National Assembly Pledges to Create Best Business Environment toward OECD Standards

9:28:59 AM | 9/10/2021

National Assembly Chairman Vuong Dinh Hue affirmed that Vietnam is committed to creating the best business environment by removing bottlenecks in the economy in terms of legal institutions, infrastructure and human resources.

Within the framework of his official attendance to the World Conference of Speakers of Parliament, National Assembly Chairman Vuong Dinh Hue and members of the high-ranking National Assembly delegation attended the Vietnam - Austria Business Forum in Austria on September 6. The event was co-organized by the Ministry of Planning and Investment of Vietnam in collaboration with the Austrian Federal Economic Chamber.

At the forum, the leader of the Austrian Federal Economic Chamber reported Austrian investment results and strong business plans in Vietnam to NA Chairman Hue and his escorts, expressing desires to invest in and cooperate with Vietnam.

Despite mobility restrictions to prevent the COVID-19 pandemic, more than 60 Austrian businesses attended the forum, expressed their wishes and recommendations to Vietnamese leaders. This was also a chance for businesses of both countries to explore cooperation opportunities in each country.

Austrian businesses raised questions directly to Vietnamese ministers of Planning and Investment, Industry and Trade, and Agriculture and Rural Development on matters of concerns and hoped that the Vietnamese Government, central and local authorities will provide enabling business policies in Vietnam. They also expressed their sympathy to COVID-19 pandemic sufferings in Vietnam; pledged to have certain voices to influence the Government of Austria to support medical equipment and supplies for Vietnam to contain the pandemic.

Delivering a speech to the forum, NA Chairman Vuong Dinh Hue stated that the world is forecast to see opportunities, advantages, difficulties and challenges in combination. The COVID-19 pandemic will keep spreading, produce far-reaching effects on the global economy, cause serious human losses and pose production and supply disruption risks that strongly wreck economic growth. However, there are always new opportunities in the midst of difficulties and challenges.

On foreign investment, Vietnam selectively attracted foreign investors, using quality, performance, technology and environmental protection as the gauge of assessment, he said. At the same time, priority is given to projects with advanced technology, innovation, research and development that have spillover effects, pledge to forge business cooperation, facilitate Vietnamese companies to join the value chain, foster the digital economy and actively help the sustainable socioeconomic development of Vietnam.

He stated that, in order to further strengthen Vietnam - Austria economic, trade and investment relations in the coming time and move toward the celebration of the 50th anniversary of Vietnam - Austria diplomatic relations (1972 -2022), the two sides should step up information exchanges on investment-related policies. At the same time, to enhance the role of the Vietnam - Austria Joint Committee on Economic and Trade Cooperation, relevant agencies of the two countries should encourage and promote two-way trade and investment flows on the basis of mutual understanding; strengthen business delegation exchanges to survey the market for investment opportunities and business connections

Chairman Hue hoped that Austrian businesses will support Vietnam and have a voice in pushing for the Austrian Parliament and Government to complete procedures for ratifying the EU - Vietnam Investment Protection Agreement (EVIPA) at the earliest. The early enforcement of EVIPA coupled with the EU - Vietnam Free Trade Agreement (EVFTA) will create a hugely competitive advantage for European businesses in general and Austrians in particular to invest in Vietnam and open up new opportunities for two-way trade connection. He expected Austrian businesses to support the Austrian Government to provide vaccines and medical equipment for Vietnam to prevent the pandemic.

He affirmed that the National Assembly of Vietnam is committed to creating the best business environment towards OECD standards, that is to say, maintaining sociopolitical and macroeconomic stability; and removing bottlenecks in legal institutions, infrastructure and human resources in the economy.

OECD standards also include developing supply chains, slashing transaction costs, especially logistics and administrative costs; and building a stable and predictable policy environment, transparent enforcement and accountability.

His speech was warmly cheered by Austrian businesses as well as EU trade and investment agencies in Austria.

After the official business forum wrapped up, ministers and businesses of Vietnam and Austria had a lot of meetings and exchanges, materialized potential plans for cooperation, and sought solutions to emerging investment issues in the coming time.

Austria currently has 37 investment projects worth about US$150 million in Vietnam, largely engaged in manufacturing, processing and science and technology. Austria is an important export market of Vietnam and a Top 5 largest export markets of Vietnam in the EU. Bilateral trade value reached US$3.2 billion in 2020, 13 times higher than in 2010, an impressive figure in the context of the COVID-19 pandemic breakout.


Source: Vietnam Business Forum