Yanai Hisayuki - Chief administrative officer, Nidec Chaun Choung Vietnam Corporation
Ever since 2018 when Nidec laid its first project in Vietnam, we have seen rapid changes in Vietnam’s economy, but still it is very open and friendly to foreign enterprises. The investment environment in Vietnam has always been appealing, even in the middle of this current pandemic.
The Vietnamese government has done an incredible job in protecting the country as well as maintaining economic growth. Japanese investors assess this as a big achievement and appreciate what the Vietnamese government has done.
As we have a big investment in a high-technology project in Hoa Lac High-tech Park, our expectations range from receiving the highest incentives under law to having support from the authorities in implementation of the project.
We have recorded interruption in the project progress due to the pandemic, hence our expectation is to catch up with the planned progress in order to promote project efficiency and meet global demand.
Vietnam has always been an attractive investment environment to the world on the strength of good infrastructure, dynamic market, cheap materials, and cultural diversity. There are, however, still some weaknesses. The first to mention is air pollution, which is a major problem for citizens in Vietnam and particularly in Hanoi. With the rapid growth of many industrial zones across the country, the Vietnamese government should take action to protect the environment, and secure healthy living conditions for both investors and citizens.
Secondly, the condition of freeways in Vietnam is still poor and many potholes appear. This also lowers the volume of freight transported, causing a rise in transportation costs for investors.
Ywert Visser - Vice chairman, EuroCham Vietnam
It is already clear that Hanoi is a national leader when it comes to overseas investment, as it attracted more than $8.4 billion in 2019.
Economic growth today here in Hanoi has more than doubled over the past decade, and is not just because it is Vietnam’s capital – it’s also a direct result of positive administrative reforms and acted as a magnet for investors.
In particular, the rise in digital service associates and business registration tax declarations help to reduce the administrative burden on companies.
Hanoi’s strong infrastructure network and good connections to industrial and export zones make it an obvious choice for overseas companies looking to invest in Vietnam. And this will even become more prominent in light of upcoming implementation of the EU-Vietnam Free Trade Agreement with a huge favour on taxes, which opens up new chapters for European investment and innovation.
In order to continue attracting foreign direct investment now and in the future, our members recommend continuation of development of online resources, specifically for investors from the EU.
Aleksandrs Parfjonovs - Head of Vietnam Operations Grindeks JSC
There has been positive development in the investment climate in Vietnam, but there is still a lot of work to be done.
An online registration platform was launched recently, easing the process of submitting applications for pharmaceutical registration. It is a great incentive, which however needs to be also be implemented efficiently.
I represent the Hanoi offices of two pharmaceutical companies, and our main focus is being able to bring high-quality medical products to Vietnamese people within short times frames. We hope, as pharmaceuticals contribute to more than 10 per cent of Vietnamese imports, that this industry will get more support for high-quality EU-branded generics.
We are constantly working on increasing our product portfolio in Vietnam, as it is our key market in Southeast Asia, with the highest growth expected. We are planning on significantly increasing our revenues over upcoming years, but in order to do so, we hope there will be more support in the timely review of pharmaceutical applications.