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PM promises optimal conditions for foreign investors
Ngoc Thuy 17:16, 2020/12/11
A government task force will inspect whether provinces and cities are fulfilling their commitments to investors.

Foreign investors can message or send letters to the Vietnamese Prime Minister regarding any sign of corruption or bribe asking in all economic fields and sectors.

Prime Minister Nguyen Xuan Phuc was speaking at a meeting with business community under the Vietnam Business Forum (VBF) held in Hanoi on December 10.

Mr. Phuc was committed to applying strict punishment to those involved in such violations and building the best investment environment.

 Prime Minister Nguyen Xuan Phuc at the meeting. Photo: Quang Hieu. 

“A government task-force will inspect whether provinces and cities are fulfilling their commitments to investors,” Mr. Phuc said.

The meeting, jointly held by the Ministry of Planning and Investment (MPI), the World Bank, the International Finance Corporation (IFC) and the VBF, addressed concern and problems challenging businesses and investors.

“The Vietnamese government gives priority to development issues and support all economic components, including the foreign-invested sector,” he stated, adding a strong country will require a strong business community.

The Vietnam PM acknowledged pending issues of the economy that range from infrastructure, energy and high logistics costs, as well as greater application of digital technologies during the course of development.

He said Vietnam will stay firm in pursuing the dual target of both containing the pandemic and boosting economic recovery.

“There will be substantial reform in Vietnam’s legal environment to create more convenience for investors,” stressed the PM, while urging them to comply with local regulations and refrain from tax evasion or transfer pricing.

According to Mr. Phuc, Vietnam is striving to become among ASEAN’s top business-friendly countries, in which every aspect is transparent.

The PM also referred to his decision in June in setting up a task force specializing in luring foreign direct investment (FDI) to Vietnam amid a shift in global investment capital.

 PM Phuc and representative of foreign businesses at the meeting. Photo: Quang Hieu. 

Early Covid-19 containment key in economic recovery

IFC’s representative Hong Sun said the Covid-19 pandemic remains complicated in Europe and the US, in this regard, Vietnam’s success in containing the pandemic makes the country one among the front-runners in the economic recovery process.

Mr. Hong Sun said the government should further support businesses resume normal operation.

He also suggested that Vietnam should continue realizing its national energy strategy to aid socio-economic development, which also demonstrates a long-term and open vision of the government.

IFC Country Manager for Vietnam Kyle F. Kelhofer said Vietnam is fast becoming an attractive destination for investors who seek diversification of their global supply chains, adding this is an opportunity that the country should grasp with both hands.

Mr. Kelhofer said as creating a favourble environment for businesses, Vietnam will attract high quality investors.

Yun Ok Hyon from the Korean Chamber of Business (KoCham) highly regarded the government’s support for South Korean companies, especially in entering Vietnam, saying “this friendly move would be helpful in boosting economic cooperation between the two countries.”

Kazunori Sudo of the Japan Chamber of Commerce and Industry (JCCI) added nearly 3,000 Japanese entered Vietnam during the Covid-19 pandemic.

Vice Chairwoman of the American Chamber of Commerce in Vietnam (Amcham) Virginia Foote proposed the country to continue promoting digital economy, renewable energy and administrative reform.

Country Director for the World Bank in Vietnam Carolyn Turk said Vietnam should layout a clear path for economic recovery and towards green growth.

Vietnam is among the first in the world getting victory against the pandemic, so I hope the country will also be the first in economic recovery and green growth, she stressed.

TAG: Vietnam business environment PM Nguyen Xuan Phuc covid-19 coronavirus nCoV pandemic IFC World Bank Kocham JCCI AmCham
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