(PLVN) - Vietnam is proving its attractiveness in the eyes of international investors, especially from countries in the CPTPP bloc. FDI from CPTPP countries into Vietnam continues to grow impressively, from 9.5 billion USD in 2019, FDI from this bloc has reached nearly 11.5 billion USD in 2022.
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(PLVN) - Vietnam is proving its attractiveness in the eyes of international investors, especially from countries in the CPTPP bloc. FDI from CPTPP countries into Vietnam continues to grow impressively, from 9.5 billion USD in 2019, FDI from this bloc has reached nearly 11.5 billion USD in 2022.
Attracting foreign direct investment (FDI) is a benefit of the Comprehensive and Progressive Agreement for Trans -Pacific Partnership (CPTTP). In addition to increasing the exchange of goods and services, this Agreement is also an opportunity for Vietnam to attract FDI from CPTPP partners due to the removal of 95% of customs duties in a market of over 500 million people, with a total GDP exceeding 10 trillion USD, accounting for about 13.5% of global GDP and about 14% of total world trade; with major markets such as Japan, Canada, Australia, Singapore...
In the first 9 months of 2023, 2,254 new projects were granted investment certificates (up 66.3% over the same period), with a total registered capital of more than 10.23 billion USD, of which 2 CPTPP members alone contributed 67%: Singapore led with a total investment capital of more than 3.98 billion USD, Japan ranked 3rd with a total registered investment capital of nearly 2.9 billion USD. In the coming years, FDI attraction from CPTPP countries will continue to increase, thanks to Brunei, Malaysia, Singapore, Japan and Australia, which are traditional partners in trade and investment.
It can be said that with 16 signed FTAs, Vietnam is becoming more attractive than ever in the eyes of CPTPP investors, especially partner countries that have participated in many FTAs, or are also participating in FTAs including Vietnam, such as Singapore, Japan, and Australia.
Every year since its entry into force, FDI attraction from CPTPP countries has become more and more promising. If in 2019, Vietnam attracted approximately 9.5 billion USD in FDI from CPTPP countries, by 2022, Vietnam attracted nearly 11.5 billion USD in FDI from CPTPP countries, an increase of 2.6 billion USD compared to 2021. The number of newly licensed projects reached 577 projects, an increase of 77 projects compared to 2021. CPTPP members with the largest total registered investment capital in Vietnam are Singapore with 6.4 billion USD, Japan with 4.7 billion USD.
Vietnam and Japan have many very specific plans for technology transfer cooperation. Within the framework of the Vietnam-Japan Joint Committee on Industry, Trade and Energy Cooperation, the Ministry of Industry and Trade has coordinated with the Japanese Ministry of Energy, Trade and Industry to develop a plan to implement cooperation activities in the fields of automobile industry and supporting industry in the coming years.
Singapore is also one of the leading investors in Vietnam. Over the years, Singapore's investment attraction in Vietnam has been based on a strategy of economic cooperation and technology transfer under five pillars, including: Energy connectivity; sustainable development; infrastructure; digital and innovation; connectivity (including areas such as education, finance, information technology and telecommunications, tourism, investment, trade and services, and transportation.
In general, promoting FDI from Japan and Singapore in particular and investors from the CPTPP market in general into Vietnam in the coming time will continue to be in the direction of strengthening cooperation and technology transfer in the fields of digital economy and innovation, infrastructure, sustainable development, meeting climate change goals; and promoting multi-faceted connectivity in trade, investment, finance, transportation, and tourism. These are also the focuses of cooperation with FDI enterprises in the coming time.
Experts say that to fully exploit the opportunity to attract FDI, investment promotion activities need to shift their focus to approaching potential investors, especially large FDI corporations. That contributes to taking advantage of new generation free trade agreements and opportunities to participate in the supply chains of multinational corporations, taking advantage of opportunities from the CPTPP market with great potential.
Source: https://baophapluat.vn/thu-hut-fdi-tu-khoi-cac-nuoc-cptpp-ngay-cang-kha-quan-hon-post533758.html
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