Prime Minister Nguyen Xuan Phuc (second, left) greets executives of multinational groups at the Vietnam economic dialogue in Davos on January 23 (Photo: VNA) Davos (VNA) – Prime Minister Nguyen Xuan Phuc chaired a dialogue with executives of nearly 40 multinational groups in Davos, Switzerland, on January 23 (local time), an activity within the framework of the ongoing World Economic Forum (WEF) Annual Meeting 2019. The dialogue was themed “Fostering Dynamics and Innovation in the 4th Industrial Revolution”. This was the first time the country had coordinated with the WEF to organise a Vietnam economic dialogue on the sidelines of a WEF annual meeting in Davos. Opening the event, WEF Managing Director Olivier Schwab highlighted the robust economic growth of Vietnam over the last 30 years, noting that the development of the country’s business community has been clearly shown at this time’s WEF. He affirmed that the WEF hopes Vietnam will … [Read more...] about Vietnam – one of best investment havens: PM
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Kyle Kelhofer, IFC Country Manager for Viet Nam, Laos and Cambodia. — Photo ndh.vn Foreign direct investment (FDI) capital is a major driver of Viet Nam’s economic development. On the sidelines of the Viet Nam Economic Forum 2019 held last week, Kyle Kelhofer, IFC Country Manager for Viet Nam, Laos and Cambodia, and Ganesan Ampalavanar, CEO of Nestle Viet Nam, spoke to Viet Nam News reporter Nguyen Linh Anh about opportunities to leverage FDI and strengthen links with domestic firms. Kyle Kelhofer, IFC Country Manager for Viet Nam, Laos and Cambodia What do you think about FDI attraction in Viet Nam? FDI has become a major driver of Viet Nam’s economic development. Competitive wages, a stable political and economic environment, sound infrastructure, a favourable geographic location as well as a robust investment and trade policy framework have led to dramatic increases in FDI inflows. FDI contributes about 18 per cent of Viet Nam’s GDP, nearly a quarter of … [Read more...] about New FDI strategy must link firms
Photo: VGP Addressing the event, U.S. investors showed their optimism about the business opportunities and outlook in Viet Nam, voicing their belief in the drastic efforts of PM Nguyen Xuan Phuc and his Government in improving the investment environment and promoting the development of infrastructure and the digital economy in the country. Bernerd De Santos, Senior Vice President and CEO of energy giant AES, stated that his group wishes to be involved in Viet Nam’s economic development process. Meanwhile, a representative from GE Global asked the Vietnamese Government to direct its functional agencies to accelerate the policy making process aiming to create favorable conditions for investors. A Medlife representative hailed the strong growth of Viet Nam’s non-life insurance industry, urging the Vietnamese Government to continue reforming State-own enterprises, especially in the fields of finance and banking, thus enabling foreign firms to participate in and make … [Read more...] about PM calls on large U.S. firms to invest in VN
Investors are keeping their faith in Vietnam’s wind power sector, even though it is not taking off due to an unbankable purchase power agreement, seven years after the government released the incentives for wind power projects. Local wind power tempting despite low incentives Asked whether investors would contemplate leaving Vietnam’s wind sector, Morten Dyholm, vice president of Vestas Group, stated that investors see great potential, huge demand, and strong political commitment here. Wind power is one of the most competitive energy sources globally and one of the fastest-growing industries in the world. “Thus, global firms will not leave this market,” he said, adding that a series of petitions have already been submitted. Having co-operated with many investors, Duong Tan Long, head of the Energy and Electricity at the Binh Thuan Department of Industry and Trade, said that foreign investors are still waiting for feed-in-tariff (FiT) adjustments as … [Read more...] about Local wind power tempting despite low incentives
Vietnam has very good achievements in foreign direct investment attraction, however, it needs to change its strategy and orientation to focus on the necessary sectors to improve efficiency. For sustainable future development, it is important to set the country's priorities right (Illustration photo: GE's factory in Haiphong) Sectors of current focus Numerous foreign groups have been doing business successfully in Vietnam, such as Samsung, LG, Intel, GE, Mitsubishi, and Panasonic. However, the draft of FDI attraction orientation and strategy for 2018-2030 built by the Ministry of Planning and Investment in collaboration with the World Bank noted that Vietnam needs to carefully review the priority sectors to attract FDI in the time to come. According to Simon Bell, the World Bank’s senior advisor on investment policy, experts mentioned high-added value in FDI attraction but have not pointed out sectors and what to do, and that in the new orientation, Vietnam needs to identify … [Read more...] about Vietnam’s FDI attraction: which sectors to prioritise?