Vietnam should inject more investment in infrastructure development such as ports, energy and a road network, to lure more foreign investment, said an official from Ireland’s Development Cooperation Agency Irish Aid.
"Vietnam has certain advantages over many countries in terms of low wage rates, however, many major constraints related to infrastructure including ports, energy and the road network remain, discouraging foreign investors,” Sean Hoy, Chief Representative of Irish Aid in Vietnam told a Vietnam News Agency reporter on Jan. 17.
The country has had continued success in many areas, particularly foreign direct investment (FDI) attraction and exports, proving that Vietnam’s entrepreneurs are open-minded and flexible to changing trends and opportunities in global integration, the Irish Aid chief representative emphasized.
However, he noted Vietnam’s current added value on export commodities is small, suggesting the country should facilitate processing technologies to increase export quality, and consequently the price of these goods, beyond the top five exports of crude oil, garment and textiles, footwear, seafood and rice.
The official also commented that smooth and proper enforcement of the Common Investment Law, the Intellectual Property Law, and the Enterprises Law will help create rising investor confidence in the economy.
Irish Aid assists the Southeast-Asian nation’s approach in measures improving public investment quality, enhancing public finance management and transparency, and continuing administrative reforms, he added.
In related news, Vietnam Prime Minister recently approved a nearly EUR5-million health project, funded by the US non-government organization Atlantic Philanthropies and Irish Aid, aiming to help Vietnam’s Institute of Hygiene and Epidemiology improve capacity of examining and researching epidemiology of blood-transmitted viruses.
Meanwhile, in November last year, the Government of Ireland pledged to finance Vietnam EUR17 million in 2007. (VNA)
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