Vietnam an attractive destination for foreign investors, say news outlets
Amid global uncertainties, Vietnam has emerged as an important destination for foreign investors, serving as a driving force for economic growth moving forward, according to international news outlets.
As the economy is gradually recovering with many challenges still lying ahead, the country is trying to promote its strengths, especially in terms of attracting more foreign investment to garner resources for national economic development.
In its 2022 - 2023 White Book recently unveiled in Hanoi, the European Chamber of Commerce in Vietnam (EuroCham) reaffirmed that Vietnam is an attractive destination for FDI thanks to a stable macroeconomic environment and controlled inflation. It noted that the EU-Vietnam Free Trade Agreement (EVFTA) serves as a driving force for bilateral trade and investment, whilst it has also facilitated the flow of technology and expertise.
Sharing this perspective, Inventiva.co.in noted that Vietnam is one of the top countries in the list for attracting foreign investment in 2023, with this being put down to a favourable business environment, steady economic growth, and improved infrastructure, along with policy changes.
“With the growth in the country’s economy and favourable business climate, the country is attracting commendable larger international investments in order to capitalise on the growing opportunities,” said Inventiva.
“Comparably in the last few years, Vietnam has made significant improvements in its infrastructure and created a business-friendly environment for foreign investors,” added the website.
Meanwhile, Hong Sun, head of the Korean Chamber of Business in Vietnam (KOCHAM), pointed out that compared to other countries, the local investment environment holds great potential for Korean businesses. Indeed, the investment environment and culture in the country shares many similarities to the Republic of Korea, which has attracted a lot of attention and offers convenience for both Korean businesses and the Korean community based in Vietnam.
“Korean businesses still attach great importance to Vietnam’s abundant and skillful human resources, tax incentives, concerns and efforts of the Vietnamese Government for foreign investors in general and Korean investors in particular,” he said.
Furthermore, business news outlet Nikkei Asia of Japan cited a survey by the Japan Trade Promotion Organization (JETRO) saying that the Vietnamese market is at centre of Japan’s supply chain transformation in ASEAN and is a priority location for Japanese enterprises seeking to expand production.
For its part, Swiss Daily Tribune de Gèneve hailed Vietnam as a new destination for foreign investors thanks to the overall attractiveness of its investment environment and 15 free trade agreements it has signed which have already come into effect.
The article outlined that the country recorded the strongest economic growth in Asia in 2022 at 8.03% following a period of closure due to the COVID-19 pandemic. Switzerland is therefore well-positioned to leverage advantages brought about by the Vietnamese economy.
Hundreds of Swiss firms are among the most important European investors present in the Vietnamese market. In particular, the Swiss industrial equipment sector should seek to fully tap into the growing trend of ‘Made in Vietnam’ products.
The country is being rated by foreign investors as a top priority for investment. Therefore, it will continue to witness the emergence of super factories in the future, Tribune de Gèneve concluded.
In her opinion, Michele Wee, CEO at Standard Chartered Vietnam, recently confided that attractive investment policies and diverse demographics have continued to help Vietnam become a market of choice for both foreign investors and businesses.
Vietnam boasts clear advantages in terms of labour, strong integration with global trade, modern supply chains, political stability, and potential resources, she said, adding that the Government is also keen to carry out reforms and meet its commitment in order to promote trade and sustainable growth.
Last but not least, the International Monetary Fund (IMF), quoted experts on its website, saying that in the context of headwinds against the global economy easing, developing economies such as Vietnam will have more favourable conditions for a stronger recovery in the near future.
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