Investment
Vietnam must create breakthroughs in attracting quality FDI projects: Gov't
The linkage and spillover effect between the FDI sector and the economy in overall have left much to be desired.
The growing global uncertainties and protectionism are affecting the capital flows worldwide. In this context, Vietnam must create breakthroughs in attracting quality FDI projects and avoid being left behind by others, according to Deputy Prime Minister Trinh Dinh Dung.
The foreign-invested sector has been an indispensable part of Vietnam’s economy and contributed significantly to the country over the last 30 years, Dung said at a conference discussing the foreign capital inflow in the new context on December 21 in the northern province of Vinh Phuc.
As of November, Vietnam has 27,000 valid FDI projects with registered capital of US$337.8 billion, of which the actual FDI disbursement stands at US$187 billion.
The FDI has helped Vietnam enhance local enterprises’ corporate governance, productivity, at the same time creating new jobs and a higher competitiveness for the economy, Dung continued.
Through foreign investment, Vietnam has solidified and strengthened cooperation with countries all over the world.
Nevertheless, the linkage and spillover effect between the FDI sector and the overall economy have left much to be desired. Additionally, the localization rate and level of technological application in products of foreign invested companies remain low, he stated.
Dung said helping Vietnamese enterprises join the global value chain should be one of the FDI sector’s main priorities in the coming time.
According to Dung, foreign investors coming to Vietnam would be treated equally and fairly. The government is responsible for supporting and meeting the investors’ demand on the basis of the rule of law, so that there will be a win-win situation for all parties involved.
Part of the government’s responsibility is to finalize the legal framework concerning construction and investment, including the Land Law, the Law on State Budget and the Investment Law, among others.
Meanwhile, it is important to continue the administrative reform and enhance the capabilities of public officials, aiming towards the formation of a government of service, Dung said.
Dung asked investors to comply with Vietnamese legislation, while committing to social responsibilities and environmental protection.
At the meeting, the local authority has issued investment certificates for Toyota with registered capital of US$75 million; one for Foxconn to build housing for employees and public facilities worth US$68.49 million; projects worth US$842 million of South Korean’s Yoongpong Group, and other projects with investment capital of US$2 billion in total.
Deputy Prime Minister Trinh Dinh Dung at the conference. Source: VGP.
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As of November, Vietnam has 27,000 valid FDI projects with registered capital of US$337.8 billion, of which the actual FDI disbursement stands at US$187 billion.
The FDI has helped Vietnam enhance local enterprises’ corporate governance, productivity, at the same time creating new jobs and a higher competitiveness for the economy, Dung continued.
Through foreign investment, Vietnam has solidified and strengthened cooperation with countries all over the world.
Nevertheless, the linkage and spillover effect between the FDI sector and the overall economy have left much to be desired. Additionally, the localization rate and level of technological application in products of foreign invested companies remain low, he stated.
Dung said helping Vietnamese enterprises join the global value chain should be one of the FDI sector’s main priorities in the coming time.
According to Dung, foreign investors coming to Vietnam would be treated equally and fairly. The government is responsible for supporting and meeting the investors’ demand on the basis of the rule of law, so that there will be a win-win situation for all parties involved.
Part of the government’s responsibility is to finalize the legal framework concerning construction and investment, including the Land Law, the Law on State Budget and the Investment Law, among others.
Meanwhile, it is important to continue the administrative reform and enhance the capabilities of public officials, aiming towards the formation of a government of service, Dung said.
Dung asked investors to comply with Vietnamese legislation, while committing to social responsibilities and environmental protection.
At the meeting, the local authority has issued investment certificates for Toyota with registered capital of US$75 million; one for Foxconn to build housing for employees and public facilities worth US$68.49 million; projects worth US$842 million of South Korean’s Yoongpong Group, and other projects with investment capital of US$2 billion in total.
