Mr. Phan Huu Thang, President of the International Investment Research Institute (ISC): Encourage responsible business ventures

VCN - According to Mr Phan Huu Thang, President of the Institute for International Investment Studies (ISC), former Director of the Department of Foreign Investment, when attracting quality foreign investment (FDI) or responsible business projects, Vietnam lacks detailed guidelines or tools to support the screening, evaluation and appraisal of investment projects in the localities.
Mr Phan Hữu Thắng
Mr Phan Hữu Thắng

How has the chaotic world economy affected Vietnam's FDI attraction, sir?

Amid the constant global fluctuation, big countries must rethink their own strategies, including trade and investment. Every country must produce, survive, and take care of social security. Many factors are currently affecting the trend of FDI shifting globally, hindering FDI inflows into Vietnam. However, Vietnam has emerged as one of the stable and promising economies, still attracting a large amount of FDI thanks to a stable socio-political environment, a large market, and abundant human resources. Many large FDI projects are still pouring into Vietnam despite the Covid-19 epidemic.

With an important strategic position adjacent to China, a source of goods and raw materials on a large scale and a large market, investors own many benefits of transportation costs and stable connections of supply chains in China. The government and businesses of the US, Japan, Korea and the EU have all assessed that Vietnam has many favorable conditions to receive investment transfers from China.

Despite severe hits to the economy, the Covid-19 pandemic also created opportunities to accelerate the speed of digital transformation in all fields and localities. This is the driving force to create a future leap in labor productivity, enabling Vietnam to attract investment with high-technology content.

So in your opinion, to attract quality FDI projects or responsible business projects and new billion-dollar capital sources in 2023, what should Vietnam do?

To attract quality FDI or responsible business projects, Vietnam lacks detailed guidelines or tools to support the screening, assessment and appraisal of investment projects in different regions. To properly comply with the law and to include new criteria in the selection of foreign direct investment projects, it is necessary to encourage responsible business projects that positively contribute to the local economy, society and environment.

Currently, the Ministry of Planning and Investment, relevant ministries and branches need to focus on building, completing and deploying the investment project-screening toolkit to appraise FDI projects in localities. In addition, it is also necessary to actively advise on building a legal framework for attracting investment projects, especially responsible business ones.

We must choose projects and partners suitable for Vietnam's conditions and not make mistakes in project selection. But on the other hand, the government should promote the development of the private economy to implement supporting industries and new industrial fields to improve the selection of quality projects that Vietnam now needs to be ahead of in terms of new technologies.

Besides, it is also necessary to have a plan for attracting FDI methodically based on the reality of Vietnam. In detail, we must determine where the incentives are, which areas to attract capital, which industries, where the locations are... instead of general incentives.

Thank you Sir!

By Xuân Thảo (recorded)/ Thu Phương

Related News

State revenue collection poised to surpass annual target

State revenue collection poised to surpass annual target

VCN - With ten months of 2024 behind us, Vietnam’s state budget revenue is on track to exceed the year’s target. The Ministry of Finance is pushing hard to achieve results that go beyond initial projections as the year draws to a close.
Enforcement easures imposed on 11 tax-delinquent companies

Enforcement easures imposed on 11 tax-delinquent companies

VCN - The Ha Nam Ninh Customs Department has recently enforced a suspension of customs procedures on import-export goods for 11 companies with outstanding tax debts.
Director of Dong Nai Customs engages monthly with enterprises

Director of Dong Nai Customs engages monthly with enterprises

VCN - On November 1, Dong Nai Customs held an online Customs-Business Dialogue Conference attended by representatives from the Taiwanese (China), Korean, Japanese, and European business associations in Vietnam, alongside 83 import-export enterprises operating in Dong Nai province.

Latest News

UK stands ready to boost Việt Nam

UK stands ready to boost Việt Nam's international financial hub

The UK is recognised as the second-largest exporter of financial services globally, while London serves as a global financial centre, hosting 170 banks and a multitude of fintech companies.
Việt Nam lifts anti-dumping duties on imported cold-rolled stainless steel

Việt Nam lifts anti-dumping duties on imported cold-rolled stainless steel

The Ministry of Industry and Trade on November 12 announced the termination of anti-dumping duties on cold-rolled stainless steel products imported from China’s Taiwan, Indonesia, Malaysia and China.
Businesses full of orders, creating driver for stronger export growth

Businesses full of orders, creating driver for stronger export growth

After a period of downturn, many of Vietnam's main export products, such as textiles and footwear, have shown strong recovery, achieving double-digit growth rates.
Export-import turnover in October reaches US$69.19 billion

Export-import turnover in October reaches US$69.19 billion

VCN – Total trade in October reaches US$69.19 billion, increasing by 5.1% month-on-month and 11.8% year-on-year.

