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OECD Investment Policy Reviews: Viet Nam 2009

Policy Framework for Investment Assessment

image of OECD Investment Policy Reviews: Viet Nam 2009

This publication presents the results of the first OECD investment policy review of Vietnam. It finds that the progress Vietnam has achieved in less than two decades in putting into place a legal framework and implementing policies that mobilise private investment, including international direct investment, to support economic growth and the prosperity of Vietnam’s citizens has been remarkable. Starting from a situation in which the economy was essentially closed to private and international investment, Vietnam is now considered to be one of the very attractive economies in the world for investment.

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Viet Nam's Evolving Position in the Global Economy

In 1987, early in the process of transition to a more market-oriented economy, the Vietnamese National Assembly adopted the Law on Foreign Investment. Follow-up steps have been taken in the past two decades to encourage, protect and improve the quality of foreign investment. Such efforts resulted in strong investment flows in the mid-1990s (see Figure 2.1). Due to the Asian financial crisis, net foreign investment inflows dropped significantly in 1997, but began to grow again in 2001. Since 2006, there has been a major increase in the level of FDI in Viet Nam. Disbursed FDI in 2007 totalled USD 8 billion, and estimates from Viet Nam’s Foreign Investment Agency show that disbursements totaled USD 11.5 billion in 2008. Foreign direct investment as a percentage of total investment has increased also recently reached and exceeded the pre-Asian financial crisis levels, as FDI accounted for 30% of total investment in Viet Nam in 2008. Registered FDI in Viet Nam in 2008 totaled USD 71.7 billion.

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