Prime Minister Pham Minh Chinh meets the FDI business community on October 16 morning. (Photo: Viet Chung) ảnh 1

Prime Minister Pham Minh Chinh meets the FDI business community on October 16 morning. (Photo: Viet Chung)

Vietnamese Prime Minister Pham Minh Chinh chaired a conference following a previous meeting between the Prime Minister and FDI enterprises in April of 2023.

Reporting at the conference, Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc said that this event is to affirm consistency in policies and guidelines of the Party and State for foreign enterprises and to show the concern and companionship of the Government for the terms of the business community and foreign investors.

Foreign investment plays an essential role in economic growth; therefore, foreign investors must be treated equally in order to promote external resources, arouse the spirit of dynamism and creativity, uphold internal strength, quickly seize opportunities and improve the effectiveness of investment cooperation.

According to the leader, the global economic context is complicated and unpredictable which is more extreme than the forecasted level. Multinational corporations are restructuring, repositioning and restoring production chains and capital flows to regions and countries with political, economic and social stability.

Amid the current global issues and unprecedented challenges, the Government and the Prime Minister have performed expansionary fiscal policy comprising extending and reducing land taxes and fees rates, monetary policy and other macro policies; resolved legal problems in the real estate sector; supported the tourism market's recovery; applied preferential credit policies to reduce costs, lower loan interest rates and so on.

In the first nine months of 2023, Vietnam's macro-economy remained stable, inflation was under control and major balances of the economy were maintained. Vietnam's gross domestic product (GDP) increased by 4.24 percent in the first nine months of the year.

The currency market stayed stable and the exchange rate was managed flexibly in accordance with market developments. Besides, interest rates dropped sharply, controlling inflation and meeting the economy's credit requirements which ensured the safety and liquidity of the banking system. Vietnam enjoyed a trade surplus of US$21.6 billion.

The total registered foreign investment reached US$20.2 billion, an increase of 7.7 percent, including a surge of newly registered projects with a proportion of 66.3 percent and the number of projects with increased capital was up 21.5 percent.

As of September, 2023, there have been 144 countries and territories having investments in the country with over 38,300 projects with a total amount of investment of more than US$455 billion.

Particularly, Vietnam has become the third largest economy in ASEAN with its GDP scale of more than US$400 billion. Besides, international institutions evaluated that the country was among the most successful countries in attracting FDI.

Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc also said that the opportunities of Vietnam were also the development chance for enterprises, including foreign investors. To actualize the set targets, it is important to have the sharing and companionship of the FDI sector with the Government, Ministries, sectors, localities and domestic enterprises.

At the conference, the Ministry of Planning and Investment also proposed some responsibilities and solutions with relevant ministries, sectors and localities.

Of which, the Ministry proposed to promote the companion spirit with enterprises from the process of project study, forming and implementation; proactively approach and grasp obstacles and issues to remove legal barriers affecting the business activities of enterprises.

The localities successful in attracting large-scale FDI capital comprising Hai Phong, Binh Duong, Nghe An and Bac Ninh showed the effectiveness of solutions.

As for business communities and foreign investors, the Ministry of Planning and Investment said that the country will focus on attracting high-tech projects that are friendly to the environment and effective management with high added value.

The Ministry of Planning and Investment committed to continuing the innovation and strongly promoted its consultation role for the Government to create break-throughs in improving business environment, innovating business support methods; and closely coordinating with ministries, sectors and localities to create favorable conditions for business investment activities of the business community in general and foreign investors in particular in Vietnam.

Source: SGGP