FDI enterprises “make suggestions” for a quick economic recovery

VCN - The representative of the association of foreign enterprises in Vietnam has made many recommendations to improve the capacity of the domestic manufacturing and supporting industries; develop clusters of industry links and value chains; strengthen linkages between FDI enterprises and domestic enterprises.
Strong development of private economy together with connection between regional FDI sector and domestic sector Strong development of private economy together with connection between regional FDI sector and domestic sector
Foreign investment inflow into Vietnam rises 4.2 percent in January Foreign investment inflow into Vietnam rises 4.2 percent in January
FDI enterprises contribute to Thai Binh province’s socio-economic development: official FDI enterprises contribute to Thai Binh province’s socio-economic development: official
FDI enterprises “make suggestions” for a quick economic recovery
The economic stimulus package of nearly VND350,000 billion is considered to be an important push to help enterprises boost production and business, towards higher growth goals in 2022. Photo: Hoang Vinh.

Vietnam is in the strongest position

Speaking at the high-level session of the Annual Vietnam Business Forum (VBF) 2022, Mr. Nitin Kapoor, representative of the British Business Association in Vietnam (BritCham Vietnam), said that one of the important elements of this recovery would be the reopening of borders along with a set of rules and regulations on national immigration to allow entrepreneurs and tourists to return safely, once again ensuring that competitive advantage was not ceded to regional rivals.

According to Mr. Alain Cany, President of the European Chamber of Commerce in Vietnam (EuroCham), leaders of European enterprises in Vietnam had given optimistic and confident signals to Vietnam's “new normal” trade and investment environment, as reflected in the EuroCham Doing Business Index (BCI) increasing from 42 points to 61 points in January 2022.

“Now, when the Covid-19 pandemic has been gradually controlled, the EVFTA is already in effect, the EVIPA will be implemented soon, Vietnam has the opportunity to attract a new wave of FDI from European investors looking for a potential, safe and competitive investment environment. Therefore, we welcome the Government's efforts in promulgating, amending and simplifying a number of regulations to be in line with the provisions of the EVFTA. Vietnam is in the strongest position to prosper in this post-pandemic period. The foundations for Vietnam's three decades of near-unbroken economic growth remain solid,” emphasized Mr. Alain Cany.

According to the EuroCham President, EuroCham is very pleased with the decision to reduce the mandatory quarantine period upon entry to 3 days as well as abolish the approval procedures applied to foreigners with residence cards, visas and a valid visa exemption. This is highly appreciated by the foreign business community of Vietnam. A return to pre-pandemic visa regulations is essential to bring FDI back to Vietnam and to ensure that tens of thousands of international enterprises already present in Vietnam can continue to contribute to Vietnam's economic growth in the coming years.

Proposing further reduction and postponement of corporate income tax payment

On behalf of the American Chamber of Commerce in Vietnam (AmCham), Mr. John Rockhold, Chairman of the Association, emphasized that the most important factor to create a favorable investment environment and to maintain and develop the manufacturing supply chain was a fair, transparent, predictable regulatory and rationalized environment, appreciating innovation – not only to attract new investment but also to maintain and grow existing investments. AmCham would continue to advocate for the strengthening of the US-Vietnam trade and investment partnership through the Indo-Pacific Economic Framework.

“Although Vietnam has maintained a positive economic growth rate during the pandemic, many small and medium enterprises in heavily affected industries such as tourism, hotels, food services, transportation still have to downsize or suspend operations. To support the economic recovery, we recommend that the government continue to reduce and postpone the payment of Corporate Income Tax in 2022 and 2023,” suggested John Rockhold.

Speaking at VBF 2022, Prime Minister Pham Minh Chinh said that in 2022, Vietnam would continue to perform tasks in the context of the “new normal” due to the pandemic, the situation continued to be complicated, strategic competition was fierce in the world and in the region, many unstable and unpredictable factors could be predicted.

