Vietnam should upgrade its infrastructure networks to attract more foreign investment in the future, 300 foreign investors proposed at the closing session of Vietnam Economic Forum held in Ho Chi Minh City.
Walter Blocker, Chairman of AmCham in Vietnam warned recently of congestion and overloading of seaports, the dilemma facing Ho Chi Minh City now while it is taking the lead in pulling in foreign direct investment nationwide.
The situation will be much worse in 2008 and 2009, the AmCham official said.
Sea ports in the city handled 78 per cent of the country’s container ships, whereas Cai Lan in the north only 19 per cent, in 2004, Walter Block said.
Jeremy Amias, CEO of foreign exchange in the Asia-Pacific region of Citigroup, said Vietnam needs a great deal of investment to develop infrastructure projects.
Vietnam recently issued government bonds on the global market, which shows the magnetic attraction of Vietnam, he said.
Many investors complained about high land costs, which blunt the competitive edge.
Ms Chistina, on behalf of the Malaysian delegation, expressed concern over chronic shortage of hotel rooms.
Idris, Vice President of Petronas Group of Malaysia, said Vietnam should create a fair competitive environment for businesses.
Idris emphasized that Vietnam is an attractive destination for foreign investments.
In the meeting held by the Ministry of Planning and Investment and Ho Chi Minh City, vice Mayor Nguyen Huu Tin admitted the city lacks 1,150 five-star hotel rooms.
The city will build an additional 10,000 rooms from now till 2010, Tin said.
April 23, 650 delegates and senior officials from 15 countries and territories discussed economic prospects and remaining challenges for Vietnam.
Vu Khoan, former deputy prime minister, a special envoy of current Prime Minister urged pushing administrative reform, completing legal frameworks and training legal professionals who know very well legal practices in the world to help the country’s integration.
This year Vietnam’s set target to attract US$12 billion is achievable.
MPI, Vietnam News Agency and ANN co-organized the event from April 23-24. (Liberated Saigon, Young People)
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