Vietnam is an exception in attracting foreign direct investment (FDI) in 2024

Press conference to announce the 2024 FDI Annual Report (Photo: QUYNH TRANG)

The 2024 FDI Annual Report has the theme “Attracting FDI to the semiconductor industry, future technology, clean energy, science and technology, and training skilled labor force”, to implement Resolution 50 and Resolution 70 of the Politburo , the Government's selective FDI attraction strategy to select investors and projects suitable for the country's new development stage.

At the announcement ceremony of the 2024 FDI Annual Report, Professor, Doctor of Science Nguyen Mai, Chairman of the Association of Foreign Investment Enterprises and editor-in-chief of the Report, pointed out that Vietnam is an exception in attracting FDI in the global and regional picture in 2023 and 2024, when realized FDI capital reached 22 billion and 25 billion USD, respectively. Mr. Nguyen Mai also emphasized that FDI has been a bright spot for the Vietnamese economy in recent years.

According to the recently released Annual Report, in the context of FDI into the Asian region witnessing a sharp decline, such as FDI into China down 6%; India down 47% and ASEAN down 16%, only three countries recorded an increase in attracting foreign investment capital in 2023: Thailand, Vietnam and Indonesia. Of which, the scale of FDI attraction in Vietnam is the largest among the three countries and Vietnam is among the 20 countries attracting the most FDI in the world .

Mr. Nguyen Mai affirmed that the FDI sector has increasingly made important direct contributions to the country's economic growth. And Vietnam has gradually perfected its institutions, improved its investment and business environment, and created the most favorable conditions for foreign enterprises to invest long-term in Vietnam.

The report of the Association of Foreign Investment Enterprises shows that foreign enterprises are interested in investing in the semiconductor industry, clean energy, science and technology, and are active in training high-quality human resources.

Enterprises from Denmark, France, Belgium, South Korea, and Taiwan are interested in the policy and support for Vietnam's potential offshore wind power projects. Enterprises from Japan want to invest in Vietnam's clean energy sector. Korean investors also plan to invest heavily in key areas such as semiconductor industry, AI, BigData, and clean energy.

The 2024 FDI Annual Report identifies new challenges from the global context and domestic weaknesses, and at the same time, it states that in the coming time, Vietnam has a great opportunity to increase the speed of socio-economic development, attract more selective international investment flows, with higher quality and efficiency thanks to the Party's new guidelines and the State's policies in implementing the second reform, while complying with international commitments in multilateral agreements and new-generation FTAs.

At the report launch, guests discussed FDI attraction targets for 2025 and the following years. Accordingly, Vietnam has a distinct advantage in attracting FDI compared to other countries in the region.

Many signals show that in 2025 and the following years, Vietnam will be the destination of FDI investors in the world when the US Apple Corporation has completed the transfer of 11 audiovisual equipment factories to Vietnam. The three familiar partners of Apple, Foxconn, Luxshare and Goertek, have also simultaneously increased capital and expanded factories in Vietnam.

However, in 2025, the unpredictable fluctuations in the international economic, political, trade and investment situation will create challenges for economic growth as well as FDI attraction activities.

Guests attending the Report announcement ceremony also acknowledged that Vietnam needs to improve the legal framework, regulations on green businesses, green credit finance. Along with that, perfecting the legal system, eliminating the problem of sub-licenses, administrative procedures... taking advantage of opportunities to overcome challenges, turning challenges into opportunities to strongly attract foreign direct investment into Vietnam.

Source: https://baotuyenquang.com.vn/viet-nam-la-ngoai-le-ve-thu-hut-dau-tu-truc-tiep-nuoc-ngoai-fdi-nam-2024!-210172.html