FDI firms optimistic about Vietnam’s economic recovery

Illustrative photo (Source: VNA)

Foreign-invested enterprises have shown optimism about the recovery of Vietnam’s economic and investment climate during a conference on supporting foreign investors to adapt to new normal business situation that took place in Ho Chi Minh City on December 17.

Vu Tien Loc, President of the Vietnam International Arbitration Centre (VIAC), said that in 2021, FDI firms have been greatly affected by COVID-19 pandemic. As of November 2021, total FDI poured into Vietnam reached 26.46 billion USD. However, only 15.5 billion USD had been disbursed, down 4.1 percent year on year, he noted.

Thargbodee Serng Adichaiwit, Chairman of the Thai Chamber of Commerce in Vietnam, said that from October this year when HCM City reopened and the Government of Vietnam switched its anti-pandemic strategy to flexible adaption, Thai firms have recovered their production. He expressed his belief that with the strategy, Vietnam will secure fast recovery and attract more FDI.

He said that many Thai enterprises are interested in investing in Vietnam to exploit the huge consumer market and the strong commitments by the Government and localities of Vietnam in improving the business environment.

Cao Thi Phi Van, Vice Director of the Investment and Trade Promotion Center (ITPC) of Ho Chi Minh City, said that this year is an extremely difficult year for the city and the business community as well. However, FDI flow into the city has been at highest level among localities nationwide with nearly 49 billion USD, accounting for 12.1 percent of total FDI poured into Vietnam, she said, adding that the city has still played the role of an economic motivation of the country by contributing over 22 percent to the national GDP and more than 26 percent to the State budget.

Lauding Vietnam’s adaptation capacity, Catherine Tran, Director of Leonglee International Ltd, said that currently, many businesses have already recovered and become well prepared for COVID-19.

She held that along with its negative impacts, COVID-19 has prompted businesses to improve their capacity in designing their long-term business strategies and become ready for every change to rise up./.