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Vietnam Today

MPI holds conference on 30 years of FDI

Released at: 19:03, 04/10/2018

MPI holds conference on 30 years of FDI

Photo: Ngoc Lan

Participants, including PM, discuss strategy, directions, and future solutions for FDI into Vietnam.

by Ngoc Lan

The "30 years of FDI Mobilization in Retrospect in Vietnam" conference was held on October 4 in Hanoi by the Ministry of Planning and Investment and attended by Prime Minister Nguyen Xuan Phuc.

The conference also welcomed Deputy Prime Minister Vuong Dinh Hue and speakers who are leaders of ministries and cities and provinces, experts on FDI, representatives from business associations, and domestic and foreign investors, who joined in discussions on strategy, directions, and future solutions for FDI into Vietnam.

Prime Minister Phuc said Vietnam is strengthening macroeconomic stability, creating substantial changes in the implementation of strategic breakthroughs, and restructuring the economy in combination with reforming its growth model and raising productivity, quality, effectiveness, and competitiveness.

He also spoke of five views on FDI in the time to come. Firstly, Vietnam affirms that the FDI sector is an important sector in the economy. After 30 years of attracting FDI, Vietnam has implemented a foreign investment cooperation policy with a broader scope.

Foreign investment cooperation is not only attracting FDI but also cooperation in management, links, and M&As.

Secondly, Vietnam hopes to improve the efficiency of foreign investment cooperation, bringing benefits to investors, the State, and society and protecting the environment.

Thirdly, Vietnam should promote links between FDI and domestic enterprises in order to develop large-scale support industries and high-quality technologies in association with regional and global value chains.

Fourthly, Vietnam encourages FDI into the high-tech sector, environmentally-friendly projects, that that use natural resources efficiently, create employment, save energy, are sustainable, produce value-added products, or have high localization rates.

Fifth is cooperation with multinational corporations, investors with innovative technologies, supply chains, and international value chains to form and develop industrial linkage clusters in regional and global value chains.

Minister of Planning and Investment Nguyen Chi Dung emphasized that Vietnam will not attract FDI at any cost and a focused solution is needed. Vietnam must also focus on developing its domestic enterprises, increasing productivity and resources, and promoting domestic resources. “After 30 years of attracting FDI, Vietnam must review the process and set criteria for assessing the effectiveness of FDI in terms of quality, sustainability, and value creation, and continue issuing policies to attract more FDI in the future,” he said. “We must identify the issues that remain limited and find solutions.”

According to the Foreign Investment Agency (FIA), Vietnam had 26,646 FDI projects as at the end of September with total registered capital of $334 billion in 19 of its 21 industries.

The manufacturing sector accounts for the largest proportion (57.1 per cent) of all FDI capital. There are currently 129 countries and territories investing in Vietnam, with South Korea and Japan leading the way with nearly $117 billion in total.

FDI generated nearly 4 million direct jobs and nearly 5 million indirect jobs and contributed about one-quarter of total social investment, while accounting for one-fifth of GDP and 70 per cent of export and import turnover.

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