Viet Nam Human Rights
Raising businesses’ confidence in the government
13/2/17
It is a good sign when in the first month of
2017 Vietnam attracted approximately US$1.4 billion of foreign direct
investment (FDI), amid fears that the US withdrawal from the Trans-Pacific
Partnership would significantly affect the FDI inflow into Vietnam.
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Such concern has been alleviated when FDI
pledges to new projects reached over US$1.2 billion, up 23% over the same
month a year earlier and additional investment in existing projects hit
US$179.1 million. Disbursement in January also rose 6.3% to US$850 million.
The outlook of FDI attraction in 2017 is forecast to be bright when pledges
last year were estimated at over US$20 billion and disbursement reached an
all-time high of US$15.8 billion.
Another good sign is that Vietnam saw 8,990
newly established enterprises in January with total capital of VND90.3
trillion (US$3.97 billion), up 52.3% from a year ago. If additional capital
invested by existing enterprises is counted, total capital injected into the
economy in January will be VND204.9 trillion (US$9 billion). Along with the
solid foundation formed in 2016, when more than 110,000 enterprises were
established with total registered capital of VND891.1 trillion (US$39.2
billion), 2017 is expected to be a promising year for the number of new
businesses.
Figures of FDI pledges and new businesses in
2016 and January of 2017 are impressive but they are currently just numbers
on paper. When these enterprises and FDI projects come into operation, such
capital will become a significant resource for the economy. One of the major
drivers of the economy in 2017 will be enterprises, including both domestic
and foreign ones. The increases in the number of new businesses and FDI
projects reflect the high confidence of the business community in the
government’s commitment to improving the business environment by building a
facilitative, incorruptible and action-oriented government.
Such confidence needs to be continually
bolstered by the government’s concrete actions from the central to the
grass-roots levels to help new businesses and FDI projects quickly commence
operations, thereby helping to stimulate economic growth.
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All comments [ 10 ]
A focus should be given to solving difficulties faced by enterprises and boosting production and business in all sectors, especially spearhead ones like high-tech agriculture and tourism.
The Government signaled ongoing determination to improve the business climate and national competitiveness this year.
I believe that business confidence will strengthen and help boost economic growth.
Convenience in setting up firms - such as free online business registration from the beginning of this year - will promote private investments into the economy.
It is more important how to develop strong private companies in the next five years, which will become the backbone of the economy.
Vietnam will overcome the present economic difficulties.
The difficulties are only temporary ones, and the Vietnamese government’s economic management is presently good.
I maintain a positive view of the Vietnamese market and their business operations in the country.
The Government’s efforts to build the start-up ecosystem have shaped a new space for start-ups.
the solution system is encouraging entrepreneurs to restructure, change and reach global standards to avoid being left behind in the new flow of business and investment transformation of the world.
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