Vietnam expected to see new wave of investment, say experts

A forum was held on August 11 in Ho Chi Minh City to discuss measures to attract high-quality foreign direct investment (FDI) and the key factors that could unleash a new wave of investment in industrial parks in Vietnam.

Deputy Minister of Planning and Investment Tran Quoc Phuong speaking at the event.
Deputy Minister of Planning and Investment Tran Quoc Phuong speaking at the event.

At the event, government officials, experts and businesses also discussed new policies on developing high-tech and ecological industrial parks, as well as labour supply for industrial parks.

According to experts and international organisations, Vietnam has a golden opportunity to attract a new wave FDI.

Nguyen Anh Tuan, the Deputy Director of the Foreign Investment Agency under the Ministry of Planning and Investment (MPI), said such an opportunity is the result of Vietnam’s effective containment of Covid-19 and economic stability, which make the country a safe and attractive destination for foreign investors looking to diversify their supply chains.

He also highlighted other factors such as Vietnam’s enhanced international standing, the government’s determination to create a favourable business climate, and a large population with a growing middle class.

According to MPI Deputy Minister Tran Quoc Phuong, recent years have seen FDI pledges to industrial parks and economic zones account for 35-40% of the total FDI capital, with the figure reaching 70-80% for the manufacturing sector.

He added that industrial parks and economic zones have become key magnets for large projects and favourite destinations of major foreign corporations such as Samsung, Canon, LG, Sumitomo and Foxconn.

Enterprises in industrial parks and economic zones are making greater contributions to government revenue and job creation, helping to accelerate Vietnam’s industrialisation, modernisation and international integration.