FIA and EY Vietnam sign MOU on attracting FDI into Viet Nam

Thursday, Oct 08, 2020 16:30

The signing ceremony was held at the MPI headquarters. — Photo courtesy of EY Vietnam

Representatives from the Foreign Investment Agency (FIA), Ministry of Planning and Investment and Ernst & Young Vietnam Limited (EY Vietnam) has signed a Memorandum of Understanding (MoU).

The signing ceremony was held at the MPI headquarters this week. The MoU aims to promote investment opportunities towards investors including EY clients across the globe, paving the way for their new and expanded investment in Viet Nam.

Under the MoU, FIA will provide EY Vietnam with updated information on directions and policies to draw investment into Viet Nam.

The agency also assists investors introduced by EY Vietnam to conduct research and implement business-investment procedures in accordance with the law; endorse, resolve or reflect the investors’ recommendations to the relevant authorities.

EY Vietnam will introduce and recommend potential investors who are EY clients globally to invest in Viet Nam.

EY may co-ordinate with FIA to organise seminars, conferences and round-table discussions for investors introduced by EY, depending on the scale and features of each event.

The MoU was signed as the country has favourable conditions to engage international investors. As a result of the negative impacts triggered by COVID-19 and trade tensions among large countries and territories, multinational corporations are accelerating the restructuring of their global value chains while seeking to reduce dependence on a single market.

Viet Nam had 32,658 valid FDI projects with a total registered capital of US$381.5 billion by September 20, reported FIA.

“Supporting industry from Japan and South Korea is one of the fields we would like to attract because the domestic assembling rate of the sector is quite low compared to some countries in the region,” Do Nhat Hoang, FIA general director noted. “To create favourable conditions for businesses who want to invest or expand their footprint in Viet Nam, we established a task force aimed at solving every hurdle they are facing.” — VNS

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