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Conference discusses directions for future attraction and use of foreign investment

VGP – Deputy PM Trinh Dinh Dung chaired a conference in Vinh Yen city, northern Vinh Phucprovince on December 21 to discuss orientations for the future attraction and use of foreign investment.

December 21, 2018 3:33 PM GMT+7

Deputy PM Trinh Dinh Dung presides over the conference - Photo: VGP  

The event offers a platform for the Government, ministries and sectors to have dialogue with investors on the attraction and use of foreign investment in Viet Nam.

As assessed by the Ministry of Planning and Investment, since the implementation of the Party’s Doi Moi (Renewal) policy in 1986, Viet Nam has attained significant socio-economic achievements, while facilitating extensive integration into the region and the world.

The results in attracting and using foreign investment over the past three decades are a vivid evidence of the country’s Doi Moi and integration accomplishments.

The foreign-invested sector is an important supplementary source in the total development investment capital of the whole society, contributing to promoting the shift of economic structure, forming a number of spearhead industries, increasing production capacity, and playing a leading role in exports, helping Viet Nam join the global production and value chains. In addition, the sector also implements technology transfer, establishes a link between the foreign-invested sector and the domestic sector, boosts the development of supporting industries, contributes to the state budget, contributes to stabilizing the macroeconomy, creates jobs, improve labor productivity and become a driver of growth.

Foreign investment is not only an important resource for socio-economic development but also actively contributes to perfecting economic institutions and the business climate in accordance with the principles of the market economy and international practice, contributing significantly to enhancing the country’s position and power.

As of November 2018, there were more than 27,000 valid foreign-invested projects with a total registered capital of US$337.8 billion, around US$187 billion of which has been realized.

In 2017 alone, the foreign-invested sector contributed over US$8 billion to the state budget, accounting for 17.1% of the total budget revenues.

                                                                                                                                                By Vien Nhu