The implementation of the socio-economic recovery and development program with a scale of VND350,000 billion (approximately more than 4% of GDP) would focus on groups of key tasks and solutions such as opening the economy in association with investment in improving health capacity, disease prevention and control; ensuring social security and employment; supporting the recovery of enterprises, cooperatives and business households; investing in infrastructure development in important, urgent and pervasive projects; reforming institutions, reforming administration, improving the business and investment environment.

At the same time, the Prime Minister also hoped that enterprises and associations would continue to accompany, support and assist Vietnam in the process of rapid recovery and sustainable development in the spirit of “sharing joys and sorrows”, “interest harmony and risk sharing”.

The Prime Minister assigned relevant ministries, branches and agencies to study, absorb, respond to and handle valid opinions and recommendations at the Forum in the course of performing their tasks, solving shortcomings and limitations in the implementation stage, removing institutional and legal barriers, better supporting the business community and international organizations, and promoting the development and recovery of the production chain.

By Xuan Thao/ Binh Minh

Related News

Quang Ninh Customs collects 85.75% of the budget revenue through the seaport area

Quang Ninh Customs collects 85.75% of the budget revenue through the seaport area

VCN - In the first 9 months of 2024, Quang Ninh Customs Department collected VND 13,885.23 billion in revenue collection, reaching 111.08% of the assigned estimate (VND 12,500 billion), reaching 106.81% of the target assigned by Quang Ninh province (VND 13,000 billion), an increase of 8.67% over the same period in 2023
Trade in goods of FDI enterprises account for about 68% of the country

Trade in goods of FDI enterprises account for about 68% of the country's import-export turnover

VCN - As of October 15, 2024, the total import-export turnover of FDI enterprises increased by 14.8% year-on-year, the preliminary statistics from the General Department of Vietnam Customs releases.
HCM City Customs held a dialogue and supported on training FDI enterprises

HCM City Customs held a dialogue and supported on training FDI enterprises

VCN - In order to improve the effectiveness of cooperation and support for foreign direct investment (FDI) enterprises, the HCM City Customs Department has proactively coordinated with business associations to organize dialogue conferences and in-depth training programs on import-export regulations, customs procedures, and solutions to help enterprises overcome legal challenges during their operations in Vietnam.
Supporting industry enterprises: Learning standards, understanding opportunities

Supporting industry enterprises: Learning standards, understanding opportunities

VCN - Currently, many potential industries have "opened" opportunities for Vietnamese enterprises to enter, such as the semiconductor industry, supporting industries for the aviation sector. However, the higher the added value of the sector, the more it requires enterprises to meet international standards.

Latest News

Import and export are expected to reach 800 billion USD

Import and export are expected to reach 800 billion USD

VCN - Although the import and export turnover of goods slowed down in September 2024, in general, import and export activities, especially exports, still grew positively in the first 9 months of 2024. It is expected that import and export of goods in 2024 will reach a record of 800 billion USD.
Fresh coconuts quenching new overseas markets

Fresh coconuts quenching new overseas markets

Vietnam’s fresh coconuts are being increasingly consumed in international markets such as the US, China, and the UK, highlighting a bright spot in Vietnam's fruit export sector with many opportunities for breakthroughs in the near future.
Rice exports likely to set new record in 2024

Rice exports likely to set new record in 2024

Vietnam sold 800,000 tonnes of rice overseas for 505 million USD in October, bringing the country's total export volume and value in the first ten months to nearly 7.8 million tonnes and 4.86 billion USD, up 10.2% and 23.4% year-on-year, respectively.
Vietnamese goods conquer halal market through trust and quality

Vietnamese goods conquer halal market through trust and quality

VCN - According to the Ministry of Agriculture and Rural Development, Vietnam's capacity to export over 50 billion USD worth of agricultural products annually, coupled with established supply chains, provides a significant advantage for Vietnamese agricultural and aquatic products to penetrate the Halal market.

