HANOI: During the 35-year journey of foreign direct investment (FDI) attraction, Vietnam has continuously improved institutions and incentives to attract and better manage domestic and foreign investment resources, according to the state news agency (VNA).
The expansion of economic diplomacy activities by the Party and Government in recent times has created more opportunities for Vietnam to attract high-quality capital flows into new industries.
In 2023, Vietnam attracted US$36.6 billion of FDI, an increase of more than 32% over 2022. Of which, newly registered capital reached more than US$20 billion, up 62.2%; supplemented capital reached nearly US$7.9 billion, down 22.1%; and foreign investors’ total value of capital contribution was over US$8.5 billion, up 65.7%.
Vietnam now has a great opportunity to attract investment, like when the country joined the World Trade Organisation (WTO). But the difference is that at this time, it sees many opportunities to attract high-quality capital into new industries.
In the global FDI slowdown, Vietnam is trying to implement effective solutions to attract high-quality FDI flows, including preparing conditions to receive investment projects in the semiconductor supply chain.
According to the World Bank, Vietnam can pursue policies to attract large-scale multinational corporations with high production capacity and close links with the global value chain, thanks to its strengths in political stability, favourable geographical location and great economic openness when Vietnam has joined 15 new-generation free trade agreements.
Source: Emirates News Agency
