Alternative promotion channels in productive use

Online seminars are hoping to facilitate global value chain restructuring and capital attraction, photo Le Toan

In September, the Ministry of Planning and Investment (MPI) through its Foreign Investment Agency (FIA) organised three promotion webinars to attract foreign direct investment from Singapore, the United Kingdom, and France. These events received the attention of hundreds of foreign investors and dozens of business associations from each country with the interest in studying the investment environment in Vietnam.

In July, the MPI cooperated with the Japanese Embassy in Vietnam, the Japan External Trade Organization, and the Japan Bank for International Cooperation to organise an online conference, which was considered its largest investment promotion webinar so far, in order to promote the Japanese inflow to the country. More than 1,000 Japanese companies from around the world joined the event, demonstrating the excitement of the Japanese business community for Vietnam.

Another highlight was an online forum organised by the MPI in collaboration with Standard Chartered Bank and the State Bank of Vietnam, and themed “Vietnam – The Rising Star” with the participation of numerous businesses from Asia, Europe, and the United States. “Investor attention is considered a motivation for Vietnam to continue to improve its trading environment and innovate methods to connect with more,” said Vu Van Chung, deputy general director of the FIA.

Along with direct connection, the FIA also signed an MoU with international organisations to pave the way for new and expanded activities into Vietnam, including agreements with HSBC and Ernst & Young Vietnam – accordingly, the two parties will organise an investment promotion conference, and build a scheme to attract capital and determine priority projects.

According to the MoU, the agency will provide these international organisations with updated information on directions and policies. The FIA will also assist investors introduced by these organisations to conduct research, implement business procedures, and endorse, resolve, or reflect investor recommendations to the relevant authorities.

HSBC and Ernst & Young Vietnam will introduce and recommend potential investors to pour money into the country. These international groups will cooperate with the FIA to organise seminars, conferences, and round-table discussions.

“The MoU was signed in the context that Vietnam has favourable conditions to engage international investors. As a result of the negative impacts triggered by COVID-19 and trade tensions among substantial countries and territories, multinational corporations are accelerating the restructuring of their global value chain while seeking to reduce dependence on a single market,” Chung said. “Online promotion is an effective alternative for Vietnam in the context international flights have yet to be increased.”

Last year the MPI, in collaboration with the Korea International Cooperation Agency, held the launch ceremony for a project on development of the national investment information system for the private sector. The project aims to build data on foreign investment in Vietnam to serve as the foundation for the formulation of related policies.

What is more, it will also integrate and share data with other national information systems and develop searching tools and provide information for individuals and businesses.

The project is expected to contribute significantly to improving the business climate, strengthening transparency, and attracting more overseas investors to Vietnam. Online promotion methods are not only an effective alternative as borders remain all but closed but are also a solution to save money.

In April, the MPI submitted a draft resolution on tasks and solutions to resolve difficulties for production and business, promoting disbursement of public investment capital, and ensuring social safety during the coronavirus pandemic. One of the highlights is a proposal to halve expenditure on overseas business trips and conferences for the remainder of 2020.

Ministries as well as central and local authorities may drop 30 per cent of expenditure for organising conferences and meetings in the local market, while simultaneously halving expenditure for business trips overseas.