Viet Nam to facilitate foreign investment, says PM

Viet Nam to facilitate foreign investment, says PM

08/01/2008 -- 6:55 PM

Ha Noi (VNA) – Prime Minister Nguyen Tan Dung has affirmed that the Vietnamese Government would create all favourable conditions for foreign investors to be successful in Viet Nam .

The government leader made the statement at a business roundtable which opened in Ha Noi on January 8. The two-day event under the theme “ Viet Nam : Asia’s Rising Star” was held by the UK ’s magazine “The Economist” in collaboration with the Vietnamese Ministry of Foreign Affairs.

Viet Nam is a dynamic market economy which sees many development prospects and has become an increasingly attractive destination for investors, PM Dung said.

The Southeast Asian country recorded an average annual economic growth of more than 8 percent over the last three years. It has set a target of 8.5-9 percent GDP growth in 2008.

In 2007, the country attracted a record foreign direct investment (FDI) of more than 20.3 billion USD, a year-on-year increase of about 70 percent. Official development assistance (ODA) from foreign donors hit 5.4 billion USD, 20 percent higher than the previous year.

PM Dung said despite remarkable achievements in 2007, Viet Nam remains a developing country where people have low income and the economy sees low efficiency and competitiveness. He also cited high inflation, poor infrastructure and slow administrative reform, as well as corruption as other difficulties facing the country.

To overcome the above-mentioned obstacles, the government leader said, Viet Nam is required to link economic growth with targets on poverty reduction, environmental protection and improvement of living conditions.

Also at the conference, Deputy PM-cum-Foreign Minister Pham Gia Khiem reiterated the Government’s determination to carry out administrative reform, perfect the legal system, make business environment healthier and drive back corruption.

The Government will be streamlined to reduce the overlapped management and poor performance, Khiem said.

According to the deputy PM, Viet Nam appreciates the role of foreign partners, particularly international institutions and foreign businesses and the country would create a fair and equal playing ground for businesses of all sectors.-Enditem

(VNAgency)