Patrick McGovern, President of International Data Group (IDG) said in his 10th trip to Vietnam last week that it’s right time to choose the country to invest in because it will have the same rapid growth that China had ten years ago.
“I think Vietnam now is following the same economic development track, investing in education for technologies, opening up its availability for FDI, increasing the ease with which companies can come over and form whole young subsidiaries, to joint-ventures, bringing over the personnel training - some other personnel to work with the companies they have started, “ McGovern told VietnamNet, a local news website.
According to the IDG leader, it's too late for China now but for Vietnam, “if they commit now, then in the year 2015, 2016 they will be happy with the results.”
The IDG head also revealed that his group tries to invest in young companies, providing the entrepreneurs with working capital, ideas, advice, introductions to major customers, major international partners.
“We set up US$100 million fund for that and that fund, in 5 years will be ready to have another US$150 million added and after another five years another US$250 million. So we have about US$500 million to invest in young companies in Vietnam to help them to become global companies to export their products and technology services to other parts of the world,” he said.
Regarding the leaders of the Southeast Asian nation, McGovern noted that he was impressed with their “understanding of the importance of international cooperation, international capital availability, international partnerships to bring over the training, to bring over the technologies from other countries so they can rapidly develop, simplifying basic systems so foreign companies can be set up, can operate and can be funded.”
However, Govern also pointed out "there is no willingness to make policy changes that have proved very successful in other countries to raise standards of living and capacity of the people in the country.”
Concerning the role of the ruling Communist Party of Vietnam in some sections of the economy, like telecommunications and energy, Govern said he “could see some critical industries the governments would like to watch over.”
“And officials here are very aware and intelligent and have the best interest of people heard,” he added, stressing that CPV is a good player for this end.
“Changes you have seen over the last five years allowing the increase in foreign direct investment, increase in the percentage of the companies in Vietnam that foreign investor can invest in from 30 per cent to 49 per cent and now even more. And steps they take into limited terrace, simplify transferred funds so that the qualified will enter into the WTO and then open the door of much easier trade with all other members.”
“Vietnam has a large talented population who make many products and services for the global market. So let the doors open through the farm market after being in WTO. “
Arriving Vietnam in the early 90s, IDG started the IDG Ventures Fund and a local PC World magazine. In the coming time, apart from IT and bio-technology, IDG, via IDG Ventures, will invest more in education, delivery services and network infrastructure in Vietnam.
VietnamNet, Vietnam Economic Times
Vietnamese
