The 52nd meeting of ASEAN Economic Ministers recently held in Hanoi saw participants state the co-operation and mutual development routes the country must follow in unison with other ASEAN member states in order to turn the bloc into a strong economic region. In the race to attract investment and in order to overcome the development gap, the nation must redouble efforts in the process.
The added inflow of investment capital starting to shift into ASEAN is real, with the country enjoying plenty of opportunities to win, attract investment, not only from non-ASEAN partners, but also from other ASEAN member states.
According to data released by the Ministry of Planning and Investment, ASEAN members have poured over US$82.2 billion into the nation, accounting for 21% of total foreign investment capital. Of the figure, notable includes are Singapore, with US$54.98 billion, Malaysia, with US$12.76 billion, and Thailand, with US$12.4 billion.
These are not only the leading investment partners in the bloc, but also among leading investment partners in general. Indeed, Singapore, Thailand, and Malaysia are among the top 10 countries and territories that run large investments in the nation.
Furthermore, Vietnam has invested US$10.4 billion in ASEAN countries, accounting for approximately 50% of its outward investment capital, a significant proportion.
Therefore, ASEAN also represents a major investment partner for the nation. In the current climate, according to Do Nhat Hoang, Director General of the Foreign Investment Agency under Ministry of Planning and Investment, the country must be ready in terms of land, procedures, infrastructure, and high-quality human resources in order to grasp the available opportunities.
Within ASEAN, Singapore, Thailand, and Malaysia represent major partners, but they are also "rivals". In addition, Indonesia and the Philippines are both striving to attract greater investment capital flow.
“Each nation has its own advantages. Vietnam also has many advantages in the race to attract foreign investment. But when it comes to competitors, then in my opinion, the biggest rival are us. We must overcome ourselves, overcome stagnant working methods to boost reforms as a good way to draw new investors,” said Do Nhat Hoang.