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Vietnam prioritises FDI in high technology, innovation during its transformation: ambassador

Vietnam prioritises foreign investment projects in high technology, innovation, research and development, and projects that create favourable conditions for Vietnamese enterprises to participate in the value chain, as well as those related to promoting the digital economy and actively contributing to the country’s sustainable socio-economic development.
Vietnam prioritises FDI in high technology, innovation during its transformation: ambassador ảnh 1Vietnamese Ambassador to Singapore Mai Phuoc Dung (Photo: VNA)
Singapore (VNA) - Vietnam prioritises foreign investment projects in hightechnology, innovation, research and development, and projects that createfavourable conditions for Vietnamese enterprises to participate in the valuechain, as well as those related to promoting the digital economy and activelycontributing to the country’s sustainable socio-economic development,Vietnamese Ambassador to Singapore Mai Phuoc Dung told a webinar on August 5.

The webinar entitled ‘Future of Vietnam’s transformation andsectoral opportunities’ was held by the Singapore Business Federation (SBF) aspart of the ongoing FYIstival ASEAN edition, attracting nearly 300 delegatesfrom Singapore, Vietnam, Hong Kong (China), the US, and Europe.

Ambassador Dung stated that the Vietnamese Government alwayslistens to and works side by side with businesses to provide them with timelysupport to overcome difficulties caused by the COVID-19 pandemic.

He told participants that Vietnam's GDP grew 5.64 percentpercent in the first half of this year, despite the complicated situation ofthe pandemic.

Regarding Singaporean businesses in particular, the Vietnamesediplomat affirmed that Vietnam always appreciates partners from Singapore interms of their financial capacity, technology and management capacity.

He also suggested that Vietnam and Singapore need to promotecooperation in areas where both sides have advantages, such as high-techmanufacturing industry, infrastructure and logistics, smart city solutions,energy and renewable energy, financial technology, healthcare, and education,among others.

In his speech, Terrence Oh, a representative from WesternUnion (WUBS), forecast that the fastest growing industries and sectors inVietnam in the next 5 years will include high-tech products, transportation,furniture, and electronic products.

Meanwhile, oil and natural gas exploitation, pulp and paperindustry, and non-metallic mineral product manufacturing are predicted to beamong the slowest-growing industries at the same time, he added.

Delegates at the event also heard assessments of Vietnam’s economic development strategies, experiences in takingadvantage of the benefits of free trade agreements (FTAs), and the SuperPortproject launched by YCH Group in Vietnam’s northern province of Vinh Phuc.

FYIstival ASEAN edition is the fourth in a series of curatedcountry and region-centred briefing sessions which targets Singapore companiesand has to date covered internationalisation opportunities in Africa, SouthAsia, and Japan.

Running from May to August 2021, the FYIstival ASEAN editioncovers six ASEAN markets – Cambodia, Indonesia, Malaysia, the Philippines,Thailand and Vietnam – through a series of 14 virtual events./.
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