Investment promotion in the food processing industry

The seminar was hosted by the Vietnam Trade Promotion Agency - Ministry of Industry and Trade in collaboration with the Foreign Investment Agency - Ministry of Planning and Investment. The seminar received the attention of more than 200 representatives of local authorities, domestic and foreign embassies, investment promotion organizations and companies.

The seminar took place within the framework of the Vietnam International Food Industry Exhibition 2016 (Vietnam Foodexpo 2016). The seminar was an in-depth investment event in the food processing industry, deriving from actual demands, in order to introduce the potentials and prospects of the industry as a reliable and potential investment destination for foreign investors, contributing to create favorable conditions for Vietnamese localities, industrial parks, and companies to attract foreign investment in the food processing industry.

Deputy Minister of Industry and Trade Ho Thi Kim Thoa was delivering a welcome speech at the seminar

Giving a welcome speech at the seminar, Deputy Minister of Industry and Trade Ho Thi Kim Thoa appreciated the positive response from foreign organizations, local authorities, businesses and thought that the seminar was held timely, in the context that  the Vietnam food processing industry was on the rise and needed to attract more investment capital to develop, promised to be an attractive investment destination for foreign investors. Deputy Minister Ho Thi Kim  Thoa stressed: "With many opportunities for cooperation, I think, foreign investors should not miss the opportunity to exploit investment in the Vietnam food industry in the coming time. At the same time, Vietnamese businesses, organizations and localities having the demand of foreign investment capital need actively implement investment promotion activities ".

Mr. Bui Huy Son - Director General of Vietnam Trade Promotion Agency was presenting at the seminar on investment opportunities in the food processing industry

At the seminar, Mr. Bui Huy Son – Director General of the Vietnam Trade Promotion Agency gave a speech about investment opportunities in the food processing industry in the context of Vietnam's international economic integration. Accordingly, Vietnam ranked the world's top exporter of many agricultural products and seafood. Vietnam also had great potentials for development of food processing industry thanks to rich raw material resources and many unique specialties. Therefore, with the Vietnam International Food Industry Exhibition 2016, in addition to the goal of creating business opportunities, boosting exports, domestic consumption, the organizers wanted to increase investment in the food processing industry as well. Thus, we could have advanced technology, modern equipment to help bring greater efficiency for improving Vietnam food quality, food safety for export. Attracting investment in food processing industry, especially foreign investment, would gradually help us to engage firmly into the global value chain.

In his speech, Mr. Dang Xuan Quang – a representative of the Foreign Investment Agency - Ministry of Planning and Investment delivered to local and foreign participants information on investment incentives, investment attraction in the food processing industry. A representative of the Ministry of Agriculture and Rural Development, Mr. Le Van Banh, Director General of the Agro-Forestry, Fisheries Processing and Salt Agency said: Although Vietnam's agricultural products were very abundant, with an export revenue of over USD 30 billion per year, but mostly raw. Deep processed products were still limited. To overcome these weaknesses, the Ministry of Agriculture and Rural Development is offering many incentives to attract investment in the agricultural processing industry, while introducing “huge field” plan, focused production areas, concentrated production and priority policies for agricultural processing companies.

Speakers and participants at the discussion panel of the seminar

At the seminar, two discussion panels themed "The potentials to attract investment in Vietnam food processing industry" and "Investment policies and opportunities of Vietnam food processing industry" were held successfully with the participation of foreign organizations such as the Italian Chamber of Commerce and Industry, Korea investment promotion experts, EU - Mutrap project and Vietnam representative from the Ministry of Agriculture and Rural Development, Leaders of Dong Thap province, the Ministry of Industry and Trade, Vietnam Institute of Economics - Vietnam Academy of Social Sciences.

Innovation and foreign investment attraction are not only beneficial for Vietnamese companies in the utilization and development of business in the global value chain, but also creating stable and long-term investment environment for foreign investors. The seminar received good results from the contribution of information and ideas of participants, contributing to boost foreign investment into Vietnam food processing industry.