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Monday, July 22, 2024

Industrial zone development crucial for FDI attraction

The Saigon Times

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HCMC – Developing industrial zones is essential to achieving the goals set forth in the foreign direct investment (FDI) attraction strategy for the period of 2021-2030, said Tran Quoc Phuong, Deputy Minister of Planning and Investment.

He was speaking at the third Vietnam Industrial Property Forum, which commenced in HCMC on August 24.

The 2021-2030 FDI strategy aims to raise the proportion of registered FDI from Asia, Europe, and the U.S., so that their investments constitute over 70% of the total disbursements in Vietnam by 2025, and 75% by 2030.

Phuong highlighted FDI-generating countries and territories like Singapore, South Korea, Japan, China, Taiwan, Malaysia, Thailand, India, Indonesia, and the Philippines. The strategy also aims to lure more investments from the U.S., the UK, and EU partners such as France, Germany, Italy and Spain.

Another objective is to position the country within ASEAN’s top three and the world’s top 60 in terms of the business environment in the World Bank’s Business Environment rankings by 2030.

“To accomplish these targets, an impetus in the development of industrial zones is essential,” said the deputy minister.

Phuong called for collaboration between the Ministry of Planning and Investment and local entities in the development of industrial and economic zones. Additionally, a proposal for an Industrial Zone Law is in the pipeline for future consideration.

Amidst intensifying competition for FDI, Vietnam’s strategies and policies have elevated its allure for investments both domestically and globally. These measures have furnished the groundwork for national, sectoral, and provincial planning endeavors aimed at optimizing economic zones, he noted.

The foundation of Vietnam’s appeal rests on its macroeconomic stability, effective inflation control, and robust growth indicators. In 2022, the nation achieved GDP growth of a remarkable 8.02%, coupled with trade value exceeding US$732 billion, indicating a 9.5% surge, and per capita income surpassing US$4,100.

The country’s accession to 16 FTAs, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Regional Comprehensive Economic Partnership (RCEP) and the EU–Vietnam FTA (EVFTA), underscores Vietnam’s dedication to international trade engagement.

Vietnam’s investment allure shines through its presence among the top 20 global economies in terms of trade volume, attracting investors from an impressive 143 countries and territories, with nearly 38,000 projects and a cumulative registered capital totaling US$452 billion.

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