Having new way in attracting high-qualify FDI inflow

Having new way in attracting high-qualify FDI inflow

This was widely agreed on by experts and representatives of enterprises at the dialogue themed “Joining efforts to improve business environment, facilitate fast and effective promotion of private investment & FDI in the new era” organised by Vietnam Business & Investment Fast Track (VBI Fast Track) and the National Private Economic Development Research Board on September 24 in Hanoi.

Participants at the dialogue pointed out that Vietnam has numerous advantages in luring FDI inflows from the US, Japan, and Europe thanks to efforts to improve administrative procedures and the investment environment, as well as its recent success in controlling the spread of the COVID-19 pandemic.

In addition, numerous investors committed to maintaining and expanding their operations in Vietnam. For instance, US-backed Intel Vietnam is mulling to inject more capital into its operations in Ho Chi Minh City to follow up on its $1 billion investment in the city. The export revenue of Intel in Vietnam has reached $3.6 billion, which is expected to increase significantly after the new investment.

Kim Dong Hwan, vice president of Samsung Vietnam in charge of Vietnam Procurement Center told VIR that with its commitment to co-prosperity with Vietnam, Samsung not only strengthens the capabilities of the businesses in its supply chain but also supports the overall development of supporting industries in Vietnam.

Pham Phu Ngoc Trai, founder and chairman of the Board of Directors of VBI Fast Track said 91 per cent of multinational groups in Vietnam are still planning to maintain operations in the country in next three years, with 65 per cent expanding.

“Along with attracting new projects, keeping these existing investors is also very important. The key mission is to reform regulations to improve the development of enterprises and improve infrastructure,” Trai said.

In addition, he said it is necessary to have a new approach to attracting FDI that is different from other countrieswith new ideals that could mobilise private organisations.

The organiser of the conference, VBI Fast Track, focuses on advising and supporting the investment promotion activities of the Vietnamese government as well as domestic and foreign investors in terms of mechanisms and policies on attracting foreign direct investment.