Hanoi (VNA) – With the increasingproject number and investment value, foreign invested enterprises have become adynamic sector and an important growth driver for the Vietnamese economy, said DeputyMinister of Planning and Investment Do Thanh Trung.

With open policies and a favourable,stable, and increasingly improved business climate, Vietnam is one of theleading countries and has obtained many major achievements in foreigninvestment attraction, he told a workshop held by the Vietnam Investment Reviewin Hanoi on May 15.

Over the last 35 years, the foreigninvested sector has always been considered an important part of theVietnamese economy and given conditions by the Party and State to develop,cooperate, and compete healthily and fairly with other economic sectors, the deputy minister noted.

As of the end of April, Vietnamattracted nearly 446 billion USD in foreign investment, 280 billion USD ofwhich had been disbursed, statistics show.

Despite impacts of the COVID-19pandemic, Vietnam was still among the 20 biggest recipients of foreigninvestment in 2020 as reported by the UN Conference on Trade and Development (UNCTAD).This proves Vietnam’s successes in attracting external resources, Trung said.

The foreign invested sector has madesubstantially contributions to the country’s integration into the world,expansion of relations with other countries, and promotion of its position androle in the region and the world, he went on.

Vietnamis still assessed as an attractive investment destination, he said, citing a recent survey by the Japan External Trade Organisation (JETRO) which revealedthat 60% of Japanese firms plan to expand operations in Vietnam in the next one or two years. Meanwhile, European investors rank Vietnam fifth among the leadingglobal investment places.

Choi Joo-ho, General Director of Samsung Vietnam, said Samsung has investedin the country since 2008 and is now present in many localities like ThaiNguyen, Hanoi, and Bac Ninh.

As of 2022, the Korean group had poured 20 billion USDinto Vietnam and created about 300,000 jobs. In particular, half of the Samsungmobile phones exported globally is produced in the country.

However, the UNCTAD report alsopointed out that competition in foreign investment attraction among developingcountries will become fierce, especially amid a forecast decline in foreigninvestment flows in 2023 and an increase in investment demand for post-pandemicrecovery and development.

To attract more foreign directinvestment (FDI), many foreign firms recommended Vietnam continue building atransparent, predictable, and optimal investment and business climate. SamsungVietnam held that foreign investors should also boost social activities andcontribute more to local economic growth.

Deputy Minister Trung said aside frommeasures for keeping macro-economic stability, improving infrastructure, anddeveloping human resources, Vietnam will also carry out others, includingpromoting an ecosystem for science, technology, and innovation, devising aflexible management mechanism, developing a strong domestic sector able tocooperate with the foreign invested one, and focusing on high and newtechnologies, modern services, the manufacturing industry, informationtechnology, and financial services.

The country will also bring into playits internal strength and competitive edges to enhance the ties between thedomestic and foreign invested sectors so as to secure sustainable economicdevelopment, he added./.