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Tuesday, July 14 2020
Tiếng Việt
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Date 12/09/2018-09:40:00 AM
Minister Nguyen Chi Dung: the Far East, an attractive and efficient investment destination for enterprises of ASEAN and Vietnam
(MPI) - Under the framework of the Fourth Eastern Economic Forum, on September 11th, 2018, in Vladivostok, Russia, Minister of Planning and Investment Nguyen Chi Dung attended and had a speech at the Russia - ASEAN Business Dialogue.
Minister of Planning and Investment Nguyen Chi Dung attends Russia - ASEAN Business Dialogue. Photo: MPI

The Russia - ASEAN Business Dialogue is an opportunity to exchange issues of mutual interest to further strengthen the economic, investment and trade cooperation between Russia and ASEAN’s countries.

Speaking at the Dialogue, Minister Nguyen Chi Dung said that Vietnam is a dynamic developing economy, has a fast and stable growth with a GDP growth rate of about 6-7% in the last 10 years, in 2017 reached 6.81%.

Vietnam has trade relations with about 220 countries all over the world, with a trade scale of 425 billion USD, the GDP per capita reached nearly 2,400 USD. In the first 7 months of 2018, Vietnam's economy continued to grow by over 7%, the total foreign direct investment in Vietnam reached 334 billion USD from 129 countries and territories.

With a stable political platform, an improving investment environment, competitive investment costs and strongly upgraded transport infrastructure with favorable international connectivity, attractive policies for economic development and investment attraction, gold population, potential markets, deep and wide integration into the world economy, etc, Vietnam is becoming a strategic and attractive investment destination for foreign investors.

Minister Nguyen Chi Dung said, in addition to the effective promotion of attracting foreign investment into Vietnam, the domestic enterprises are increasingly developing in number, scale, and accesses to new technologies of the world. Currently, Vietnam has about 700,000 operating enterprises, it is estimated that by 2020 there will be about 1 million enterprises, many of which have needs to invest abroad.

Vietnam has about 1,424 investment projects of enterprises in 75 countries and territories with a total registered capital reached nearly 22 billion USD in many fields such as agriculture, forestry, information technology, telecommunications, finance - banking, services, mining, etc. Investment activities of Vietnamese enterprises mainly focus on ASEAN region (accounting for 50% of projects and 39% of total registered investment capital aboard), Russia (accounting for 13% of the total registered investment capital abroad, ranked third in 75 countries and territories with investment projects from Vietnam) and tend to expand to other countries and continents.

In Russia, there are 23 projects of Vietnam registered for operation with a total investment capital of about 2.9 billion USD, focusing on fields such as oil and gas exploitation, telecommunications, trade centers, agriculture, dairy farming and milk processing, etc. Vietnam's largest telecom group, Viettel, also selects Russia as a destination for the production of telecommunication and defense equipment and the implementation of research activities on technology. Especially, the Primorye province, in the Far East, has a milk processing project of TH Truemilk Group with a total registered capital of 300 million USD.

Minister Nguyen Chi Dung wishes to continue promoting investment activities of Vietnamese enterprises in the regions with a long good friendship tradition such as Russia and ASEAN. These are areas with many bilateral and multilateral cooperation agreements on trade and investment, creating a free and favorable platform for Vietnamese enterprises to seek business investment opportunities.

Vietnam is the first country that the Eurasian Economic Union signed the Free Trade Agreement with, the Agreement officially entered into force on October 5th, 2016, Minister Nguyen Chi Dung emphasized "We have the foundation to hope that the economic, trade and investment relationship between Russia and Vietnam in particular and between the Eurasian Economic Union and Vietnam, in general, will continue to be strongly promoted in the coming time". At the same time he affirmed, Vietnam will continue its effort to support Russia in expanding cooperation relationships with the ASEAN Economic Community - a unified, dynamic market with over 600 million people and GDP reached about 2,500 billion USD.

Recently, General Secretary of the Central Committee of the Communist Party of Vietnam Nguyen Phu Trong visited Russia at the invitation of President Vladimir Putin. According to Minister Nguyen Chi Dung, the visit has contributed to strengthening the trustful political relationship, enhancing the strategical cohesion, elevating the effectiveness of cooperation, promoting the implementation of a series of joint venture projects to contribute to realizing the goal of bilateral trade turnover to reach 10 billion USD by 2020. At the working sessions, the two sides have affirmed their support and agreed to facilitate favorable conditions for the business community of the two countries to cooperate in investment and business in fields such as energy, oil and gas, agriculture, urban transport infrastructure, information and telecommunication, etc.

