30 years of FDI attraction: capital increase but technology unexpected

These are meaningful numbers as 2017 marked the 30th year of implementing the Foreign Investment Law since 1987. Dr. Vo Tri Thanh, former deputy head of Central Institute for Economic Management, says that the largest award which Vietnam gives foreign investors is the affirmation that FDI is an organic part of the Vietnamese economy, successes of FDI firms are also of Vietnam. The sector has made important contributions in many aspects such as 20 percent Gross Domestic Product, 50 percent industrial output, 70 percent export turnover and 12-13 million direct and indirect jobs. The more important thing is valuable policy lessons. Sharing the same view, Professor Dr. Nguyen Mai, former deputy chairman of State Committee on Cooperation and Investment, known as the Ministry of Planning and Investment now, told that in 2011 he attended a special event hosted by Vietnam Posts and Telecommunications Group–the 10th anniversary of wrapping up trading cooperation contract with Telstra Corporation, Australia. The contract ended in 2001. At the time when VNPT and Telstra worked together, the United States did not lift the trade embargo against Vietnam but Telstra still brought the country the most advanced technologies. Furthermore, the corporation helped build a business mode able to approach consumers, train human resources including many people taking key positions in VNPT afterwards and improve management level for Vietnamese partners. Besides the flow of foreign currencies, the above things are factors which Vietnam expects to receive from foreign investors. The quality of investment capital is showed through such… [Read full story]


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