Foreign invested sector - important growth driver of Vietnam: official hinh anh 1As of the end of April 2023, Vietnam attracted nearly 446 billion USD in foreign investment, 280 billion USD of which had been disbursed. (Photo: VNA)

Hanoi – With the increasing
project number and investment value, foreign invested enterprises have become a
dynamic sector and an important growth driver for the Vietnamese economy, said Deputy
Minister of Planning and Investment Do Thanh Trung.

With open policies and a favourable,
stable, and increasingly improved business climate, Vietnam is one of the
leading countries and has obtained many major achievements in foreign
investment attraction, he told a workshop held by the Vietnam Investment Review
in Hanoi on May 15.

Over the last 35 years, the foreign
invested sector has always been considered an important part of the
Vietnamese economy and given conditions by the Party and State to develop,
cooperate, and compete healthily and fairly with other economic sectors, the deputy minister noted.

As of the end of April, Vietnam
attracted nearly 446 billion USD in foreign investment, 280 billion USD of
which had been disbursed, statistics show.

Despite impacts of the COVID-19
pandemic, Vietnam was still among the 20 biggest recipients of foreign
investment in 2020 as reported by the UN Conference on Trade and Development (UNCTAD).
This proves Vietnam’s successes in attracting external resources, Trung said.

The foreign invested sector has made
substantially contributions to the country’s integration into the world,
expansion of relations with other countries, and promotion of its position and
role in the region and the world, he went on.

is still assessed as an attractive investment destination, he said, citing a recent survey by the Japan External Trade Organisation (JETRO) which revealed
that 60% of Japanese firms plan to expand operations in Vietnam in the next one or two years. Meanwhile, European investors rank Vietnam fifth among the leading
global investment places.

Foreign invested sector - important growth driver of Vietnam: official hinh anh 2Some participants in the workshop in Hanoi on May 15 (Photo: Vietnam Investment Review)

Choi Joo-ho, General Director of Samsung Vietnam, said Samsung has invested
in the country since 2008 and is now present in many localities like Thai
Nguyen, Hanoi, and Bac Ninh.

As of 2022, the Korean group had poured 20 billion USD
into Vietnam and created about 300,000 jobs. In particular, half of the Samsung
mobile phones exported globally is produced in the country.

However, the UNCTAD report also
pointed out that competition in foreign investment attraction among developing
countries will become fierce, especially amid a forecast decline in foreign
investment flows in 2023 and an increase in investment demand for post-pandemic
recovery and development.

To attract more foreign direct
investment (FDI), many foreign firms recommended Vietnam continue building a
transparent, predictable, and optimal investment and business climate. Samsung
Vietnam held that foreign investors should also boost social activities and
contribute more to local economic growth.

Deputy Minister Trung said aside from
measures for keeping macro-economic stability, improving infrastructure, and
developing human resources, Vietnam will also carry out others, including
promoting an ecosystem for science, technology, and innovation, devising a
flexible management mechanism, developing a strong domestic sector able to
cooperate with the foreign invested one, and focusing on high and new
technologies, modern services, the manufacturing industry, information
technology, and financial services.

The country will also bring into play
its internal strength and competitive edges to enhance the ties between the
domestic and foreign invested sectors so as to secure sustainable economic
development, he added./.