Foreign investment

The Van Don-Mong Cai Expressway which opened in September will help create  favourable conditions for investors to come to Quang Ninh Province. — VNA/VNS Photo Huy Hung The northern province of Quang Ninh has been attracting significant foreign direct investment (FDI) thanks to effective solutions in removing difficulties for businesses and investors. Endless efforts to improve the investment climate has led to the region becoming an attractive destination for many foreign investors. Competitive advantages Quang Ninh has a politically and economically strategic position with unique potential and competitive advantages when it comes to attracting foreign direct investment, being the only municipality of Viet Nam with both a land and maritime border with China, including three border gates. In recent years, Quang Ninh has focused on developing its transport infrastructure, particularly its transport connections to highways, airports, and sea ports. To date, the province has … [Read more...] about Quang Ninh boasts advantages for foreign investment attraction

During Crown Prince Frederik meeting with State President Nguyen Xuan Phuc in Hanoi, both sides agreed to expand ties in trade, investment, education, training, culture and tourism. Danish Crown Prince Frederik meets with State President Nguyen Xuan Phuc The signing was a part of celebrations to mark 50 years of Danish-Vietnamese diplomatic relations. Over the past years, the pair have been fostering their bilateral comprehensive partnership, with focus laid on promoting green growth using renewable energy towards sustainable development. During the visit, Ørsted and T&T Group signed a landmark 5-year agreement with the Ministry of Planning and Investment’s National Innovation Centre to enhance technical capacity and build technological expertise in Vietnam’s emerging offshore wind sector. It will bring together world-leading offshore wind researchers and technology providers with top Vietnamese universities, research institutions, and industrial players to … [Read more...] about Danes reinforce investment tasks

The Phu My 3 Industrial Park in Phu My Town in Ba Ria-Vung Tau Province. The province remains an attractive destination for foreign direct investment post-COVID. — VNA/VNS Photo Hoang Nhi The COVID-19 pandemic in the last two years notwithstanding, the southern province of Ba Ria-Vung Tau remains an attractive destination for foreign direct investment. With its ideal location in the southern key economic zone and 100km from HCM City, the province offers investors a number of advantages. Besides, it has unveiled an action plan to improve the business climate and enhance competitiveness to attract FDI. It has upgraded infrastructure at industrial parks with an eye on large environment-friendly high-tech projects. Kyoei, Nippon, Sumitomo, Itochu, Mitsubishi, and Lotte are some of the giant corporations that already have a presence in the province. Nguyen Anh Triet, head of the Ba Ria-Vung Tau Industrial Park Authority, said there are incentives for industrial parks to … [Read more...] about Ba Ria-Vung Tau eyes new wave of investment post-pandemic

At the 40th and 41st ASEAN Summit and Related Summits held last week in Cambodia, regional member states agreed that they should adopt a holistic approach to building a competitive funding environment, which will allow them to woo more foreign direct investment (FDI) within the bloc and from its partners of China, Japan, South Korea, Australia, and New Zealand. Many regional investments such as Vietnam-Singapore Industrial Park have been developed in many localities throughout Vietnam, photo Le Toan Such facilitation should incorporate business and other measures not limited to foreign investment procedures alone. Synergies should be sought between related efforts and the activities and tools of authorities other than investment promotion agencies, the members agreed. It should also cover business registration and approvals, licences, and other administrative requirements and processes, and tax-related and social security procedures, for example. Investment … [Read more...] about ASEAN approach underpins robust investment inflow

A corner of Bac Giang (Photo: VNA) Bac Giang (VNA) – The northern province of Bac Giang is taking drastic measures to help solve difficulties for investment projects in an effort to boost production and business activities and economic development, according to the provincial Department of Planning and Investment . The locality is also paying special attention to the implementation and disbursement of public investment The province is trying to reduce costs for businesses, and increase their access to preferential capital and State support. Accordingly, the State Bank of Vietnam's Bac Giang branch is offering to meet the capital needs for production, especially those in sectors and fields that have been encouraged to develop in accordance with policies issued by the Government and the Prime Minister; and accelerating the implementation of the Government's Decree on interest rate support from the State budget for loans. According to the provincial Department of Planning … [Read more...] about Bac Giang strives to address difficulties for investment projects

