The foreign direct investment (FDI) sector continues to be an important economic driver, contributing to making Vietnam more prosperous, Deputy Prime Minister Pham Binh Minh said.
Foreign investors maintained their trust in Vietnam despite countless difficulties last year and the country is viewed as a safe destination for development, heard a recent forum in Hanoi.
One of the bright spots in the economy during the first quarter of this year was the positive results in FDI attraction and disbursement. Figures show that, in the first 3 months of the year, total foreign investment reached over 10 billion USD, up 18.5% over the same period of last year.
The UK's forecasting and quantitative analysing company Oxford Economics has given positive assessments on Vietnam, highlighting the rising role of the country in the global manufacturing supply chains.
Strong export growth and a successful campaign to contain the spread of COVID-19 have supported Vietnam’s economy through the pandemic and allowed the government to adopt a restrained fiscal policy response, says Fitch Ratings.
The report on Provincial Competitiveness Index (PCI) in 2020 acknowledged efforts in administrative reform of all 63 provinces and centrally-run cities, but the business circle still wants local administrations at all levels to further improve their transparency and accountability.
Several of Vietnam’s key export sectors, such as textile-garment, leather-footwear, and electronics have become magnets for merger and acquisition (M&As) activities, posing a risk of leading enterprises in those sectors being purchased by foreign investors.
In an era of protectionism where the jitters of COVID-19 are still being felt by many economies, Vietnam is soaring to become one of the prime locations for export manufacturers, said a recent article published on the Hong Kong-based global industry analysis firm Counterpoint.
Vietnam’s economic growth in the first quarter is estimated at 4.48%, higher than the 3.68% posted in the first quarter of last year. However, there is still much to be done to reach the annual target of 6.5%, according to insiders.
The processing and manufacturing sector took the lead in attracting foreign investment in the first three months to March 20, absorbing over 5 billion USD, or 49.6 percent, announced the Foreign Investment Agency (FIA) at the Ministry of Planning and Investment.
Reports on the performance of the 14th National Assembly (NA), the State President, and the Government in the 2016-2021 tenure were respectively delivered by NA Chairwoman Nguyen Thi Kim Ngan, Party General Secretary and State President Nguyen Phu Trong, and Prime Minister Nguyen Xuan Phuc at the legislature’s 11th session that opened on March 24.
The UK’s MoneyWeek news website has run a story highlighting that Vietnam is one of the most promising markets of Asia in a long time thanks to the country’s success in COVID-19 control.
The People’s Committee of Hanoi hosted a press conference on March 4 to update the media on the capital city’s socio-economic development situation, which saw upbeat signals despite impacts from the COVID-19 pandemic.
As much as 5.46 billion USD worth of foreign direct investment (FDI) was injected into Vietnam as of February 20, equivalent to 84.4 percent of the figure recorded in the same time last year, according to the Ministry of Planning and Investment.
In recent years, many investors from developed countries have gradually turned to Vietnam, with 2021 continuing to be a promising year in attracting foreign direct investment (FDI).
China’s Newsweek ran an article recently highlighting the positive outlook for Vietnam’s economy.
Reuters news agency analysed factors that can turn Vietnam into a sci-tech hub on an article published on February 1, which commented on the Communist Party of Vietnam (CPV)’s aim for the nation to realise comprehensive development in 2045.
Industry was the fastest growing sector and the largest contributor to Vietnam’s export revenue over the last decade, making up roughly 30 percent of the annual GDP, Minister of Industry and Trade Tran Tuan Anh told the on-going 13th National Party Congress on January 28 morning.
In the spirit of “looking straight at the truth, evaluating the truth properly and speaking the truth”, the sixth National Party Congress affirmed the determination to reform the Party’s leadership in the spirit of revolution and science.
“Doi Moi” (Renewal) policy, launched during the sixth National Party Congress in 1986, has helped Vietnam record remarkable, comprehensive and historical achievements, with a high economic growth, people’s better living conditions and stable socio-political situation, expanded foreign relations and enhanced international prestige.