Vietnam a magnet for foreign investment: Business Times

Thanks to policies to support post-COVID-19 recovery, and the gradual resumption of tourism activities, Vietnam is an investment attraction magnet, Lao Dong (Labour) Newspaper cited The Business Times of Singapore as saying.

Tuesday, March 08, 2022 14:05

Vietnam a magnet for foreign investment: Business Times ảnh 1

Thanks to policies to support post-COVID-19 recovery, and the gradual resumption of tourism activities, Vietnam is an investment attraction magnet. (Photo: VNA)

Hanoi (VNA) - Thanks to policies to support post-COVID-19recovery, and the gradual resumption of tourism activities, Vietnam is aninvestment attraction magnet, Lao Dong (Labour) Newspaper cited The BusinessTimes of Singapore as saying.

According to TheBusiness Times, "decisive containment measures andwell-targeted government support" as defined by the International MonetaryFund in its report duringthe early years of the pandemic helped limit economic depression from the healthcrisis.

According to the Singapore BusinessFederation's (SBF) National Business Survey which was conducted from July toOctober last year, Singapore businesses remain keen on the Vietnamese market.

Vietnam came in second in terms of countries Singapore businesses were mostkeen to invest into. Of the 440 companies who said they are planning for futureexpansion, 31 percent said they wanted to go to Vietnam.

Vietnam a magnet for foreign investment: Business Times ảnh 2

A view of Ho Chi Minh City (Photo: VNA)

Singapore has been the topinvestor in Vietnam for the last 2 years.

According to the Vietnamese Ministry of Planning and Investment, in 2021, thecountry poured 10.7 billion USD into Vietnam, accounting for 34.4 percent oftotal investment capital in Vietnam.

Significantly, there was no dip in terms of overall realised foreign directinvestment (FDI). The total disbursement of FDI was 19 billion USD in 2018, andthis increased to 20 billion each year in the 2019 -2021 period.

SBFand the United Overseas Bank Ltd. (UOB) of Singapore were both recognised by Vietnam's Ministry of Planning andInvestment for their efforts to promote FDI into Vietnam.

Meanwhile,Vietnam is striving to resuscitate its tourism sector with plans to fullyreopen the country to foreign visitors, and Chief Executive Officer of the UOB Vietnam Harry Loh said the lifting of nearly all the travelrestrictions from March 15 will create positive impacts.

The Diplomat magazine of India recently reportedthat Vietnam’s touristindustry has grown by leaps and bounds, in line with its dynamic economy overthe past two decades, accounting for over 10percent of the GDP.

Therefore, the tourism revivalhas become a crucial matter in the Government's wider plan to revive theeconomy, The Diplomat said./.

VNA

#post-COVID-19 recovery #Vietnam #investment attraction magnet #economic depression #Singaporean business

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