EU and US businesses keen to invest in Vietnam
VOV.VN - Financiers from the EU and the United States have expressed their keen interest in investing in the Vietnamese market, especially in such fields as green energy, infrastructure, and logistics, according to industry insiders.
A recent survey conducted by the European Chamber of Commerce in Vietnam (EuroCham) for more than 1,300 EU firms indicates that 41% of the respondents planned to move their production facilities to the country, up 30% compared to data compiled during the previous survey.
Furthermore, approximately 35% of the respondents named Vietnam among the top five most attractive investment destinations.
Meanwhile, John Rockhold, chairman of the American Chamber of Commerce in Vietnam (AmCham Vietnam), revealed that investors from US also intend to pour a huge amount of capital into the country’s green energy, logistics, and infrastructure sectors.
Explaining the growing trend, the Vietnam Association of Foreign Invested Enterprises (VAFIE) pointed to the fact that Vietnam effectively shifted to the implementation of the circular economy model in a number of industries throughout the 2021 - 2022 period.
Indeed, economic zones have gradually turned into ecological economic areas with a number of ecological urban industrial zones taking shape, a factor that has attracted the world’s large corporations to invest in high-tech products such as Samsung, LG, Intel, and Toyota.
Professor Nguyen Mai, chairman of the VAFIE, emphasised that among ASEAN member states, Vietnam can be considered as a rising star in the global supply chain, as it makes up a significant market share in multiple fields, including garments and textiles, footwear, and consumer electronics.
Vietnam has also emerged as a manufacturing hub for electronic products as part of the global supply chain. Its electronics exports hit a record high of US$100 billion in 2021, representing about one third of its total export value.
According to the 2022 annual report detailing foreign investment in the country, there remains a number of hurdles faced by foreign investors, including cumbersome administrative procedures and visa policy for foreigners.
The report outlines that although 68.5% of the FDI firms rated Vietnam as being more favourable in terms of investment location, labour costs and quality, taxes, the Government's capability to respond to emergencies compared to other countries, the quality of infrastructure, and public service delivery in the country must be improved moving forward.
(Source: VOV)