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Foreign media spotlights Vietnam’s success in FDI attraction

Vietnam has emerged as a hub of foreign direct investment (FDI), according to the eurasiantimes.com.

In an article published on October 26, the website said in the race to become an Asian tiger, Vietnam’s FDI has averaged more than 6% of GDP, the highest in any emerging country, as per American multinational investment bank and financial services company Morgan Stanley’s emerging markets strategist Ruchir Sharma, quoted in a report by Livemint.

Foreign media, Vietnam’s success, FDI attraction, foreign direct investment, Asian tiger, recent economic data,  Covid crisis

Foreign media spotlights Vietnam’s success in FDI attraction.

The Southeast Asian nation’s recent economic data shows a rise of 18% in exports, with a 26 percent jump in computer and component exports and a 63% jump in machinery and accessories exports.

Friendly business and investment policies, development of industrial zones, and ample supply of young workers made Vietnam an attractive destination for investors, it said.

Ever since, Vietnam has witnessed an annual growth rate of 10.4% and last year’s record high of US$16.12 billion – an 81% increase overall, it noted.

Even in the time of Covid crisis, the country’s economy is in a good position because the government has introduced tax breaks, the delaying of tax payments, and land-use fees for businesses, revising the investment law and signing a free trade agreement with the European Union (EU), it stressed.

From July 2020, the EU has lifted 85% of its tariffs on Vietnamese goods, gradually cutting the rest over the next seven years, while FDI worth over US$12 billion was registered in the first four months of this year.

US$20 billion in FDI inflow over eight months and positive signals
After slowing down in the first few months of 2020, FDI inflow into Vietnam has increased sharply in recent months.
 
Bac Giang’ FDI attraction secures top position nationwide
(BGO)- In recent 5 years, investment attraction in the province particularly foreign direct investment (FDI) projects has gained good results. Bac Giang has been in top provinces and cities nationwide for many years on end. FDI projects have contributed to fostering socio-economic development of the province. 
 
FDI pledges reach nearly US$20 billion in eight months
Vietnam attracted foreign direct investment (FDI) of US$19.54 billion in the first eight months of 2020, down 13.7% from the same period of 2019, according to the Ministry of Planning and Investment (MPI).
 
FDI to VN sees increase in July
Vietnam attracted US$3.15 billion worth of foreign direct investment (FDI) and capital for share purchases from July 1 to July 20, representing a rise of 79.8 per cent against the same period last year and 76.2 per cent against June, the latest updates of the Foreign Investment Agency showed.
 
Deputy PM calls for selective FDI attraction
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.
 

Source: NDO/VNA

Foreign media, Vietnam’s success, FDI attraction, foreign direct investment, Asian tiger, recent economic data, Covid crisis
 
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