FDI enterprises urge investment environment improvement

The Ministry of Planning and Investment’s data show that as of March 20, 2023, Vietnam attracted 36,881 valid foreign direct investment (FDI) projects totaling almost US$444.1 billion in registered capital in 19 out the 21 economic sectors of the country. The processing and manufacturing sector became the biggest FDI attractor with more than US$264.2 billion, followed by real estate and electricity production and distribution sectors with over US$66.7 billion and more than US$38.3 billion, respectively.

Michael Michalak, Senior Vice President and Regional Managing Director of USABC (the US-ASEAN Business Council), proposed at the conference that Vietnam should simplify procedures and shorten time for power project verification and licensing and soon approve projects that have completed necessary procedures and promulgate Power Planning VIII.

According to Gabor Fluit, Chairman of the European Chamber of Commerce (EuroCham) in Vietnam, despite facing some difficulties, Vietnam remains a rising star in terms of business and investment. Vietnam has set ambitious goals for green energy transition and developed a comprehensive national strategy to achieve these goals, he said. Vietnam’s transition to a circular economy is also crucial for the country to achieve its sustainable development targets and promote efficiency of resource use, he added.

Joseph Frank Uddo III, President of AES Vietnam, addresses the April-22 meeting

Joseph Frank Uddo III, President of AES Vietnam, said AES is willing to help Vietnam realize its energy transition commitments. The meeting’s follow-up dialogues on policies and regulatory frameworks will support this transition and further advance Vietnam’s energy goals, he said. The progress of large-scale projects by AES and other FDI companies will help Vietnam attract investment worth billions of dollars to ensure the country’s greener and more sustainable energy future, Joseph said.

Preben Elnef, Vice President and General Director of LEGO Manufacturing Vietnam, said Vietnam needs to simplify procedures and speed up investment licensing for foreign direct investors who are committed to reducing carbon emissions and want to invest in protecting our planet for future generations through sustainable development.

The processing and manufacturing sector remains the biggest FDI attractor in Vietnam

Addressing the conference, Prime Minister Pham Minh Chinh emphasized that although the global situation continues to see rapid, complicated and unpredictable developments with impacts on different fields of politics and socioeconomic development worldwide, Vietnam, with its high determination and appropriate, practical and flexible policies, has minimized the adverse effects of external and internal factors, and obtained encouraging and comprehensive achievements in all fields. This success is attributed to the whole political system’s performance, the community’s support and great contribution of foreign investors, Chinh said.