Foreign media spotlights Vietnam’s success in FDI attraction
Illustrative image (Photo: VNA)
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 percent 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.
The Southeast Asian nation’s recent economic data shows a rise of 18 percent in exports, with a 26 percent jump in computer and component exports and a 63 percent 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 percent and last year’s record high of 1612 billion USD – an 81 percent 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 percent of its tariffs on Vietnamese goods, gradually cutting the rest over the next seven years, while FDI worth over 12 billion USD was registered in the first four months of this year./.
- Vietnam set to begin work on four major road projects next week
- Travel companies see positive outlook but challenges lie ahead
- Vietnam wants stronger agro-fishery exports to China
- HOSE reports 2022 revenue of nearly VND2 trillion
- Hanoi, South Korea to explore cooperation opportunities in smart city development
Travel companies see positive outlook but challenges lie ahead
Hanoi, South Korea to explore cooperation opportunities in smart city development
Open data and AI - the engine of economic growth
HanoiPlasPrintPack Exhibition launched to boost local plastic industry development
Vietnam urges China to facilitate Vietnamese seafood exports