More News

Exporters urged to have strategies to take advantage of UKVFTA for expansion

Exporters urged to have strategies to take advantage of UKVFTA for expansion

The UK is concerned by sustainable development, labour issues, environmental protection and social responsibility. Therefore, when exporting to the UK, enterprises should not just be concerned about being competitive in terms of price and quality.
Fresh coconuts quenching new overseas markets

Fresh coconuts quenching new overseas markets

Vietnam’s fresh coconuts are being increasingly consumed in international markets such as the US, China, and the UK, highlighting a bright spot in Vietnam's fruit export sector with many opportunities for breakthroughs in the near future.
Vietnam and UAE trade sees billion-dollar growth

Vietnam and UAE trade sees billion-dollar growth

VCN - According to General Department of Vietnam Customs by the end of September 2024, bilateral trade between Vietnam and the United Arab Emirates (UAE) reached nearly US$5 billion, an increase of more than US$1.4 billion over the same period last year.
Sharing responsibility for ensuring security and safety of the supply chain

Sharing responsibility for ensuring security and safety of the supply chain

VCN – Post - clearance audit is carried out in a planned, focused and key manner, avoiding widespread and ineffective inspections, thereby creating convenience for the business community and improving the effectiveness of state management of customs.
Many factors affecting tuna exports in the last months of the year

Many factors affecting tuna exports in the last months of the year

VCN - Tensions between Israel and Iran escalate, tuna businesses are worried, they may have to stop export orders to the Israeli market in the last months of the year.
Vietnam still dominates Philippine rice import

Vietnam still dominates Philippine rice import

Vietnam continues to assert its dominance as the top rice exporter to the Philippines, with 2.91 million tonnes shipped as of the late October, or over 79% of the Philippines' total rice imports, according to the Vietnam Trade Office in the Philippines.
Vietnam cements ties with partners to engage in global semiconductor, AI industries

Vietnam cements ties with partners to engage in global semiconductor, AI industries

By boosting cooperation with reputable partners across the globe, Vietnam is taking steps to gain a foothold in the world’s semiconductor and artificial intelligence (AI) industries.
Aquatic exports expected to rise in year-end despite challenges

Aquatic exports expected to rise in year-end despite challenges

Aquatic exports is expected to surge in the remaining months of this year, as the year-end festive season comes, despite many challenges in the international markets, according to insiders.
Trade Defense: The Key to Success for Vietnamese Businesses

Trade Defense: The Key to Success for Vietnamese Businesses

VCN - From losses and near bankruptcy, many domestic enterprises have recovered thanks to timely application of trade defense measures. Trade defense is also an effective shield for Vietnamese enterprises against a series of lawsuits from importing countries, thereby maintaining advantages and developing on "away grounds".
Read More

Your care

Latest Most read
Import and export are expected to reach 800 billion USD

Import and export are expected to reach 800 billion USD

VCN - At the regular Government meeting in September 2024, Minister of Industry and Trade Nguyen Hong Dien assessed: import and export continued to be a bright spot, recording a positive recovery compared to the same period last year.
Fresh coconuts quenching new overseas markets

Fresh coconuts quenching new overseas markets

Vietnam’s fresh coconuts are being increasingly consumed in international markets such as the US, China, and the UK, highlighting a bright spot in Vietnam's fruit export sector with many opportunities for breakthroughs in the near future.
Rice exports likely to set new record in 2024

Rice exports likely to set new record in 2024

Vietnam sold 800,000 tonnes of rice overseas for 505 million USD in October, bringing the country's total export volume and value in the first ten months to nearly 7.8 million tonnes and 4.86 billion USD, up 10.2% and 23.4% year-on-year, respectively.
Vietnamese goods conquer halal market through trust and quality

Vietnamese goods conquer halal market through trust and quality

According to the Ministry of Agriculture and Rural Development, Vietnamese agricultural and aquatic products could penetrate the Halal market.
Exporters urged to have strategies to take advantage of UKVFTA for expansion

Exporters urged to have strategies to take advantage of UKVFTA for expansion

The UK is concerned by sustainable development, labour issues, environmental protection and social responsibility. Therefore, when exporting to the UK, enterprises should not just be concerned about being competitive in terms of price and quality.
Mobile Version