Minister Nguyen Chi Dung shares that for the people of Vietnam, Russia has always been a sincere, close, trustworthy, loyal, virtuous friend and the affection Vietnam has for Russia has been nourished through generations and will never change. Vietnam never forgets the sincere and profound help of the former Soviet Union and great Russia today. Many Vietnamese students have learned and studied in Russia, many of whom have become high-level leaders in the state apparatus of Vietnam or owners of large private economic groups of Vietnam such as Vingroup, Sungroup, Eurowindow, Techcombank, Vietjet Air, etc. These are invaluable assets, a special linkage, contributing to the development of long-term and sustainable relationship between the two countries.

On the basis of a comprehensive strategic partnership between Vietnam and Russia, Minister Nguyen Chi Dung believes that trends of investment in Russia in general, and in the Far East in particular of Vietnamese enterprises, as well as trade relationships between the two countries, will increase in the coming time.

There are a number of investment projects from ASEAN enterprises in the Far East in the fields of infrastructure, agriculture, shipbuilding, etc. However, Minister Nguyen Chi Dung said that the results of investment cooperation between the Far East and ASEAN, in general, and with Vietnam, in particular, is still modest, not commensurate with the potential of the parties.

The Far East is an area of great potentials for investment attraction in fields such as energy, infrastructure development, agriculture - forestry, engineering, and technology, etc. It is also a land with extremely abundant natural and mineral resources: 20% of total reserves of oil and gas, 70% of seafood, 75% of forest resources, 75% of diamonds and 30% of gold reserves of Russia. Along with that, new policies of the Russian Government that aim to develop infrastructure, technology, finance and human resources with special preferential policies (tax reduction, exemption and land support policy), the development of a system of Special Economic Zones (SEZs), the free sea-port mechanism started in Vladivostok and expanded to five other seaports in the region, etc, are expected to contribute positively to the Far East region, help promoting its potential to become a new economic center, an attractive investment location and a focal point in connecting Russia and other countries in the Asia-Pacific region. The development of the Far East not only provides motivations for Russian economy but also opportunities for other countries in the region of which Vietnam is one.

In the past five years, the Far East in general and Vladivostok, in particular, have become a meeting place for many important forums of the region and the world, such as APEC 2012 and in the last four years, the Eastern Economic Forum. This shows that the position of the Far East is heightening, becoming an important gateway of Russia, connecting Russia with Asia - Pacific region, confirming the determination and top priority of the Russian Government in “the new East" policy, with the main priority to open for investment attraction for socio-economic and cultural development in the region.

Minister Nguyen Chi Dung quoted President Vladimir Putin's speech at the Second Eastern Economic Forum in 2016, "it is a mistake to judge that the Far East is developing from the beginning ", if we look at the history of this land, especially under the former Soviet Union. The development of the Far East today can entirely base on the available potentials of land, resources, environment, geography position, people and the history of this land, with the oriented policies and strong determination of the Russian Government, as well as the beliefs and expectations of investors in the bright future of the Far East. Opportunities in the Far East are enormous and the growth rate in this region is astounding: the establishment of 17 Special Economic Zones (SEZs), attracting more than 600 investment projects with the total value up to 35 billion USD from 2015 to 2017 only. The figures have shown the strong attraction of the Far East for investors in the region and the world.

"I will inform with Vietnamese business community, the Vietnamese community and Vietnamese businessmen who are living and working abroad and in Russia about the great potential and opportunities of the Far East. I also expect a movement of investment from Vietnam to Russia in general and the Far East in particular in the coming time", Minister Nguyen Chi Dung emphasized.

With great opportunities and potentials for cooperation, efforts of the business community and enthusiastic support from each country’s government, Minister Nguyen Chi Dung believes that the investment and trade cooperation relationships between Vietnam and the Far East will develop strongly in the coming time.

Minister Nguyen Chi Dung affirmed that Vietnam commits to facilitate favorable conditions for the Vietnamese business community to invest in Russia in general and in the Far East in particular. At the same time, he hopes that the Government of Russia and the governments of provinces in the Far East will support and facilitate favorable conditions for ASEAN enterprises in general and Vietnamese enterprises in particular to access investment, trade opportunities and implement their projects in Russia and the Far East quickly and effectively./.

Hien Nguyen
Ministry of Planning and Investment

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