Vietnamplus

The northern province of Vinh Phuc has been an ideal destination for investors thanks to its geographical location and preferential policies for investment attraction.

Close to 200 businesses representing over 270,000 enterprises in Hanoi were honoured at a programme held at the Opera House on October 11 night for their outstanding performance as well as their important contributions to the development of the capital city and the nation.

Hanoi’s efforts to boost economic development have paid off, cementing the capital’s place as an economic locomotive of Vietnam.

Vietnam is a bright spot in foreign direct investment (FDI) attraction in Southeast Asia, said Sam Cheong Chwee, Executive Director and Head of United Overseas Bank (UOB) Group’s Foreign Direct Investment Advisory Unit at UOB.

The medium-term outlook for the Vietnamese economy is broadly positive despite persistent downside risks, the World Bank (WB) said in its East Asia and Pacific Economic Update released on October 10.

Hanoi raked in about 6.23 billion USD in foreign direct investment (FDI) during the first nine months of this year, continuing to lead the country in FDI attraction, according to the municipal People’s Committee.

Industrial production value of the northern province of Hai Duong hit 174.6 trillion VND (over 7.5 billion USD) in the first nine months of 2019, equivalent to 84.1 percent of the plan set for the year, and up 12.3 percent against that of the same period last year.

The northern province of Hai Duong has made drastic efforts to accelerate international integration in recent years.

Hanoi led 59 cities and provinces receiving foreign direct investment (FDI) in the first nine months of this year by luring 6.15 billion USD, or 23.5 percent of the total FDI that Vietnam got in the period.

The World Intellectual Property Organisation (WIPO) General Assembly opened its 59th session in Geneva, Switzerland, on September 30, drawing over 1,000 delegates from 191 member countries.

Hong Kong (China) topped 109 countries and territories investing in Vietnam in the first nine months of this year with total capital of 5.89 billion USD, reported the General Statistics Office (GSO).

Foreign investors poured 26.16 billion USD into Vietnam in the first nine months of this year, up 3.1 percent over the same period in 2019, according to the General Statistics Office.

Some members of the national financial and monetary policy advisory council have pointed out certain problems in the economy, warning that failure to address them would not only make faster growth unachievable but also decelerate economic expansion.

More investment has been poured into Mong Cai Border Gate Economic Zone (EZ) in the northern province of Quang Ninh, which holds an important geo-political economic position.

Vietnam has climbed in the ranking of best countries in which to invest this year, surpassing other Southeast Asian nations, such as Malaysia, Singapore and Indonesia.

Indonesia’s gross domestic product (GDP) growth could slow to 4.9 percent in 2020 and 4.6 percent in 2022 amid intensifying risks such as the escalating trade tension between China and the US, according to the World Bank.

Vietnam’s economic restructuring and growth model reform in 2016-2020 have been benefiting from positive changes in policies and achievements in the 2011-2015 period, according to economist Nguyen Dinh Cung.

The Vietnam Textile and Apparel Association (VITAS) said the total export value of textiles, fiber, and cloth reached 25.7 billion USD in the first eight months of the year, up 8.6 percent year on year, including 60.6 percent from foreign direct investment (FDI) enterprises.

It is necessary to carefully consider reducing labourers’ working hours from 48 to 44hours per week to ensure the interests of enterprises, said Phan Thi Thanh Xuan, Vice President and Secretary General of the Vietnam Leather, Footwear and Handbag Association.

Many companies are moving their factories from other countries to Vietnam, showing the potential for strong development of industrial real estate, according to Savills Vietnam.