07.08.2021, 06:51

Vietnam prioritizes foreign investment projects in high technology, innovation and R&D

  • Vietnam’s GDP grew 5.64 percent percent in the first half of this year, despite the complicated situation of the pandemic.
  • The fastest growing industries and sectors in Vietnam in the next 5 years will include high-tech products, transportation, furniture, and electronic products.

Vietnam prioritizes FDI in high technology, innovation and projects that create favorable conditions for Vietnamese enterprises to participate in the value chain, as well as those related to promoting the digital economy and actively contributing to the country’s sustainable socio-economic development.

Related: How to register a foreign invested company in Vietnam

The webinar entitled ‘Future of Vietnam’s transformation and sectoral opportunities’ was held by the Singapore Business Federation (SBF) as part of the ongoing FYIstival ASEAN edition, attracting nearly 300 delegates from Singapore, Vietnam, Hong Kong (China), the US, and Europe.

Vietnamese Ambassador to Singapore Mai Phuoc Dung stated that the Vietnamese Government always listens to and works side by side with businesses to provide them with timely support to overcome difficulties caused by the COVID-19 pandemic.

He told participants that Vietnam’s GDP grew 5.64 percent percent in the first half of this year, despite the complicated situation of the pandemic.

Regarding Singaporean businesses in particular, the Vietnamese diplomat affirmed that Vietnam always appreciates partners from Singapore in terms of their financial capacity, technology and management capacity.

He also suggested that Vietnam and Singapore need to promote cooperation in areas where both sides have advantages, such as high-tech manufacturing industry, infrastructure and logistics, smart city solutions, energy and renewable energy, financial technology, healthcare, and education, among others.

In his speech, Terrence Oh, a representative from Western Union (WUBS), forecast that the fastest growing industries and sectors in Vietnam in the next 5 years will include high-tech products, transportation, furniture, and electronic products.

Meanwhile, oil and natural gas exploitation, pulp and paper industry, and non-metallic mineral product manufacturing are predicted to be among the slowest-growing industries at the same time, he added.

Also read: Singapore tops the list of a total of 80 countries investing in Vietnam

Delegates at the event also heard assessments of Vietnam’s economic development strategies, experiences in taking advantage of the benefits of free trade agreements (FTAs), and the SuperPort project launched by YCH Group in Vietnam’s northern province of Vinh Phuc.

FYIstival ASEAN edition is the fourth in a series of curated country and region-centred briefing sessions which targets Singapore companies and has to date covered internationalization opportunities in Africa, South Asia, and Japan.

Running from May to August 2021, the FYIstival ASEAN edition covers six ASEAN markets – Cambodia, Indonesia, Malaysia, the Philippines, Thailand and Vietnam – through a series of 14 virtual events./.

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