Viet Nam works to become attractive investment destination

Deputy Prime Minister Pham Gia Khiem pledged before international donors to Viet Nam and businessmen on Dec. 13 that Viet Nam will work hard to prove itself as an attractive and safe destination for foreign investors long-term investment.

The Deputy PMs pledge, made at the Viet Nam Business Forum in Ha Noi, was solidified by a commitment by Minister of Planning and Investment Vo Hong Phuc to continuing improving business environment.

Minister Phuc said bettering business environment will remain a priority in the countrys socio-economic development plan for the next five years. The plan also includes commitments to implementing the set roadmap for integration into the global economy and administration and financial reforms, and providing a trained workforce and improved infrastructure.

At the opening session of the forum, Deputy PM Khiem highlighted the issuance of a series of legal documents relating to business and investment over the past two years, saying that it helped create a complete and transparent legal corridor for the target of attracting 140 billion USD in investment in the 2006-2010 period, of which 30 percent are from foreign sources.

However, he said that the Vietnamese government was well aware of the problems likely to arise from the enforcement of laws, which was warned by the international community as a big challenge to the country on its development road ahead.

Viet Nam should strive to enact new laws as quickly and effectively as possible after the country officially joins the World Trade Organisation.

A report compiled by the forums Secretariat showed that up to 89 percent of surveyed enterprises said they plan to expand business in Viet Nam as they noted the countrys bright economic prospect, the growing domestic market, as well as reforms thanks to its WTO accession.

This years Viet Nam Business Forum saw the participation of over 200 enterprises, doubling last years figure, with 76 percent being foreign-invested enterprises.

Most of them said they were pleased with the business environment in the country in 2006. A stable political system and the governments capacity of controlling inflation and foreign exchanges received the highest approval from enterprises.

However, the businesses complained about legal enforcement, intellectual property protection, competitive capacity, infrastructure and corruption, the report further said.

The forum was held before the Consultative Group Meeting in order to collect opinions and answer questions on creating an open and most favourable investment environment for enterprises.

At the forum, study groups on banking, infrastructure and tourism presented the results of their surveys and proposed measures to improve the Governments efficiency in these field.

(Source: VNA)