Foreign-invested enterprises have become an important driving force for Vietnam’s economic development and international integration after 30 years since the country began attracting foreign direct investment (FDI).

Ministries and sectors are planning to reduce and simplify over 3,800 business conditions of the more than 6,200 in total, equivalent to 61.3% and exceeding 11.3% compared to the requests made by the Government and the Prime Minister, according to the PM’s working group.

Coffee has become a cornerstone of Vietnamese culture and a popular export item for decades. While foreign brands find it increasingly difficult to enter the lucrative market, domestic chains are more successful in catering to local tastes and have even begun to implement Fair Trade practices.

The World Economic Forum on ASEAN (WEF ASEAN) 2018, which is scheduled to take place in Hanoi from September 11 to 13, will present attendees with new business opportunities in Vietnam.

Some 87,448 new enterprises were established in the first eight months of the year, registering a total capital of VND878.6 trillion (US$37.7 billion), a year-on-year increase of 2.4% in number of firms and 6.9% in capital, according to the General Statistics Office (GSO).

The US is home to a consumer market with great potential for Vietnamese businesses, but to penetrate this fastidious market, Vietnamese businesses will need to improve their operations and offerings to meet the required standards.

The Vietnam Business Club in Cambodia was launched in Phnom Penh, on August 28.

Minister of Agriculture and Rural Development Nguyen Xuan Cuong asked for New Zealand (NZ)’s support in improving the value of farm produce during a meeting with NZ Minister of Agriculture, Biosecurity, Food Safety, and Rural Communities Damien O’Connor in Hanoi on August 29.

Foreign direct investment (FDI) registered in Vietnam in the first eight months of this year witnessed a year-on-year increase of 4.2% to US$24.35 billion.

Japan was the biggest foreign investor in Vietnam over the first eight months of this year with a total investment capital of about US$7 billion, followed by the Republic of Korea with US$5.16 billion and Singapore with US$3.47 billion.