Vietnam has seven advantages that "attract" international investment
- 208
- Socially Responsible Enterprise
- 23:07 19/09/2022
DNHN - On the morning of September 17, the Minister of Planning and Investment revealed seven elements that make Vietnam "attract" foreign investors at the Prime Minister's Conference with foreign-invested firms.
According to Minister of Planning and Investment Nguyen Chi Dung, Vietnam is rated as an attractive and safe investment location by international agencies, with seven benefits, including:
First, a stable sociopolitical economy is particularly valued by the international community when it achieves the dual aims of disease prevention and control, as well as economic recovery and development.
"During the most severe era of the Covid-19 outbreak in 2020-2021, Vietnam remains one of the few economies with positive development, the macro-economy is stable, and inflation is kept at a low level." "The socio-economic growth has continued to accomplish many excellent achievements, particularly in the first eight months of 2022; many significant businesses and production groups have returned to operation with 100% capacity and extended investment," Mr Nguyen Chi Dung stated.
Second, the economy is very open, with considerable international economic integration, and its international standing is improving. As a result, Vietnam has entered and signed 15 new-generation free trade accords, which include all of the world's largest and most industrialized nations.
Third, there are plentiful human resources, a young labour structure, and competitive costs. Furthermore, with approximately 100 million people, the domestic market is rich in potential and fast rising in purchasing power. As a result, the middle class accounts for 15% of the population and is expected to reach 50% by 2030, according to the World Bank.
Fourth, Vietnam has implemented and continues to implement numerous measures to improve institutions and legislation by international standards and commitments in new-generation free trade agreements in which Vietnam participates, while also creating a favourable business investment environment and improving the country's competitiveness, thereby creating favourable conditions for foreign enterprises to invest and do business in Vietnam.
Fifth, infrastructure is heavily invested in and improved. The government is now executing the medium-term public investment plan for the period 2021-2025, as well as the investment plan to assist socio-economic recovery and development, both of which will focus on creating several projects. Important infrastructure such as motorways, coastal axes, airports, seaports, and so on; expedite implementation progress to provide a breakthrough driving force for the country's socioeconomic growth in the next years.
Sixth, Vietnam is strategically located in the region's core, with only a 3-5 hour flight connecting it to dynamic economies such as Japan, Korea, Singapore, and others.
Seventh, the Government's attention, friendship, and tenacity, as well as the engagement of the whole political system, to eliminate hurdles and problems for companies and make the investment climate more open and easy.
According to a brief survey done in September 2022 by the Ministry of Planning and Investment in partnership with the Vietnam Commercial Forum Alliance (VBF), displays good information regarding international investors' production and business operations in Vietnam. Over 90% of businesses attained medium to high company efficiency and financial position. Most firms expressed optimism and confidence in Vietnam and vowed to continue to develop investment and long-term operations, with around 66% planning to increase their investment in 2023.
76% of businesses regarded the efficacy of the government's production and business support policies (such as tax exemption and reduction, fees, price stabilization, labour permits, import and export policies, immunization assistance programs, etc.) as medium to high. The most effective strategies include VAT exemption and reduction; a program to stabilize gasoline and oil costs; improved work permit and customs clearance processes; import and export regulations; and worker assistance...
"This is the clearest proof of the business community's support and faith in the Government's and the Prime Minister's actions and solutions in recent years," Minister Nguyen Chi Dung stated.
Many foreign investors have shown interest in Vietnam, but to implement the policy of selectively attracting and cooperating with foreign investors, with quality, efficiency, technology, and environmental protection as the main evaluation criteria, a representative of the Ministry of Planning and Investment stated that Vietnam should focus on attracting projects in the fields of high technology, innovation, research and development; pervasive projects.
To attain that key aim, the government and its ministries, agencies, municipalities, and business groups must concentrate on both short-term and long-term solutions. In particular, in addition to the efforts of the government, state and local management agencies and business associations must be more proactive in researching and assessing challenges, opportunities, and business trends, market trends, particularly requirements on sustainable business, to share, guide, support, provide information and advise member businesses as soon as possible.
Additionally, promoting the association of member enterprises; strengthening the interests of its members in domestic and international relations; acting as a bridge, advocating for policies, maintaining dialogue with the Government, and relations with domestic and foreign agencies and organizations on laws and policies governing the business community's activities.
To increase the efficiency of foreign investment, the Business Association must continue to promote its function as a "bridge" between the government and member firms to reflect impediments and difficulties in the operation investment process as soon as possible. Simultaneously, confer with and consider adding and revising policies and legislation to reflect the current scenario.
