The workshop on improving Australia's FDI in Vietnam is held virtually. (Photo: VNA)The Australian investment in the Southeast Asiannation now remains modest, said Nguyen Thi Thu Trang, Director of the VietnamChamber of Commerce and Industry (VCCI)'s Centre for WTO and EconomicIntegration, citing statistics by the Foreign Investment Agency at the Ministryof Planning and Investment as showing that by November 2021, Australia had run545 projects worth 1.94 billion USD in Vietnam.
The capital accounts for only 0.5 percent of the totalFDI poured into Vietnam, making Australia rank 19th among countriesand territories investing in Vietnam, she added.
However, Trang said, the two countries share threeFTAs, including two new-generation ones, namely the Comprehensive andProgressive Agreement for Trans-Pacific Partnership (CPTPP) and the RegionalComprehensive Economic Partnership (RCEP).
The three deals, together with 12 others to which Vietnamis a signatory, would help to unlock opportunities to attract more Australianinvestors, she stressed.
Australian Ambassador Charles Thursby-Pelham saidVietnam and Australia have officially announced their enhanced economicengagement strategy, with the aim of doubling investment and becoming top tentrading partners.
To make use of the opportunities, Vietnam should studyand address problems hindering Australian businesses to land their investments in the country, he said.
He also suggested Vietnam comprehensively reform thepublic sector, regularly review local legal regulations, and fulfillinternational commitments to investment and creating a fair, transparentbusiness environment for foreign investors, including those from Australia.
Nguyen Anh Duong, Director of the Department forGeneral Economic Issues and Integration Studies at the Central Institute forEconomic Management (CIEM), said Vietnam should learn from international experiencein foreign investment attraction.
For example, Vietnam can call for more investmentsin health care and digital technology, and push ahead with digital transformationin investment promotion amid the COVID-19 pandemic, he continued.
Phung Thi Lan Phuong, from the Centre for WTO andEconomic Integration, emphasised the need to boost connectivity between Australia’sFDI firms and their Vietnamese partners, saying the Vietnamese Government andlocalities should play a more active role in this regard./.
VNA
