2007 Mid-term Business Forum: Opportunities be Materialized

Minister of Planning and Investment (MPI) Nguyen Hong Phuc said that Vietnam is making every efforts to facilitate the new flow of foreign investment in Vietnam, implementing fully bilateral and multilateral commitments in the international integration including the completion of market mechanism, administrative reform, financial and banking system, human resources development, infrastructure and supporting industries. Vietnam is becoming more attractive with stable development. The economic growth rate in the past five months was nearly 7.9 per cent more than the same period of 2006 (the highest in the past years).

 

However, the problems for investors are relating to equitization, human resources, education and training, WTO commitments, legal reform, investment law, enterprise law and even transport fee. Mr Alain Cany, President of EuroCham in Vietnam said that foreign investors wish to know the time table for their participation in the equitization in such important sectors as telecommunication, energy, etc. They also recommend the government to lift the restriction of foreign investment in education sector.

 

For his part, Mr Chris Muessel, President of AmCham pointed out that difficulties in business environment to both FDI and Vietnamese businesses must be reduced or eliminated when Vietnam forcefully applies its WTO commitments. Sharing the same view, Mr Andrew Currie, President of Australian Business Association in Vietnam considered that though Vietnam has implemented quite successfully its commitments, it must apply more fully and quickly its commitments on commodities and services.

 

Reviewing the issues raised at the Vietnam Business Forum of Consulting Group Meeting in December 2006 on infrastructure development, education reform, banking, capital market, taxation, law, personnel, etc. the main issues this time are : banking and capital market, implementation of WTO commitments by Vietnam, application of investment law and enterprise law of 2005. The infrastructure is under the strong pressure of high economic development and shortage of budget for maintenance and upgrading. To meet the challenge, private sector must be encouraged to participate in infrastructure development as well as administrative reform in this sector, especially in seaport, energy and telecommunication. Like in the last forum, what the government should do is to make greater efforts in shortest delay.

 

Minister of Planning and Investment Vo Hong Phuc, Co-Chair of the forum said that all Vietnamese economic sectors have tried their best to meet the requirements of WTO. He also reaffirmed broad consultation with local and foreign businesses to develop a level playing ground, market economy and new record in FDI.