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Friday, June 14, 2024

Seizing twin opportunities for FDI attraction

By Khanh Nguyen

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“China has emerged as a global leader in technology, innovation, and clean energy. Vietnam can should find ways to attract foreign direct investment (FDI) from China and developed countries like the United States, Europe, Japan, and South Korea. This will enable Vietnam to acquire knowledge, upgrade production capabilities, and keep pace with global trends in semiconductors and green technology,” said Professor Dr. Vo Xuan Vinh from the Business Research Institute of the University of Economics in HCMC during a conversation with The Saigon Times. In the midst of the ongoing Russia-Ukraine military conflict, another potential hotspot emerged in late 2023 – the Israel-Hamas conflict in the Gaza Strip. Meanwhile, the Sino-American trade war shows no signs of abating, directly affecting the manufacturing and business activities of the world’s two largest economies. Against this backdrop, Vietnam’s political stability, efforts to improve the investment and business environment, proactive FDI attraction initiatives at both local and national levels, the “China plus one” strategy adopted by multinational corporations with manufacturing bases in China, and China’s investment promotion policies aimed at seeking overseas profits have collectively propelled Vietnam to achieve a new FDI attraction record in 2023, totaling US$36.6 billion. This remarkable figure represents a […]
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