Vietnam Business Summit exposes opportunities for foreign investors

By Quang Minh - Nov 07, 2017 | 04:35 PM GMT+7

TheLEADERIt is expected to witness more start-up supporting and venture capital funds operating in Vietnam to join the booming start-up wave in Vietnam, according to Prime Minister Nguyen Xuan Phuc.

Vietnam Business Summit exposes opportunities for foreign investors
Prime Minister Nguyen Xuan Phuc makes speech at VBS

“Vietnam is expected to be ranked in the top countries in the region having largest number of mobile users. This is both an important platform and a great opportunity for investors to easily connect their products and services to a large number of potential customers in Vietnam, “ said Prime Minister.

Prime Minister said that in the upcoming time, Vietnam will continue developing an active economy basing on the innovation platforms with three activities being highlighted.

"Vietnam will focus on improving institutional quality, legal policies, promoting the rule of law, encouraging the development of private sector, enhancing governance capacity, stabilizing the macro-economy in the direction of sustainable development, ensuring the endless social development."

Vietnam has a young population with approximately 95 million people, especially the emerging middle class. From 2010-2016, the household consumption accounted for 67.3 per cent GDP and increased by 16 per cent annually.

Increasing incomes have made Vietnam more attractive to consumer goods manufacturers, especially foreign brands. Smartphones of such brands as Apple, Samsung, LG and Sony are very popular among Vietnamese people. Currently, around half of Vietnamese people get access to the internet and smartphones, being ranked the fifth country in the Asia-Pacific region in terms of internet users.

The country will develop a start-up and creative economy via its commitment to support and create favorable conditions to cultivate and realize startup ideas.

"Vietnam will implement tax reforms in the direction of increasing the competitiveness of the economy, transparency, and efficiency in line with Organization for Economic Co-operation and Development (OECD) standards," said the Prime Minister.

VBS is an opportunity for international investors to learn about the economic and sector development policies as well as the potential for investment and business cooperation in Vietnam. Domestic and foreign businesses will meet, connect and share information on business trends, international integration as well as cooperation experiences in Vietnam and APEC.

Vietnam has been active in international integration, with 12 free trade agreements being signed and four others being negotiated. After 10 years joining the World Trade Organization (WTO), Vietnam’s indicators in export turnover, Foreign Trade Investment (FDI) capital, Growth Competitiveness Index, Doing Business and Global Innovation Index has increased significantly compared to other regional and international economies.

“Vietnam’s achievements have been a motivation for it to develop stronger in the future. We are determined to build a government who creates development, acts and serves the people and businesses,” said PM Nguyen Xuan Phuc in the summit.

The American Chamber of Commerce in Singapore (AmCham Singapore)’s report in September 2017 showed that 56 per cent of businesses surveyed considered Vietnam as the best trading partner. The country’s economic transaction in the past 30 years plays an important role in promoting its economic growth and people’s living standard. This has helped change the structure of consumption, creating opportunities for investors.