10 bright spots for planning and investment in 2024

MPI Minister Nguyen Chi Dung

(1) The MPI has made efforts to form a new mindset, and a new strategic vision of Vietnam becoming a high-income country by 2045. That is the mindset of proactive creation, accelerated growth, breakthrough development, deciding the future; as well to converge all advantages and strengths, develop strongly, and realise the aspiration of building an increasingly prosperous and happy country.

The MPI has been removing all institutional barriers, turn "bottlenecks of bottlenecks" into "breakthroughs of breakthroughs" for development, unblock and liberate all resources of the economy; clearly demonstrated in the strong decentralisation process, creating proactivity, flexibility, promoting the effectiveness of public resources and management capacity in the Law on Public Investment; shifting from “pre-inspection” to “post-inspection” in the Law amending and supplementing four laws on investment, including creating a “green channel” to shorten procedures for innovation, semiconductor, and high-tech projects in industrial parks by 260 days.

(2) The scale and potential of the economy continue to be raised, constantly promoting the achievements after 40 years of economic reforms starting in the 1980s, especially since the beginning of the term, enable the country to accumulate momentum and strength for breakthrough development going forward.

The MPI has focused on closely monitoring the situation, forecasting to promptly adjust operations, in accordance with the situation and development requirements. By the end of 2024, the country is likely to complete 15/15 key targets, with a growth rate of about 7 per cent, exceeding the target set forth at 6-6.5 per cent.

​​​​​(3) Implementing three strategic breakthroughs has achieved good outcomes thanks to innovation in thinking, doing, organisation and implementation.

The mindset of law-making has changed to both ensure state management and encourage creativity to release all productive forces, and unleash all resources for development.

The 500KV line 3 initiative with a total investment of $1 billion done in just six months, is a symbol of the strength of belief, solidarity, becoming a model for implementing large-scale infrastructure projects in the future.

Vietnam has shown its position on the map of innovation and creativity, the world's creative startup ecosystem, by promulgating the Semiconductor Industry Strategy and the Semiconductor Industry Human Resource Development Programme, to proactively participate in the global production chain.

(4) Many policies and solutions have been implemented promptly, and effectively to support production and business, enterprises, especially small- and medium-sized enterprises, to overcome difficulties and adapt to new global trends.

(5) Vietnam continues to be an attractive destination for global FDI capital flows, which are declining and competition is increasingly fierce among countries. FDI attraction in 11 months is estimated at nearly $31.4 billion, and disbursed FDI is estimated at $21.7 billion, up 7.1 per cent on-year.

Notably, the government and the world's leading technology corporation Nvidia signed an agreement to establish a research and development (R&D) Centre and an AI Data Centre. This is a historic turning point for Vietnam, to become a top AI R&D hub in Asia.

Prime Minister Pham Minh Chinh awarding MPI's leaders

(6) Resources for development have been unblocked and used effectively. The handling of poor-performance enterprises, banks, slow-progressing and ineffective projects has had positive results. The MPI consulted the government and the prime minister to establish steering committees, working groups, and local working groups to remove issues in investment and development, especially key infrastructure projects, and promote disbursement.

(7) Innovation and creative startup ecosystems are being promoted and developed in new industries and fields such as digital economy, green growth, circular economy, chips, semiconductors, AI, high-tech agriculture; and new economic models such as international financial centres, regions, free trade zones, are being considered in some localities.

(8) Planning of all areas and localities good by implementing regional programmes and projects, and promoting regional linkages, creating new growth drivers and poles for the country.

(9) The economy, politics, and society are stable, creating a favourable environment to engage investment and expand production and business. Enterprises and international organisations continue to recognise and appreciate the growth prospects and business environment of the country, commit to investing and long-term commitment to Vietnam.

(10) Foreign affairs, economic diplomacy, especially technology diplomacy, have achieved big achievements; promoting economic dialogue with strategic partners, comprehensive strategic partners of Vietnam, large global enterprises, enhancing the country's position and prestige and opening up new opportunities, and advantages for development.

"These are important results, creating new momentum and spirit to strive for breakthrough growth in 2025, preparing for the high growth period in 2026-2030 and realising the general secretary's vision of a new era of national development," MPI Minister Dung said

"These above results also reflect the big contributions of the Planning - Investment and Statistics sector, which is the achievement of the persistent innovation process of generations of all employees, a combination of courage, intelligence, breakthrough thinking in advisory work, overcoming personal interests for the common good of the country."

Scaling up eco-industrial parks to promote circular economy in Vietnam With the support of the Swiss State Secretariat for Economic Affairs , and the Embassy of Switzerland in Vietnam, more eco-industrial parks will be built in Vietnam.

Nvidia to build two AI centres in Vietnam The Ministry of Planning and Investment (MPI) and Nvidia Corporation signed an MoU on the establishment of the Vietnam ​​Research and Development Centre (VRDC) and the AI ​​Data Centre, witnessed by Prime Minister Pham Minh Chinh on December 5.

Vietnam sees increase in FDI in the first 11 months of 2024 Vietnam reported more than $31 billion in foreign direct investment (FDI) in the first 11 months of the year, an on-year increase of almost 1 per cent, according to data from the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment.