The Vietnamese government reaffirms the important role of foreign direct investment in Vietnam’s economy

At the “Development Link 2021” forum entitled “Outlining the Opportunities and Challenges of the Foreign Direct Investment Movement”, Deputy Prime Minister Pan Ming Min said that foreign direct investment (FDI) is still the main economic engine to help Vietnam achieve greater success. Min said: “It flows to a new environment.” Since 1987, the Ministry of Foreign Affairs has organized a joint organization Since 1987, with the reform and opening up of the national economy, the “Foreign Investment Law” has been passed. It has experienced three waves of foreign direct investment. Due to these waves, the foreign direct investment sector has appeared in many important sectors, making a significant contribution to the country’s overall socio-economic development. As of December 2020, Vietnam has more than 33 years of development and a history of attracting foreign direct investment. 33,070 foreign direct investments, authorized capital of more than 384 billion U.S. dollars, of which approximately 231.86 billion U.S. dollars have been paid. He said that the government will focus on four issues:

First, Vietnam will be determined to maintain a stable socio-political environment, because given the many unpredictable uncertainties in the world, this is a competitive advantage for Vietnam.

Secondly, for forecasts, the country will focus on improving the quality of institutions and laws and policies to increase transparency, reliability, safety and efficiency, as well as improving the country’s public management and macroeconomic governance to attract high-quality foreign direct investment. And improve competitiveness. Economic In addition, the government will encourage and assist national companies to set up joint ventures, inject capital and purchase shares in companies with foreign direct investment in projects that utilize advanced and new technologies and industrial absorption, management and development technical support.

Third, the government will prioritize investment in infrastructure to establish smart and efficient connections, which will help reduce transaction costs and increase the competitiveness of enterprises, investors, and the entire economy. In particular, the government will encourage investment in education, science and technology as an engine for the country’s economic growth in the coming decades. After all, provinces and cities will not only attract investment, but also organize and support investors to build their projects effectively and efficiently. Minh expressed the hope that these measures will help reduce investors’ investment costs, increase their confidence, and help local companies develop and participate more actively in global production and distribution chains.