Vietnam posts positive signs in FDI attraction

Vietnam’s success in the fight against COVID-19 and its overall stability have increased its competitiveness and resulted in positive outcomes in foreign direct investment (FDI) attraction since the start of the year, Director of the Foreign Investment Agency under the Ministry of Planning and Investment, Do Nhat Hoang, has said.

The country needs to further capitalize on its strengths, potential, and opportunities to absorb future investment, he added.

Vietnam clearly exhibits stability in its macro-economic and political situations and boasts a high level of prestige in investment attraction, as the number of large-scale energy and processing-manufacturing projects applying high technology in key sectors has been on the rise.

As of April 20, foreign investors had pumped 12.25 billion USD into Vietnam this year, equal to 99.3 percent of the amount recorded in the same period last year.

Among the 67 countries and territories with investment projects during the period, Singapore led with 4.8 billion USD, followed by Japan with more than 2.5 billion USD and the Republic of Korea with 1.5 billion USD.

The country is also working to attract projects from Europe and the US.

Various incentives for FDI investors have been launched, along with opportunities brought about by new generation free trade agreements Vietnam has signed. The Government has also exerted efforts in administrative reforms and in improving the investment climate.

Meanwhile, relevant agencies have been advised to call for investment from multinational corporations with strengths in capital and technology, thus helping domestic companies access modern technologies and work with foreign counterparts in further joining global value chains.

Localities must revise their legal documents and investment policies to address any inconsistencies and should take the initiative in choosing projects that match their own potential and investment orientation.

Priority should be given to hi-tech, energy and space-saving, and environmentally-friendly projects.