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08/11/2017 - 09:35

Opportunity to connect investment and business in Vietnam

Six thematic sessions within the framework of the Vietnam Business Summit (VBS), including: Sustainable Agriculture; Finance for development; Health and education; The infrastructure; Tourism and special economic zones; Small and medium enterprises, start-ups and innovation, were discussed in Da Nang on November 7th. Prime Minister Nguyen Xuan Phuc attended and dialogued with the businesses.

Prime Minister Nguyen Xuan Phuc photographed with the delegates

In his opening remarks, Prime Minister Nguyen Xuan Phuc emphasized: "The results Vietnam has achieved so far is an important source of motivation for Vietnam to be confident and firmly develop in the future. We are determined to build the Government to create development, to act, to serve people and businesses, to promote international integration, to continue to achieve the objective of maintaining macro stability, institutional reforms, legal policies, sustainable development, attaching importance to creating jobs and improving people's incomes. "

Bringing the best business investment environment

At the dialogue with domestic and foreign businesses, many questions were asked about what to do to make Vietnam become an attractive destination for investors. How can Vietnam's competitiveness improve? Will the World Bank help?

Prime Minister Nguyen Xuan Phuc assessed the socio-economic development of Vietnam in 2017 and affirmed that Vietnam's business environment is very good. Achieving this goal has been both an experience and a goal in the future. Vietnam has a stable socio-economic situation. It is a peaceful country, a country of peace and friendship. Vietnam has a very tight fiscal and monetary policy, and the macroeconomic policies are always good. Vietnam has good exchange rates and has the most stable currency in the region, so investors can be assured. The Government has implemented many measures and reforms in all areas, such as reform of administrative procedures. "In 2017, more than 5,000 administrative procedures were cut, bank interest rates were reduced, bringing huge benefits for businesses in terms of time and economy. We will continue to reform legal institutions, suitable with the market economy, and bring the best business investment environment, " the Prime Minister said.

At the question of the leader of a foreign business on tectonic government, Prime Minister Nguyen Xuan Phuc emphasized: "Since the establishment of the new government, we have set a goal of tectonic government with integrity, serving the people and businesses, which is the priority of Vietnam. In the first place, the government created the best framework, institution and law to develop the market economy. It also means to keep up with the socio-economic changes of the region and the world.”

Victoria Kwakwa, Vice President of the World Bank for East Asia and the Pacific, said that Vietnam has three potentialities: the labor force, calling on the private sector and strong institutional policies. "We have to have a stronger market mechanism and invest more in people. The skills of the workers, the technology, and the mindset of the Vietnamese workforce change with the trend of the market. In order for that to be possible, Vietnam needs to have a better education in Industry 4.0  and promote higher quality tertiary education, creating a stronger educational environment, and self-governing and competitive universities," Victoria Kwakwa said.

Sharing business solutions

Vu Tien Loc, Chairman of Vietnam Chamber of Commerce and Industry (VCCI) affirmed that with favorable geographic position as the crossing point of the economies in Southeast Asia and Northeast Asia, with the young and large workforce, with a rapidly growing economy, with a constructive government, determined to innovate and promote integration ... Vietnam is an attractive investment destination. "We want to share with all of you, we want you to come to Vietnam for business and win together," said Vu Tien Loc.

Philipp Rosler, Executive Director of the World Economic Forum (WEF), said that proper policies and institutions would help develop Vietnam's capacity and productivity. According to Philipp Rosler, to ensure social security and fight corruption, the public sector’s responsibility is to create a favorable legal framework. After creating the right legal framework, the task of business leaders is to hire workers, create jobs, increase income for businesses and employees.

According to Rosler, throughout the years, there has been great cooperation between the public and private sectors in Vietnam, which is the right approach to increase Vietnam's economic capacity in the future. Vietnam's biggest asset so far is not oil, gas, or infrastructure ... but youth. He asserted that vocational training is a model that clearly demonstrates the effectiveness of the public private partnership model. "Improving the skills of young people in Vietnam is the best way to improve Vietnam's economic capabilities and productivity," Rosler said.

Thai Huong, Chairman TH True Milk Group, said that in any circumstances, the first thing a person needs is kindness. A kind person would certainly do everything kindly. With a view to always support the industrial revolution 4.0, with human food, Thai Huong urged the business community to abide by natural laws, using natural ingredients for processing and production without harming human health.

According to many investors, this time, VBS is an opportunity for international investors to learn about the economic policy and potential cooperation in business investment in Vietnam. Domestic and foreign enterprises will meet and share information on trade trends and international integration as well as experiences in Vietnam and APEC. The VBS will work together towards the theme of APEC 2017: "Creating a New Dynamism, Fostering a Shared Future" of Asia-Pacific for peace, stability, integration, dynamic development and prosperity.

By Phong Binh- Hue Thao