Positive outlook for Vietnam’s foreign investment attraction: Official

Director of the Ministry of Planning and Investment’s Foreign Investment Agency (FIA) Do Nhat Hoang. (Photo: MPI)

Hanoi – Vietnam’s foreign investment attraction will see a positive outlook in the coming time as efforts have been made to improve investors’ trust in the country, said director of the Ministry of Planning and Investment’s Foreign Investment Agency (FIA) Do Nhat Hoang.

Besides political and social macroeconomic stability, Vietnam is making great efforts to improve its investment environment and continue to perfect three strategic breakthroughs of institutions, infrastructure, and human resources, he said.

Vietnam has also held policy dialogues, supported investors to overcome difficulties, and prepared conditions to welcome investors including land, energy, high-quality human resources, and supporting industries.

Hoang said that the most necessary thing for foreign direct investment (FDI) enterprises is human resources, adding Vietnam is developing training programmes to improve technical skills and labour productivity of human resources. In particular, the country is paying more attention to training based on the actual needs of enterprises.

“Many prestigious international organisations highly appreciate the results and prospects of Vietnam’s economic development,” Hoang said.

According to a survey conducted by the Japan Trade Promotion Organisation (JETRO) in 2022 with Japanese enterprises in Vietnam, 60 per cent of the surveyed enterprises said they will expand their business in Vietnam in the next one or two years, the highest in ASEAN.

They also said Vietnam has the advantage of high growth potential, and businesses can increase revenue by expanding markets and increasing exports.

Meanwhile, according to a survey in January 2023 on the business environment of the European Chamber of Commerce in Vietnam (EuroCham), Vietnam is among the top five investment destinations globally.

Recently, in the World Happiness Report, Vietnam rose 12 places, ranking 65 out of the 137 countries.

“These are obvious evidence for the support and trust of the business community in Vietnam in recent years,” Hoang said.

Notably, after reducing for months, Vietnam’s FDI attraction increased in July thanks to the Government’s timely flexible solutions to support businesses.

In the past seven months, some economic indicators got positive such as total newly registered capital, adjusted and contributed capital from foreign investors reached nearly 16.24 billion USD, up 4.5 per cent over the same period in 2022. There were 1,627 new projects, up 75.5 per cent over the same period, with the total registered capital reaching nearly 7.94 billion USD, up 38.6 per cent over the same period.

Hoang said that Vietnam is aiming to attract investment selectively, and improve investment promotion in selected fields relating to the digital economy, green economy, innovation, and renewable energy.

He added that his office will coordinate with international organisations to select potential corporations with competent financial capacity, and modern management.

Dong Thap’s policies come to fruition Dong Thap province has recorded positive achievements in terms of socioeconomic development this year so far, thanks to efforts by provincial authorities to issue effective policies to support progress.

Danang ramps up tactics for influx of foreign investment Nations like Japan are making a mark in registered capital in the central city of Danang, with over $1 billion spent across more than 220 projects, and is the foundation for the city to lure in more effective funding in general.

Foreign investment attraction - silver lining in Hung Yen province Foreign investment attraction has been considered a bright spot in the northern mountainous province of Hung Yen, generating jobs, contributing to the State budget revenue while becoming a crucial driving force for the locality’s socio-economic development.

Vietnam lures over 16 billion USD in foreign investment As of July 20, total newly-registered capital, additional capital, and capital contributions and share purchase by foreign investors stood at nearly 16.24 billion USD, up 4.5 per cent compared to the same period of 2022 and 8.8 per cent compared to the first half of the year.