Business

International forum and expo on investment promotion slated for next year

With the Government of Vietnam committed to achieving net zero emissions by 2050, there is a shift in the country’s priority in foreign investment attraction, said Deputy Minister of Industry and Trade Do Thang Hai on July 26.
International forum and expo on investment promotion slated for next year ảnh 1Deputy Minister of Industry and Trade Do Thang Hai (centre). (Photo: MPI)
Hanoi (VNA) – With the Government of Vietnamcommitted to achieving net zero emissions by 2050, there is a shift in thecountry’s priority in foreign investment attraction, said Deputy Minister ofIndustry and Trade Do Thang Hai on July 26.

Vietnam pays particular attention to energy transition andgreen industrial production, Hai told visiting Chairman of PDA Ventures PradeepDeviah as he asked the Indian-based group to keep this in mind while callingfor investors to participate in an international forum and expo on investment promotion scheduledin Hanoi between March and April 2023.

The deputy minister stressed that the Vietnamese Government attaches great importance toforeign investment as it is one of the country’s three pillars for economicdevelopment. Vietnam sets to rake in 38.5 billion USD in FDI this year despiteCOVID-19 and it has become more selective in FDI attraction.

He urged PDA Ventures and partners to speed up proceduresfor the two events to be held on schedule and to promote not only investmentbut also trade and tourism.

Pradeep Deviah informed his host on the coordination between PDA Ventures and Vietnamese associations and Vietfair company in organising the two events, saying the group will invite potential investors to Vietnam as it isan attractive destination for investors.

According to the Ministry of Industry and Trade, India isVietnam’s top economic partner in South Asia and the eighth largest tradepartner. Vietnam, meanwhile, is India’s 23rd biggest trade partnerglobally and the fourth largest in ASEAN.

The Vietnam-India trade increased 3.5-fold in a decade, from2.7 billion USD in 2010 to 9.6 billion USD in 2020, with an annual averagegrowth reaching nearly 16%.

Last year, the bilateral trade totalled 13.2 billion USD, up36% from 2020, despite COVID-19.

The two-way trade rose by 22% to 7.7 billion USD in thefirst half of this year; of which Vietnam’s shipments to India were valued at 4 billionUSD, up 39% year-on-year, while imports were estimated at 3.7 billion USD, up8%.

Vietnam mainly exported to India products in processing andmanufacturing, agriculture and construction; and imported inputs fortextile-garment production, plastics, chemistry, aquatic products, steel andiron./.
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