Viet Nam Human Rights
Illustrative image (Source: Vingroup)
Entitled “From Crisis to Endemic: Stumbling or Pressing Ahead?” the report examined the economies of Indonesia, Vietnam, Malaysia, and Thailand, which together account for over 70 percent of overall ASEAN gross domestic product (GDP).
In 2020, Vietnam was held up as a model for its ability to curb the initial COVID-19 outbreak, with discipline and social support for strong measures, resulting in low, near-zero numbers, it said. However, this has changed in 2021, when the country has experienced a surge of cases since 27 April, driven by the Delta variant, and the situation could not return to the previous low levels of infection.
The extensive lockdowns to prevent the spread of the coronavirus have disrupted not only local consumption but also impacting the manufacturing and supply chain activities to export markets. The pandemic impacts were especially felt by manufacturers of garments and electronics, noted the report.
At the macro-level, however, the Vietnamese economy showed considerable resilience. Even amidst the 2021 pandemic situation, trade numbers have remained strong with Vietnam’s total trade value of goods up 33.5 percent year-on-year in the first five months of 2021. This is supported by strong economic recoveries in major markets, especially the US and China, according to the report.
The report said challenges and impacts experienced by businesses operations and supply chains in 2021 could impact the future. Nevertheless, economists forecast Vietnam should still attract some 30 billion USD in foreign direct investment (FDI) this year, or a 2 percent rise, year on year.
At a conference to announce the reports, experts held that the investment environment of Vietnam in the long term is prominent compared to other ASEAN major economies thanks to the political stability. Vietnamese attraction also comes from the country’s special policies to facilitate production and technology development, they said./.
All comments [ 19 ]
Attracting foreign direct investment (FDI) has always been a key part of Vietnam’s external economic affairs.
Vietnam already has many comparative advantages and a strong investment climate, but we are working hard to become even more appealing to foreign investors.
We are doing so by vigorously renovating the business and investment climate, and by recognizing that the FDI sector is an integral part of the economy – essential to restructuring the economy and raising national competitiveness.
Vietnam has been securing socio-political stability, and is known to be one of the most dynamic economies.
It also has a favourable geographical location right at the heart of East Asia – home to a number of large and vibrant economies.
The country is a market economy, a member of the WTO, and a party to multiple frameworks for international economic integration, including free trade agreements with partners both within and outside the region.
The Vietnamese government is committed to creating a fair and attractive business environment for foreign investors, and constantly improving its legal framework and institutions related to business and investment.
The government has been working hard on restructuring the economy and its model for growth, as well as enhancing national competitiveness.
The Vietnamese government is continuing to revitalize its business and investment climate.
The government remains determined to fulfil its treaty obligations and promote the negotiation and conclusion of a new generation of free trade agreements.
the government is committed to ensuring a stable socio-political environment, protecting the legitimate rights and interests of investors, and creating an enabling environment for FDI enterprises in the country.
In the medium and long term, Vietnam will continue in its efforts to attract and efficiently use FDI inflows to advance socio-economic development.
The country will target “high quality” FDI inflows, focusing on FDI projects that use advanced and environmentally friendly technologies, and use natural resources in a sustainable way.
International forecasts suggest that as the world economy recovers, FDI flows are returning to dynamic economies.
Given the positive prospects for both global and regional economies, we are confident Vietnam will continue to find success in this area.
Việt Nam remains a safe and attractive destination for foreign investors despite the complicated development of COVID-19 pandemic
However, the pandemic still impacted the investment of foreign businesses through capital contribution and share purchases.
The pandemic has been gradually controlled while the Government and relevant agencies have drawn up many policies and solutions to remove obstacles for enterprises, besides issuing regulations and guidelines to help them adapt to the new normal situation.
I highly appreciate and trust the actions that the Government initiated. So far, the authorities are doing an extremely good job and I trust it will be continued, we will always be here to support and encourage the required actions
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