Viet Nam a magnet for foreign investment: Business Times

DNHN - Thanks to policies to support post-COVID-19 recovery, and the gradual resumption of tourism activities, Viet Nam is an investment attraction magnet, Lao Dong (Labour) Newspaper cited The Business Times of Singapore as saying.

According to The Business Times, "decisive containment measures and well-targeted government support" as defined by the International Monetary Fund in its report during the early years of the pandemic helped limit the economic depression from the health crisis.

According to the Singapore Business Federation's (SBF) National Business Survey, which was conducted from July to October last year, Singapore businesses remain keen on the Vietnamese market.

Viet Nam came in second in terms of countries Singapore businesses were most keen to invest in. Of the 440 companies who said they are planning for future expansion, 31 percent said they wanted to go to Viet Nam.

Singapore has been the top investor in Viet Nam for the last 2 years.

According to the Vietnamese Ministry of Planning and Investment, in 2021, the country poured 10.7 billion USD into Viet Nam, accounting for 34.4 percent of total investment capital in Viet Nam.

Significantly, there was no dip in terms of overall realised foreign direct investment (FDI). The total disbursement of FDI was 19 billion USD in 2018, and this increased to 20 billion each year in the 2019 -2021 period.

SBF and the United Overseas Bank Ltd. (UOB) of Singapore were both recognised by Viet Nam's Ministry of Planning and Investment for their efforts to promote FDI into Viet Nam.

Meanwhile, Viet Nam is striving to resuscitate its tourism sector with plans to fully reopen the country to foreign visitors, and Chief Executive Officer of the UOB Viet Nam Harry Loh said the lifting of nearly all the travel restrictions from March 15 will create a positive impact.

The Diplomat magazine of India recently reported that Viet Nam’s tourist industry has grown by leaps and bounds, in line with its dynamic economy over the past two decades, accounting for over 10 percent of the GDP.

Therefore, the tourism revival has become a crucial matter in the Government's wider plan to revive the economy, The Diplomat said.