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Vietnam pledges better investment
environment
HANOI -
Vietnamese Prime Minister Phan Van Khai has
assured businesses from the Great Mekong
Sub-region (GMS) that the country is removing
barriers that may stand in the way of investment.
He told regional leaders and business circles at a
meeting in Kunming, China, on July 4 that Vietnam
will create a level playing field for all players
in an effort to attract investment.
Though
the six member economies have developed
drastically since the GMS was established 10 years
ago, how to narrow the gap of development between
the GMS and other parts of Asia is still a big
question, Khai said. To catch up with other parts
of the region and the result of modernization are
other questions for both leaders and business
circles of the GMS, he said.
The GMS has
enjoyed dynamic growth over the past years
following the establishment of the ASEAN Free
Trade Area and the ASEAN Investment Area. The
ASEAN-China free trade area has also played a key
role to promote trade and investment in the GMS,
Khai said. About Vietnam, the PM said the renewal
policy has enabled it to achieve an average
economic growth of 7.5% over the past decade.
Annual trade growth rate is registered at
20%. Bilateral trade between Vietnam and GMS
countries has increased sharply, and trade between
Vietnam and China exceeds US$5 billion a year.
Investment capital sourced from the state-owned
and private sectors accounts for 36% of the annual
GDP. Foreign investment is reported at more than
$60 billion so far, $26 billion of which has been
disbursed.
Vietnam is considered a
promising destination to foreign investors and
traders. More than 100 transnational businesses
are present in Vietnam, turning out high-quality
products and services. Since the Enterprise Law
was promulgated in 2000, over 150,000 enterprises,
capitalized at more than $15 billion in total,
have been licensed to bolster the national
economy. The PM affirmed that Vietnam is removing
obstacles and creating a fair playing field for
businesses of all sectors.
Khai also said
that along with the equitization of state-owned
enterprises, the government will facilitate the
private sector's participation in previously
restricted areas such as electricity generation,
cement production and insurance services. In
addition, the country is perfecting its legal
system in accordance with international laws to
speed up the negotiation process for entering the
World Trade Organization, Khai said.
The
government will submit the draft Enterprise and
Unified Investment Laws to the National Assembly
for consideration and approval to establish a
legal basis for the continued opening of the
service market in conformity with its
international commitments and to create a "fair,
liberal and transparent play ground" for
investment and businesses.
The Prime
Minister highly values potential and role of
business people and investors in the development
process for Vietnam and the Greater Mekong
Sub-region (GMS). Addressing the meeting, PM Khai
conveyed the Vietnamese government's message to
the business community, saying that it will create
the most favorable conditions to help traders and
investors successfully do business in Vietnam.
(Asia Pulse/VNA) |
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