Accelerating foreign investment attraction

According to the latest report of the Foreign Investment Agency - Ministry of Planning and Investment (MPI), the total foreign direct investment (FDI) in Vietnam as of the end of August 2023 reached nearly 18.15 billion USD, an increase of 8.2% over the same period last year. Notably, in the "top 5" provinces and cities attracting the largest FDI capital in the past 8 months, there are 3 localities in the North: Hanoi, Hai Phong and Bac Giang. If considering the "top 10", this region also includes Bac Ninh and Quang Ninh.

Hanoi leads the country

The Foreign Investment Agency said Hanoi took the lead with a total registered FDI capital of more than 2.34 billion USD, accounting for nearly 12.9% of the total registered investment capital of the country, up 2.89 times over the same period in 2022. Hai Phong ranked second with a total registered investment capital of more than 2.08 billion USD, accounting for nearly 11.5% of the total investment capital of the country, up 72.2% over the same period. Meanwhile, Bac Giang reached 1.49 billion USD in the first 8 months of 2023.

In Hanoi, recently, Inventec Corporation (IEC) from Taiwan (China) invested in a factory to produce internet servers, laptops, wearable devices, and smart medical devices in the Hanoi South Supporting Industrial Park (HANSSIP) with a total investment of 125 million USD in phase 1. It is expected that the factory will be operational by the end of 2024, creating jobs for nearly 20,000 workers.

Bứt tốc thu hút vốn đầu tư nước ngoài - Ảnh 1.

Workers work in a foreign-invested factory in Vietnam. Photo: MINH PHONG

In Hai Phong, with 67 newly registered projects in August 2023 alone, the locality maintained its second position in attracting FDI capital. According to Mr. Le Trung Kien, Head of the Hai Phong Economic Zone Management Board, FDI enterprises mainly invest in high-tech fields, participate in global supply chains, save energy, creating a strong breakthrough for the city's industry.

Mr. Kien said that thanks to the synchronous and strongly invested infrastructure system - from seaports to highways, airports, logistics - Hai Phong City continues to be a destination of interest to many foreign investors. In particular, the highway and road system conveniently connects to the entire region, the North and the whole country.

Bac Giang has also attracted a solar panel production project from investor Hainan Longi Green Energy Technology Company Limited (China) and Fulian Precision Technology Factory (Singapore) specializing in manufacturing electronic components with a total investment of more than 761 million USD.

With 3 provinces and cities in the "top 5" of FDI attraction in the past 8 months, Dr. Le Dang Doanh, former Director of the Central Institute for Economic Management, said that the factors of transport infrastructure and inter-regional connectivity have facilitated the attraction of this important capital flow of localities in the Northern region. In addition, the readiness of industrial park infrastructure - for example, Bac Giang province with many industrial parks such as Dinh Tram, Quang Chau, Song Khe - Noi Hoang, Van Trung, Hoa Phu... with systematic investment - is an important basis for investors to come and learn and "pour" capital.

The Foreign Investment Agency assessed that new investment projects are still focused on provinces and cities with many advantages in attracting FDI such as Hanoi, Hai Phong, Bac Giang, Bac Ninh. Representatives of the Foreign Investment Agency said that these are localities with good infrastructure, stable human resources, efforts to reform administrative procedures and dynamism in investment promotion...

Prioritize high-quality capital flows

According to Deputy Minister of Planning and Investment Tran Duy Dong, Vietnam has proactively attracted and cooperated with FDI in a selective manner, taking quality, efficiency, technology and environmental protection as the top evaluation criteria.

Vietnam prioritizes projects with advanced technology, new technology, high technology, clean technology, modern management, high added value, spillover effects, and connections to global production and supply chains. Vietnam has initially welcomed new investment flows in the high-tech sector such as Intel and Samsung.

This is also the direction that Hanoi is aiming for in attracting this important capital flow in the coming time. The Hanoi Department of Planning and Investment said that the city is promoting the attraction of FDI capital flows into new and high technologies with spillover effects, connecting production chains, thereby creating more added value. In addition to promoting the infrastructure of industrial parks and taking over the management of Hoa Lac High-Tech Park, Hanoi is also improving the investment and business environment, and dialogue with enterprises to remove obstacles in the investment process.

Also from a local perspective, Mr. Le Trung Kien affirmed that investing in expanding industrial parks and preparing infrastructure is always a priority task of Hai Phong to accelerate strongly in attracting FDI capital. Along with that, Hai Phong focuses on promoting investment, improving the investment and business environment, enhancing the competitiveness index, creating favorable conditions for investors when coming to explore cooperation opportunities.

Deputy Minister Tran Duy Dong said that localities need to prepare synchronously technical infrastructure for industrial parks, factories, electricity, water, social infrastructure and high-quality human resources. In addition, it is necessary to focus on attracting FDI in the high-tech sector and technology transfer.

The Deputy Minister of Planning and Investment also noted that localities need to review incentives to attract high-quality FDI. In particular, there should be higher standards for high technology and technology transfer; focus on developing high-quality human resources to meet practical requirements.

Build a "filter"

To attract quality FDI capital in the coming time, the General Statistics Office believes that localities need to prepare necessary conditions such as: reviewing and supplementing clean land funds; reviewing power planning; training high-quality human resources. In addition, it is necessary to develop regulations and standards as a new "filter" to select FDI investors with advanced technology.

According to the General Statistics Office, it is necessary to research and issue policies suitable for each industry and field to attract quality FDI capital flows.

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