Today: 29/09/2022 12:33:39 (GMT+7)
THE CENTRAL AGENCY OF THE COMMUNIST PARTY OF VIETNAM BAC GIANG PROVINCE THE VOICE OF THE PARTY, GOVERNMENT AND PEOPLE OF BAC GIANG PROVINCE

FDI – bright spot of Vietnam’s economy amid Covid-19

The Vietnam Association of Foreign Invested Enterprises (VAFIE) released an annual report on foreign investment in Vietnam last year at a meeting in Hanoi on May 10.

The report was made with the cooperation of KPMG Vietnam that provides independent audit services and the support of the Foreign Investment Agency under the Ministry of Planning and Investment, Fiin Group and some economists, according to VAFIE Vice President Nguyen Anh Tuan.

FDI, bright spot, Vietnam’s economy, Covid-19 pandemic, annual report, foreign investment,  250-page report, national and global economy

At the meeting to release the report.

The 250-page report, in both Vietnamese and English, is expected to be useful for policy-making agencies, research and training institutions, FDI firms and international investors, he said.

VAFIE President Nguyen Mai said foreign investment is the silver lining in Vietnam's economic picture amid the adverse impacts of the Covid-19 pandemic on the national and global economy.

He, however, pointed out outstanding problems during the attraction and use of FDI such as the modest number of high-tech projects from the US and Europe. Besides, contributions to the State budget of many FDI enterprises did not match their investment scale and the incentives they are entitled to. The structure of FDI in terms of regions and localities remains unbalanced, and too few businesses established research and development (R&D) centres.

Noting that the Politburo issued Resolution No. 50-NQ/TW dated August 20, 2019 on orientations to consolidate institutions and policies in order to raise the quality and efficiency of foreign investment by 2030, Mai said the VAFIE realised the need for a report on FDI in Vietnam, hence the release of the report.

According to VAFIE, since the National Assembly passed the Law on Foreign Investment in Vietnam in 1987, the foreign-invested economic sector has continuously developed, significantly contributing to national economic growth and growth model reform towards industrialisation and modernisation, accelerating Vietnam’s international economic integration and improving its position in the world.

The FDI sector now accounts for around 25 percent of total social investment, 55 percent of total industrial production value in Vietnam, and more than 70 percent of the country’s export revenue.

It has generated direct jobs for 4.6 million people or more than 7 percent of the country’s workforce, and indirectly created jobs for millions of others.

Production value of FDI sector increases 33.8 percent year on year
(BGO) - The production value in Bac Giang province hit nearly 61 trillion VND (2.66 billion USD) in the first quarter of this year, up over 31 percent year on year.
 
Thai Nguyen ranks second in FDI attraction in two months
The northern province of Thai Nguyen with the issuance of of a licence to to Samsung Electro-Mechanics Vietnam Co., Ltd under Samsung Corporation of the Republic of Korea to add 920 million USD to its project, ranked second in attracting foreign direct investment (FDI) in the first two months of 2022, behind Bac Ninh.
 
Spectacular breakthrough in FDI attraction
(BGO) – In 2021, Bac Giang attracted total investment of over 1.3 billion USD to the industrial parks which is an impressive figure for such a hard year due to Covid-19 pandemic. 
 
Bac Giang provincial leader visits and extends Tet greeting to local FDI enterprises
(BGO) – On January 19, the Vice Chairman of Bac Giang provincial People’s Committee (PPC) Phan The Tuan paid a field trip to visit, encourage and extend Tet greeting to some foreign direct investment (FDI) businesses in the province.
 
Provincial leader visits and extends Tet greeting to some FDI enterprises
(BGO) – On January 17, Vice Chairman of Bac Giang provincial People’s Committee (PPC) Phan The Tuan and representatives of Department of Foreign Affairs, PPC Office and Industrial Park Management Board visited and extended Tet greeting to Crystal Martin Vietnam Company Limited; Jufeng New Materials Vietnam Co.,Ltd in Quang Chau industrial park, Viet Yen district and SeoJin Vietnam Co.,Ltd in Song Khe – Noi Hoang industrial park in Yen Dung district.
 

Source: NDO/VNA

FDI, bright spot, Vietnam’s economy, Covid-19 pandemic, annual report, foreign investment, 250-page report, national and global economy
 
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