(Illustrative photo: Danh Lam/ VNA)

Director of the Foreign Investment Department of the Ministry of Planning and Investment Do Nhat Hoang said Vietnam has advantages that foreign investors care about. Security and stable politics is the primary condition for long-term investment in Vietnam. Vietnam also has a favorable geographical position for global trade. It’s a regional hub and a gateway to economies in the western part of the Indochinese Peninsula. And, with a population of 92 million people, Vietnam has the advantage of an abundant qualified workforce and very competitive labor costs.

Twelve new-generation Free Trade Agreements and Vietnam's membership in the ASEAN Economic Community connect Vietnam with a market of more than 600 million people.

Mr. Hoang said Vietnam's institutions, laws, and transparency, together with its global integration, create conditions for investors to do long-term business in Vietnam as well as to join global value chains and supply chains.

The processing and manufacturing industry is seen as Vietnam’s greatest strength, attracting the most foreign investors, with more than 11,800 projects worth 175 billion USD, equivalent to 51% of all FDI projects and 59% of all registered investment capital. The investment structure has a strong impact on the development of Vietnam's industries and matches Vietnam’s industrialization and modernization policies.

Mr. Hoang said that Vietnam will continue to improve its investment and trade environment toward openness, transparency, and conformity with international standards, in order to attract multinational corporations. In the process of extensive global integration, Vietnam will renew its growth model and restructure its economy in line with the ongoing 4th Industrial Revolution.

Vietnam will continue to give priority to investment projects in support industries and advanced environment-friendly technologies, effectively use natural resources and land, and strengthen links between domestic enterprises.