Besides political and social macroeconomic stability, Vietnam is making great efforts to improve its investment environment and continue to perfect three strategic breakthroughs of institutions, infrastructure, and human resources, he said.

Illustrative photo.

Vietnam has also held policy dialogues, supported investors to overcome difficulties, and prepared conditions to welcome investors including land, energy, high-quality human resources, and supporting industries.

Hoang said that the most necessary thing for foreign direct investment (FDI) enterprises is human resources, adding Vietnam is developing training programmes to improve technical skills and labour productivity of human resources. In particular, the country is paying more attention to training based on the actual needs of enterprises.

“Many prestigious international organisations highly appreciate the results and prospects of Vietnam’s economic development,” Hoang said.

According to a survey conducted by the Japan Trade Promotion Organisation (JETRO) in 2022 with Japanese enterprises in Vietnam, 60% of the surveyed enterprises said they will expand their business in Vietnam in the next one or two years, the highest in ASEAN.

They also said Vietnam has the advantage of high growth potential, and businesses can increase revenue by expanding markets and increasing exports.

Meanwhile, according to a survey in January 2023 on the business environment of the European Chamber of Commerce in Vietnam (EuroCham), Vietnam is among the top five investment destinations globally.

Recently, in the World Happiness Report, Vietnam rose 12 places, ranking 65 out of the 137 countries.

“These are obvious evidence for the support and trust of the business community in Vietnam in recent years,” Hoang said.

Notably, after reducing for months, Vietnam’s FDI attraction increased in July thanks to the Government’s timely flexible solutions to support businesses.

In the past seven months, some economic indicators got positive such as total newly registered capital, adjusted and contributed capital from foreign investors reached nearly 16.24 billion USD, up 4.5% over the same period in 2022. There were 1,627 new projects, up 75.5% over the same period, with the total registered capital reaching nearly 7.94 billion USD, up 38.6% over the same period.

Hoang said that Vietnam is aiming to attract investment selectively, and improve investment promotion in selected fields relating to the digital economy, green economy, innovation, and renewable energy.

He added that his office will coordinate with international organisations to select potential corporations with competent financial capacity, and modern management.

Vietnam secures 10.86 billion USD in FDI in first five months

Total foreign direct investment (FDI) in Vietnam, including new and additional investment and contributions for share purchases by foreign investors, reached nearly 10.86 billion USD from January to May 20, according to the Ministry of Planning and Investment.

Improving FDI quality, quantity crucial for Vietnam

Amid the slowing down of the global investment flows, experts held that improving both quality and number of foreign investment projects is a heavy task for Vietnam, requiring great efforts from the Vietnamese Government to fulfil the “dual targets”.

Vietnam's five-month FDI rises sharply nationwide

The total inflows of foreign investment in Vietnam this year to May 20, including new and added investment and contributions for share purchases by foreign investors, reached nearly 10.86 billion USD, down 7.3% year-on-year, but up 10.6 percentage points as compared with the figure in the first four months of this year, the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment reported.

FDI business: Industrial production locomotive

(BGO) – Bac Giang province now has 8 industrial parks (IP) which have attracted 453 projects, including 350 foreign direct investment (FDI) projects with total registered capital of over 8.2 billion USD. Amid many difficulties, the FDI enterprises in the IP maintain stable production and business activities, ensure good policies and rights for labours. 

Hanoi tops country in FDI attraction in first four months

Hanoi led Vietnam in attracting foreign direct investment (FDI) in the first four months of this year, securing more than 1.7 billion USD in capital during the period, according to the Ministry of Planning and Investment.

Source: VNA