Hanoi (VNA) –A conference will be held on October 4 to look back on the last 30 years ofVietnam’s efforts to attract foreign direct investment (FDI), said Minister ofPlanning and Investment Nguyen Chi Dung.

Three decades since the Law on ForeignInvestment took effect, the FDI sector has increasingly affirmed its pivotalrole in the national economy.

Dung told the media that the event will review economicachievements and set up new directions for FDI attraction. It will also conveythe Government’s message that foreign investment is a crucial part of theeconomy and that Vietnam will press on with reforming regulations and improvingthe business climate to support investors.

He noted that foreign investment has contributedconsiderably to Vietnam’s socio-economic development over the last 30 years.This sector has not only supplemented resources to help with national growth,but also promoted reform across many regions and sectors, including thebusiness community. In particular, it has helped step up the reform andperfecting of regulations and policies.

[Infographics: FDI🌄’s role in economic development]

Dung said it is necessary to associate foreigninvestment attraction with sustainable development, which means overseas investmentsmust apply high technology, be environmentally friendly, and work towardssaving energy and natural resources. Additionally, attracting foreigninvestment must also be attached to economic restructuring and growth modelreform so as to improve the productivity, quality, and competitiveness of theeconomy.

Foreign investment should be attracted in a waythat can connect foreign companies with Vietnamese businesses in order tofacilitate the development of domestic firms and give them conditions to jointhe global production and value chains, Dung added, noting the importance ofensuring balanced and harmonious development among regions.

He also underlined the need to take into accountthe Fourth Industrial Revolution when attracting foreign investment.

Dung said Vietnam is now home to some of themost favourable factors in its investment climate, as evidenced by indexesreleased by international organisations as well as recognition from thebusiness community for the Government’s efforts.

According to the minister, now is the best timeto invest in Vietnam as the country has a big market and political stability.Notably, it has participated in many bilateral and multilateral agreements, sothe possibility for businesses to expand their markets is huge. Additionally,Vietnam also has a higher standing and significant role in both the regionaland the global stages.–VNA