Production activities at Fuhong Precision Component Company in Dinh Tram Industrial Park (Photo: VNA)Nguyen Bich Lam , former Director General of the General Statistics Office. This meant that foreign investors are placing great trust in Vietnam as part of the global supply chain.Also in the period, 7.09 billion USD were added to existing FDI projects in the nation, up 24.2 percent year-on-year, while foreign capital contribution and share purchase reached 3.63 billion USD.In the ten months, Vietnam reeled in 267.93 billion USD worth of export turnover, up 28.2 percent annually. Of the sum, the FDI sector contributed more than 196.7 billion USD, an annual increase of 20.3 percent. The foreign-invested sector’s import value, meanwhile, reached nearly 176.9 billion USD, up 31.3 percent over the same period last year and accounting for 65.7 percent of the country’s total.Regarding Vietnam's advantages in attracting foreign investment, Lam said the macro environment and politics are stable, the economy is dynamic, and the consumption market is expanding with abundant supply sources. He also listed consistent policies for foreign investment attraction and improving business climate.In addition, Vietnam is a member of many large-scale multilateral and bilateral trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP); Vietnam – EU Free Trade Agreement (EVFTA); and Vietnam’s several bilateral trade agreements with the US, the Republic of Korea, Japan, and the UK.Lam noted that in order to effectively attract and maintain foreign investment in Vietnam, the Government and relevant ministries, sectors, and localities need to implement a number of solutions.

Source: Viet Nam News November 28, 2021 15:00 UTC