Plentiful opportunities for RoK investors in Vietnam: PM

Prime Minister Nguyen Tan Dung stated that the legal and business environment in Vietnam will see fundamental, major changes with more favourable and competitive features that will come up with a lot of cooperation and investment opportunities for foreign businesses.

Prime Minister Nguyen Tan Dung addresses the Republic of Korea-ASEAN CEO Summit in Busan (Photo: VNA)

The Government leader addressed a Republic of Korea-ASEAN CEO Summit held in Busan, the Republic of Korea, on December 11, as part of activities marking the 25th anniversary of ASEAN-RoK Diplomatic Relations.

Participants analysed challenges and opportunities to the development of each country as well as the whole region and sought to accelerate economic, trade and investment between the ASEAN member countries and the RoK.

Reviewing Vietnam’s socio-economic development achievements over nearly 30 years, the PM affirmed that the country has always paid attention to ensuring social welfare and equality and protecting the environment. It became a middle-income country in 2010 and recorded a GDP per capita reaching US$2,000 in 2014.

During the global economic downturn, the Government’s efforts and the business community’s support have enabled the country to maintain the macro-economic stability, rein in inflation, keep an economic growth of 5.6 percent a year, post an export growth rate of 18 percent a year, and raise its foreign currency reserves.

In 2014, Vietnam’s economy continued to recover, estimating to achieve a growth rate of 6 percent. Over 100 countries and territories have invested in 17,000 projects in the country with around US$ 250 billion. More than 100 economic groups, including RoK giants, which were listed in the world’s 500 leading groups, have set foot in Vietnam.

To improve the country’s investment environment, the Vietnamese government and localities have regularly conversed with investors seeking to remove difficulties and obstacles facing them, the PM stressed.

The National Assembly has freshly passed the laws on Investment and Enterprises that look to offer simpler administrative procedures as well as more transparent and favourable conditions for businesses to operate equally and stably line with international practice, he noted.

He stated that the Vietnamese Government is restructuring the national economy, concentrating on public investment, financial and banking systems, and State-owned enterprises, along with transforming growth model towards enhancing its efficiency and competitiveness.

The country’s accelerated equitisation of State-owned enterprises, especially economic groups, corporations, and big banks, will come up with more business opportunities for the private sector and foreign investors, he said.

Vietnam currently needs a huge sum of investments for its infrastructure development projects in such fields as power, renewable energy, urban transportation, seaport and airport, he said, noting that it is a good chance for foreign investors, especially those from the RoK, to make stronger involvement in public-private partnership model.

He made it clear that together with eight bilateral FTAs signed, Vietnam is negotiating for a Trans-Pacific Partnership as well as other new generation free trade deals.

The fresh conclusion of an FTA with the Republic of Korea is expected to open up new collaboration prospects for the business circles of both Vietnam and the RoK, he said.

Vietnam can serve as a gateway for RoK investors to enter other regional markets with numerous preferences, he noted, vowing that the Vietnamese Government and localities will work together to facilitate the stable and long-term operation of foreign investors, including RoK businesses, in Vietnam.

He was affirmative that Vietnam will become an important chain of an economic network linking 55 partners, including 15 G-20 members.

Vietnam always takes the success of foreign investors as its own, the PM concluded.

On the day, Prime Minister Nguyen Tan Dung granted interviews to leading media agencies in the host country such as Yonhap, MBMG, Diplomacy, and Chosun Ilbo.

Source: VNA

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