VIR to hold major foreign investment conference on May 15

Live: Strong Investment Partnerships for a Thriving Vietnam

Themed “Strong Investment Partnerships for a Thriving Vietnam”, the event is expected to have the participation of representatives from ministries, international organisations, the business community, and foreign business associations from India, Europe, the United States, South Korea, Japan, and more.

With four keynote speeches and two panel discussions, the event will cover success stories, lessons to learn, future plans, and possible solutions to welcome new investment in manufacturing, services, retail, real estate, tourism, education, banking, high-tech agriculture, and energy.

VIR to hold major foreign investment conference on May 15

The experts are likely to say that Vietnam should prepare stronger conditions such as developed infrastructure, highly skilled labour supply, and increasing capacity of domestic enterprises to join the value chain. The nations is also believed to need new investment support and incentive policies in the context of the upcoming global minimum tax from 2024, in order to increase competitiveness and harmonise investors' interests.

All of the issues are expected to be discussed at the event, hoping to find possible solutions to increase Vietnam’s attraction in the months and years to come.

Since Vietnam opened its doors to foreign investment in 1987, overseas funding has been integral to the country’s economy. Vietnam has encouraged foreign investment in order to bring into play external forces, arouse the spirit of creativity, and resonate with internal strengths to promote the development of its economy.

Minister of Planning and Investment Nguyen Chi Dung said, “Foreign investors have brought with them capital, experience, technology, and more to Vietnam to contribute to the formation of a number of key industries in the country, such as oil and gas, electronics, and telecommunications.”

The foreign investment sector has also promoted technology transfer to Vietnam, improved the economy's technology adoption, and put pressure on domestic enterprises to actively innovate technology to improve competitiveness, he added.

"At the same time, the foreign investment sector has made important contributions to Vietnam's international integration process and expanding relations with other countries, as well as enhancing Vietnam's status in the region and wider world,” Minister Dung said.

By the end of April 2023, Vietnam has accumulated nearly $446 billion of foreign investment, with nearly $280 billion disbursed. Many multinational corporations and large foreign-invested groups with modern technology have been investing and expanding in Vietnam, with increasing quality and efficiency.

Such groups include Samsung, Nestlé, SABECO, Piaggio, Panasonic, HSBC, UOB, Dragon Capital, Frasers Property Vietnam, Gamuda Land, AEON, DKSH, and KPMG.

In particular, British University Vietnam has been a trailblazer in education, CME Solar Investment and the German Development Agency have been heavily involved in the energy sector, and Hoiana Resort & Golf is a mainstay in tourism.

Vietnam is now focused on investment attraction and cooperation, with quality, efficiency, technology, and environmental protection being the main evaluation criteria. Priority is also given to attracting projects in high technology, innovation, and research and development; creating better conditions for Vietnamese enterprises to participate in the value chain; and promoting the digital economy, green economy, and circular economy.

Gabor Fluit, chairman of the European Chamber of Commerce in Vietnam said, “European investment in Vietnam is not only on the rise, but is also showing no signs of slowing down. Both parties are exploring ways to enhance their cooperation in key areas such as digitalisation, renewable energy, and sustainable development.”

Keynotes at the conference:

Samsung Vietnam, AEON Vietnam, UOB Vietnam, and VPBank

Panel discussion 1:

1. Joonsuk Park, head of International Subsidiary Banking, Wholesale Banking, HSBC Vietnam

2. Truong An Duong, general manager, North Vietnam & Residential, Frasers Property Vietnam

3. Kim Le Huy, vice president, Business Unit Consumer Goods, DKSH Vietnam

4. Steven Wolstenholme, president and CEO, South HoiAn Development - Hoiana Resort & Golf

5. Khuat Quang Hung, director of Corporate Affairs and , Nestlé Vietnam

6. Le Nguyen Doan Duy, business development director, Asia Ingredients Group

Panel discussion 2:

1. Phan Huu Thang, former director-general, Foreign Investment Agency, Ministry of Planning and Investment

2. Prof. Dr. Nguyen Mai, chairman, Vietnam Association of Foreign-Invested Enterprises

3. Do Van Su, deputy director-general, Foreign Investment Agency

4. Philipp Munzinger, programme director, GIZ Energy Support Programme Vietnam

5. Ha Do, partner and head of IGH and ESG, KPMG Vietnam and Cambodia

6. Bui Trung Kien, deputy chairman, CME Solar Investment

7. Trang Le, head of Research and Consulting, JLL Vietnam

8. Prof. Raymond Gordon, vice chancellor and president, British University Vietnam

Investment of 304.3 million USD proposed to upgrade Mekong Delta roads The Ministry of Transport has proposed projects to upgrade and improve three national highways, 53, 62 and 91B, in Cuu Long (Mekong Delta) provinces.

Indian travel companies seek investment opportunities in Ninh Thuan Representatives of Indian travel companies are joining a Famtrip delegation to Ninh Thuan to seek tourism cooperation opportunities in the south-central coastal province.

Hai Phong licenses 4 new investment projects The northern port city of Hai Phong on May 9 granted investment registration licenses to a project to build Berths No.7 and 8 at Lach Huyen deep-water port area, and three others in the city’s industrial parks.

Vietnamese firms invest nearly 22 billion USD abroad There had been 1,643 Vietnamese-invested valid projects in foreign countries with a total capital of 21.93 billion USD as of late April, according to the Ministry of Planning and Investment’s Foreign Investment Agency.

Measures needed to sustain FDI growth trend: expert Foreign investors still put their trust in the Vietnamese economy, but it is important to take measures for sustaining the upward trend in foreign direct investment (FDI), an expert has said.