The government is set to hold the conference on 30 years of FDI attraction in Vietnam. What are the main topics on the agenda? The event aims to review and assess the contributions of FDI to the Vietnamese economy over the past 30 years. Making a clear assessment is very important, because these 30 years of FDI are closely linked to the country’s reforms and international economic integration – and a clear view is essential for the attraction of further investment capital. Such an assessment would also affirm the policy of the Party and the government on economic reforms, international integration, and FDI attraction. Overall, I believe the policy has been very timely, correct, and extremely important, as it has created a turning point for the economy and the national development. However, in addition to achievements, there have been some limitations to FDI which lead to concerns. Thus, we also have to look at the inefficiencies in FDI attraction, to discover the … [Read more...] about Forging future strategies based on 30 years of FDI
Focus strategy example
Renewing Vietnam’s FDI strategy
Incentives are among the vital tools to make Vietnam more attractive to foreign investors The Ministry of Planning and Investment (MPI) is now working on the latest draft of the next-generation foreign direct investment (FDI) strategy towards increasing investor confidence and the added value to the economy. The most important highlight of the strategy is the shift in the focus of FDI attraction from attracting investors suitable for products to attracting investors for products and kinds of investment that Vietnam needs in the future, thus contributing to maximising FDI influence and added value. To this end, investment incentives are among the vital tools to make the country more attractive to foreign investors, amid growing competition and changes in key global trends, while low salaries will no longer be an advantage. According to international experts, Vietnam relies heavily on profit-based incentives, like time-limited tax exemptions and tax reductions, as well as on … [Read more...] about Renewing Vietnam’s FDI strategy
WEF and Vietnam put ASEAN in focus
Bui Thanh Son, Permanent Deputy Minister of Foreign Affairs and head of the WEF ASEAN 2018’s organising board, writes about the importance of this event to Vietnam’s image in the international community and the great opportunities ahead. he World Economic Forum on ASEAN 2018 (WEF ASEAN 2018), which will be organised in Hanoi during September 11-13, is one of the country’s biggest multilateral external activities this year, with the participation of top government officials of many ASEAN nations, major international organisations, nearly 1,000 leaders of high-profile corporations in the ASEAN and the world, as well as hundreds of foreign journalists. At this large scale, making WEF ASEAN 2018 a major success has been deemed a key goal in Vietnam’s external activities in 2018, contributing to the concretisation of the policy of the Party and the state on improving the quality and effectiveness of Vietnam’s multilateral diplomatic policy, and also … [Read more...] about WEF and Vietnam put ASEAN in focus
Viet Nam needs reforms for new FDI strategy
Viet Nam needs breakthrough reforms in the national foreign direct investment (FDI) approach to sustain the country’s rapid economic development, competitiveness and inclusive prosperity. – VNA/VNS Photo Viet Nam needs breakthrough reforms in the national foreign direct investment (FDI) approach to sustain the country’s rapid economic development, competitiveness and inclusive prosperity, according to a report launched by the International Finance Corporation (IFC) and the Ministry of Planning and Investment (MPI) yesterday. The Recommendations on Viet Nam Next Generation FDI Strategy and Vision 2020-30 report says Viet Nam has been an attractive destination for FDI for about 30 years. FDI capital has become a major driver of Viet Nam’s economic development and international integration, creating large numbers of jobs, diversifying exports, improving technology and facilitating economic restructuring. In the last decade, annual FDI inflows shot up by a factor … [Read more...] about Viet Nam needs reforms for new FDI strategy
Vietnam looks to integrate UN Sendai Framework into national strategy
Deputy Minister of Agriculture and Rural Development Hoang Van Thang speaks at the consultation on UN Sendai Framework (Source: VNA) Hanoi (VNA) – Vietnam has built six prioritised programmes for natural disaster prevention, which include key contents of the UN Sendai Framework for Disaster Risk Reduction, heard a consultation session in Hanoi on June 27. The session, the second of its kind, was organised by the Vietnam Disaster Management Authority, Ministry of Agriculture and Rural Development and the Japan International Cooperation Agency (JICA) to collect recommendation on integrating contents of the Sendai Framework in Vietnam’s national strategy on natural disaster prevention and control by 2030 with a vision toward 2050. The Sendai Framework for 2015 – 2030 was adopted by UN member states in 2015 at the 3rd UN World Conference on Disaster Risk Reduction in Sendai City, Miyagi Prefecture, Japan. It set out seven targets and four priorities for action, aiming … [Read more...] about Vietnam looks to integrate UN Sendai Framework into national strategy