Draft amended laws on land, housing, and real estate business are being further studied and discussed at the fourth session of the 15th National Assembly. However, the current laws include conflicts over the land use rights and ownership of property when it comes to foreign individuals. Nguyen Van Dinh, an expert in land law, said that the three pieces of legislation are incompatible in terms of non-nationals wanting to own land or property in this country. “The Law on Housing recognises foreigners as having the right to own houses, but the Law on Land does not recognise that their rights in terms of actually using the land,” Dinh said. In the proposal to develop an amended Law on Housing, which is expected to be passed at the same time as the revised Law on Land, the Ministry of Construction is hoping to solve several major groups of policies, Dinh said. Regarding the policy on house ownership, the proposal is to continue the policy of encouraging and creating favourable … [Read more...] about Law revisions necessary to clarify foreign property rights

Ensuring a fair, transparent and efficient international trading system is crucial in a global “playground”, stated President Nguyễn Xuân Phúc while highlighting major requirements and characteristics of trade and investment activities. President Nguyễn Xuân Phúc delivers a speech at the Summit. Addressing a discussion on the future of Asia-Pacific trade and investment during the APEC CEO Summit 2022 which was convened in Thailand on Thursday with the participation of more than 850 leaders of global and regional businesses, the Vietnamese President said that digital transformation is an inevitable and objective trend that is taking place very strongly and extensively, positively affecting cross-border trade and the global economy. Stemming from difficulties and challenges in the past two years, the world and the region are establishing new, resilient and sustainable supply chains, with diversified supply sources, effective monitoring mechanisms and … [Read more...] about President highlights requirements of future trade, investment at APEC CEO Summit

Ho Chi Minh City is the core of socioeconomic development in the southeast With the theme "New Thinking - New Breakthrough - New Values", the event will be held in Vung Tau city in Ba Ria-Vung Tau province, under the chairmanship of Prime Minister Pham Minh Chinh, and deputy prime Minister Le Minh Khai, with participants including leaders of ministries, localities, business associations, as well as domestic and foreign investors. This is a "three-in-one" conference to announce the government's action plan and call for domestic and foreign investment in the region. An art-photo exhibition will also be held on November 25-26 to introduce the modern, dynamic and creative beauty of people and the southeast and outline the strengths in services, industry, and tourism of the provinces and cities. "The conference is a very important event for the development of the southeast region, opening up new opportunities for the dynamic and creative region," said deputy minister of Planning … [Read more...] about Southeast to see stronger socioeconomic development and investment

White Tiger oilfield. A draft decree regulating investment in oil and gas abroad is being raised for public comment. — VNA/VNS Photo The Ministry of Industry and Trade has raised two options for regulating overseas investment in the oil and gas sector in a draft decree which was recently made public for comments. In the first option, sources of capital for investment abroad in oil and gas included legal money and other lawful assets of the investors, including equity, loans in Viet Nam transferred abroad, and profits earned from offshore oil and gas projects which were retained for overseas investments. Legal money and other lawful assets as prescribed included foreign currencies on accounts at authorised credit institutions or purchased at credit institutions in accordance with the established laws, Vietnamese dong, machinery, equipment, supplies, raw materials, fuel, finished goods and semi-finished goods. In addition, intellectual property, technology, brand values, … [Read more...] about Ministry proposes two options for overseas investment in oil and gas sector

More than 520 businesses from 20 countries and territories around the world are anticipated to attend the 20th Vietnam Expo between December 1 and December 3 in Ho Chi Minh City. The event is expected to create a wealth of opportunities for local enterprises as they strive to attract foreign investment whilst promoting the domestic market. The highlight of the event will be the Republic of Korean’s pavilion which will see a total of 61 businesses operating in the fields of beauty products and equipment, household and digital technology from leading manufacturing regions such as Gyeonggi, Incheon, and Daejeon. Furthermore, there will also be a booth from Tianjin City in China, with 28 suppliers of mechanical goods, machinery, components, electronics, food, and consumer goods, while businesses from Pakistan and Sri Lanka will display products related to food and beverages, as well as an abundant source of raw materials for processing. As a means of optimising the brand identity … [Read more...] about Over 520 foreign firms attend 20th Vietnam Expo