Foreign investors declared their continued support for and confidence inthe Vietnamese market at the 2014 mid-term Vietnam Business Forum (VBF)in Hanoi on June 5.
Regarding social disturbancesacross some localities in early May - which caused damage to businesses,including foreign ones - Virginia Foote, co-chair of the forum, praisedthe Vietnamese Government’s timely response and expressed her beliefthat Vietnam will address the consequences of the incident in atransparent, reasonable and professional manner.
Minister of Planning and Investment Bui Quang Vinh stressed thatVietnam ’s competent agencies will do all they can to prevent such anincident from reoccurring.
“The country will work tirelesslyto improve its business and investment environment and raise itscompetitiveness in order to make it more attractive to investors,” hepromised.
It will also create increasinglyfavourable conditions for businesses in order to maintain its image as asafe and friendly destination for foreign investment, he said.
President of the Vietnam Chamber of Commerce and Industry (VCCI) VuTien Loc, who also served as VBF co-chair, said that Vietnam is facingobstacles in retaining its stable trade relations with China .
“ Vietnam should reduce its great dependence on this neighbouringmarket by diversifying its partner markets and taking advantage ofopportunities from free trade agreements,” he said.
According to Yoshihisa Maruta, President of the Japan BusinessAssociation in Vietnam, a recent survey shows that the Japanesebusinesses in Vietnam now number 1,320, and 70 percent of them said theywill continue to consider the country as an important market and thinkabout expanding their operations here.
Although theenterprises highly value businesses opportunities in Vietnam , theysaid that improving the environment for businesses remains an urgentneed for the country to boost its socio-economic development, he added.
Vietnam should show investors around the globethat its government is making every effort to stabilise the businessesenvironment for them, said Kim Jung-in, Chairman of the Korean Chamberof Commerce in Vietnam (KorCham).
He suggestedthe Vietnamese Government offer loans with low interest rates tobusinesses and grant tax exemptions to those damaged by recentdisturbances.
Meanwhile, Tomaso Andreatta, ViceChairman of the European Chamber of Commerce in Vietnam (EuroCham),stated that Vietnam’s economy can only develop in a sustainablemanner if the country creates an equal playground for enterprises andprotects intellectual property rights, while eliminating corruption andineffective investment.
According to the VCCIPresident, Vietnam is going to finalise many important free tradeagreements (FTAs), including the Trans-Pacific Partnership (TPP)Agreement, now in its final negotiating stages, and the Europe-VietnamFTA.
Therefore, the Vietnamese Government andbusinesses should stay well prepared to deal with both opportunities andchallenges from these agreements, he said.
The TPPis expected to bring a good development direction to the Vietnameseeconomy, as it will help increase the country’s GDP by 28.4 percent andits exports by 35.7 percent by 2025, said Marc Townsend, Chairman of theAmerican Chamber of Commerce (Amcham).
He addedthat TPP and other trade agreements will offer Vietnam many newopportunities as they support the removal of trade barriers in someareas and the development of new standards in ensuring workers’ rightsand intellectual property rights and protecting the environment.
To prepare, Vietnam’s business environment must be transparent andinteractions between the State apparatus and socio-politicalorganisations must be enhanced, he said, adding that dialogue betweenpeople and businesses should be expanded in various forms.
After the FTA between Vietnam and the EU is signed, the former’sGDP may increase by over 15 percent and its exports up nearly 35percent, said the EuroCham representative.
However,these potential benefits may be reduced if Vietnam does not committo fully implementing international trade terms, he warned.-VNA
Regarding social disturbancesacross some localities in early May - which caused damage to businesses,including foreign ones - Virginia Foote, co-chair of the forum, praisedthe Vietnamese Government’s timely response and expressed her beliefthat Vietnam will address the consequences of the incident in atransparent, reasonable and professional manner.
Minister of Planning and Investment Bui Quang Vinh stressed thatVietnam ’s competent agencies will do all they can to prevent such anincident from reoccurring.
“The country will work tirelesslyto improve its business and investment environment and raise itscompetitiveness in order to make it more attractive to investors,” hepromised.
It will also create increasinglyfavourable conditions for businesses in order to maintain its image as asafe and friendly destination for foreign investment, he said.
President of the Vietnam Chamber of Commerce and Industry (VCCI) VuTien Loc, who also served as VBF co-chair, said that Vietnam is facingobstacles in retaining its stable trade relations with China .
“ Vietnam should reduce its great dependence on this neighbouringmarket by diversifying its partner markets and taking advantage ofopportunities from free trade agreements,” he said.
According to Yoshihisa Maruta, President of the Japan BusinessAssociation in Vietnam, a recent survey shows that the Japanesebusinesses in Vietnam now number 1,320, and 70 percent of them said theywill continue to consider the country as an important market and thinkabout expanding their operations here.
Although theenterprises highly value businesses opportunities in Vietnam , theysaid that improving the environment for businesses remains an urgentneed for the country to boost its socio-economic development, he added.
Vietnam should show investors around the globethat its government is making every effort to stabilise the businessesenvironment for them, said Kim Jung-in, Chairman of the Korean Chamberof Commerce in Vietnam (KorCham).
He suggestedthe Vietnamese Government offer loans with low interest rates tobusinesses and grant tax exemptions to those damaged by recentdisturbances.
Meanwhile, Tomaso Andreatta, ViceChairman of the European Chamber of Commerce in Vietnam (EuroCham),stated that Vietnam’s economy can only develop in a sustainablemanner if the country creates an equal playground for enterprises andprotects intellectual property rights, while eliminating corruption andineffective investment.
According to the VCCIPresident, Vietnam is going to finalise many important free tradeagreements (FTAs), including the Trans-Pacific Partnership (TPP)Agreement, now in its final negotiating stages, and the Europe-VietnamFTA.
Therefore, the Vietnamese Government andbusinesses should stay well prepared to deal with both opportunities andchallenges from these agreements, he said.
The TPPis expected to bring a good development direction to the Vietnameseeconomy, as it will help increase the country’s GDP by 28.4 percent andits exports by 35.7 percent by 2025, said Marc Townsend, Chairman of theAmerican Chamber of Commerce (Amcham).
He addedthat TPP and other trade agreements will offer Vietnam many newopportunities as they support the removal of trade barriers in someareas and the development of new standards in ensuring workers’ rightsand intellectual property rights and protecting the environment.
To prepare, Vietnam’s business environment must be transparent andinteractions between the State apparatus and socio-politicalorganisations must be enhanced, he said, adding that dialogue betweenpeople and businesses should be expanded in various forms.
After the FTA between Vietnam and the EU is signed, the former’sGDP may increase by over 15 percent and its exports up nearly 35percent, said the EuroCham representative.
However,these potential benefits may be reduced if Vietnam does not committo fully implementing international trade terms, he warned.-VNA
