14TH NATIONAL CONGRESS OF THE COMMUNIST PARTY OF VIETNAM

Former German vice chancellor facilitates US$350-million investment into Vietnam

Nguyen Tung

Nov 26, 2020 / 04:05 PM

Tourism, digital startups and production of healthcare equipment are fields set to receive funds from the US$350-million investment plan.

In a meeting with Prime Minister Nguyen Xuan Phuc on November 25, a delegation of foreign investors led by Vietnamese-born Philipp Roesler, former German vice chancellor, announced a US$350-million investment plan into Vietnam’s priority fields.

Prime Minister Nguyen Xuan Phuc and former German Vice Chancellor Philipp Roesler. Photo: Quang Hieu.

The delegation, comprising of major corporations from Germany, Switzerland and Israel, wants to do business and support the development of Vietnam once the Covid-19 pandemic is fully contained, stated Mr. Roesler.

For the time being, around US$350 million would be invested in tourism, digital startups, and production of healthcare equipment, he added.

Other delegates highly regarded Vietnam’s business environment and considered the country’s tourism sector and startups have enormous potential for development, which are nevertheless severely impacted by the Covid-19 pandemic.

Foreign investors look forward to more support from the government in simplifying investment procedures while some also informed of their plans to shift production facilities from other countries to Vietnam.

Prime Minister Nguyen Xuan Phuc said Vietnam’s effective measures against the Covid-19 pandemic help ensure the country’s positive economic growth this year.

Delegates at the meeting. Photo: Quang Hieu.

The country is currently home to 33,000 foreign investment projects from 139 countries and territories with a combined investment capital of US$383 billion.

Mr. Phuc said Vietnam is attracting FDI projects using high technologies and aiding the development of supporting industries and high-quality human resources. During this process, the government is committed to improving the business environment and creating more favorable conditions for foreign businesses.

The Vietnam PM suggested to Mr. Roesler that he continue promoting multinationals' investment in Vietnam, saying he welcomes investors’ decision to invest in Vietnam’s key fields, such as tourism or innovative startups.

Mr. Phuc stressed the government would ensure lawful rights of foreign investors for them to commit long-term business in Vietnam.

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