Socialist Republic of Vietnam

Changes have taken place in Vietnam; the national economy has been growing at a rapid rate, posting more than 7% growth annually, Senior Economist of the China-Economist Intelligence Unit Paul Cavey said at a roundtable conference on investment in Vietnam.

Citing changes in the legal system and regulations and improvements in the investment and business environment, economist Cavey noted the equitisation process of State-owned enterprises in Vietnam has been carried out strongly to allow private businesses to develop.

Although many challenges are still ahead, foreign investors are upbeat about the future of Vietnam's economy, economist Cavey stated.

For his part, Chairman of Operation Smile, Ken Atkinson, praised Vietnam as the safest destination for international tourists, saying with a great potential for tourism, the country will have a strong hospitality industry in the future.

He expressed his belief that Vietnam can reach a target of receiving 3.5 million tourists by 2005 and 6 million tourists in 2020. Apart from this, the country is offering a favourable opportunity to foreign consultants to come, Atkinson said.

Andrew Vine, Director of Client and Corporate Development for Asia Pacific Global Sponsorship, said that the Vietnamese economy was prepared for changes and it is opening wide its door for foreign investors.

The roundtable conference, which was closed in Ho Chi Minh City on Tuesday, focused on ways to cope with globalisation, the open market, Vietnam's business environment, and telecommunications and information technology.

Closing the conference, Vice Chairman of Ho Chi Minh City's People’s Committee Nguyen Thien Nhan reiterated that Vietnam will continue to pursue its policies of renovation, economic reform and international integration.

He expressed his confidence that with a stable political system and potential that is awaiting to be tapped, Vietnam will attract more investment capital from foreign investors for its development in the future. (VNA)