Vietnam International Arbitration Centre pledges support to FDI firms

Vietnam should improve its legal framework to maintain the attractiveness of the domestic investment environment to foreign firms, Vu Tien Loc, President of the Vietnam International Arbitration Centre (VIAC) has said.
Vietnam International Arbitration Centre pledges support to FDI firms ảnh 1Illustrative image (Source: VNA)
Hanoi (VNA) – Vietnam should improve itslegal framework to maintain the attractiveness of the domestic investmentenvironment to foreign firms, Vu Tien Loc, President of the VietnamInternational Arbitration Centre (VIAC) has said.

Loc made the suggestion as the extended socialdistancing due to the COVID-19 has affected the FDI sector in Vietnam.

Investors should be provided with necessary informationand guidelines regarding legal regulations, he said, pledging that the VIACwill support FDI firms to remove obstacles and difficulties relating to legalaffairs, and address business disputes.

According to Loc, foreign investors are stillconfident in the long-term prospect of the Vietnamese market, as well as theVietnamese Government’s capacity to bring the pandemic under control.

Therefore, many associations, enterprises and foreigninvestors have promised to support the Southeast Asian nation in the pandemiccombat.

It is noteworthy that the Danish toy productioncompany LEGO Group on December 8 signed a memorandum of understanding with the Vietnam–SingaporeIndustrial Park Joint Stock Company (VSIP) on the building of a new plant insouthern Binh Duong province.

Addressing the signing ceremony, Danish Ambassador toVietnam Kim Højlund Christensen said this is the largest investment in Vietnammade by a Danish company, showing the confidence and optimism of Danishinvestors in the future of the important Denmark-Vietnam partnership.

The LEGO Group will invest more than 1 million USD inthe construction of its first ever carbon neutral factory, including investmentin solar energy on a 44-ha site in Binh Duong, with a hope to generate 4,000jobs in the next 15 years.

The construction is scheduled for the second half of2022 and the plant will go into operation by two years later.

According to LEGO, the factory will be its sixthmanufacturing site in the world and the second in Asia.

Statistics show that as of November 2021, foreigninvestors poured 26.46 billion USD into new projects, existing projects and sharepurchase, of which newly-registered capital was up 26.7 percent year-on-year./.
VNA

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