Vietnam – the secured and prosperous investment destination

Deputy Minister Vu Dai Thang and Ambassador of the Japanese Embassy in Vietnam Okabe Daisuke chaired the Conference with the participation of representatives of some central and local agencies and the online participation of more than 1,000 Japanese enterprises around the world, demonstrating the great concerns and expectations of the Japanese business community to Vietnam. Vinh Phuc had representatives to attend this event.

 With a new and appropriate approach, the Conference provided the latest information on Vietnam’s business and investment environment in the context that Vietnam has successfully controlled the COVID 19 pandemic and a series of new policies were issued such as the Investment Law, the amended Enterprise Law, the PPP Law, the newly passed the Vietnam-EU Free Trade Agreement (EVFTA), and the Agreement on encouragement and protection of investment between Vietnam – EU (EVIPA) in the tendency of creating a favorable, transparent, competitive legal framework, in accordance with international practices to implement Resolution No. 50-NQ / TW of August 20 / 2019 of the Politburo on the direction of perfecting institutions, policies, improving the quality and effectiveness of foreign investment cooperation by 2030 and the Government’s Resolution 58, which promotes the action program to implement Resolution 50 / NQ-TW.

 The conference provided the latest information on the investment environment in creating a favorable, transparent, and competitive legal framework in accordance with international practice. Information related to the preparation of conditions for land, labor, energy, etc. to welcome new foreign investment flows and create the most favorable conditions for investors to invest and do business successfully in Viet Nam.

 At the conference, Deputy Minister of Planning and Investment Vu Dai Thang affirmed that with an increasingly synchronized legal framework, along with the potential, advantages, and determination of the Government, ministries, localities in improving the investment environment, Japanese enterprises in particular and foreign investors in general will have more and more successful business investment opportunities in Vietnam. The Ministry of Planning and Investment commits to continue renewing policies and mechanisms, further promoting the advisory role to help the Government create breakthroughs in reforming the business investment environment; innovating business support methods. “The Ministry of Planning and Investment is committed to continuing to maintain the fire of innovation, further promoting the advisory role to help the Government create breakthroughs in reforming the business investment environment; innovating the mode of supporting enterprises, ”said Deputy Minister of Planning and Investment Vu Dai Thang.

 Representatives of agencies and organizations such as the Embassy of Japan in Vietnam, JETRO, JBIC, and Japanese Enterprises emphasized Vietnam’s growing position in the International Community, especially its impressive achievements in controlling the Covid-19 pandemic and affirming that Vietnam is a safe country, an attractive investment destination for Japanese enterprises after the epidemic.

 Chief Representative of Japan Bank for International Cooperation – Representative Office in Hanoi – Mr. AGUIN TORU emphasized: JBIC considers Vietnam as a key region, an important partner country of JBIC in many fields. such as infrastructure, production, resources; Supporting Japanese Small and Medium Enterprises (SMEs), which ranked third in the Vietnam market with 82 projects.

 “According to the evaluation of international organizations, the business investment environment in Vietnam has improved drastically and highly. Specifically, according to US News & World Report, Vietnam ranked 8th among the 20 best economies in the world to invest in 2019, an increase of 15 places compared to 2018. According to the World Bank (October 2019), Vietnam’s favorable business environment index in 2019-2020 ranked 70/190 countries” said Deputy Minister Vu Dai Thang. 

According to a survey of Japanese enterprises investing in Asia and Oceania by the Japan External Trade Promotion Organization (JETRO) in February 2020, 63.9% of Japanese enterprises are doing business in Japan, the highest rate in ASEAN and ranks third in Asia and Oceania (after Bangladesh and India). Ambassador of Japan Embassy in Vietnam Okabe Daisuke said that Vietnam has created favorable conditions for 500 Japanese experts to enter Vietnam to continue implementing on-going projects.

 In Vinh Phuc, until now, there have been 395 foreign direct investment (FDI) projects with a total registered capital of 5.57 billion USD. In particular, Japanese investors have invested in 48 projects with a total registered capital of over US $ 882 million, accounting for 23% of the total FDI invested in Vinh Phuc.

 Although Japanese investors have the 3rd largest number of projects and registered capital in 16 out of 16 countries and territories investing in Vinh Phuc province, they always rank first in terms of the proportion of implemented capital (87% of the total registered capital), Japanese enterprises contribute most to the budget of Vinh Phuc province.

 Therefore, in order to attract investment capital for Japanese investment, Vinh Phuc province should promote the disbursement of public investment projects. It is necessary to focus on the implementation of the dual objective of preventing the epidemic and developing socio-economic development, attaching importance to investment promotion, and to actively welcome the wave of investment from Japan. Vinh Phuc also should focus on supporting businesses and overcoming delays in the disbursement of projects as well as proactively and actively integrating into the particular need to ensure transparency, fairness, and efficiency in policy implementation./.