APEC Investment Forum 2006: Investment Opportunities for APEC Economies

Within the framework of the APEC Economic Leaders' Meeting Week, the APEC Investment Forum (AIF) was opened on November 15 with the attendance of 600 delegates. This is an important event and a good chance for all members to exchange experience and seek solutions to improve the business environment, increase investment attraction and promote investment efficiency of the APEC member economies. Vietnamese Prime Minister Nguyen Tan Dung delivered a speech about investment opportunities in APEC region at the meeting.

 

Being an active economic area with 21 member economies, holding some 40 per cent of population, 56 per cent of GDP and 48 per cent of trade value of the world, APEC plays a crucial role in the global development. 17 years after the foundation, APEC with its dynamic activities, has significantly contributed to promoting the development of its membership economy by creating favourable conditions for trade and investment promotion activities between APEC member economies and between APEC members with other regions in the world on the basis on equality, mutual benefit and development.

 

The 14^th APEC takes place in the context of complicated international economy, which simultaneously consists of fortunes, advantages, difficulties and challenges. Hence, APEC must discuss and resolve a wide range of contents in order to maintain its more dynamic and stronger growth, continue its important roles in the development and stability of the global economy

 

With such a meaning, the APEC Investment Forum 2006 is an important activity and a good chance for individual member economies to exchange experience and seek solutions to improve the business environment, increase investment attraction and promote investment efficiency of the APEC member economies. At the same time, it recommends and put forth ideas to the theme of the 14^th APEC “Towards a Dynamic Community for Sustainable Development and Prosperity” by releasing Hanoi Action Plan and implementing the Busan Roadmap toward Bogor Goals of free and open trade and investment.

 

After 20 years of doi moi and 8 years of APEC membership, Vietnam has made significant economic development with an annual growth rate of 7 per cent (above 8 per cent in 2004 and 2005). Living in a country with stable politics and higher living standards, the optimistic Vietnamese people now put more trust on the policies of the Communist Party and the State of Vietnam to bring the country forward. The foreign relation and international economic integration are being expanded and promoted. To date, Vietnam has commercial ties with more than 220 countries and territories in the world, is home to more than 8,000 foreign direct investment projects valued above US$70 billion from 76 countries and economies. We delightfully recognise the important role of APEC in the economic development of Vietnam. APEC economies consume more than 70 per cent of Vietnam’s exports and contribute 73 per cent of foreign direct investment in Vietnam.

With the objective of bringing the country out of the underdevelopment and poverty status, improving the mental, cultural and spiritual life of the people and laying foundation for the growth into an industrial country by 2020, Vietnam always tries its best to speed up its international economic integration, carry out consistent policies, become good friends and reliable partners of all countries and the peoples for peace and friendship, and cooperate on the basis of equality, mutual benefit and development. As known, Vietnam has become the 150^th member of the World Trade Organisation and is the unique Asian country recommended to the non-permanent member of the United Nations Security Council in the 2008-2009 tenure and honourably host the APEC for the first time to date and the today’s Investment Forum is enclosed.

 

We believe that through this forum together with other activities in the APEC Economic Leaders' Meeting Week, APEC members, including Vietnam, will have more advantages and opportunities in economic cooperation, market expansion, and investment attraction to bring in the prosperity of individual economies as well as the entire APEC on the basis on consent, equality, mutual benefit and development.

 

As a member of the WTO, Vietnam pledges to absolutely observe all agreements with its partners and WTO non-discrimination principles. In the past time, the Vietnam National Assembly ratified important draft laws to create a fair playing ground for all businesses of all economic sectors and remove unfair barriers in investment and business. These progresses, together with the dynamic and sustainable development prospect of the economy, will create investment opportunities in all fields in Vietnam.

 

The two-way trade value between Vietnam and the rest of APEC tends to grow higher in the coming time. We hope APEC members will strengthen cooperation in the fields of science, technology, finance, trade and business administration that Vietnam are very concerned about. And this will bring in mutual benefits.

 

Vietnam has a favourable location to develop tourism as it has a long coastline. I think the Vietnamese tourism will have a higher position in Southeast Asia in the near future. We begin investing hotels and restaurants in Vung Tau City, Vietnam since 1994. We are cooperating with several overseas Vietnamese to build several resorts and retirement villages in Da Lat City. In Hoi An City, we built a US$8-million hotel. Vietnam has applied laws for easy business of overseas Vietnamese and foreign investors.

 

Canon recruited 4,000 employees last month, three times higher than the initial estimation. The Cannon employees are very active and skilful, fluent at English and quick-minded.

 

Our Thang Long factory has 10 per cent corporate income tax discount and is exempted from value-added tax and customs tax after 8 years of operation.

 

In 2002, only 370 Japanese companies made presence in Vietnam but now the figure has jumped to 700 and the number will be on the rise in the future. This shows Vietnam is holding advantages in investment over its neighbouring countries.

 

The Vietnam’s accession to the WTO will open more business chances for US companies as well as other investors in the world. We highly appreciate the growth of Vietnam and its political stability. We believe that Vietnam has potential to further improve its investment environment.