Webinar on "Fostering investment cooperation between Vietnam and the Middle East: Potential, opportunities and new approaches"
On the afternoon of August 26th, in Hanoi, the Ministry of Foreign Affairs in coordination with the Ministry of Planning and Investment hosted the webinar on "Fostering investment cooperation between Vietnam and the Middle East: Potential, opportunities and new approaches”. Deputy Minister of Foreign Affairs Pham Quang Hieu and Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc attended and gave important speeches at the webinar. In Binh Dinh province, the webinar was chaired by Mr. Nguyen Thai Binh, Director of the Department of Foreign Affairs as authorized by the Chairman of the Provincial People's Committee and attended by the leaders of the Departments of Planning and Investment, Industry and Trade, Tourism, the Provincial Economic Zone Administration, Saigon - Nhon Hoi Industrial Park Corporation and Binh Dinh Investment and Construction Joint Stock Company.
Opening the webinar, H.E. Pham Quang Hieu, Deputy Foreign Minister emphasized that the webinar was taking place in the context that the world was facing the COVID-19 pandemic with many new variants, causing serious consequences. To well control the pandemic and restore the economy, Vietnam and the Middle Eastern countries as well as many other countries in the world have adjusted their economic and investment policies to improve the economic capacity and competitiveness and develop in a sustainable way; therefore, the webinar is one of the initiatives to innovate and improve the cooperation efficiency, especially investment cooperation between Vietnam and the Middle Eastern countries, he said. Regarding the potential for investment cooperation, H.E. Nguyen Thi Bich Ngoc, Deputy Minister of Planning and Investment affirmed that Vietnam had many potential and advantages to attract the investors from the Middle East and expressed her belief that the two-way investment between Vietnam and the Middle East would sharply increase in the coming time. In addition, Vietnam is ready to open the door to welcome the investors from the Middle East in particular and the foreign investors in general, and commits itself to be with the businesses and the localities to build the effective cooperation models, bringing benefits to each party, she said.
Many good quality comments of practical significance and theoretical basis were given at the webinar. “Vietnam has many strengths and potential to attract foreign investment such as the favorable geographical position, a gateway to the Southeast Asia with a huge population of nearly 100 million, stable socio-political environment, dynamic economic development, etc while the Middle East region is a large market with great potential not only for oil and gas but also financial resources, science and technology, with many large and prestigious public investment funds”, the participants agreed. In recent years, although the cooperation relationship between Vietnam and the Middle Eastern countries has substantively and effectively developed, it has not really been proportional to the potential and cooperation needs of each party, especially in the field of investment cooperation. Therefore, to improve the efficiency of investment cooperation between Vietnam and the Middle East, many participants suggested that Vietnam and the Middle Eastern countries should need to strengthen connectivity and update the information on the preferential policies on investment, improve the business environment; diversify the forms of investment such as foreign direct investment, foreign institutional investment, tripartite or multilateral cooperation or establishment of investment funds; complete the legal framework for the investment activities and replicate the successful investment attraction models in the region.
Closing the webinar, H.E. Pham Quang Hieu, Deputy Foreign Minister said, “the webinar today is just the first step, suggestion for creation of new approaches to attract and improve the efficiency of investment from the Middle East to Vietnam. The Government of Vietnam is committed itself to creating an open, favorable and equal business and investment environment for the foreign investors, including those from the Middle East”.
In Binh Dinh province, the investment cooperation with the Middle Eastern partners is not much. Out of 87 foreign direct investment (FDI) projects, with a total registered capital of more than USD 1.02 billion, there is only one investor from the Middle East, which is Delta Galil Industries Ltd investing and implementing the weaving - dyeing - sewing project with a total capital of USD 45 million at Cat Trinh Industrial Cluster, Phu Cat district.
Many good quality comments of practical significance and theoretical basis were given at the webinar. “Vietnam has many strengths and potential to attract foreign investment such as the favorable geographical position, a gateway to the Southeast Asia with a huge population of nearly 100 million, stable socio-political environment, dynamic economic development, etc while the Middle East region is a large market with great potential not only for oil and gas but also financial resources, science and technology, with many large and prestigious public investment funds”, the participants agreed. In recent years, although the cooperation relationship between Vietnam and the Middle Eastern countries has substantively and effectively developed, it has not really been proportional to the potential and cooperation needs of each party, especially in the field of investment cooperation. Therefore, to improve the efficiency of investment cooperation between Vietnam and the Middle East, many participants suggested that Vietnam and the Middle Eastern countries should need to strengthen connectivity and update the information on the preferential policies on investment, improve the business environment; diversify the forms of investment such as foreign direct investment, foreign institutional investment, tripartite or multilateral cooperation or establishment of investment funds; complete the legal framework for the investment activities and replicate the successful investment attraction models in the region.
Closing the webinar, H.E. Pham Quang Hieu, Deputy Foreign Minister said, “the webinar today is just the first step, suggestion for creation of new approaches to attract and improve the efficiency of investment from the Middle East to Vietnam. The Government of Vietnam is committed itself to creating an open, favorable and equal business and investment environment for the foreign investors, including those from the Middle East”.
In Binh Dinh province, the investment cooperation with the Middle Eastern partners is not much. Out of 87 foreign direct investment (FDI) projects, with a total registered capital of more than USD 1.02 billion, there is only one investor from the Middle East, which is Delta Galil Industries Ltd investing and implementing the weaving - dyeing - sewing project with a total capital of USD 45 million at Cat Trinh Industrial Cluster, Phu Cat district.
Author: Ngoc Xuan
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