Vietnam: Record foreign investment

Vietnam forecasts record foreign direct investment (FDI), according to Deputy Minister of Planning and Investment Dang Huy Dong. Disbursed FDI will exceed US$16 billion this year, and pledged foreign investment will increase up to US$28 billion. “We aim to draw more FDI into areas including export-oriented, energy and high-technology by building a more business-friendly environment,” Minister Dang said.

The government aims to boost economic growth to 6.7 per cent in 2017 while the outlook of the Asian Development Bank is 6.5 per cent for this year.

Vietnam was the country with the most to gain from the Trans-Pacific Partnership. Increased market access, especially to the United States, would have supported an export boom. The FDI numbers show Vietnam’s ongoing economic potential, attracting factories in a competitive environment. Only last week, Vietnam’s Prime Minister Nguyen Xuan Phuc established an Economic Advisory Group led by Dr. Vu Viet Ngoan, former Chairman of the National Financial Supervisory Commission. The team of 14 will advise PM Nguyen on mid-term and long-term economic development strategies, plans, projects and policies. Members of this advisory group include economists from universities in the U.S., France, Singapore and Japan.