Taiwan has renewed its bilateral investment agreement with Vietnam. This new agreement will grant Taiwanese investors more protections than before.
The first investment agreement was signed 26 years ago in 1993. However, as Taiwanese businesses diversified their investments in Vietnam over the past two decades, Taipei and Hanoi inked a new version Wednesday.
Economics Minister Shen Jong-chin said on Thursday that the renewed agreement will encourage more Taiwanese investment in Vietnam, and accelerate the rate at which Taiwanese businesses enter the Vietnamese market.
Taiwan has already renewed investment agreements with the Philippines and India. Shen said his ministry will continue reviewing similar agreements with countries targeted by the government’s New Southbound Policy. The policy aims to boost Taiwan’s economic and cultural ties with South Asia, Southeast Asia, New Zealand and Australia.
Also on Thursday, the foreign ministry said Taiwan will continue strengthening friendly and pragmatic ties with Vietnam.