Hanoi (VNA) – The attractionand use of foreign direct investment (FDI) in the past 30 years have proventhat the door-opening policy of the Party and State of Vietnam is a correctchoice in line with the development trend of the era and the country’ssituation, Minister of Planning and Investment Nguyen Chi Dung said.

Addressing a conferencereviewing 30 years of attracting FDI held in Hanoi on October 4, the minister saidafter more than 30 years following the policy of Doi Moi (renewal), dooropening and international integration, Vietnam has risen to the rank ofmiddle-income countries with constantly enhanced position and prestige in theinternational arena.  

The foreign-invested sector hasbecome an important integral component of Vietnam’s economy. As of August 20,2018, the country counted 26,500 valid FDI projects with total registeredcapital reaching 334 billion USD. Of the sum, about 184 billion USD has beendisbursed. FDI disbursement accounted for an average 18-25 percent of totalinvestment for development of society during 1991-2017.

Minister Dung noted that withthe entrance of foreign investors, many service sectors such asfinance-banking, insurance, auditing, maritime transport, logistics,education-training, health care and tourism have made remarkable development.

The foreign investment inflow isalso a factor behind the formation of new space for development, new urbanareas, industrial parks, for export processing zones and economic zones, hesaid.

The minister stressed that theforeign-invested sector has transferred advanced technology, know-how and experiencein many industries and fields, producing ripple effects on the domestic sector,thus improving the technological level and management of Vietnam’s economy,despite certain limitations.

The attraction and use of FDIalso contributed to perfecting institutions of the market economy in thecountry, improving the investment and business environment, expanding external relationsand promoting international cooperation and integration, he said.

Minister Dung said theconference provides an opportunity to look back at the 30 years of developmentof foreign investment in Vietnam, and make a comprehensive assessment of theachieved outcomes along with limitations and shortcomings as well as theircauses.

Based on such assessment, theconference will seek drastic and breakthrough solutions to further enhance the qualityand effectiveness of FDI attraction and use, thus bolstering the country’ssocio-economic development in the coming period.

 According to the minister, the outcomes of theconference will serve as reference for the Ministry of Planning and Investmentto complete a master plan on directions for FDI attraction and use to 2030.

“We hope foreign investors cometo Vietnam with good will and responsibility, along with specific andresult-oriented commitments and actions to do long-term business on the basisof harmonizing interests of investors, the State and the community,” Dung toldthe conference. -VNA