On October 9, 2023, Nguyen Thi Bich Ngoc, Deputy Minister of Planning and Investment of Vietnam, and Sthabandith, Deputy Minister of Planning and Investment of Laos, co-chaired the Conference to share experiences in attracting foreign direct investment (FDI).

Within the framework of the 43rd ASEAN Summit, held in Indonesia, the Australian Prime Minister sent a strong message to the ASEAN region, including the initiative to choose Vietnam and Laos for deeper cooperation. This is the kickoff event for a new model of collaboration between the three parties, with collaboration through specific projects and output products.

According to Deputy Minister Nguyen Thi Bich Ngoc, Vietnam has experienced nearly four decades of innovation and has achieved significant and proud achievements. Vietnam's economy currently ranks third in the ASEAN region; while per capita income remains low, the country has made significant progress. Vietnam is deeply integrated with the global and regional economies; its economic openness is considered high in comparison to the rest of the world; and, in particular, Vietnam has participated in FTAs, including new generation FTAs with high conditions and standards. To achieve these results, it is impossible to overlook Vietnam's open FDI policy.

Vietnam is regarded as one of the world's top 20 countries in terms of attracting FDI. To achieve the goal, Vietnam follows the principles of attracting FDI, which is to cooperate on an equal footing. beneficial; create a favorable business and investment environment for investors with the motto that investors' success is also Vietnam's success; investor satisfaction is the most effective way to promote investment; the viewpoints and orientations implemented in the past are to unify the legal environment, create equality in competition between regions and economic sectors, and compete harmoniously for mutual development.

Furthermore, Vietnam has always considered FDI enterprises to be an organic part of the economy, with no distinction between enterprises; to create a level playing field and a clear and transparent legal corridor.

According to Deputy Minister Nguyen Thi Bich Ngoc, while some results have been obtained, Vietnam still has a lot of room to attract FDI, and Vietnam wants to continue researching and learning from the experiences of other countries, including Australia. Through this Conference, Vietnam hopes to hear opinions and share information in order to continue researching and learning from the experiences of other countries in attracting FDI in the future.

Deputy Minister Nguyen Thi Bich Ngoc also highlighted Vietnam's priority areas and areas where Laos and Australia have strengths; We hope that the parties will continue to cooperate and accompany each other to develop together in the coming time, particularly in human resource development and the mining industry; build an optimal infrastructure system to serve economic development; and on renewable energy development, particularly in light of the goals committed at COP 26; Simultaneously, he expressed his belief that the exchanged contents will serve as the first step toward effectively implementing cooperation contents in the future.

Speaking at the Conference, Laos' Deputy Minister of Planning and Investment Sthabandith and Australian Ambassador to Vietnam Andrew Goledzinowski both expressed their agreement with Deputy Minister Nguyen Thi Bich Ngoc's information and sharing; and highly praised Vietnam's recent socioeconomic development achievements, particularly in attracting FDI. At the same time, he stated that the Conference is significant because it provides an opportunity for the parties to share their experiences in attracting more quality FDI in the future.

Mr. Sthabandith stated that Laos has attracted many FDI projects over the last 20 years, which has contributed significantly to growth. Simultaneously, information about Laos's business investment environment, such as continuing to build and complete investment documents; improving transport infrastructure connectivity; and building logistics centers and airports to create a favorable business and investment environment, bringing opportunities for investors, is being shared. Form supply chains and strengthen connections with countries....

Ambassador Andrew Goledzinowski of Australia stated that Australia is pleased to collaborate with Vietnam and Laos on the initiative to share experiences in attracting high-quality FDI investment; that the discussion focuses on exploiting the potential for further cooperation between the three parties in managing and attracting FDI, focusing on areas of concern in all three countries in terms of infrastructure, renewable energy, and minerals; and how to attract FDI. Furthermore, the education sector serves as a foundation for development and contributes to a country's prosperity and peace.

According to Mr. Do Nhat Hoang, Director of the Foreign Investment Department, Ministry of Planning and Investment, Vietnam has a total of 38,379 foreign investors as of September 20, 2023. With a total registered capital of 455.06 billion USD, the project is still active. The total realized capital of foreign investment projects is estimated to be 289.9 billion USD, or 63.7% of total valid registered investment capital. New investment: 2,254 new projects were granted investment registration certificates (an increase of 66.3% over the same period), and total registered capital exceeded $10.23 billion USD (an increase of 43.6% over the same period). Vietnam is experiencing a surge in foreign investment, and the issue of green economic development is a major concern.

Mr. Do Nhat Hoang emphasized that Vietnam has stable politics; fast and sustainable development; competitive costs; abundant human resources; is a potential market with more than 100 million people and increasing consumer power; competitive investment incentives; Vietnam's policies are open and transparent; it has a favorable location, a long coastline, many seaports and airports, creating connections with other countries; and it has a favorable location, a long coastline, many seaports and airports, creating connections with other countries.

In addition to traditional projects, Vietnam is selectively attracting investment in areas such as renewable energy, electronics, semiconductor chips, innovation, research and development; digital economy, digital transformation; high-tech agriculture; and international financial centers.

As a result, Vietnam is implementing macroeconomic stability solutions, focusing on strategic breakthroughs in institutions, human resources, and infrastructure. Cooperate with countries on human resource training, particularly in the training of engineers in the semiconductor chip industry, with the goal of having 50 thousand engineers in this field by 2030. Implementing digital transformation, innovation, and infrastructure development; Increase dialogue with businesses in order to listen to their concerns and address policy implementation issues as soon as possible. Policy research to assist businesses that use high technology; infrastructure development; and industry development support Establish a working group of the government and localities on FDI to quickly support and resolve the business community's difficulties and problems.

Delegates heard presentations at the Conference on the foreign investment situation and policies to attract foreign investment in Vietnam, Laos, and Australia, with a focus on legal framework, quantity, and price. FDI value of each country in recent years and key areas in the coming years; Discuss the differences and similarities in the three countries' investment mechanisms.