Vietnam Pledges to Further Improve Investment Environment

3:26:37 PM | 7/8/2005

Vietnam Pledges to Further Improve Investment Environment

 

The Vietnamese government will try its best to work out effective measures to make the local investment environment more attractive and competitive so that foreign investors operating in Vietnam will make more profits, said Deputy Prime Minister Vu Khoan at a meeting on April 20.

 

The meeting, held in Hanoi on Wednesday, attracted the participation of scores of government officials, chairmen of 15 cities and provinces and representatives of some 400 foreign-invested enterprises operating in Vietnam.

 

“The government will amend the policies on tax, import and export and land rent and will speed up administrative reform and offer more investment incentives to foreign investors,” Khoan said.

 

At the meeting, leaders of the Ministries of Planning & Investment, Finance and Industry and the State Bank of Vietnam cleared up some 60 queries of the foreign investors regarding investment issues. The Ministry of Planning & Investment also announced detailed information on 18 Foreign Direct Investment (FDI) projects that are faced with troubles.

 

“What both domestic and foreign investors are concerned about is to be able to operate in a transparent and equal opportunity investment environment,” said Alain Cany, chairman of the European Chamber of Commerce (Eurocham) in Hanoi.

 

“The Vietnamese government has made great efforts to improve the local investment environment. Over the last 15 years, some 5,000 FDI projects capitalized at US$50 billion have become operational in the country,” Alain.

 

Deputy Chairman of the American Chamber of Commerce Walter Blocker said that the Vietnamese government should consult FDI enterprises before it issues any new investment policies.

 

“The government should also reduce corporate income tax, remove the regulation that limits the salary of workers in FDI enterprises and improve the customs pricing system to facilitate the operations of FDI firms,” Walter said.

 

By March 20, Vietnam had licensed 5,262 FDI projects with total registered investment capital of US$47.72 billion. Singapore is the largest foreign investor in Vietnam with total investment capital of over US$8 billion, followed by Taiwan with US$7.42 billion, Japan with US$US$5.65 billion and South Korea with US$4.86 billion.

T.V