Removing bottlenecks to attract FDI inflows from Europe
VOV.VN - Vietnam must strive to remove hurdles and deploy synchronous measures aimed at creating a healthy business climate to attract high-quality foreign direct investment (FDI) projects, including those from Europe, according to industry insiders.
European investors have so far invested over US$22 billion in numerous FDI projects in Vietnam, including several of high quality, a factor which has significantly contributed to sustainable development in the country over recent times, said Vu Van Chung, deputy director of the Foreign Investment Agency (FIA).
FIA statistics show FDI inflows into Vietnam during the initial 10 months of the year reached US$23.74 billion, of which nearly US$1 billion came from the EU, despite the complex nature of the COVID-19 pandemic.
He noted that Vietnam’s strong commitment to promoting transparency and openness in the business climate has lured high-quality investment capital from the developed EU nations, which have benefited business communities of both sides.
Nguyen Hai Minh, vice president of the European Business Association in Vietnam, pointed out that Vietnam enjoys numerous advantages in terms of FDI attraction, especially in the current trend of shifting FDI inflows, noting that despite various COVID-19 challenges, European investors have chosen not to withdraw their capital from the country.
Minh emphasised that European enterprises tend to inject money into high-added value projects and move some research & development centres to Vietnam. Seaports, road traffic, and energy make up key industries that have captured attention of European businesses.
Meanwhile, Nguyen Xuan Thang, managing director of Schaeffler Vietnam, said the group has chosen Dong Nai to build its largest factory, with a total investment in the first phase reaching EUR45 million due to the country’s advantages in human resources, investment incentives, and involvement in the EU-Vietnam Free Trade Agreement (EVFTA).
Thang went on to reveal that the group will begin construction of the second phase of the factory, which is expected to act as a global production hub for a wide range of industrial products.
To woo quality investment projects from Europe, Nguyen Thi Huong, general director of the General Statistics Office (GSO), suggested that Vietnam pay closer attention to investors’ requirements in terms of openness, stability, and transparency in the legal system as a way of protecting the legitimate rights and interests of financiers.
In addition, she said Vietnam should prioritise strategic investors involved in global production chains, with a primary focus on high-tech and technology transfer projects.
