Vietnam PM talks foreign investment in WEF blogpost

Vietnam PM talks foreign investment in WEF blogpost

Vietnamese Prime Minister Nguyen Tan Dung listed three factors behind the booming foreign investment in Vietnam in an entry published Friday on the World Economic Forum (WEF)’s blog site.

In his “Why Foreign Investment in Vietnam is Booming” blogpost, the Vietnamese premier stated that attracting foreign direct investment (FDI) has always been a key part of Vietnam’s external economic affairs and the country is “working hard to become even more appealing to foreign investors.”

“We are doing so by vigorously renovating the business and investment climate, and by recognizing that the FDI sector is an integral part of the economy – essential to restructuring the economy and raising national competitiveness,” he wrote, while asserting that Vietnam already has many comparative advantages and a strong investment climate.

There were more than 16,300 active FDI projects, which have collectively pulled in a total of US$238 billion, in Vietnam in the year to May, according to the Prime Minister.

These investors came from 100 countries and territories, and many of them are some of the world’s leading multinational corporations, he informed.

In 2013, FDI inflow exceeded $22 billion, an increase of more than 35 percent from 2012.

“The figures indicate that Vietnam has become a destination of choice for foreign investors,” he commented.

PM Dung continued the article by listing three factors he believes to “go some way to explaining why so many choose to invest in Vietnam – and should draw in more foreign investors.”

These include Vietnam’s secured socio-political stability, its golden population structure and the government’s commitment to creating a fair and attractive business environment for foreign investors, he elaborated.

“The country is a market economy, a member of the WTO, and a party to multiple frameworks for international economic integration, including free trade agreements with partners both within and outside the region,” he said.

To increase these successes, the country’s government is continuing to revitalize its business and investment climate, the PM said.

To this end, one of the measures is to work on three “strategic breakthroughs,” which are: putting in place market economy institutions and a legal framework; building an advanced and integrated infrastructure, particularly transport; and developing a quality workforce.

“These should all be completed by 2020,” he said.

PM Dung asserted that Vietnam views the success of FDI enterprises as its own success, and thus its government is “committed to ensuring a stable socio-political environment, protecting the legitimate rights and interests of investors, and creating an enabling environment for FDI enterprises in the country.”

In concluding his blogpost, the Vietnamese premier said Vietnam is confident that it will continue to find success in attracting FDI inflows as international forecasts have suggested that FDI flows are returning to dynamic economies as the world economy recovers.

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