NEWS for TODAY.4-10-08
VN market has caught up: Minister
(10-04-2008)
Planning and Investment Minister Vo Hong Phuc is leading a business delegation to Washington, New York and Houston. He discussed the visit with Dau Tu (Vietnam Investment Review) newspaper.
What are the difference between this and previous investment-promotion visits to the United States?
We will provide information designed to encourage the US Government to recognise Viet Nam’s market economy as well as promote investment. Specifically, we will prove that our policies are geared to a market economy. All our market mechanisms have matched international standards since we joined the World Trade Organisation in 2007.
The delegation will act within the framework of our campaign to have the WTO recognise that Viet Nam has a market economy. The campaign will persuade WTO members to treat Viet Nam as an equal in the world economy.
Who will you talk with and what will you say?
The delegation will go to New York, Washington DC, and Houston. There, we will work mostly with Government representatives, especially members of the Foreign Affairs Department.
We will also meet with non-government organisations and the US-ASEAN Business Council. We have prepared documents to provide sufficient information for them to have a clearer understanding of Viet Nam’s situation. It’s all part of out effort to persuade the US Government to recognise Viet Nam’s market economy.
But attracting investment is the visit’s most important purpose.
What is your assessment of the position and role of American investors in Viet Nam and what do you see as the likely trend?
The US is sixth among the countries and territories investing in Viet Nam and is an important partner.
Its investment is increasing and is focused on many sectors. American investors now have many major investment projects in Viet Nam. These include real estate, heavy industry, energy, oil and gas and hi-technology.
What do US investors think of Viet Nam’s investment environment?
They highly appreciate it. This is especially true following the visit of a US business delegation to Viet Nam led by the US Commerce Secretary late last year. Its assessment had a positive impact on American investors who wanted to pour money into Viet Nam.
But investors called our attention to the complex administrative procedures as well as the lack of trained personnel and infrastructure. The Government is now working to overcome these shortcomings so as to create the most favourable conditions for both domestic and international investors.
I now hope that ministries, economic sectors and localities make the changes necessary to attract more US investors.
What will you do to attract more US investment?
We will focus on introducing Viet Nam’s investment potential and environment so as to consolidate the confidence of American investors in doing business in Viet Nam.
We hope that after the visit will persuade US investors from new areas to enter Vi et Nam. We have focused on the east, but during this visit we will promote investment from the south where the potential for co-operation between Viet Nam and the US is great.
Which sector will be given priority ?
We will draw their attention to hi-technology, tourism, finance, banking and supporting industries in addition to the sectors that have already drawn their investment such as energy, petroleum and real estate.
I hope the visit contributes to attracting more US investment into Viet Nam and persuades the US Government that Viet Nam has a market economy. — VNS
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