Hanoi (VNA) - Vietnam has emerged as a hub of foreign direct investment (FDI), according to the eurasiantimes.com.
In an article published on October 26, the website said in the race to become an Asian tiger, Vietnam’s FDI has averaged more than 6 percent of GDP, the highest in any emerging country, as per American multinational investment bank and financial services company Morgan Stanley’s emerging markets strategist Ruchir Sharma, quoted in a report by Livemint.
The Southeast Asian nation’s recent economic data shows a rise of 18 percent in exports, with a 26 percent jump in computer and component exports and a 63 percent jump in machinery and accessories exports.
Friendly business and investment policies, development of industrial zones, and ample supply of young workers made Vietnam an attractive destination for investors, it said.
Ever since, Vietnam has witnessed an annual growth rate of 10.4 percent and last year’s record high of 16.12 billion USD – an 81 percent increase overall, it noted.
Even in the time of COVID crisis, the country’s economy is in a good position because the government has introduced tax breaks, the delaying of tax payments, and land-use fees for businesses, revising the investment law and signing a free trade agreement with the European Union (EU), it stressed.
From July 2020, the EU has lifted 85 percent of its tariffs on Vietnamese goods, gradually cutting the rest over the next seven years, while FDI worth over 12 billion USD was registered in the first four months of this year./.
Vietnam is still regarded by investors as an attractive destination thanks to its stable politics and macro economy, favourable geographical location, and advantages in land and human resources, according to Deputy Minister of Planning and Investment Tran Quoc Phuong.
Vietnam earned an estimated 711 million USD from exporting agricultural products to the European Union (EU) in August and September, according to the Ministry of Agriculture and Rural Development.
Bold measures Vietnam has implemented to become a hub for foreign direct investment (FDI) in the past decade required real political will and commitment, according to an article published in the South China Morning Post on October 19.
As of the beginning of October, Ho Chi Minh City has licenced nearly 30,000 new businesses with combined registered capital totaling 667 trillion VND (28.64 billion USD), according to the municipal Department of Planning and Investment.
Vietnamese Ambassador to Cambodia Nguyen Minh Vu led a delegation to Mondulkiri, Ratanakiri, and Kratie provinces from August 5-8, aiming to deepen economic ties and support Vietnamese businesses operating in Cambodia’s northeastern region.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
Illustrative image (Photo: VNA)
