Trump-Kim summit: Host Vietnam, a fast growing economy, eyes massive FDI scope

Hanoi, Feb 27: As US President Donald Trump met North Korean leader Kim Jong-un met over their historic second summit in Hanoi, Vietnam, the host nation also looked to make some gains in terms of attracting foreign direct investment (FDI) during this year.

According to Vietnam News, the summit between two of the most maverick world leaders today opens possibility of international cooperation in the wake of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) that came into effect earlier this year and the EU-Vietnam Free Trade Agreement which is also expected to be ratified soon.

Vietnam, which is seen as one of the fastest growing economies in the world today, attracted and used foreign investment worth $35.5 billion in 2018 in which disbursement worth over $19 billion reached the Southeast Asian nation.

Hanoi itself drew foreign capital worth $7.5 billion last year, contributing for over 21 per cent of the nation's total FDI, the report added. The last three years saw the Vietnam capital being pumped with investment worth around $14 billion, which is 2.3 times more than the 2011-15 period.

The Vietnam capital can turned into a major tourism, trade and economic centre of not only the Southeast Asian nation but also the entire region. The summit offers it a golden opportunity to promote itself more as a destination for foreign investment.

"The summit will help Việt Nam improve its prestige in the world and make it an important factor in the region. For Hà Nội, it is an opportunity to attract global attention and let them see every corner of the capital city, traffic, historical heritages and the vitality of this city," said Kim Do-hyon, South Korean Ambassador to Vietnam was quoted as saying.