Localities asked to gear up for wave of shifting FDI

08:12 | 03/07/2020
Minister of Planning and Investment Nguyen Chi Dung has asked localities to bring their advantages into full play to welcome a wave of shifting FDI over the next six months.
localities asked to gear up for wave of shifting fdi
Minister of Planning and Investment Nguyen Chi Dung at the event (Photo: VNA)

He made the statement during a government-to-locality online conference in Hanoi on July 2.

The Minister briefed attendees on the economic situation in the first half of this year, saying that total social investment reached 850 trillion VND (36.92 billion USD), up 3.4 percent against the same period last year and equal to 33 percent of the country’s GDP.

As of June 20, Vietnam had raked in 15.67 billion USD in foreign investment, down 15.1 percent year-on-year, while industrial production expanded 2.71 percent.

The country posted growth of 1.81 percent in the first half, Dung continued, its lowest result in decades but a truly remarkable figure given the situation. Vietnam is one of only a few countries posting GDP growth.

As many short-term and long-term challenges remain, Dung urged ministries and localities to focus on economic recovery in a spirit of “fighting against economic recession is like fighting the enemy”, similar to the fighting COVID-19 motto initiated by Prime Minister Nguyen Xuan Phuc.

He also asked them to foster innovation, apply regional and global standards and rules in economic management, seek new growth engines, and accelerate economic restructuring and recovery towards the development of a more independent and sustainable economy.

He also urged the review of all conditions regarding land, infrastructure, and human resources, to prepare for the shift in FDI to the country. Greater attention should be paid to environmentally-friendly projects funded by high-tech and multinational conglomerates, he said.

VNA

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