Conditions for foreign-invested economic sector to develop sustainably

(VOVWORLD) - In recent years, the foreign-invested economic sector has been considered an important component of the Vietnamese economy. It has been facilitated for long-term development, cooperation, and healthy competition with other economic sectors. At the Prime Minister's conference with foreign-invested enterprises last weekend, with the theme "Overcoming challenges, seizing opportunities, cooperating for development", the Vietnamese government pledged to protect the legitimate rights and interests of foreign investors.
Conditions for foreign-invested economic sector to develop sustainably - ảnh 1Prime Minister Pham Minh Chinh addresses the conference with foreign-invested enterprises on September 17, 2022 (photo: VNA)

The Ministry of Planning and Investment says foreign investment in Vietnam has been growing rapidly. Increased capital volume and project quality has generated jobs, increased incomes, improved production skills and capacity, increased state revenues, stabilized the macro-economy, promoted economic restructuring, renewed growth models, and improved Vietnam's position and prestige in the international arena.

70% of foreign businesses plan to expand investment in 2023

A survey conducted in September by the Ministry of Planning and Investment in collaboration with the Vietnam Business Forum (VBF) showed strong production and business activities by foreign investors in Vietnam. Over 90% of enterprises surveyed were earning medium to high profits. Most businesses expressed optimism and confidence and a commitment to expanding investment and staying long-term in Vietnam. 66% of enterprises said they plan to expand their investment next year.

76% of enterprises said the Government's production and business support policies, such as tax and fee exemptions and reductions, price stabilization, work permits, import and export policies, support policies for workers, and COVID-19 vaccinations were effective. They rated as most effective VAT exemptions and reductions, petrol and oil price stabilization, work permits, customs clearance procedures, import and export policies, and incentives for workers.

Nakajima Takeo, Chief Representative of the Japan Trade Promotion Organization in Vietnam (JETRO), said that a JETRO survey last year showed that 55% of Japanese enterprises in Vietnam plan to expand their operation. That is the highest number among ASEAN countries.

Among the 1,700 Japanese companies surveyed, Vietnam ranked second (after the United States) among countries they said they want to expand their investment in.

Conditions for foreign-invested economic sector to develop sustainably - ảnh 2Representatives of foreign businesses attend the conference. (photo: VNA)

Creating conditions for the foreign-invested economic sector to develop sustainably

Prime Minister Pham Minh Chinh said Vietnam consistently views foreign investment as an important component of the Vietnamese economy. The State respects and protects the legitimate rights and interests of investors and ensures harmonization of interests between the State, investors, and employees.

"Vietnam acknowledges that FDI businesses and foreign investors are important parts of the country's economy. We always create the most favorable conditions for you to do business safely and profitably and have a peaceful life when you come to invest in Vietnam. We always support foreign investors. Your success contributes to  multilateralism and international solidarity for a world of peace, cooperation, and development that leaves no one behind,” said Prime Minister Chinh.

The Prime Minister said Vietnam always pays attention to, listens to, shares with, and works together to address difficulties with, and offer the best possible conditions for foreign businesses. He asked ministries, sectors, and localities to follow State policies and laws and Government management to become more modern and more competitive and create the necessary conditions to welcome a new wave of foreign investment.

Vietnam is preparing to build large-scale logistics centers with the modern equipment and digital applications that will be needed to meet the needs of foreign-invested enterprises.

In a spirit of "Overcoming challenges – Seizing opportunities – Cooperating for development" and close cooperation from Vietnam, foreign-invested businesses will flourish and ensure sustainable growth for all stakeholders.

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