(MPI) – On October 6th, 2020, at the head office of the Ministry of Planning and Investment, under the witness of Deputy Minister Tran Quoc Phuong, Foreign Investment Agency (FIA) and Ernst & Young Vietnam Company Limited (EY Vietnam) signed a Memorandum of Understanding to promote opportunities to invest or expand investment in Vietnam for investors who are EY Vietnam's customers and partners around the world.
Deputy Minister Tran Quoc Phuong witnessed the signing ceremony.Photo: MPI
According to the MOU, FIA will provide EY with information on directions and policies to attract foreign direct investment (FDI) in Vietnam. FIA will also support the investors introduced by EY Vietnam to conduct research activities, learn and follow investment and business procedures in accordance with the law;assisting, considering to resolve or reflect investors' proposals to competent Vietnamese authorities.
EY Vietnam will actively introduce and propose potential investors who are EY's customers and partners around the world to invest in Vietnam.EY Vietnam will also coordinate with FIA to organize workshops, conferences, and seminars with customers and partners introduced by EY Vietnam, depending on the size and nature of each event.
With its extensive experience and understanding in investment consulting and global customer network, EY Vietnam will listen to its customers' wishes and concerns about investment, especially corporations from Japan, South Korea, countries with the most FDI in Vietnam.
According to the EY Capital Confidence Barometer survey conducted in early 2020, 74% of Japanese businesses surveyed said they would change their existing supply chains after the Covid-19.This will be an opportunity for Vietnam to attract investment capital from this intention.
EY Vietnam will provide FIA with updated information on global and regional trade and investment trends;assisting in making strategic studies to evaluate opportunities, effective investment models, and solutions for implementation in Vietnam.
The memorandum of understanding was signed in the context that attracting FDI into Vietnam has many advantages.Multinational enterprises and technology groups are speeding up the restructuring process of global production and value chains due to the Covid-19’s negative impacts, trade tensions between economies in the world as well as reducing dependence on a certain country./.