Infographics: Remarkable FDI inflows attributed to open trade policy According to the Ministry of Planning and Investment, Viet Nam lured approximately 27,000 foreign direct investment (FDI) projects with total registered capital accumulating to above US$340 billion by the end of 2018. Foreign investment flows from 130 countries and territories are divided among 19 out of 21 economic sectors in all 63 provinces and cities, in which manufacturing and processing industry accounts for up to 57% of the total foreign capital. The Republic of Korea and Japan are the biggest investors in Viet Nam with combined capital of nearly US$117 billion, the Ministry reported. However, after more than 30 years of attracting foreign investment, some shortcomings are looming large, especially the links between domestic and foreign-funded enterprises remain weak. Many of foreign-funded projects have had high energy consumption rates and caused environmental pollution due to the use of low technology levels … [Read more...] about Shaping new mindset on foreign investment underway
Foreign invested sector
Politburo to issue new resolution on foreign investment
Figures that show the importance of foreign-invested sector. >>> Infographics: Overview of foreign investment inflows since 1977 The news was announced yesterday at a meeting involving ministries, sectors, and localities to discuss on a draft project on orientations for improving policies and quality of foreign investment through 2030. The project will be submitted to the Political Bureau for approval. After more than three decades of foreign investment attraction. FDI sector has become an important part of the economy, contributing significantly to national development, emphasized Deputy Minister of Planning and Investment Vu Dai Thang. So far, Viet Nam is home to 26,500 FDI projects worth US$ 334 billion from 129 foreign countries and territories. In 2017 only, the sector accounted for 20% of GDP, contributing 23.7% of total social development capital, over a half of industrial production, 70% of total export turnover and generated nearly 4 million direct … [Read more...] about Politburo to issue new resolution on foreign investment
Foreign-invested firms top Hanoi’s salary payment
The foreign-invested firms topped Hanoi’s salaries in 2018 with VND233 million (USD10,130) per month. According to the Hanoi Department of Labour, Invalids and Social Affairs, this was the highest monthly salary level in Hanoi last year. The foreign-invested sector topped Hanoi’s salaries in 2018 with VND233 million (USD10,130) per month The department received salary reports from 5,025 local enterprises. Wages were 7-9% higher than those in 2017. Foreign-invested firms paid the highest salaries with the average level of VND5.85 million per person per month, up 9.1%. Among those, one firm topped with VND233 million per month. Meanwhile, foreign-owned firms’ lowest payment was VND4.25 million per month. The runner-up were firms which had majority state capital stakes with VND5.3 million per month, up 4.9% on-year. The highest payment of this group was VND123 million, while the lowest was VND4.4 million. Private companies ranked third with VND5.28 million, … [Read more...] about Foreign-invested firms top Hanoi’s salary payment
Conference discusses directions for future attraction and use of foreign investment
Deputy PM Trinh Dinh Dung presides over the conference - Photo: VGP The event offers a platform for the Government, ministries and sectors to have dialogue with investors on the attraction and use of foreign investment in Viet Nam. As assessed by the Ministry of Planning and Investment, since the implementation of the Party’s Doi Moi (Renewal) policy in 1986, Viet Nam has attained significant socio-economic achievements, while facilitating extensive integration into the region and the world. The results in attracting and using foreign investment over the past three decades are a vivid evidence of the country’s Doi Moi and integration accomplishments. The foreign-invested sector is an important supplementary source in the total development investment capital of the whole society, contributing to promoting the shift of economic structure, forming a number of spearhead industries, increasing production capacity, and playing a … [Read more...] about Conference discusses directions for future attraction and use of foreign investment
Foreign-invested sector, an important component of the economy
Deputy Minister of Planning and Investment Vu Dai Thang at the event Speaking at a conference discussing orientations for the future attraction and use of foreign investment in VinhPhuc province on December 21, the official reiterated the Government’s standpoint on the role of foreign investment, as the global foreign investment flow is showing a declining trend and trade conflicts worldwide have affected the investment flows of countries, including Viet Nam. Thang affirmed that in the time ahead, Viet Nam will focus on attracting foreign investors to invest capital, high technology and modern governance; expand the export market; and participate more deeply in the global production network and global value chains, thus contributing to enhancing Viet Nam’s innovation capacity, national competitiveness, enterprises, products and service, and boosting the country’s economic restructuring, associated with renovating the growth model on the … [Read more...] about Foreign-invested sector, an important component of the economy