Hanoi should focus on improving its infrastructure system while hastening administrative reforms to attract investors eyeing Vietnam amid the global production shift, experts have said.

Vietnam attracted US$3.15 billion in foreign direct investment (FDI) and capital for share purchases in July, representing a rise of 79.8% against the same period last year and 76.2% against June, reported the Foreign Investment Agency (FIA).

The Ministry of Planning and Investment together with the US Agency for International Development (USAID) co-organised a conference in Hanoi on July 24 to assist enterprises in developing sustainable supply chains for better growth of business community.

Deputy Prime Minister and Foreign Minister Pham Binh Minh has said that as Vietnam’s stature has increasingly improved it is now time for the country to be more selective in its FDI attraction efforts.

Standard Chartered Bank expects Vietnam’s growth to slow to a multi-year low of 3% this year on soft external demand, with external headwinds set to offset domestic outperformance.

Units, organisations or companies that use internal transport will have to obtain transport business licences if the proposed revised law on road traffic from the Ministry of Transport is passed.

PM Nguyen Xuan Phuc on July 16 met outstanding business leaders who are members of the Private Sector Development Research Board (Board IV) of the government’s Advisory Council for Administrative Procedure Reform and Young Presidents’ Organisation (YPO).

Vietnam’s effective containment of COVID-19 should allow it to make a quicker rebound than most other economies in the region and its GDP growth can be around 2.3% this year, Sian Fenner, an economist from Oxford Economics wrote in a July 14 report.