Vietnam’s strong integration into the world economy shows that the country is an attractive market to foreign investors, says Deputy Trade Minister Luong Van Tu.
A seminar on business and investment opportunities in Vietnam has been held recently in Hanoi, drawing the participation of more than 180 Vietnamese and foreign enterprises, financial organisations and investment funds.
The seminar focused on Vietnam’s commitments and policies in the post WTO period, investment laws and institutions, industrial investment projects and opportunities for domestic and foreign investors.
According to Mr Tu, Vietnam is the first country which has fully complied with WTO entry principles. In particular, the laws on trade, investment, enterprise, customs, tax, anti-dumping, trade protection, security, the Berne Convention on Copyrights and the Rome Convention on Patents were adopted.
The transparency, stability and an open investment environment have created favorable conditions for both domestic and foreign investors.
Vietnam’s strong integration into the world economy shows that the country is an attractive market to foreign investors thanks to its social and political stability, stressed Mr Tu.
The country’s GDP growth rate hit 8.2 percent in 2006 and is expected to reach 8.5 percent in 2007. The number of young and labourers account for more than two thirds of the total labour force while Vietnam is located in a region with dynamic economic growth.
In addition, the Vietnamese Government is continuing to implement open policies such as expanding export markets to WTO member countries, attracting foreign direct investment (FDI) to Vietnam, and paying special attention to human resource development, Mr Tu said.
Mr Le Van Duoc from the Planning Department under the Ministry of Industry said total foreign investment capital and increased capital reached US$9.9 billion while disbursed foreign investment capital was estimated at US$4.1 billion in 2006. Among newly-licensed projects, there are many big projects including Posco Steel Company with total investment capital of US$1,126 million, Intel Products Vietnam Co,Ltd (US$605 million), and Tycoons Worldwide Steel Co, Ltd (US$556 million). There are also many capital-increased projects such as Bach Ma Ceramics Co, Ltd (US$150 million), Ching Luh Footwear Vietnam Co, Ltd (US$98 million), VMEP (US$93.6 million) and Canon Vietnam Co, Ltd (US$70 million). To further attract foreign investment for the industrial sector, Mr Duoc said the ministry has set up a list of investment projects with large investment capital in such fields as metallurgy, mechanics, manufacturing, electricity, oil and gas, petrochemical.
Mr William Marshak, principal commercial officer at the US Consulate said the US will focus on ten major areas in Vietnam in the coming time such as equipment, telecommunications service, oil and gas, environmental technology, medical equipment, education and training and security. Mr Marshak said said another area of particular interest is trademark concession as the demand for trademarks has increased and Vietnamese businesses have been successful in conceding trademarks.
At the seminar, local and foreign businesses also discussed the expansion of hi-tech,
finance and banking operations, known as spearhead industries of Vietnam.
- Vietnam Foodexpo helps boost trade cooperation with foreign firms
- Vietnam prioritises trade promotion on e-commerce platforms
- Lam Dong trade, investment, tourism opportunities introduced in RoK
- Seminar seeks ways to improve growth quality
- Transformation ahead in PPP investment risk mechanisms
- M&A odds growing stronger
- Firms shouldn't let circular economy go to waste
- Woodwork exports soar, but it’s not all good news
- Asean-Korea summit to open door for innovation
- Happy Birthday to our dearest VIR!
- Kasikornbank pledges seven-decade experience to Vietnamese SMEs
Foreign enterprises seek investment opportunities in Vietnam have 563 words, post on at June 26, 2007. This is cached page on Talk Vietnam. If you want remove this page, please contact us.