. All parts and types of markets interact and support each other to form a system of synchronous market economic relations and institutions.

has organic relationships, is effective and is the focal point of all socio-economic activities.

+ Subjects (both domestic and foreign) participating in the market are equal and competitive with each other as economic entities with their own interests, but all comply with the common legal system (including domestic laws and international institutions).

+ Signals and market information about all activities in the socio-economic, financial, monetary, resource use, large-scale and micro-macro balances, issued by the market... are all public, transparent and equally accessible to all members and entities in society.

+ Unify the formation of a market order, social production, circulation, distribution and consumption based on the latest advances in science, engineering and technology.

+ Advanced technical means are used optimally for all market activities, e-commerce becomes a popular transaction method; logistics facilities have increasingly profound influence in society.

- Perfecting ownership institutions.

Continue to promote the process of ownership diversification, develop the economy with many types of production and business, creating both supply and demand for different types of markets. In theory, one of the bases for developing a market economy is the existence of different forms of ownership of means of production. Therefore, to develop a market economy in general and different types of markets in particular, it is necessary to diversify ownership forms. Moreover, developing a multi-ownership, multi-sector market economy must be based on respecting the equal relationship between economic sectors, taking production, business and socio-economic efficiency as evaluation criteria.

- Perfecting the distribution system.

+ Perfecting laws, mechanisms and policies on resource allocation, distribution and redistribution towards ensuring economic growth associated with social progress and equity in each step and each development policy. Social resources are allocated according to market mechanisms and according to the State's development strategies, planning and plans to ensure high socio-economic efficiency.

+ Distribution and redistribution policies must ensure the harmony of interests between the State, workers and enterprises, create motivation for workers and enterprises and ensure national interests. Focus on redistribution through social welfare, especially in the fields of education and health; ensure a living standard, at least at the average level of society, for policy subjects.

- Perfecting the institutional environment, respecting free competition and controlling monopoly. The socialist-oriented market economy in Vietnam is a mixed economy, made up of many forms of ownership and many economic sectors coexisting in a unified entity. In which, the state and collective economy must increasingly become a solid foundation of the national economy; the joint-stock economy must increasingly develop, becoming a popular form of economic organization, promoting the socialization of production capital sources.

- Currently, the legal environment and the state management capacity of public agencies have not really met the development requirements of the market. To create an institutional environment for the development of all types of markets, it is necessary to first review the system of legal documents to overcome inconsistent regulations between documents, eliminate shortcomings in the current policy and legal system that affect the formation of the common business environment of the economy and international economic integration. Legal documents must be highly enforceable, suitable for practice and stable. It is necessary to continue to improve the capacity of agencies drafting and promulgating legal documents, at the same time improve people's knowledge and level of awareness and compliance with the law. Continue to perfect the laws related to the market economy.

- Continue to improve laws and policies on wages and salaries. Wages must be considered as the price of labor, formed according to market rules, based on supply and demand for labor, quality, labor intensity and the level of job competition.

- Synchronously develop laws, mechanisms, and policies to manage and support the development of research, application, and transfer organizations of science and technology and improve the technological capacity of enterprises; encourage enterprises to innovate, import, and apply new and advanced technologies in production and business.

3.2.2.4. Directions for improving labor and income policies

Improve laws and policies for the operation and development of the labor market, innovate the organization and operation of state employment service centers; encourage the organization of job fairs; develop private consulting service organizations, trading floors, and job introductions along with strengthening state management and control. Create favorable conditions for domestic enterprises to attract and employ highly qualified foreign workers.

Make the negotiation and signing of collective labor agreements mandatory; increase the participation of representatives of employees and employers in policy making and plans for labor market development. Strengthen the State's management and supervision of the labor market. Improve the effectiveness and efficiency of labor courts, handle disputes well, and ensure the legitimate interests of employees and employers.

- Authorities should consider issuing longer-term visas, ranging from three to five years, to reduce the administrative burden on legal foreign workers and immigration officials. In addition, residence permits and driving licenses should also be valid for the entire duration of the visa issued to foreigners.

The documentation requirements for the issuance of a permit are cumbersome. Instead of legalization and notarization, the foreign worker’s affidavit can be considered sufficient to establish the reliability of the person’s CV/personal capacity declaration after he/she has signed it.

- Requirements for recruiting foreign workers should be more flexible, while enforcement provisions should give foreign-invested enterprises more autonomy in recruiting skilled workers and experts from outside, depending on their actual needs.

3.2.2.5. Directions for perfecting technology transfer and environmental protection policies

The strategy to restructure the Vietnamese economy will be implemented in the context of our country becoming a middle-income country, striving to become a high-middle-income country and moving towards wealth. According to the WB in the book "East Asia Renaissance": To develop from a middle-income country to a wealthy one, three transformations are needed: from accumulation to creativity, from diversification to specialization, from skills to advanced skills. The policy to develop the economic sector with FDI capital in Vietnam must be suitable to this context, serving this goal. FDI, as the leading advanced sector in the current economy, can and should contribute to promoting these three transformations. We also need more FDI, better quality, and need to boldly give FDI a higher position in some fields to soon achieve the above goal. In the context of FDI sources being scarce due to the global crisis, FDI attraction policies must ensure that they are not only attractive but also truly competitive compared to other countries. Breakthroughs in FDI attraction policies must be applied when necessary, as we did with Intel's project before, both when deciding to approve the project as well as during the implementation process.

However, after more than 20 years of implementing FDI attraction policies, we have learned many lessons about technology standards. It is time

It is impossible to accept all FDI projects without taking into account the level of technology. From that, the completion of policies to attract FDI projects must take into account the criteria of advanced technology.

3.3. SOME SOLUTIONS TO IMPROVE POLICIES FOR FDI ECONOMY IN VIETNAM

Through the above studies, it is shown that China, Malaysia and Thailand have been very successful in developing the FDI economy over the past years. The lessons learned from the FDI economic development of China, Malaysia and Thailand are very meaningful for developing countries in general and Vietnam in particular in the process of perfecting policies for this economic sector to serve the country's development.

Vietnam and China, Malaysia, Thailand are neighboring countries with many similarities. Through studying the successes and limitations of countries in developing this economic sector and the current status of policies for the FDI economy in Vietnam in the past, within the scope of the thesis, the author would like to propose some solutions and recommendations to continue to improve policies for this economic sector in Vietnam in the coming time.

3.3.1. Supplement and perfect the legal system and policies in a synchronous and transparent manner in accordance with international practices and customs; develop and promulgate complete documents guiding the implementation of the 2005 Investment Law and related Laws.

When the General Investment Law came into effect, a Decree detailing the Investment Law was issued. However, in order to regulate the granting of investment licenses to foreign-invested enterprises, Decree 61/2006 and a number of related regulations overlapped, so the licensing agencies of many localities had to temporarily suspend the granting of licenses. Therefore, the legal system on foreign investment needs to be completed synchronously and transparently from the central to local levels, avoiding overlapping situations, each industry and each locality having different regulations on an issue that causes trouble for

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