Vietnam sees huge opportunities to attract high-quality FDI

Boasting a highly-open economy, Vietnam has great potential to attract high-quality foreign direct investment (FDI) from major enterprises worldwide, according to insiders.

Despite numerous difficulties occurring in the global economy, Vietnamese FDI attraction has continued to achieve positive results in recent times.

Last year saw total registered FDI capital in the country reach US$36.6 billion, representing an increase of 32.1% compared to the previous year.

The final days of 2023 and the first days of this year, several industrial parks in the northern province of Vinh Phuc have been urgently building infrastructure and expanding land funds in order to be ready to welcome major foreign investors.

Specifically, Ba Thien 2 industrial park in Binh Xuyen district, Vinh Phuc province has completed technical infrastructure and attracted more than 50 foreign-invested projects from the Republic of Korea, Japan, and the United States for a short time.

Nguyen Cong Thang, deputy head of the Industrial Park Management Board of Vinh Phuc province, stressed that local authorities will strive to create optimal conditions for foreign investors in terms of administrative procedures to provide them with investment certificates and other licenses in a fast manner.

Last year saw the disbursement of FDI capital in the nation stand at an estimated US$23.18 billion, marking an increase of 3.5% on-year. This is also the highest amount of disbursed FDI capital over the past five years.

Insiders attributed the positive signs in FDI attraction to political stability, faster economic recovery after the COVID-19 pandemic, sustained macro-economic stability, and controlled inflation.

Furthermore, the country has got involved in several free trade agreements, all of which have been effectively implemented and facilitated greater international investment and trade activities.

Experts pointed out that relevant ministries and branches are required to ramp up investment promotion activities in a selective manner with priorities being given to hi-tech firms, as well as removing barriers to attract more high-quality FDI moving forward.

Economic expert, Dr. Le Duy Binh stressed that foreign investors remain highly concerned about the business climate, noting that the nation needs to further improve its investment climate, upgrade its infrastructure, and move to reduce logistics costs faced by businesses.

Source: VOV