AsemconnectVietnam - Attracting FDI investment capital is one of the bright spots contributing to positive economic results in the first quarter of 2024, creating a favorable start for 2024.

This result has affirmed investors' confidence in Vietnam's investment environment and continue to make new investment decisions and expand existing projects in Vietnam.
Positive trend
According to Mr. Do Nhat Hoang, Director of the Foreign Investment Department (under the Ministry of Planning and Investment), in the first quarter of 2024, there was more than 6.17 billion USD of foreign investment capital registered in Vietnam, an increase of 13.4 % over the same period of 2023. Of this, newly registered capital reached more than 4.77 billion USD, an increase of 57.9% over the same period last year. The sharp increase in the number of projects and the appearance of large-scale projects was one of the main factors driving the sharp increase in foreign investment capital. There were many large projects in the energy fields, including manufacturing batteries, photovoltaic cells, silicon bars, projects manufacturing components, electronic products, and many value-added new investment and capital expansion, such as 120 million USD project of Boviet Hai Duong, specializing in producing solar photovoltaic cell panels; Trina Solar Cell's 454 million USD project in Thai Nguyen; or the 275 million USD project of Gokin Solar Hai Ha Vietnam in Quang Ninh.
According to Ms. Phi Thi Huong Nga, Director of the Department of Industry and Construction Statistics (General Statistics Office), this result has affirmed investors' confidence in Vietnam's investment environment and continues to give new investment decisions and investment to expand existing projects in Vietnam.
“Attracting FDI is one of the bright spots contributing to positive economic results in the first quarter, creating a favorable start for 2024. This is the clearest proof of the support and trust of the community. FDI enterprises have contributed to the decisions and solutions of the Government and the Prime Minister in recent times" Ms. Nga emphasized.
However, the foreign business community still believes that Vietnam's investment environment, in addition to its advantages such as stable politics and gradually improving quality of labor resources, still reveals many shortcomings that need to be improved in the coming time. These shortcomings are reflected in cumbersome administrative procedures; investment attraction policies are volatile and the supply chain is incomplete.
Maintain stable investment environment
Assessing Vietnam's investment environment in recent times, Professor-Dr. Nguyen Mai, Chairman of the Association of Foreign Investment Enterprises, said that industries need to prioritize attracting and creating breakthrough development in Vietnam, such as high technology, innovation, energy, etc because currently there is no adequate mechanism to attract investment. Although a number of investment incentive policies have been issued, the results have not met expectations. In particular, the local shortage of labor and raw materials in some industries and localities has not been thoroughly resolved, leading to the risk of local supply chain disruption and disruption in the short term. Therefore, to attract FDI effectively, there are 4 solutions that need to be implemented: the top priority is still perfecting institutions and laws as well as the implementation of institutions and policies, associated with decentralization, decentralization, individualization of responsibilities and promotion of the responsibility of the leader.
From a local perspective, Mr. Tran Tuan Anh, Deputy Head of the Hanoi Industrial and Export Processing Zones Management Board, said that Hanoi City has set a goal for the period to 2025 to have 2 to 5 new industrial parks to be established, creating a clean space to attract investment projects. The city will prioritize attracting selective investment. In particular, the priority is given to projects that apply high technology, clean technology, and are environmentally friendly with products of highly competitive commercial value to participate in the value chain and the global supply chain. According to Mr. Mai Son, Standing Vice Chairman of Bac Giang Provincial People's Committee, Bac Giang will continue to persevere with solutions to promote improving the business investment environment, attract investment, and promptly remove bottlenecks and barriers for businesses and investors.
To attract FDI capital effectively, Minister of Planning and Investment Nguyen Chi Dung said that this year it is necessary to maintain stability of the investment environment as well as select potential investors in key areas such as high technology, information technology, and high quality services. To increase foreign investment attraction in the coming time, Vietnam will continue to review and adjust foreign investment policies in accordance with global investment trends; in particular, special attention must be paid to industries.
CK
Source: VITIC/haiquanonline.com.vn