Vietnam experiences positive post-Apec impacts

23-Dec-2017 Intellasia | The Saigon Times | 6:00 AM Print This Post

Foreign investors have paid more attention to Vietnam since the country successfully hosted the Apec Economic Leaders’ Week 2017 in Danang City last month, according to the Vietnam Chamber of Commerce and Industry (VCCI).

Speaking at a conference on post-Apec opportunities for Vietnamese industries held by SCG in HCM City on December 19, Vu Tien Loc, president of VCCI, said the country has become one of the most favourite destinations for foreign investors since the Apec event. Loc said many foreign investors have expressed their intention to invest or expand operations in Vietnam at recent economic conferences and forums.

A survey of the Japan External Trade Organisation (JETRO) shows 70 percent of operational Japanese-invested companies in Vietnam have business expansion plans, a higher rate than elsewhere in Asia.

According to a survey conducted by PricewaterhouseCoopers (PwC) on 1,400 CEOs that attended the Apec meetings, 62 percent of them said they would expand operations next year, much higher than the Apec average of 50 percent.

Vietnam is one of the four most attractive destinations for foreign investors among Apec member economies. The country is also one of the fastest growing economies in terms of gross domestic product (GDP) in the world.

Despite impacts of global economic instability and the withdrawal of the US from the Trans-Pacific Partnership (TPP) trade agreement, foreign direct investment (FDI) approvals in Vietnam have beat the full-year target.

Similar to Apec 2006, Apec 2017 is expected to elevate Vietnam’s position in the international arena and boost FDI into the country.

At the conference, participants also discussed impacts of key resolutions adopted at the Apec Business Advisory Council (ABAC) meeting during Apec 2017 on Vietnam’s key industries.

ABAC gave Apec leaders numerous recommendations to foster regional business development.

The recommendations focus on promoting regional integration, removing trade barriers, adapting to climate change, boosting sustainable and breakthrough development, and supporting small and medium enterprises with finance and technologies. These proposals, once put into action, will directly impact local businesses.

The conference also provided suggestions on how companies in Vietnam could grab opportunities created by Apec 2017 to grow their businesses in an inclusive and sustainable way.


Category: Economy, Vietnam

Print This Post

Comments are closed.