Vietnam Business Summit 2019 opens in Hanoi

The Vietnam Business Summit 2019 (VBS 2019), one of Vietnam’s biggest international business-related events, hosted by the Vietnam Chamber of Commerce and Industry (VCCI) opened in Hanoi on October 16th.

Overview of VBS 2018 (baodautu.vn)

Under the theme "Vietnam - A Trusted Business Partner in the Digital Age”, the event attracts 600 delegates, including 200 CEOs of international businesses and corporations, and a Japanese business delegation.

VBS 2019 will focus on scientific and technological innovations, the shift of human resources in a digital age, and the many opportunities for Vietnam.

During the conference, businesses will have an opportunity to update on the latest development trends in the economy in the digital age, learn of new business opportunities, and gain knowledge from the many practical lessons of those who have been successful in the Vietnamese market.

In addition VBS 2019 will also provide chances for domestic businesses to connect with international partners and share potential cooperation projects.

This will be an opportunity for Vietnam to attract foreign direct investment (FDI) from potential investors in the region and from around the world./.

WC qualifiers: Vietnam earns 2nd victory after beating Indonesia 3-1

Vietnam beat Indonesia in its third match of the qualifying round for the 2022 World Cup on October 15th in Bali.

Vietnamese footballers after the match (Photo: vietnamnet.vn)

It was their second victory at the competition, after a 1-0 victory against Malaysia last Thursday and a goalless draw with Thailand last month.

Vietnam opened the scoreboard in the 26th minute after Indonesia's clumsy clearance enabled an easy tap-in by Do Duy Manh.

Que Ngoc Hai scored Vietnam's second goal from a penalty in the 54th minute and Nguyen Tien Linh scored their third goal in the 61th.

At the 84th minute, Indonesia scored their first goal thanks to a shot that sailed past three Vietnamese defenders and goalkeeper.

Vietnam was given a penalty in the last minute but keeper Muhammad Ridho made a good save./.

Vietnam - bright spot in FDI attraction in ASEAN

Vietnam is ranked eighth among 29 best economies to invest in by the US News and World Report, and is the first among the Association of Southeast Asian Nations (ASEAN) in the list.

Photo for illustration (Source: vietnambiz.vn)

The next closest ASEAN countries in the list were Malaysia (13th), Singapore (14th) and Indonesia (18th). Meanwhile, Uruguay topped the list, followed by Saudi Arabia, Luxemburg, India and Poland.

The rankings are the results of a global perceptions-based survey which saw nearly 7,000 business decision makers rank countries based on eight equally weighted country attributes; economic stability, favourable tax environment, skilled labour force, technological expertise, entrepreneurship, innovation, dynamism and corruption.

According to the US News and World Report, Vietnam’s economic growth has been among the fastest in the world and FDI has played a large part in that by attracting investment in a variety of sectors, since the market-oriented policies under its renovation (Doi Moi) program launched in the 1980s.

In 2018, as many as 112 countries and territories invested in Vietnam and Japan is the leading investors with 8.59 billion USD, followed by the Republic of Korea (7.2 billion USD) and Singapore (5 billion USD).

The manufacturing and processing sectors of Vietnam have traditionally gained the most interest from foreign investors with 16.58 billion USD in FDI last year – followed by the real estate sector (6.6 billion USD) and retail sector (3.67 billion USD).

According to an announcement of Vietnam’s Foreign Investment Agency (FIA) in September, a total of 14.22 billion USD in FDI has been disbursed, a 7.3 percent year-on-year increase, and 2,759 new projects with a total commitment of 10.97 billion USD have been approved.

Executive Director and Head of United Overseas Bank (UOB) Group’s Foreign Direct Investment Advisory Unit Sam Cheong Chwee Kin praised Vietnam as a bright spot in FDI attraction in ASEAN.

He paid special attention to the efforts of the Vietnamese government to improve infrastructure in key economic and industrial zones such as the northern port city of Hai Phong.

In addition, foreign investors are attracted to Vietnam by its competitive costs, low wages and developed infrastructure and tax incentives which are applied to a variety of industries and projects throughout the country.

Furthermore, Vietnam has emphasised the importance of developing skilled labour as a key factor in encouraging FDI, while also encouraging innovation and increased use of new technologies./.

Compiled by BTA