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Wednesday, June 26, 2024

Vietnam sees FDI as integral part of economy

The Saigon Times

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HCMC – Vietnam has seen foreign direct investment (FDI) as an integral part of its economy, said Deputy Minister of Planning and Investment Do Thanh Trung at a conference on FDI in Vietnam held yesterday.

Over the past 35 years, the investment environment has improved steadily, so the country has made great achievements in attracting capital from abroad, he said.

Total foreign capital pledges in Vietnam had reached nearly US$446 billion as of April this year, with about US$280 billion already disbursed, he added.

Between January and April, new foreign investment approvals in the nation were US$8.9 billion, down 17.9% over the same period in 2022. Still, foreign investors got involved in 1,044 mergers and acquisitions worth US$3.1 billion, increasing by 70.4% year-on-year.

Trung said the FDI sector has for three decades and a half contributed significantly to the nation’s social and economic development, economic restructuring, strong import-export growth, job creation, and State budget revenue rise.

Despite the Covid-19 impact, Vietnam was among the top 20 host economies of FDI inflows between 2019 and 2020, according to the United Nations Conference on Trade and Development.

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