Vietnam - A safe destination for development of FDI

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.
Vietnam - A safe destination for development of FDI hinh anh 1Deputy Prime Minister Pham Binh Minh addresses the forum (Photo: VietnamPlus)

Hanoi (VNA) – 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.

The Connections for Development Forum 2021 themed “Seizing New Opportunities for Localities and Businesses” was co-organised by the Ministry of Foreign Affairs and Vietnam Economic Times on April 26.

Supportive “vote”

Addressing the forum, Deputy Prime Minister Pham Binh Minh said that Vietnam has become an attractive investment destination in Asia and its nation brand value is growing at the fastest rate in the world, rising nine places to 33rd in the top 100 nation brand rankings.

As of December 2020, Vietnam had a total of 33,070 FDI projects worth over 384 billion USD, with 231.86 billion USD, or 60.4 percent of the funding, disbursed.

The FDI sector has become an important driver of Vietnam’s economic growth, with its contribution to GDP rising considerably, he noted.

Minh said registered and disbursed FDI capital during 2016-2020 increased sharply compared to previous periods, adding that although 2020 was full of difficulties, investors maintained their trust in Vietnam’s market and investment climate and expanded their operations in the country.

This is a 'vote' to support the Government, ministries, sectors and localities to continue their efforts in reforming and developing a modern administrative system to the business community, towards a prosperous Vietnam, he stressed.

Vietnam - A safe destination for development of FDI hinh anh 2The Connections for Development Forum 2021 is held on April 26 by the Ministry of Foreign Affairs and Vietnam Economic Times (Photo: VietnamPlus)

Minister of Foreign Affairs Bui Thanh Son said that although both domestic and foreign investment promotion activities have faced difficulties amid severe impacts of the COVID-19 in the last two years, many creative ideas have been put forward and implemented successfully.

Over the past years, the Ministry of Foreign Affairs has taken the initiative in helping connect localities with international partners through activities held both inside and outside the country, he said.

The FM highlighted the significance of the forum, saying that it is an important joint effort of the ministry and the Vietnam Economic Times to update information and strengthen linkages among relevant agencies, thus expanding cooperation towards prosperous and sustainable development goals.

Opportunities in parallel with challenges

Representing the business community, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc said economic sectors in Vietnam have had their roles clearly defined by the Party and State.

Vietnam - A safe destination for development of FDI hinh anh 3Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc (Photo: VietnamPlus)

On the basis of existing guiding policy and the legal foundation, FDI enterprises have many favourable conditions to operate effectively and contribute more to the development of localities and Vietnam’s economy, Loc said.

Representatives from the American Chamber of Commerce in Vietnam (AmCham), the British Chamber of Commerce Vietnam (BritCham), and the European Chamber of Commerce in Vietnam (EuroCham), shared the view that the country’s brand and stature in the international arena have improved considerably in recent years, which is an important prerequisite for cooperation between localities and investors and between foreign and domestic businesses.

Heads of the Korea Chamber of Business (KorCham) in Vietnam and the Japan External Trade Organisation (JETRO) in Hanoi also spoke highly of Vietnam, describing it as a safe destination for development.

They held that localities’ professionalism and transparency have been creating substantial momentum for investors to shift and expand investments to large and hi-tech projects.

Deputy PM Minh said the Government will focus on four issues: firmly maintaining a stable macro socio-political environment, improving the quality and transparency of institutions, policies and laws, prioritising investment in infrastructure development, and reforming the business environment and administrative procedures, especially those relating to land and site clearance.

He emphasised that the Government welcomes foreign investors to the country to conduct long-term business and actively contribute to the country’s development.

In the time ahead, the FDI sector will remain an important driving force helping to realise Vietnam’s aspirations for prosperity, he added./.

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