VN to be a magnet for foreign investment in 2021: policymakers

Wednesday, Oct 14, 2020 08:52

A corner of Bau Xeo Industrial Park in southern Dong Nai Province. — VNA Photo

Viet Nam will stay among the world's top destinations for foreign direct investment (FDI) in 2021 thanks to the country's successful effort to contain and fight off the COVID-19 pandemic, according to policymakers.

Deputy Minister of Planning and Investment Tran Quoc Phuong said the skilled workforce and political and economical stability are among the country's most important advantages in attracting foreign investors, especially with the global economy struggling to recover from the pandemic.

Initial talks between the Ministry of Planning and Investment (MPI) and investors have produced promising results with firms from Japan, Singapore and the EU showing great interest in setting up in the country. International corporations including Apple, Foxconn and Luxshare have committed billions of dollars in investment to Viet Nam in recent years.

Meanwhile, the country has steadily improved its industrial infrastructure by ramping up the construction of industrial parks and economic zones. By the end of September, there were 366 industrial zones nationwide, home to more than 10,000 projects nearing $200 billion in total investment value.

The MPI's latest report said more than 500 new investment projects worth some US$8.5 billion have been registered since the beginning of the year. The industrial sector's income was reported to reach $136 billion, a 3.5 per cent decline compared to the same period last year, and employed more than 3.8 million workers.

Do Nhat Hoang, head of the MPI's department of foreign investment, said the ministry expected a wave of foreign investment into Viet Nam next year, especially with the Government's recent efforts to reopen the country with foreign investors and experts prioritised.

The recent introduction of 19 coastal economic zones with more than 100,000 hectares of land earmarked for economic development is set to provide ample opportunities and resources for potential investors.

At the same time, Viet Nam plans to invest in the labour force, develop supporting industries and improve business laws and regulations to create the best environment for foreign investors. — VNS

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