The Vietnam-OECD Investment Forum takes place in Hanoi on October 27, 2023. (Photo: VNA)

Minister of Planning and Investment Nguyen Chi Dung said in spite of many complicated and unpredictable developments in the world this year, which affected global investment and growth, Vietnam has retained its recovery and relatively positive growth with foreign investment attraction rising 7.7% over last year.

Mr. Dung said that this demonstrates foreign investors’ trust in Vietnam’s investment environment and the country’s new position in the global investment map and supply chain.

But the Minister also insisted that in order to realize breakthroughs in institutions, infrastructure and human resources towards green, smart and sustainable growth, Vietnam still needs the assistance of international organizations, especially reputable professional organizations like the OECD.

Minister of Planning and Investment Nguyen Chi Dung speaks at the event. (Photo: VNA)

Mr. Dung expressed his hope that international organizations, including the OECD, and foreign investors will continue to cooperate, support, and accompany Vietnam in consulting and proposing new investment ideas, while transferring modern solutions and technology, and new economic models.

OECD Secretary-General Mathias Cormann praised Vietnam’s economic achievements since the Doi Moi (Renewal) process began in 1986, adding that in recent reports, the OECD always makes positive forecasts for Vietnam’s economic prospects. They include expected growth of about 6.6% next year, ranking Vietnam first in Southeast Asia in FDI attraction.

Cormann put forth several recommendations to help Vietnam attract more quality investment capital flow in the coming year including further opening of the service market and improving the business environment to enhance the efficiency of private companies.

The OECD General-Secretary encouraged Vietnam to continue pursuing tax reform and increasing investment in green energy technology by an estimated amount of about 16 billion USD per year by 2030.

He pledged that the OECD will always accompany Vietnam to realize those innovations.

“The OECD’s Foreign Direct Investment Qualities Review will help identify priorities for these reforms. It will facilitate intergovernmental coordination and investment policy and support Vietnam’s 2021-2030 National Strategy on Foreign Investment Cooperation,” said Cormann.

At the one-day forum, foreign investors and policy experts from the OECD and other countries discussed ways to promote quality and sustainable investment in Vietnam and to support the OECD Declaration on International Investment and Transnational Companies.