Concerns about investment environment

At the meeting, representatives of business associations and big investors in Vietnam made positive comments on the investment and business environment in Vietnam due to macroeconomic stability, GDP growth and the government's efforts in improving the business, investment environment in the past time.

Photo: Nhat Bac

Specifically, Denzel Eades, Vice Chairman of the British Chamber of Commerce in Vietnam, said UK businesses look forward to partnering with the Vietnamese business community.

Joseph Uddo, Chairman of the American Chamber of Commerce (Amcham) in Hanoi, said Vietnam is in a favorable position to attract large investments as multinational corporations are seeking to diversify global supply chains.

Despite investment opportunities in Vietnam, the participants also mentioned limitations and obstacles in the business environment in the country. Hong Sun, Chairman of the Korean Business Association in Vietnam, complained about prolonged administrative procedures regarding dissolved enterprises due to tax inspection regulations on dissolved enterprises.

Muto Shiro, Vice President of the Japan Business Association, said that to attract investment, Vietnam needs to focus on two contents. First, speed up the process of granting business licenses. Second, stop requiring investors to comply with unreasonable conditions or submit sub-law documents.

In addition, foreign investors are concerned over the stable power supply within industrial zones so that they can engage in manufacturing activities with confidence in the coming time.

Strong commitments of Vietnamese government

At the forum, Prime Minister Pham Minh Chinh said that the Vietnamese government will always listen to and share with partners and investors and affirmed confidence in FDI enterprises. This is demonstrated through recent FDI attraction results, especially in 2023 when Vietnam remained a bright spot in attracting FDI with total registered FDI reaching US$36.6 billion, an increase of 32.1 percent compared to 2022. In the first two months of 2024, Vietnam also attracted more than US$4.3 billion in FDI, a year-on-year surge of 38.6 percent.

The Prime Minister gave “three assurances” to the business community. They include ensuring the legitimate rights and interests of businesses, including FDI ones as well as their stability and development towards green growth and major trends such as response to climate change. Second, ensuring the country’s sovereignty, social order and safety and policy stability for investors’ confidence. Third, ensuring energy stability towards green transition, developing a green transition ecosystem, digital economy and digital transformation.

The Prime Minister affirmed that Vietnam will adopt different solutions to ensure stable power supply, including the guidance on the direct power purchase agreement mechanism. The Vietnamese government commits to always accompanying and creating favorable conditions for the domestic and foreign businesses and investors with the spirit: “Harmonious interests, shared risks” and “Everyone works, wins and benefits together.”