More News

CEPA Agreement opens the way to the Middle East - Africa market

CEPA Agreement opens the way to the Middle East - Africa market

VCN - CEPA is the first free trade agreement Vietnam has signed with an Arab country, opening a new era in the upgraded and increasingly substantive relationship between Vietnam and the UAE and Arab countries.
Ample opportunity for Vietnam - Peru trade to increase to meet potential

Ample opportunity for Vietnam - Peru trade to increase to meet potential

State President Luong Cuong's coming visit to Peru is set to catalyse cooperation in promising areas, as two-way trade continues its impressive trajectory, doubling to 600 million USD in 2022 from the 2014 level.
Vietnam aims to increase market share in Africa

Vietnam aims to increase market share in Africa

Although Vietnam’s rice exports have traditionally focused on Asian markets, experts have advised businesses to pay more attention to Africa which has emerged as a key potential market.
Beware of the "invasion" of unofficial e-commerce platforms

Beware of the "invasion" of unofficial e-commerce platforms

VCN - Appearing in Vietnam since the end of September, the online retail platform Temu has attracted buyers with its super discount and completely free shipping strategy. However, currently, the information about Temu's legal status and unverified information security methods lead to potential risks.
Seafood exports expected to break through in the last months of the year

Seafood exports expected to break through in the last months of the year

VCN - Vietnam's seafood exports in the third quarter of 2024 reached the highest turnover since the beginning of the year. Speaking to the press, Ms. Le Hang (photo), Communications Director of the Vietnam Association of Seafood Exporters and Producers (VASEP), shared the highlights of exports in the first 9 months of the year and assessed the trend in the last quarter of this year.
Vietnam’s aquatic exports on track to top 10 billion USD

Vietnam’s aquatic exports on track to top 10 billion USD

Vietnam’s aquatic exports are expected to exceed the annual target of 10 billion USD on the back of strong demand from major markets, according to Deputy Minister of Agriculture and Rural Development Phung Duc Tien.
Vietnamese, Chinese firms ink deals to bolster trade

Vietnamese, Chinese firms ink deals to bolster trade

Vietnamese and Chinese firms signed seven memoranda of understanding covering trade-economy, logistics, energy, agriculture, and media during a recent dialogue in Chongqing city of China.
Chemical companies go green to compete effectively

Chemical companies go green to compete effectively

VCN - Chemical and fertilizer production are industries with high emissions and energy usage, making the Green standard particularly stringent for them.
To open the door for industrial processing and manufacturing products to demanding markets

To open the door for industrial processing and manufacturing products to demanding markets

VCN - Vietnam's processing and manufacturing industry has made strong progress in 2024, with positive growth and becoming the main driving force of the economy. However, to maintain growth momentum and expand market share in demanding markets, businesses need to address challenges in quality standards, raw material costs and strict compliance requirements from international partners.
Read More

Your care

Latest Most read
UK stands ready to boost Việt Nam

UK stands ready to boost Việt Nam's international financial hub

The UK is recognised as the second-largest exporter of financial services globally, while London serves as a global financial centre, hosting 170 banks and a multitude of fintech companies.
Việt Nam lifts anti-dumping duties on imported cold-rolled stainless steel

Việt Nam lifts anti-dumping duties on imported cold-rolled stainless steel

The Ministry of Industry and Trade on November 12 announced the termination of anti-dumping duties on cold-rolled stainless steel products imported from China’s Taiwan, Indonesia, Malaysia and China.
Businesses full of orders, creating driver for stronger export growth

Businesses full of orders, creating driver for stronger export growth

After a period of downturn, many of Vietnam's main export products, such as textiles and footwear, have shown strong recovery, achieving double-digit growth rates.
Export-import turnover in October reaches US$69.19 billion

Export-import turnover in October reaches US$69.19 billion

VCN - The export turnover in October went up 10.1% year-on-year, of which the export turnover of the domestic economic sector increased by 17.7%, the export turnover of the FDI sector (including crude oil) grew 7.3%.
CEPA Agreement opens the way to the Middle East - Africa market

CEPA Agreement opens the way to the Middle East - Africa market

VCN - CEPA is the first free trade agreement Vietnam has signed with an Arab country, opening a new era in the upgraded and increasingly substantive relationship between Vietnam and the UAE and Arab countries.
Mobile Version