Home / Investment / News
Vietnam remains selective in attracting FDI projects
Ngoc Thuy 17:41, 2020/07/23
This is the right time for Vietnam to adopt a selective approach in attracting FDI inflows to better meet its needs, said Deputy Prime Minister Pham Binh Minh.

Vietnam remains selective in attracting foreign direct investment (FDI) projects, with efficiency, use of advanced technology and environment-friendliness being the main criteria, according to Deputy Prime Minister Pham Binh Minh.

 Deputy Prime Minister Pham Binh Minh at the meeting. Photo: VGP. 

Priorities would be given to projects using new and green technologies, with high added value, modern corporate governance, high spillover effects, ensuring technology transfer and being integrated with global supply and production chains, Minh said at a meeting of the government’s task force specialized in FDI attraction on July 23.

According to Minh, who heads the task force, Vietnam has been widely seen as an attractive investment destination, mainly thanks to its existing competitive advantages, strong reform efforts, and effective anti-Covid-19 measures.

Minh said this is the right time for Vietnam to adopt a selective approach in attracting FDI inflows to better meet its needs. However, in order for the country to get the right projects, breakthrough measures and actions are required, Minh stated.

 Overview of the meeting. Photo: VGP. 

In the meantime, the government remains supportive of the local business community and other economic components, Minh asserted.

For the remaining months of 2020, the task force would focus on three main activities which are promoting investment activities; proposing new policies for investment; and disseminating the image of Vietnam and its business environment.

Prime Minister Nguyen Xuan Phuc on May 23 agreed to set up a task force that will help the country prepare for new wave of FDI inflows in the post-Covid-19 period.

FDI commitments to Vietnam in the January – June period stood at US$15.67 billion, down 15.1% year-on-year.

Year to June 20, 1,418 new projects have been approved with committed capital of a combined US$8.44 billion, down 17.7% in the number of projects but up 13.9% in capital year-on-year. In addition, 526 existing projects have been injected an additional US$3.7 billion, up 26.8% in capital.   

Investors have poured money into 18 fields and sectors, in which manufacturing and processing led the pack with over US$8 billion, accounting for 51.1% of the registered tally. Electricity production and supply came second with US$3.95 billion, or 25.2% of the total, followed by wholesale and retail with US$1.08 billion, real estate with US$850 million.

RELATED NEWS
TAG: Vietnam FDI covid-19 coronavirus nCoV pandemic task force modern technology transfer environmentally friendly
Other news
16:05, 2020/05/26
Former German vice chancellor facilitates US$350-million investment into Vietnam
Tourism, digital startups and production of healthcare equipment are fields set to receive funds from the US$350-million investment plan.
22:56, 2020/56/25
Foxconn to invest US$270 million in Vietnam for production expansion
Foxconn plans to roll out full-scale production in Vietnam and receive the benefits of the recently-signed RCEP.
22:48, 2020/48/25
Investment funds to pour US$815 million in Vietnam startups in 5 years
Through Startup-Pitching and Business-Matching, potential startups will have the opportunity to present their ideas to more than 100 investment funds.
11:42, 2020/42/24
Work on Vietnam’s largest airport to begin in December
The first phase of the project, estimated at VND99 trillion (US$4.25 billion), is set to be completed within 60 months and become operational by December 2025.
19:06, 2020/06/20
Google’s advice for Vietnam to boost innovative startups
Many challenges are causing a delay in the development of a startup ecosystem in Vietnam.
19:01, 2020/01/20
Vietnam startups urged to focus on business integrity
Startups that fully comply with business integrity, including financial transparency, would have higher chances of attracting investors.