Vietnam Accelerates Investment Attraction with Multifaceted Economic Growth Strategy

Vietnam is accelerating investment attraction across diverse sectors including renewable energy, agriculture, infrastructure development, and digital payments, driving economic growth. Notably, Foreign Direct Investment (FDI) is showing qualitative improvement, driven by large-scale, high-value projects rather than a surge in the number of new investments. In the renewable energy sector, four wind power projects are simultaneously advancing in Ha Tinh Province, marking a new step in the province's clean energy strategy. In Tay Ninh Province, studies are underway for investment in a waste-to-energy plant using European technology. The province's industrial zones are evolving into platforms integrating industry, logistics, urban development, and services, contributing to Tay Ninh's repositioning in the southern key economic region amidst shifting global investment flows. Tay Ninh also hosts Vietnam's largest solar power plant. In agriculture, Phu Quoc Island is leveraging its "One Commune, One Product" (OCOP) program to transform traditional specialties into internationally recognized products, integrating local agriculture, food processing, and tourism to promote sustainable economic growth. Business representatives point out that for rice-producing countries like Vietnam, accelerating mechanization is an inevitable trend to strengthen the competitiveness of the agricultural sector. In the Mekong Delta, promoting mechanization is considered crucial for enhancing the export competitiveness of agricultural products. Meanwhile, durian exports reached nearly $1.1 billion in the first six months of 2026, up 32% year-on-year, indicating Vietnam's success in developing export markets for diverse agricultural produce. In infrastructure development, a port complex project is expected to handle approximately 274 million tonnes of cargo annually, generate about $12.57 billion in industrial output each year, and create some 267,400 jobs. This is expected to significantly contribute to Vietnam's logistics capacity and economic development. In digital payments, Vietnam's NAPAS, Weixin Pay, and BIDV are studying the rollout of a reverse payment service, enabling users of Vietnamese banking applications and e-wallets to make QR code payments in China. This initiative aims to build a comprehensive cross-border payment ecosystem between the two countries, significantly enhancing convenience for tourists and business travelers. On the policy front supporting economic growth, Vietnam is developing an index designed to provide valuable information for State management agencies, businesses, foreign investors, and industry associations in planning investment and business activities in Vietnam. Furthermore, a public-private partnership model is expanding, with airlines, businesses, and domestic and international organizations contributing resources for transportation, accommodation, destination surveys, and professional activities. In the first seven months of 2026, Vietnam attracted more than $38 billion in registered FDI, up nearly 58% year-on-year. This increase was driven by large-scale, high-tech projects rather than a surge in the number of new investments, signaling a significant improvement in the quality of capital inflows. This reflects Vietnam's pursuit of investment in more advanced industries and technologies. Source: VietnamPlus English