PM attends Vietnam-Canada business roundtable, new FDI position released

PM addresses the Vietnam-Canada Business Roundtable in Québec city on June 8, 2018 as part of his visit to Canada to attend the expanded G7 Summit. Photo:VGP

Regarding recent developmets in Vietnam, the Government chief named several records of the economy, including export values of US$425 billion and foreign investment inflows of US$37 billion last year.

Foreign business associations like Eurocham, Jetro, Amcham, Kocham consider Viet Nam as a priority investment destination in ASEAN.

Middle class is expected to account for over 34% of the population by 2020 and 64 million Vietnamese are Internet users, ranking 6th in Asia and 12 in the world, said PM Phuc.

The number of smart phone users increased by 10% to 84% in 2017 from 2016, according to a report released by Nielsen Vietnam.

The above figures are important foundations for Vietnam to advance a digital economy, said PM Phuc, calling on Canadian investors to become active partners of Viet Nam in the development process.

Viet Nam will eliminate all tariffs as pledged in the CPTTP that both Viet Nam and Canada are signatories. About 65.8% of tariffs will be reduced to zero right after the trade deal takes effect, said PM Phuc.

He also said Vietnam is accelerating economic restructuring, especially State-owned-enterprises and even aviation, power, telecommunication, and transport infrastructure.

New position on FDI attraction

At the roundtable, PM Phuc directly answered questions raised by Canadian investors.

For the role of FDI sector, PM Phuc emphasized that foreign direct investment is very important for Vietnam, thus the country always attaches importance to protecting legitimate interests of foreign investors.

Regarding future orientation for FDI attraction, the Government chief affirmed Viet Nam will continue luring foreign investment in both quantity and quality.

Future FDI attraction will be selective as Vietnam attaches importance to FDI quality in a bid to contribute to sustainable development in various domains, including infrastructure development, renewable energy, high-tech agriculture.