Vietnam approves strategy on foreign investment cooperation by 2030
Vietnam aims to raise the proportion of registered foreign investment flows from certain countries and territories to over 70 percent in the 2021 - 2025 period and 75 percent in 2026 - 2030.
Optrontec Vina, a Republic of Korea-invested company, in Ba Thien 2 Industrial Park, Vinh Phuc. Illustrative photo. (Source: VNA)
Hanoi (VNA) - Vietnam aims to raise the proportion of registered foreign investment flows from certain countries and territories to over 70 percent in the 2021 - 2025 period and 75 percent in 2026 - 2030.
The target is set in a 10-year national strategy on foreign investment cooperation recently approved by Deputy Prime Minister Pham Binh Minh.
The certain countries and territories comprise those from Asia (the Republic of Korea, Japan, Singapore, China, Taiwan (China), Malaysia, Thailand, India, Indonesia, and the Philippines); Europe (France, Germany, Italy, Spain, Russia and the United Kingdom), and the US.
The strategy also targets to increase the number of multinationals listed in Fortune Global 500 doing business in Vietnam by 50 percent by 2030.
Vietnam also aims to make itself to ASEAN’s top 3 and the world’s top 60 nations in the World Bank’s Ease of Doing Business rankings.
The strategy outlines nine solutions to boost the efficiency of foreign investment cooperation in Vietnam, the most notable one of which are developing innovation ecosystems, fostering supporting industries, supporting domestic firms to form joint ventures with foreign enterprises in hi-tech sectors, and assisting domestic companies in properly evaluating, selecting and receiving technology transfer from overseas./.
The Vietnam Association of Foreign Invested Enterprises (VAFIE) released an annual report on foreign investment in Vietnam last year at a meeting in Hanoi on May 10.
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The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Optrontec Vina, a Republic of Korea-invested company, in Ba Thien 2 Industrial Park, Vinh Phuc. Illustrative photo. (Source: VNA)
