Vietnam attractive to overseas investment: Deputy Minister

Sunday, 2020-11-22 11:17:56
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More expatriates have sent money home to invest in projects and businesses in Vietnam. (Photo: NDO/Hai Anh)
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NDO – More and more overseas Vietnamese have turned to their homeland, finding Vietnam to be an attractive destination for their investment, thanks to its effective containment of COVID-19, according to newly-appointed Deputy Minister of Planning and Investment Tran Duy Dong.

Dong has discussed with the press on Vietnam’s investment attraction policy for overseas Vietnamese, saying that the success in controlling the COVID-19 epidemic in Vietnam has contributed to increasing the reputation and safety of its investment environment, thereby encouraging overseas Vietnamese to return home to live, invest and do business.

As of October 2020, overseas Vietnamese in 27 countries and territories have invested in 362 projects in the form of FDI in Vietnam, with a total registered capital of US$1.6 billion.

The good news is that the investment projects of expatriates mainly focus on the field in which Vietnam encourages investment, the processing and manufacturing industry, with 143 projects and registered capital of US$725.14 million, accounting for 39.5% of the total number of projects and 45.2% of the total registered capital.

The COVID-19 epidemic has put all production and business activities in difficulty, in which FDI investment activities of overseas Vietnamese is no exception in this general difficult context, Dong said.

“Despite a range of difficulties, Vietnam has shown courage through repelling and controlling the pandemic. We have been recognised by the international community as a safe destination and now is the time to take advantage of that opportunity. Our relevant ministries and localities have prepared all the land, labour force and other conditions to receive the FDI inflow that is expected to increase sharply after a possible COVID-19 vaccine is in place,” said the deputy minister.

Even during the epidemic plague around the world, Vietnam has welcomed more than 20,000 entries, including overseas Vietnamese investors, experts and learners back to their homeland. Thanks to the effective coordination among the related authorities, not only have we just brought overseas Vietnamese back home, we have also brought back foreign investors and experts to Vietnam, thus facilitating the resumption of economic growth while still ensuring tight control of the epidemic.

According to Dong, regarding the long-term orientation for FDI attraction amid COVID-19, it is still necessary to adhere to the direction and specific objectives set in Resolution 50-NQ/TW, issued by the Politburo on August 20, 2019, on improving the quality and efficiency of cooperation in foreign investment by 2030. However, the implementation has been changed to suit the actual situation amid the prevalence of COVID-19, such as conducting online investment promotion, connecting with investors through many channels, as well as encouraging investment in the health service sector, pharmaceutical research and production and digital economy.

As overseas Vietnamese are an inseparable part of the nation, Dong said that Vietnam has implemented a lot of solutions, policies and mechanisms to bring into full play resources from overseas Vietnamese, especially those with financial potential, experienced and enthusiasm to the homeland’s development.

Most recently, in August 2018, the Vietnam Innovation Network was officially launched, gathering more than 300 young experts, scientists and intellectuals who are working and researching for leading agencies, organisations and corporations around the world.

So far, the network has connected members in 14 countries to deploy component networks in Germany, Australia, Japan, the United States and the Republic of Korea. “It is very good that the overseas Vietnamese intellectual community is eager to contribute to innovation activities and promote two-way cooperation between Vietnam and the host countries. This is an extremely valuable resource that contributes to Vietnam's socio-economic development,” Dong said.

He added that the network's activities are implemented towards many goals, including the implementation of the Vietnam Venture Summit (VVS) programme connecting investment funds with Vietnamese start-ups. VVS is an annual dialogue forum between domestic and foreign investment funds with advisory bodies for the Government and the start-up community in Vietnam chaired by the Ministry of Planning and Investment.

In 2019, the programme attracted more than 130 international investment funds and over 70 domestic ones, along with more than 600 start-ups and 40 organisations to support start-ups and business incubators in Vietnam. At the VVS 2019 forum, 18 domestic and international investment funds committed to invest in innovative start-ups in Vietnam in the period of 2019-2021 with a total investment of US$425 million. So far, over 50% of the committed investment has been realised.

The VVS 2020 event, which is scheduled to be held on November 25, is expected to attract the participation of about 130 domestic and foreign investment funds, along with 800-1,000 domestic delegates who are leaders from the relevant ministries and agencies and nearly 50 international and domestic speakers from tech giants, businesses and start-up projects, Dong shared.