Conference to review 30 years of FDI attraction in Vietnam hinh anh 1Workers examine products at the Japanese-invested Lixil Global Manufacturing Vietnam Co. Ltd in Quang Nam province (Photo: VNA)

Hanoi (VNA) – A conference will be held on October 4 to look back on the last 30 years of Vietnam’s efforts to attract foreign direct investment (FDI), said Minister of Planning and Investment Nguyen Chi Dung.

Three decades since the Law on Foreign Investment took effect, the FDI sector has increasingly affirmed its pivotal role in the national economy.

Dung told the media that the event will review economic achievements and set up new directions for FDI attraction. It will also convey the Government’s message that foreign investment is a crucial part of the economy and that Vietnam will press on with reforming regulations and improving the business climate to support investors.

He noted that foreign investment has contributed considerably to Vietnam’s socio-economic development over the last 30 years. This sector has not only supplemented resources to help with national growth, but also promoted reform across many regions and sectors, including the business community. In particular, it has helped step up the reform and perfecting of regulations and policies.

[Infographics: FDI’s role in economic development]

Dung said it is necessary to associate foreign investment attraction with sustainable development, which means overseas investments must apply high technology, be environmentally friendly, and work towards saving energy and natural resources. Additionally, attracting foreign investment must also be attached to economic restructuring and growth model reform so as to improve the productivity, quality, and competitiveness of the economy.

Foreign investment should be attracted in a way that can connect foreign companies with Vietnamese businesses in order to facilitate the development of domestic firms and give them conditions to join the global production and value chains, Dung added, noting the importance of ensuring balanced and harmonious development among regions.

He also underlined the need to take into account the Fourth Industrial Revolution when attracting foreign investment.

Dung said Vietnam is now home to some of the most favourable factors in its investment climate, as evidenced by indexes released by international organisations as well as recognition from the business community for the Government’s efforts.

According to the minister, now is the best time to invest in Vietnam as the country has a big market and political stability. Notably, it has participated in many bilateral and multilateral agreements, so the possibility for businesses to expand their markets is huge. Additionally, Vietnam also has a higher standing and significant role in both the regional and the global stages.–VNA