Foreign investors' commitment to Vietnam is substantial.

According to Deputy Minister of Planning and Investment Tran Quoc Phuong, foreign investment disbursement increased by 9.8% - equivalent to 2.8 billion USD, showing that foreign investors' commitments to Vietnam are substantial.

Deputy Minister of Planning and Investment Tran Quoc Phuong. (Photo: Nhat Bac)

Discussing the situation of attracting foreign investment at the regular Government press conference held this afternoon (March 2), Deputy Minister of Planning and Investment Tran Quoc Phuong said that in the first two months of 2024, foreign investment attraction activities are continuing the positive momentum achieved in the last months of 2023.

In the first 6 months of 2023, we were very worried about the progress of attracting foreign investment in Vietnam because the growth rate was quite low due to many reasons, especially the difficulties of the world economy. But in the last 6 months of the year, we recovered strongly and achieved growth in attracting foreign investment.

Mr. Tran Quoc Phuong, Deputy Minister of Planning and Investment

“Specifically, registered investment capital reached 4.29 billion USD, an increase of 38.6% - a very high figure compared to the same period. Normally, when reporting, a few percent is already terrible, but an increase of 38.6% is a good sign that shows that foreign investors are very interested,” said Mr. Phuong.

According to the Deputy Minister of Planning and Investment, disbursement was also very positive, increasing by 9.8% - equivalent to 2.8 billion USD, showing that foreign investors' commitments to Vietnam are substantial.

“A notable point about foreign investment capital in Vietnam is that we have a very high rate of new capital and new projects. This is a very good signal and it is expected that this new capital will impact our growth in 2024 as well as 2025,” Mr. Phuong stated.

Referring to breakthrough solutions to attract large projects and large investors to Vietnam, especially in the fields of science and technology, innovation, semiconductor chips, new industries, etc., Deputy Minister Tran Quoc Phuong said that the Government is focusing on continuing to complete and speed up the progress of large-scale infrastructure projects as set out in the construction implementation.

In particular, it is necessary to immediately deploy the guiding documents of the Land Law (amended) to implement as soon as the law comes into effect. "This is something that not only the Vietnamese people but also investors and foreign investors are looking forward to and interested in, because the Land Law has many new points, removing obstacles to promote the investment and development sector," said Mr. Phuong.

Another breakthrough solution that investors are interested in and the Government is focusing on is human resource development. Deputy Minister Tran Quoc Phuong said that the Ministry of Planning and Investment and the Ministry of Education and Training are urgently completing the Project "Developing human resources for the semiconductor industry to 2030, with a vision to 2045" to soon submit to the Prime Minister.

“Large-scale foreign investors have high demands on human resources. We have the advantage of abundant human resources, still in the golden population period. But what we need to focus more on is the qualifications and skills of the workers. This is also something the Government and the Prime Minister are very concerned about, ministries and sectors must join hands to quickly improve the qualifications of Vietnamese workers. Through that, we can increase the quality of growth in labor productivity,” Mr. Phuong explained.

According to the leader of the Ministry of Planning and Investment, in recent times, the Government has focused on creating institutional breakthroughs. The Government has submitted and had the National Assembly approve many new breakthrough policies that have had a positive impact on growth and investment attraction, such as the Land Law, the Bidding Law and other laws.

Or more simply, the regulations on entry and exit or visa procedures also have a very positive impact on the psychology of investors when coming to Vietnam. Not only tourists but also investors welcome such innovative policies.

Mr. Phuong also mentioned improving the business investment environment and reforming administrative procedures. We have had Resolution 02 of the Government every year on the main tasks and solutions to improve the business environment and enhance national competitiveness, and said that it will continue to be implemented more strongly.

In addition, it is necessary to research and develop policies that encourage and motivate as well as create maximum conditions for large-scale investors to carry out large projects in Vietnam, with enough attractiveness and optimization to attract foreign investors.

There are many reasons why Vietnam is an attractive destination for investors. First is the political stability, security and macroeconomics in Vietnam. Second is the result of high-level diplomatic trips by our country's leaders and high-level diplomatic delegations of other countries to Vietnam, bringing very specific results in attracting foreign investment. Third, foreign investors see and evaluate the potential and prospects of Vietnam's economy in the coming years. They believe that Vietnam is a very attractive destination.

Source