HCMC – Vietnamese National Assembly (NA) deputies have rung the alarm over the nation’s heavy reliance on foreign direct investment (FDI) to gain economic growth.
At the ongoing eighth NA session in Hanoi on November 5, Nguyen Quang Huan, a deputy from Binh Duong Province, said the country’s growth is not sustainable due to its excessive reliance on FDI.
He noted the country’s trade surplus was mainly contributed by foreign-invested enterprises while domestic firms caused a trade deficit. To ensure sustainable growth, he stressed the need to focus on strengthening domestic resources. “FDI is an opportunity but it should not be the main driver of Vietnam’s next growth cycle.”
With Vietnam’s GDP expected to reach US$500 billion by 2025 and potentially US$1 trillion by 2035 if 7% growth is maintained, Huan emphasized the importance of building internal capacities to reduce the reliance on the FDI sector.
