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.

Growing FDI commitments reinforce Vietnam investment competitiveness: WB

13 Nov, 16:31

Close attention should be on the capacity of the Vietnamese economy to firm up its recovery from the coronavirus crisis, noted the World Bank.

Hanoi ranks third nationwide in FDI attraction with US$3.13 billion

27 Oct, 15:00

The city attracted 438 new foreign-invested projects during the January – October period.

Urgent steps needed for Vietnam to attract high quality FDI

28 Sep, 14:20

While global FDI is projected to decline by 40% year-on-year in 2020, FDI commitments to Vietnam in the first eight months dropped 13.7% year-on-year to US$19.54 billion.

Vietnam to tighten biometric authentication for new bank cards next year

Bank card issuers must conduct a face-to-face meeting and match the biometric data of individual customers or the legal representative of organizational customers with their identity documents.

05 Dec, 10:37 AM

Make in Vietnam forum spotlights breakthroughs shaping digital future in the country

Vietnam will host the seventh National Forum on Vietnamese Digital Technology Enterprises on December 25 in Hanoi, highlighting policy directions, strategic technologies and progress under the “Make in Vietnam” initiative as the country pushes toward a stronger digital economy.

02 Dec, 03:33 PM

Hanoi and Moscow seek new economic momentum as partnership marks 75 years

At the Moscow–Hanoi Business Forum, leaders from both capitals said 75 years of Vietnam–Russia ties provide a strong foundation to deepen economic and investment cooperation, especially in technology, trade and urban development.

02 Dec, 02:17 PM

Vietnam manufacturing maintains strong momentum despite storms disrupting supply chains

Vietnam’s manufacturing sector continued to expand in November, marking the fifth straight month of improvement, even as severe storms caused supply-chain delays and slowed production, according to S&P Global.

01 Dec, 09:13 PM

Techfest 2025 returns to Hanoi, spotlighting Vietnam’s vibrant startup community

Hanoi’s Hoan Kiem pedestrian street will host Techfest Vietnam 2025 from December 12 to December 14, welcoming entrepreneurs, investors and the public to explore emerging technologies and celebrate the country’s growing culture of innovation.

01 Dec, 09:07 PM

Vietnam expands major entrepreneurship program to unlock opportunities for women nationwide

The Vietnam Women’s Entrepreneurship Support Program has surpassed nearly every target set for 2017–2025, empowering more than 118,000 women to launch new ventures and laying the groundwork for a stronger, more inclusive entrepreneurial ecosystem in the next decade.

01 Dec, 07:11 PM

HHTIP accompanies businesses in efficient energy use for sustainability

As green transition becomes a decisive factor shaping future growth, Hanoi is intensifying efforts to push energy efficiency across its industrial zones. The city’s management board is building a development model centered on clean energy, responsible production and sustainable operations.

30 Nov, 02:00 PM

Vietnam launches Semiconductor Alliance to build skilled workforce, strengthen global industry ties

The newly launched Semiconductor Alliance in Vietnam seeks to develop skilled professionals, foster collaboration between universities and businesses while preparing the country to play a more active role in the global semiconductor industry.

28 Nov, 06:15 PM