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Vietnamese market is large enough for ambitious investment plans

by NDO14 September 2020 Last updated at 18:00 PM

VTV.vn - It is the message from Prime Minister Nguyen Xuan Phuc during a recent dialogue with Japanese economic groups and businesses that are interested in expanding their investment in Vietnam.

Attendees the event included 30 enterprises on the list of those receiving funding from the Japanese government to diversify their supply chains.

Along with a warm welcome for pouring their capital into the industries that Vietnam is looking to promote, Japanese enterprises also received Prime Minister Nguyen Xuan Phuc’s pledge to create every favourable condition for their business in Vietnam in order to bring benefits to both sides.

Significant progresses and increasing fruitfulness have witnessed in Vietnam-Japan economic cooperation in recent years, especially in the area of investment. Japan has always been one of the largest foreign investors in Vietnam, with more than 2,500 companies currently operating in Vietnam, including many large economic groups with great success and which are showing interest in expanding their investment in Vietnam.

Therefore, the Vietnamese government leader’s direct involvement in investment promotion activity with Japanese enterprises at a time when foreign direct investment and the global supply chain are seeing a strong shift has shown Vietnam’s proactiveness and readiness to seize on this good opportunity.

Moreover, successes in Vietnam-Japan investment cooperation in recent years have further strengthened the international business community’s confidence, as well as bolstered high-quality investment flows, considering Vietnam as a destination. Vietnam currently has a huge demand for development investment towards becoming a wealthy country and FDI is one of the resources to realise this aspiration.

Along with prompt revisions to investment and business laws, Vietnam is also changing its FDI strategy to focus on quality instead of quantity. Although global FDI is likely to plummet by up to 40% this year, investment in Vietnam in the first eight months of 2020 fell by just 13.7%.

Since its establishment two months ago, the special working group on FDI has worked with many global technology companies planning to invest from US$500 million and above in Vietnam. It has been suggested that quarantine will be waived for executives travelling to Vietnam on private planes in order to facilitate the negotiation process.

Investors from around the world are turning their attention to Vietnam as a destination for the post-coronavirus new normal period. With strong efforts and determination to enhance its competitiveness with other neighbouring countries in receiving a wave of shifting FDI flows, the Vietnamese market is large enough for ambitious investment plans.

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