Government seeks FDI boost to achieve 8 per cent growth
Government seeks FDI boost to achieve 8 per cent growth
The government has ordered the clearance of obstacles for the international business community to invest in Vietnam, according to Minister of Finance Nguyen Van Thang.
Speaking at a conference on investment funds and foreign investment in Ho Chi Minh City on March 28, Minister Thang said that despite the remarkable achievements in attracting foreign direct investment (FDI) to Vietnam, there are still several obstacles in the implementation process which the Vietnamese government is trying to remove.
"The government has directed all bottlenecks to be cleared to realise the economic growth goal of 8 per cent or more this year," said Thang. "To achieve this goal, the government is also focusing on mobilising domestic and foreign resources, including investment capital through investment funds and foreign direct investment."
Minister of Finance Nguyen Van Thang. Photo: Le Toan |
Stock market capitalisation reached 62.5 per cent of GDP last year, with outstanding debt in the bond market reaching 31.5 per cent of GDP. Foreign investors opened nearly 48,000 new accounts in 2024.
Along with the growth of indirect investment capital flows, total FDI realised in 2024 hit $25.4 billion, up 9.4 per cent over the previous year, reaching the highest level ever.
These results have contributed positively to GDP growth of 7.1 per cent, bringing the size of Vietnam's economy to $476.3 billion, ranking 33rd in the world.
Photo: Le Toan |
Talking at the conference, Marc Woo, managing director of Google Vietnam, expressed that the company has supported workforce development and considered making it easier for expats.
"We applaud efforts by the government to train tens of thousands of new engineers in the coming years," Woo said.
Rapid growth in manufacturing in the near term requires skills that have not always been available in Vietnam, such as industrial and engineering talent.
"To meet the immediate needs of this fast-growing sector, we seek support from the government to create an enabling environment for work permits and visas for foreign experts and managers to work in Vietnam. These individuals have essential roles in setting up manufacturing processes, training workers, and ensuring quality. Their presence will help Vietnam more rapidly reach its objectives," Woo added.
Do Van Su, deputy director of the Foreign Investment Agency under the Ministry of Finance, said that investment opportunities in Vietnam are very promising, as international organisations highly appreciate Vietnam's position.
"Moody's, S&P and Fitch ratings regard Vietnam as one of two Asian countries with their long-term credit rated as stable and positive. Meanwhile, EuroCham ranks Vietnam among the top 10 global investment destinations, and the Japan External Trade Organisation has rated Vietnam as the second most attractive investment destination in the world and the first in Asia," said Su.
"Other organisations such as HSBC, the International Monetary Fund, the World Bank, and the Organisation for Economic Cooperation and Development have all forecasted Vietnam to be one of the fastest growing economies in Southeast Asia," he added.
- 12:00 28/03/2025
