Vietnam to increase investment attractiveness with procedures reform
Vietnam determinates to bring business climate-related indexes, including those on taxation, customs, social insurance, construction and land and electricity access on par with averages in Singapore, Malaysia, Thailand and the Philippines in 2016, Prime Minister Nguyen Tan Dung affirmed at the Vietnam Global Investment Forum in Hanoi on September 30.
The forum is held amidst an array of opportunities and challenges facing the global and Vietnamese economies, the Prime Minister (PM) said, adding that the Government will make concerted efforts to optimise the country’s development potential.
Addressing the event, PM Dung noted that after 30 years of “doi moi” (reform) efforts, Vietnam has transformed from a war-torn country into a middle-income nation. From 1986 to 2010, Vietnam continually recorded a GDP growth rate of about 7% annually. The rate remained around 6% in the 2011-2015 period and is expected to exceed 6.5% this year.
At present, foreign direct investment registered in Vietnam totals about 270 billion USD, poured into over 19,000 operational projects run by investors from 105 countries and territories. Up to 135 billion USD of that sum has been disbursed.
More than 17 billion USD in foreign direct investment was registered in the first nine months of 2015, a year-on-year rise of 53%, and around 10 billion USD was disbursed, a yearly rise of 8%. A number of multinational groups, including those from Europe, has been investing effectively in the Southeast Asian nation, the leader stressed.
At the forum, he highlighted that Vietnam and its neighbours are striving to form the ASEAN Economic Community later this year. Vietnam has signed 10 free trade agreements (FTA). Vietnam is the first ASEAN country to conclude an FTA with the European Union; the deal is scheduled to be signed in late 2015, the PM underlined.
PM Dung said Vietnam is reforming public investment procedures to facilitate domestic and foreign investment in infrastructure development, prioritising high-tech projects and those accompanied by supporting industries and services.
A decree on public-private partnerships (PPP) has been enforced to help attract private sector engagement in infrastructure building, especially through foreign direct investment.
Vietnam welcomes foreign businesses’ stable and long-term investments and operations and considers their success as its own, and the FTA with the European Union scheduled to be signed in late 2015 will open up new opportunities for successful bilateral cooperation, Dung stressed.
At the forum.
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At present, foreign direct investment registered in Vietnam totals about 270 billion USD, poured into over 19,000 operational projects run by investors from 105 countries and territories. Up to 135 billion USD of that sum has been disbursed.
More than 17 billion USD in foreign direct investment was registered in the first nine months of 2015, a year-on-year rise of 53%, and around 10 billion USD was disbursed, a yearly rise of 8%. A number of multinational groups, including those from Europe, has been investing effectively in the Southeast Asian nation, the leader stressed.
At the forum, he highlighted that Vietnam and its neighbours are striving to form the ASEAN Economic Community later this year. Vietnam has signed 10 free trade agreements (FTA). Vietnam is the first ASEAN country to conclude an FTA with the European Union; the deal is scheduled to be signed in late 2015, the PM underlined.
PM Dung said Vietnam is reforming public investment procedures to facilitate domestic and foreign investment in infrastructure development, prioritising high-tech projects and those accompanied by supporting industries and services.
A decree on public-private partnerships (PPP) has been enforced to help attract private sector engagement in infrastructure building, especially through foreign direct investment.
Vietnam welcomes foreign businesses’ stable and long-term investments and operations and considers their success as its own, and the FTA with the European Union scheduled to be signed in late 2015 will open up new opportunities for successful bilateral cooperation, Dung stressed.
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Vietnam news in brief - August 24
Read The Hanoi Times to stay up to date on developments in Vietnam.
- Growing number of FDI firms moving to Vietnam
- Vietnam Gov’t committed to facilitating Adani Group’s US$2-billion port project
- Vietnam Railway proposes US$87 million for Hanoi–Dong Dang railway upgrade
- Vietnam’s North-South high-speed railway to be designed for 350km/h
- Vietnamese gov’t urged to address impact of global minimum tax
- Samsung plans drastic investment increase in Vietnam over next three years