Vietnam's investment environment is more open
Ha Noi, Mar. 20 (VNA) -- Viet Nam's Planning and Investment Minister Tran Xuan Gia has again called for greater efforts to realize Viet Nam's foreign investment policy which is regarded as more open than other countries'.
The Minister says: "Most foreign investors have shared the view that Viet Nam's foreign investment policy is fairly open to investors but what is more important is how to carry out the policy."
"The time when we wait for foreign investors to come is over. Now, it is time we should be more dynamic in promoting investment," he points out in an interview with Lao Dong, Labour, newspaper, today, Mar 20.
Tran Xuan Gia, who returned from the "Heading to success" conference held by his ministry in Singapore on Mar. 15, reaffirms that foreign investment has played and will continue to play a great role in Viet Nam's national development.
"Over the past five years, the foreign-invested economic sector has made up one-fourth of Viet Nam's social investment capital and 12 percent of GDP, contributed 7-8 percent to the State budget and provided stable employment for 35,000 people," he explains.
The Minister says, "Viet Nam's environment for foreign investment has been judged as fairly favourable, including socio-political stability, young and educated labourers, the potential of a big, emerging market and widely-publicized socio-economic development strategy."
He also points to the lack of harmony between policy and realisation and between the central and local as well as upper and lower levels, high service charges including electric power supply and telecommunications service, irrational tax rates and bureaucracy.
"These shortcomings have not only caused troubles to and cost more money from foreign investors but also made Viet Nam miss many investment opportunities," the Minister stresses.
He reveals that the government is deploying a series of investment promotion programmes, including involvement in international and regional investment promotion activities, organization of international seminars and conferences on investment and expansion of contacts with investors' associations in other countries and regions as well as with major corporations on investment projects.--VNA
