Vietnam International Arbitration Centre pledges support to FDI firms

Vietnam should improve its legal framework to maintain the attractiveness of the domestic investment environment to foreign firms, Vu Tien Loc, President of the Vietnam International Arbitration Centre (VIAC) has said.

Loc made the suggestion as the extended social distancing due to the COVID-19 has affected the FDI sector in Vietnam.

Investors should be provided with necessary information and guidelines regarding legal regulations, he said, pledging that the VIAC will support FDI firms to remove obstacles and difficulties relating to legal affairs, and address business disputes.

According to Loc, foreign investors are still confident in the long-term prospect of the Vietnamese market, as well as the Vietnamese Government’s capacity to bring the pandemic under control.

Therefore, many associations, enterprises and foreign investors have promised to support the Southeast Asian nation in the pandemic combat.

It is noteworthy that the Danish toy production company LEGO on December 8 signed a memorandum of understanding with the Vietnam–Singapore Industrial Park Joint Stock Company (VSIP) to build a new plant in southern Binh Duong province.

LEGO will invest more than US$1 million in the construction of its first ever carbon neutral factory, including investment in solar energy on a 44-ha site in Binh Duong, with a hope to generate 4,000 jobs in the next 15 years.

Statistics show that as of November 2021, foreign investors poured US$26.46 billion into new projects, existing projects and share purchase, of which newly-registered capital was up 26.7% year-on-year.

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