Prime Minister writes article introducing investment opportunities in Vietnam

On May 23, the article “Vietnam - An attractive destination for investors” by Prime Minister Nguyen Tan Dung was posted on the official website of the World Economic Forum (WEF) 2014. The Government e-newspaper respectfully introduces the full text of this article.

Attracting foreign direct investment (FDI) is an important foreign economic activity of Vietnam. Not only does Vietnam have many advantages and an attractive investment environment, it is also striving to continue its success story in attracting FDI with a strong commitment to improving the business investment environment, considering the foreign-invested enterprise sector as an important component of the economy, and at the same time considering FDI as a decisive factor in restructuring the economy and increasing national competitiveness.

As of April 2014, the total number of FDI projects in effect in Vietnam was over 16,300, with a total actual investment capital of about 238 billion USD. There were about 100 countries and territories with investment projects, and over 100 of the world's leading multinational corporations present in Vietnam. In 2013, FDI capital in Vietnam reached over 22 billion USD, an increase of over 35% compared to 2012.

The above figures demonstrate that Vietnam has become an attractive destination for foreign investors.

There are many reasons for these successes.

Attractive investment environment

Firstly, Vietnam has always been a country with stable political and social stability. As one of the dynamically growing economies, Vietnam's average economic growth rate in the period 1991-2010 reached about 7.5% and in the period 2011-2013, despite many difficulties, it still reached 5.6%. Many international organizations forecast that Vietnam's GDP will grow more positively in the period 2014-2015 and the following years.

Second, Vietnam is in the period of “golden” population structure with 60% of the population being of working age; has a favorable geographical location, located in the center of East Asia, where many large and dynamic economies are concentrated. Vietnam is a market economy, a member of the WTO, has participated in many international economic integration frameworks, including FTAs ​​with partners in and outside the region, especially Vietnam is actively participating in negotiations for the Trans-Pacific Partnership (TPP). These are basic advantages that always attract investors.

Third, the Vietnamese Government is always committed to and takes action to create an open, favorable and equal investment environment for foreign investors as well as continuously improve the legal and institutional framework serving business and investment activities. In addition, the Vietnamese Government has made efforts to implement the roadmap for economic restructuring and transforming the growth model, including strong efforts to improve the investment and business environment and enhance national competitiveness.

Continuing the success story

In the medium and long term, Vietnam aims to continue to strongly attract and effectively use FDI capital to promote socio-economic development. Vietnam's priority will be on "high-quality" FDI capital, specifically projects with modern, environmentally friendly technology, efficient use of resources, products with competitive advantages, and the ability to participate in global production networks and value chains.

To continue the success story in attracting FDI, the Vietnamese Government is committed to strongly improving the business investment environment. Many synchronous solutions have been proposed, in which the Vietnamese Government focuses on 3 areas of "strategic breakthroughs" to be implemented from now until 2020. These are: perfecting the market economy institution and legal framework; building a synchronous and modern infrastructure system, especially transport infrastructure; developing high-quality human resources.

The Vietnamese Government continues to seriously implement international commitments to which Vietnam is a member or participant; promote negotiations and signing of new-generation Free Trade Agreements. In addition, considering the success of FDI enterprises as its own success, the Vietnamese Government commits to ensuring a stable socio-political environment, protecting the legitimate rights and interests of investors, as well as creating all favorable conditions for FDI enterprises to operate in Vietnam.

According to forecasts of many international organizations, along with the recovery of the world economy, FDI capital flows are gradually recovering and will increase in dynamic economies. With the positive outlook of the global and regional economy, we welcome foreign investors, welcome you to continue choosing Vietnam and firmly believe that you will succeed in our country./.

According to chinhphu.vn