Vietnam is a star in the global supply chain in terms of garments and textiles, footwear and electricity, according to a new report.
This was the conclusion of the Vietnam Association of Foreign-Invested Enterprises (VAFIE) at the second annual report of foreign investment in Vietnam in 2022 on March 10.
Prof. Nguyen Mai, chairman of VAFIE and author of the annual report, said Vietnam was a star in the global supply chain. Projects relating to garments and textiles, footwear and consumption of electricity accounted for a large market share. Vietnam has become a manufacturing hub for electronic products over the last two decades.
The exports and imports of Vietnam set a new record in 2022, unlocking tremendous potential in international trade, the report said.
The report provides an objective and scientific assessment of foreign investment in Vietnam and the country’s overseas investment, in comparison with annual, medium-term, and long-term targets. This gives an all-around view of the foreign direct investment's (FDI) role and impact on Vietnam’s economy and society.
This year’s version consists of three chapters: the global and ASEAN situation, foreign investment in Vietnam, and directions and solutions.
“The highlight of the report is that along with conference of documents of many prestigious international organisations such as the International Monetary Fund, the World Bank, the Asian Development Bank, and the United Nations Conference on Trade and Development, VAFIE surveyed 12 localities attracting and using FDI capital with high socioeconomic efficiency to evaluate, research, draw lessons, and find opportunities and challenges in improving the quality and effectiveness of FDI inflows,” Mai said.
“Besides this, the report is based on survey results conducted by KMPG on over 100 foreign-invested enterprises to have trust and objective opinion,” he said.
The report also proposes solutions to effectively implement FDI attraction policies. Accordingly, the report said that Vietnam needed to improve its policies to attract and use FDI with a focus on green growth, digital transformation and supply chain connectivity of domestic and foreign-invested enterprises.
| ||Around $370 million in FDI inflows flood the real estate sector |
Foreign capital is pouring swiftly into the real estate market despite the depressing internal environment.
| ||Southern province welcomes new-generation FDI |
The southern province of Dong Nai has seen positive changes in foreign direct investment (FDI) in the first two months of this year as its newly-licensed projects use advanced technology, are less labour intensive and more environmentally friendly.
| ||Diplomatic advances to bolster FDI |
In a bid to boost economic cooperation, including expansion of exports and attraction of more investment, the government will continue amplifying diplomatic activities, with a hallmark first-ever 5-year action programme serving as one of the pivotal pillars in socioeconomic development.
| ||Patience a virtue for rally of foreign direct investment |
While foreign investment inflow into Vietnam is continuing at a leisurely pace this year, some commitments on large investments ahead could be a glimmer of hope to restrain the decline.
By Oanh Nguyen