Vietnam commits to improving investment environment: PM
Updated : Friday, October 05, 2018 9:31 AM (GMT+0700)

TheVietnamese Government commits to building a more favourable and competitiveinvestment environment towards international standards and in accordance withcommitments to high standards the country has made in new-generation free tradeagreements (FTAs), said Prime Minister Nguyen Xuan Phuc on October 4.

 
PM Nguyen Xuan Phuc (front line, fourth from left) and delegates at the event

Addressing a conference toreview the 30 years of foreign investment attraction in Vietnam held in Hanoi,the leader affirmed that the Government will continue with guidelines andpolicies on foreign investment. 

The Government alwayssupports investors, for mutual benefits and sustainable development, hesaid. 

“Your success in Vietnam isalso our success and pride”, he told the participating foreign investors. 

The PM stressed that foreigninvestment always accompanies Vietnam’s Doi Moi (Reform) process, vividlymanifests the country’s open-door policy and forms part of economic as well asinternational integration Vietnam is pursuing, contributing to raising its positionin the international arena. 

Over the past 30 years,foreign investment attraction has proven itself as a sound and successfulpolicy of the Vietnamese Party and State, he said, noting that foreign-investedenterprises have become active members of the business community inVietnam. 

The leader, however, pointedout weak points in foreign investment such as the limited number ofmulti-national groups using high and source technologies, below-expectationcoordination between domestic and foreign investment sectors, and environmentalpollution caused by some projects. 

PM Phuc said foreigninvestment cooperation has been expanded to management, connectivity, andmerger and acquisition (M&A), with an emphasis on environmental protection,labourer protection and social interest guarantee. 

Vietnam wants to promote thelinkage between foreign-invested and domestic firms in order to develop thesupporting industry and other industrial sectors with large scales andhigh-quality technologies and connected with regional and global valuechains. 

The country encouragesforeign investment in high and environmentally friendly technologies, andattracts foreign projects that aim to approach the Fourth Industrial Revolutionto create high added values, he said. 

The FDI sector has become animportant part of Vietnam’s economy, the PM stressed, urging ministries andagencies to ensure socio-political stability and to stabilise the macroeconomy, while stepping up infrastructure development and high-quality personneltraining.

On this occasion, PM Phucand Deputy PM Vuong Dinh Hue presented awards to groups, individuals and FDIfirms in recognition of their contributions to national socio-economicdevelopment over the past time. 

At the conference, the PMwitnessed the signing of some investment cooperation documents and thehand-over of investment licences. 

It was reported that as ofAugust 20, the country counted 26,500 valid FDI projects with the totalregistered capital reaching 334 billion USD. Of the sum, about 184 billion USDhas been disbursed.

The FDI sector makes upnearly 20 percent to the national GDP, and 58 percent of foreign investmentcapital has been poured into the processing and manufacturing activities. 

In 2017, the FDI sector’sexport turnover made up 72.6 percent of the country’s total. The sector hasgenerated about 4 million jobs. 

Domestic and foreigninvestors at the conference showed positive viewpoints on Vietnam’s attractiveand open business environment, especially the country’s engagement in 12bilateral and multilateral trade agreements with 56 partners in theworld. 

Nicolas Audier, Co-Chairmanof the European Chamber of Commerce in Vietnam, said the new-generation FTAs,including the EU-Vietnam FTA, will create opportunities for Vietnam to developfurther.

With a preferentialinvestment environment, production cost competitiveness, rosy economicprospects, the development of the middle class, the increasing number oftrained labourers and favourable geographical in Southeast Asia, Vietnam is anattractive destination for foreign investors, he said. 

Tomaso Andreatta,Co-Chairman of the Vietnam Business Forum (VBF) Consortium, suggested relevantVietnamese agencies set forth measures to keep investors in Vietnam and attractothers with higher quality. 

Vietnam should improveskills and knowledge of labourers so as to help them master automatictechnologies of the Fourth Industrial Revolution, multiply independentvocational training companies and reform the educational system, he said. 

The conference broughttogether more than 3,500 representatives of ministries, agencies, localities,embassies, diplomatic corps, international organisations, associations andeconomic groups, experts, scientists and domestic and foreign investors.

Source:VNA

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