Illustrative image (Source: VNA)Hanoi (VNA) – Several foreign businesses are attentive to recent developments and want to shift their investments into Vietnam as they see big opportunities of big Trans-Pacific Partnership (TPP) and Free Trade Agreements (FTAs) in the country.
Do Thang Hai, Deputy Minister of Industry and Trade, said exports from foreign direct invested (FDI) firms was one of the bright points in the economy last year. The percentage of the area's exports has shown an upward trend in Vietnam's export turnover over the past few years.
In 2010, the exports from FDI enterprises were 34 billion USD, accounting for 47 percent of the total. Their exports were 47.9 billion USD or 49 percent in 2011, 64 billion USD or 56 percent in 2012, 81 billion USD or 61 percent in 2013, and 94 billion USD or 63 percent in 2014.
Last year, the area's exports increased by 18 percent from 2014 to 110.59 billion USD and accounted for 68 percent of the country's total export turnover.
He said FDI firms have played an important role in the economy and export turnover.
They have taken advantage of cheap labour costs to promote their exports to big markets. The factor would become more favourable after the signing of the TPP and FTAs.
The deputy minister said this could be an opportunity for Vietnam to develop a support industry which required big investment and high technology while reducing imports as well as increasing added value for domestically produced products.
In the integration process, Vietnamese businesses would have the opportunity to access international investments to expand their production. The process could also offer them access to modern technology and management skills from developed countries.
The garment and textile sectors, and leather shoes are expected to attract investors after the FTAs.
However, he said, Vietnam should have proper policies to make foreign investment into the country effective, contributing to the country's economy.
During each development period, there should be encouraging policies which specialize in the support industry, hi-tech and infrastructure, he added.-VNA
