PM Phúc rolls out the red carpet for foreign investors

The Vietnamese Government will continue creating favourable conditions for foreign businesses to make investment in Việt Nam and protect their intellectual property and asset rights.
Prime Minister Nguyễn Xuân Phúc made the pledge at a meeting yesterday with representatives from 21 world leading companies from the US, Canada, Japan, the Republic of Korea, the UK, Switzerland, Singapore and China’s Hong Kong, at the 26th World Economic Forum on ASEAN (WEF ASEAN) in Phnom Penh, Cambodia.
He said doing business in Việt Nam will give foreign investors access to not only a market with 93 million people in Việt Nam but also the greater market of ASEAN and the world, as the country has signed 12 free trade agreements, and is pushing ahead with negotiations on four other pacts.
The PM told the audience that Việt Nam’s renewal process and open policies have helped domestic and foreign businesses reap success doing business in the country.
At the meeting, WEF Managing Director Philipp Roesler described the Mekong River region, including Việt Nam, as a dynamic area with young population and urged enterprises to invest in the region and create more jobs for young people.
Participating entrepreneurs recognised Việt Nam’s high determination and efforts to reform and improve the business investment environment as well as the Government’s support for the foreign business community.
The same day, Phúc attended a talk on Việt Nam held by the WEF and Vinacapital, during which he said Việt Nam strives to realise the average growth target of 6.5-7 per cent from now to 2020.
The country will push ahead with the improvement of the market economy institutions and strongly encourage the development of the private economic sector to become an important driving force in the domestic economy, he said.
He re-affirmed the resolve to build a development-facilitating government, restructure the economy and reform the country’s growth model.

Sidelines meetings

On the same day, Phúc met with leaders of major businesses on the sidelines of the World Economic Forum (WEF) on ASEAN 2017.
While receiving Magesvaran Surajan, President of Asia Pacific Selling and Market Operations of the US’s Procter & Gamble (P&G) Company, Phúc highly evaluated the group’s business activities in Việt Nam as well as its practical support and active participation in APEC events in 2017. He asked P&G to continue long-term investment in Việt Nam so as to help bolster the country’s economic ties with the US.
At a meeting with Linda Seah, Vice President of Ireland’s Shire Plc, Phúc hailed the group’s application of high technology in medical treatment in Việt Nam. He also welcomed Shire Plc’s plan to expand its operations in the country in the time ahead.
The Vietnamese leader also met with Doreen Steidle, Asia-Pacific Regional Head for Group Government Affairs with the UK’s HSBC, where he said the bank’s financial and banking services have helped improve competitiveness of Việt Nam’s credit-banking system. He called on HSBC to co-operate with commercial banks of Việt Nam to expand their overseas activities.
Talking with Vice President of the US’s GE group Christian Bennett, Phúc applauded the firm’s investment expansion plan in Vietnam and its cooperation with Vietnamese partners in energy development. The PM also expressed his hope that GE will actively support activities within the APEC Year 2017 in Việt Nam.

Việt Nam as 2018 WEF- ASEAN host

Phúc wrapped up his activities at the World Economic Forum on ASEAN 2017yesterday with a speech at the discussion on smart infrastructure. The PM also attended a reception marking the transferring of the role of host country for WEF-ASEAN in 2018 from Cambodia.
Addressing the discussion on smart infrastructure, the PM stressed that infrastructure is the prerequisite for economic connectivity and a key issue in building the ASEAN Community.
For Việt Nam, infrastructure development is one of three strategic breakthroughs needed in order to restructure the economic and renew the country’s growth model, he said, adding that the country needs about US$480 billion for investment in infrastructure, to be mobilised mainly from the private sector.
The PM welcomed international companies to invest in infrastructure in Việt Nam, stressing that the Vietnamese Government will facilitate such investment, especially in the form of Public-Private Partnership (PPP).
Receiving the role as the host country of the WEF ASEAN in 2018 from Cambodian Prime Minister Samdech Techo Hun Sen, Phúc said the selection of Việt Nam to host the WEF regional conference demonstrates the strong development of the partnership between the WEF and Việt Nam, as well as between Việt Nam and the international business community.
The PM and the Vietnamese delegation returned home from Phnom Penh later in the day, concluding their two-day attendance at the World Economic Forum on ASEAN 2017.