Business

Vietnam, Middle East seek new approaches in investment cooperation

A webinar themed “Fostering investment cooperation between Vietnam and the Middle East: potential, opportunities and new approaches” was held in Hanoi on August 26.
Vietnam, Middle East seek new approaches in investment cooperation ảnh 1Deputy Foreign Minister Pham Quang Hieu and Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc at the webinar. (Photo: The World & Vietnam Report)
Hanoi (VNA) – A webinar themed “Fosteringinvestment cooperation between Vietnam and the Middle East: potential,opportunities and new approaches” was held in Hanoi on August 26.

This is the first time the Ministry of Foreign Affairshas coordinated with the Ministry of Planning and Investment (MPI) to organisean online seminar to discuss overseas investment trends and policies of countriesin the Middle East, as well as Vietnam’s potential, and seek ways to improve theefficiency of investment cooperation between the sides.

The event brought together more than 300 delegatesfrom ministries, agencies, research institutes, representative offices,businesses, associations, investment funds and localities of Vietnam and MiddleEast countries.

Deputy Minister of Planning and Investment Nguyen ThiBich Ngoc said Vietnam has substantial potential and advantages to attract investmentsfrom the Middle East, and expressed her belief that investment flows between the two sides willexpand sharply in the time ahead.

She suggested connecting Vietnamese enterprises andlocalities with Middle East investment funds, creating conditions for Middle Eastfirms to import more goods from Vietnam, encouraging Vietnamese enterprisesto build supply chains in the Middle East and facilitating the multi-party investmentcooperation model.

Vietnam stands ready to open its doors for Middle Eastinvestors, the official stressed.

Delegates pointed out challenges facing Vietnam in attracting investments from the Middle East such as a lack of information about themarket, business practices and investment encouragement and protection agreementsbetween Vietnam and certain countries in the region, along with difficulties caused by the COVID-19 pandemic to investment promotion and attraction. 

To improve the efficiency of investment cooperation,many suggested the two sides seek new, flexible, and more effectiveapproaches like diversifying investment forms, setting up joint investmentfunds, completing the legal framework, intensifying connectivity, stayingupdated on investment incentives, improving business environment, and rollingout good investment attraction models on a larger scale.

Deputy Foreign Minister Pham Quang Hieu pledged that the foreign ministry will closelycoordinate with the MPI and other ministries, agencies and localities tosupport businesses in promoting bilateral investment partnerships in an effective and pragmaticfashion.

Accordingly, efforts will be made to boost informationexchange and investment promotion, as well as the signing of some investment encouragementand protection deals between the two sides.

The Vietnamese Government is committed to creating anopen, favourable and fair business environment for foreign investors, includingthose from the Middle East, he said./.
VNA
#Ministry of Foreign Affairs #Ministry of Planning and Investment #Middle East #investment promotion #Vietnam #VietnamPlus #Vietnam news
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