PV
Related news
- Sunwah Group signed strategic partnership with Binh Duong province, Emphasising the strategic cooperative partnership between China and Vietnam
- National Assembly Chairman Vuong Dinh Hue received and worked with the Chairman of Sunwah Group (Hong Kong-China)
- Dr Vu Tien Loc: Unlocking the real estate market to boost the economy is a crucial solution
- Ba Ria - Vung Tau: 4 key areas of industry, seaports, tourism and high-quality services planned to attract investment
- Financial solutions for the global supply chain in Vietnam
- Viettel ranks second in global telecoms brand index
- Vietnam’s steel imports are estimated to exceed US$4 billion by the end of the first quarter of 2024
- Acting President Vo Thi Anh Xuan meets a delegation of the Vietnam Young Entrepreneurs Association
- State-owned enterprises to play a leading role in the economy
- Ensuring power supply - a key factor for FDI enterprises to invest in Vietnam
- South Korea to approve projects supporting Vietnam’s agricultural development
- Thanh Hoa Business Association: Seminar and Business Networking in Trieu Son District
- Binh Thanh Business Association organised March’s “Business Start-up and Management” Coffee Talk
- Vietnamese businesses dominate market share in Japan
- Important seafood industry groups exported to Australia
- Prime Minister encourages Australian companies to make investments in fresh growth drivers in Vietnam
- Foreign E-commerce businesses pay over 2,000 billion VND in tax in the first two months of the year
- Hoa Binh Provincial People's Committee: Gathering in the spring of the Lunar New Year 2024 with enterprises, investors, and cooperatives
- Over 400 businesses to participate in Vietnam ETE & Enertec Expo 2024
- Long An’s Allure - a “Magnet” with Constantly Improving Infrastructure and a Transparent Investment Environment
Đọc thêm Socially Responsible Enterprise
Tara Ha, from a renowned television presenter, has transformed into a successful female entrepreneur in the United States
With a philosophy of helping loved ones and friends gain control over their time, finances and avoid life's pitfalls, Tara Ha decided to pursue a career in professional financial and insurance consultancy. She has gained the trust of numerous client.
Ho Chi Minh City Spends nearly VND1,300 Billion on Tet Holiday Welfare
During the Lunar New Year, HCM City spent nearly VND1,300 billion on welfare for its residents. However, concerns remain over security, order, and fire incidents caused by the use of illegal fireworks.
Unilever Vietnam and nearly Three Decades of Accompanying Vietnam’s Sustainable Development
“There is no path in life, people walk and it becomes a path” - just like that saying, Unilever, from the name of a pioneer in sustainable development right from its inception, to a Group leading the way in sustainable development practices.
Peaceful Tet Festival of the Thanh Hoa Floating Village People
We had the opportunity to visit the Thanh Hoa floating village community, which was recently granted land ashore. We could see neat and clean houses, straight concrete roads, and the excitement and joy of the locals in their newly painted homes.
SNG Group - “One Heart - Warm Spring - Loving Tet” for the disadvantaged and disabled people in Tien Giang
Nearly 400 gifts and cash worth over VND 200 million were presented by the SNG Business Connection Community to the poor, orphans, lonely elderly people and poor disabled households in Tien Giang province.
Binh Thuan conducts “Tet Reunion - Spring Sharing” programme to present Tet gifts to workers
On the morning of 26 January, the Binh Thuan Civil Servants’ Trade Union organised the “Tet Reunion - Spring Sharing” programme to present Tet gifts to union members and workers in difficult circumstances on the occasion of the Lunar New Year 2024.
Hoa Binh Provincial Banking Sector: Presents 241 Tet Gifts to Disadvantaged Households in Van Son Commune
The Hoa Binh branch of the State Bank of Vietnam, in collaboration with the Hoa Binh Provincial Fatherland Front Committee and Tan Lac District People’s Committee, organised the “Warmth of Spring” Tet Gift-giving Programme in Van Son Commune.
SHB Brings a Warm Tet to Disadvantaged Children in Thai Binh Province
On 15 and 16 January 2024, SHB Bank, in collaboration with the Thai Binh Red Cross Society, presented 258 gifts to disadvantaged students with high academic achievements in Thai Binh province on the occasion of the Lunar New Year of the Dragon 2024.
MOT 2023: VAN SAC: A reimagined literary community project
The "MOT" book exchange event is one of the two primary annual events that THE 1% FUND project organises. MOET 2023: VAN SAC continues its mission to foster an appreciation for literature and disseminate an increasingly endangered reading culture.
Hoa Binh: The business community is at the forefront of a nationwide effort to unite in support of the impoverished.
Pioneering the emulation movement, the business community of Hoa Binh province upholds the spirit and social responsibility of the community while concentrating on restoring production and business following the pandemic.