As of September 20, 2017, Vietnam had 24,200 active FDI projects with total registered capital exceeding 310 billion USD, with about 167 billion USD disbursed (Illustrative image. Source: VNA)

Hanoi (VNA) –
Adjusting preferential policies for investment projects according to development plans in different areas is essential to attract more foreign direct investment (FDI), Chairman of the Vietnam Association of Foreign Invested Enterprises Nguyen Mai said at a seminar held in Hanoi on October 17.

For developed cities such as Hanoi, Ho Chi Minh City, Da Nang, and Hai Phong, it is necessary to promote industry and high-quality services, creating high added value products and increasing competitiveness both domestically and globally, he said.

At the same time, he urged not choosing labour-intensive and environmentally-unfriendly projects, he added.

Deputy head of the Foreign Investment Department under the Ministry of Planning and Investment Dang Xuan Quang noted some major factors to attract more foreign investment such as ensuring sustainable socio-economic and environmental development, developing the private sector, drawing high-quality projects, and grasping opportunities from the fourth industrial revolution.

Experts recommended paying attention to policies connecting FDI enterprises with domestic ones while developing the support industry and joining global value chains.

Since 1991, the foreign economic sector has been a driving force for Vietnam’s economy, contributing significantly to the country’s industrial productivity, services, import-export, State budget collection, and gross domestic product.

From 1991-2017, Vietnam lured nearly 162 billion USD in FDI. Notably, the presence of more large-scale projects worth at least one billion USD between 2011 and 2016 helped Vietnam become a destination to produce hi-tech products such as smart phones, tablets, and information technology.

As of September 20, 2017, Vietnam had 24,200 active FDI projects with total registered capital exceeding 310 billion USD, with about 167 billion USD disbursed.-VNA