Figures from the Ministry of Planning and Investment (MPI) show that Vietnam had attracted $27.72 billion in FDI as of December 20, down 11 per cent year-on-year.

Though Covid-19 has been contained worldwide, outward investment from developed countries has shown signs of slowing due to fundamental factors such as political conflict in some countries, price pressure and high inflation, falling demand for goods, and supply chains being yet to fully recover.

“These factors put a lot of pressure on global FDI flows in 2022, negatively affecting outward investment from major economies, especially Vietnam’s investment partners, leading to reduced foreign investment attraction,” said Ms. Phi Thi Huong Nga, Deputy Director of the Industry and Construction Statistics Department at the General Statistics Office.

Under current circumstances, Vietnam must continue accelerating administrative reform and improving its investment environment, she said.

“More importantly, Vietnam needs to focus on timely satisfying the requirements of multinational groups in negotiations and agreement signing and implementation; prioritizing strategic investors; establishing a global production chain; and formulating priority mechanisms for technology enterprises and those transferring technologies to domestic businesses,” she added.

It is also necessary to focus on perfecting investment institutions to facilitate foreign investors and on studying and introducing policies suitable for each industry and field, to attract quality FDI.