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Vietnam readies policies to attract high-quality FDI capital

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HCMC – Vietnam has set up many policies to attract high-quality foreign direct investments (FDI) to avoid lagging behind other countries in terms of attracting foreign capital, said a Ministry of Planning and Investment official.

Amid the Covid-19 pandemic, the global investment flow is likely to contract by 40% in 2020, but in Vietnam, newly registered capital has risen 6.6% and the number of new FDI projects inched up over 22% during the pandemic, Do Nhat Hoang, head of the ministry’s Foreign Investment Agency (FIA), said while addressing a dialogue on FDI attraction held today, September 4.

He added that a special working team on FDI attraction, which was recently formed by the prime minister, has worked with many large tech firms and major projects worth billions of dollars.

To create favorable conditions for large investors in business negotiations, a proposal will be sent to the prime minister to allow some CEOs arriving in the country on private jets to forego the 14-day mandatory quarantine period.

These strategies for FDI attraction were mapped out amid the global value chain being restructured. According to Nguyen Dinh Cung, an economic expert, three factors comprising the coronavirus pandemic, the U.S.-China trade tension and China Plus One have affected supply chain shiftings on a large scale.

Given this situation, the FIA leader said that Vietnam boasts of many advantages in FDI attraction, such as its large population, human resources, competitive production costs and its location at the center of Southeast Asia. The country has also pursued many reforms and elevated its position on the global map.

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