Vietnam, Middle East seek new approaches in investment cooperation hinh anh 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 “Fostering investment 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 Affairs has coordinated with the Ministry of Planning and Investment (MPI) to organise an online seminar to discuss overseas investment trends and policies of countries in the Middle East, as well as Vietnam’s potential, and seek ways to improve the efficiency of investment cooperation between the sides.

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

Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc said Vietnam has substantial potential and advantages to attract investments from the Middle East, and expressed her belief that investment flows between the two sides will expand sharply in the time ahead.

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

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

Delegates pointed out challenges facing Vietnam in attracting investments from the Middle East such as a lack of information about the market, business practices and investment encouragement and protection agreements between 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 effective approaches like diversifying investment forms, setting up joint investment funds, completing the legal framework, intensifying connectivity, staying updated on investment incentives, improving business environment, and rolling out good investment attraction models on a larger scale.

Deputy Foreign Minister Pham Quang Hieu pledged that the foreign ministry will closely coordinate with the MPI and other ministries, agencies and localities to support businesses in promoting bilateral investment partnerships in an effective and pragmatic fashion.

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

The Vietnamese Government is committed to creating an open, favourable and fair business environment for foreign investors, including those from the Middle East, he said./.