The Hanoi Business Support Center under the Hanoi Department of Planning and Investment, in collaboration with Pacific Asset Management Joint Stock Company (PAMCO), organized a seminar on the topic of “FDI Enterprise Support Ecosystem in Vietnam” on April 6, 2024, in Hanoi.
The seminar was organized by Pacific Asset Management Joint Stock Company (PAMCO), with the accompaniment of Seaconsult Joint Stock Company, Next Challenge Fund, Standard Chartered Bank, BIDV Joint Stock Commercial Bank, Southeast Asia Commercial Joint Stock Bank SEABANK, Timegroup Technology Investment Ecosystem and U2U Venture Builder.
Ms. Dang Thi Huong spoke at the Conference
Seminar participants include:
- Dang Thi Huong – Deputy Director of Hanoi Business Support Center
- Vu Thi Tuyet Loan – Deputy Head of Consulting Department – Hanoi Business Support Center
- Le Thi Anh Tuyet – Deputy Head of Consulting Department – Hanoi Business Support Center
- Nguyen Thi Thu Hoa – Center for Supporting Small and Medium Enterprises in the North – Department of Enterprise Development
- Ms. Min Moon – Chief Representative of Next Challenge Fund in Vietnam
The seminar was chaired and moderated by Ms. Duong Thi Kim Lien, Director of IBIA Institute for Supporting Innovative Enterprises.
Dr. Duong Kim Lien and Vietnamese and Korean female businesses exchanged and shared experiences
Attendees included representatives from some domestic enterprises, several foreign enterprises in Vietnam, lawyers, consultants, and a number of banks in Hanoi.
The purpose of the seminar was to provide necessary information and support policies for businesses and investors, allowing them to discuss, propose, and devise specific solutions to improve the FDI support ecosystem in Vietnam.
The seminar offered business owners significant core values: information on the latest policies from the Government and Hanoi city regarding legal regulations, foreign investment, and FDI incentives; resolving difficulties and updating support policies for FDI enterprises in Vietnam; optimizing costs for FDI enterprises in Vietnam, co-working models, and the post-COVID-19 context; and fostering cooperation between FDI enterprises and domestic businesses.
In her opening speech at the seminar, Ms. Đặng Thị Hương stated that for FDI enterprises, the support ecosystem not only includes favorable tax policies or simplified administrative procedures but also comprehensive support in all aspects of business operations. This support is essential for helping businesses overcome challenges and difficulties while operating in Vietnam.
“I believe that through close cooperation between the Government, relevant authorities, international organizations, and businesses, we can build a strong and sustainable FDI support ecosystem. We need to create a healthy and transparent environment where businesses can develop sustainably and positively contribute to the community and society,” emphasized Ms. Nguyễn Thị Hương.
At the seminar, businesses heard several presentations on topics such as “Considerations for FDI Enterprises Investing and Operating in Vietnam” by Ms. Vũ Thị Tuyết Loan, and “Cost Optimization in FDI Enterprises in Vietnam: Co-working Model and Post-COVID-19 Context” by Dr. Dương Thị Kim Liên.
Ms. Vu Thi Tuyet Loan shared information about investment attraction policies
Ms. Vũ Thị Tuyết Loan provided information on policies for FDI enterprises in Hanoi, specifically: enhancing on-site investment promotion, supporting investors and businesses from the business registration stage to project implementation, and effectively resolving difficulties encountered during the execution process. Concurrently, Hanoi will continue to develop industrial zones and clusters to attract FDI, review and promote the completion of infrastructure in these areas; continue to formulate new policies to attract social investment resources and alleviate business difficulties, such as mechanisms for socialization, commissioning enterprises to build resettlement housing, planning for comprehensive renovation of old apartment complexes, large-scale concentrated social housing, socialization of clean water supply in rural areas, and environmental pollution treatment in lakes across Hanoi. Additionally, a fundamental shift towards building an e-government to reduce costs and time for businesses is being promoted. Public services directly related to businesses can now be conducted online, including business registration, land use rights registration, construction permits, taxes, and social insurance.
Notably, Ms. Vũ Thị Tuyết Loan highlighted the current practical issues that all domestic and foreign enterprises must comply with under the 2020 Environmental Protection Law in Vietnam, including green transformation, digital transformation, and producer responsibility for environmental protection.
In the current context, for businesses to invest well in Vietnam and comply with Vietnamese laws, including economic and environmental protection regulations, is a significant challenge. In this seminar, Dr. Dương Thị Kim Liên addressed the issue of cost optimization in FDI enterprises through the co-working model. She recommended that FDI enterprises optimize costs and protect the environment by utilizing shared workspaces and services. This can reduce operational costs, save on office rental expenses, and increase business flexibility. The co-working model also fosters a diverse and creative work environment, enabling FDI enterprises to build collaborative relationships and grow within the local business community. With these benefits, the co-working model is an attractive and effective option for FDI enterprises aiming to optimize costs and enhance competitiveness in Vietnam.
Dr. Dương Kim Liên emphasized the need for strategic policies to attract FDI enterprises to invest in Vietnam, highlighting the responsibility to support them with the best possible tax, legal, and service policies.
After listening to the insights shared by the managers from the Department of Planning and Investment, businesses, experts, and managers present at the seminar engaged in a discussion titled “Overcoming Difficulties and Updating Support Policies for FDI Enterprises in Vietnam” to address the concerns of both domestic and foreign businesses operating in Vietnam.
Investment policy needs to go hand in hand with environmental protection.
This seminar was significant in connecting, inviting, and guiding FDI enterprises to invest confidently and securely in Hanoi, Vietnam. However, given the current context in Hanoi, Vietnam, FDI enterprises are concerned not only with investment and profits but also with their environmental protection responsibilities. Therefore, in addition to discussing policies and support, the experts and managers at the seminar focused on environmental protection in economic development, anticipating potential environmental pollution risks in the FDI sector. They emphasized that investment and environmental policies in Vietnam do not discriminate between FDI and domestic enterprises.
The experts and FDI enterprises expressed the need to refine environmental protection policies and regulations to be clearer and more stable, addressing the shortcomings of regulatory documents that lack guidance, are untimely issued, or frequently changed.
When there are amendments or additions to regulatory documents, state management agencies should notify enterprises fully and promptly. It is necessary to establish an official information system to help FDI enterprises stay updated on policies and requirements from relevant authorities. Moreover, it is essential to enhance the effectiveness and efficiency of implementing environmental policies. Inspections and monitoring should be conducted using both pre- and post-audit mechanisms for environmental issues specific to FDI projects and investment projects in general.
Building environmental management capacity in line with Vietnamese legal requirements is crucial. This involves not only strengthening the capabilities of environmental management officers in relevant agencies but also training and enhancing the expertise of environmental officers within enterprises.
There should be seamless coordination among environmental management agencies, such as the environmental police, the Department of Natural Resources and Environment, and industrial zone management boards. This coordination will prevent overlap in monitoring and supervising compliance with policies and regulations by enterprises, both general and FDI, thereby increasing the effectiveness of inspections and supervision.
