Limitations in growth model reform and loose connectivity between domestic and foreign enterprises are among the causes eroding the attractiveness of Vietnam’s investment climate.
Delegates at the workshop (Source: dangcongsan.vn)
Hanoi (VNA) - Limitations in grℱowth model reform, inadequate policies towards businesses and loose connectivity between domestic and foreign enterprises are among the causes eroding 𝓡the attractiveness of Vietnam’s investment climate, according to head of the Party Central Committee’s Economic Commission Vuong Dinh Hue.
It is a must to assess Vietnam’s competitive edge in comparison with global competitiveness, and devise solutions to raise the national index, Hue said at an international workshop on March 26.
Besides, the country should evaluate the competitive edge of local businesses as well as their products against the national backdrop, he added.
The official suggested Vietnam create solutions and institutions to attract the world’s venture capital funds in order to support startups, especially small and medium-sized, and private enterprises, explaining that apart from opportunities, the startups are expected to face a string of risks.
At the same time, the country should put in place specific solutions to help local firms better connect with foreign direct investment (FDI) partners and take part in the global value chain, he said.
Other delegates at the workshop emphasised the need for Vietnam to bring into full play opportunities afforded by the Trans-Pacific Partnership (TPP) agreement to which it is a member.
Administrative reform decides the presence of new waves of investments and startups, said Vu Tien Loc, Chairman of the Vietnam Chamber of Industry and Trade.
He proposed the Government create an optimal and equal institutional environment in tandem with rolling out measures and policies in support of SMEs. Businesses themselves should stick to those creations, he added.
World Bank Country Director to Vietnam Victoria Kwakwa said red tape in procedures, bureaucracy and corruption are the roots of a sluggish economy.
A transparent banking system and well-regulated financial market are necessary for institutional streamlining and infrastructure development which can ensure economic growth, she added.
The World Bank official also suggested Vietnam develop skillful labourers who can easily adapt to economic changes.-VNA
Vietnam’s economic growth rate is expected to range from 6.5-7 percent in the next five years, according to a report presented by Deputy Prime Minister Nguyen Xuan Phuc.
This year and in the future, the private sector, especially small and medium-sized enterprises (SMEs) are expected to be a driving force for economic growth.
The Central Bank of Malaysia has forecasted the economy to falter in 2016, as the country has been navigating a challenging economic environment, driven by the global economic and financial situation.
The Trans Pacific Partnership (TPP), which was concluded in early February, will bring opportunities to Vietnam's businesses, especially those in the textile, garment and footwear sectors.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Dung underlined several key objectives, including a comprehensive review of the legal framework governing SOEs, and called for updates that reflect international standards and support modern, transparent governance.
While the US market has become more difficult to access due to new tax policies, Australia could play the role of a trade cushion, helping to reduce shocks and maintain export momentum for Vietnam's shrimp industry.
Delegates at the workshop (Source: dangcongsan.vn)
