Vietnamese PM vows to protect foreign investors’ legitimate rights, interests
Vietnamese PM vows to protect foreign investors’ legitimate rights, interests
Vietnam will continue creating favorable conditions for foreign investors and protect their legitimate rights and interests in any circumstances, Vietnamese Prime Minister Pham Minh Chinh said during a conference with foreign associations and investors in Hanoi on Sunday.
Vietnamese Prime Minister Pham Minh Chinh (C) presides over a conference with FDI enterprises in Hanoi on October 15, 2023. Photo: Vietnam Government Portal |
At the conference between the Vietnamese government leader and representatives of 15 associations and 180 FDI enterprises, themed “Companion and Development”, the government leader affirmed that Vietnam would keep building a safe, transparent, and competitive business and investment environment so that foreign investors can effectively and sustainably operate in the country.
Vietnam always accompanies businesses in overcoming difficulties and challenges for their long-term and stable operations in Vietnam under the motto of “harmonious interest, shared risks”, PM Chinh promised.
The country will not criminalize economic and civil relations but will impose sanctions on those violating the law to ensure a transparent, healthy, stable and sustainable production, business, and investment ecosystem.
Earlier at the conference, John Rockhold, chairman of the American Chamber of Commerce in Vietnam (AmCham), complained about Vietnam’s slow approval of investment projects and time-consuming administrative procedures despite highly evaluating the country’s business environment reforms.
He said that these two factors have hindered and slowed down the progress of enterprises’ projects and lowered Vietnam’s competitiveness.
The AmCham leader affirmed their commitment to working with the Vietnamese government to remove bottlenecks, recommending the Southeast Asian country amend regulations which are impending foreign investment.
The nation should also carefully review draft laws and regulations to avoid placing burdens on enterprises, especially in renewable energy, national grid development, and energy transition.
Rockhold said the upgrade of the U.S. and Vietnam relations to a comprehensive partnership in September had opened up many opportunities to expand their bilateral trade ties and cemented the U.S.’s support of a strong, independent, and prosperous Vietnam.
“We found that the motivation of the two-way trade and investment has improved following the Vietnamese prime minister’s recent visit to San Francisco, Washington D.C., and New York.
“AmCham is striving to coordinate with enterprises that the delegation [of PM Chinh] met during the visit to realize investment plans,” the AmCham leader added.
 |
| Josh Williams (standing), chief representative at John Swire & Sons in Vietnam. Photo: Vietnam Government Portal |
Josh Williams, chief representative of the UK-headquartered John Swire & Sons in Vietnam, stressed Vietnam is among its priority markets as the country holds potential and reports impressive growth with its young population and effective economic policies.
Swire has increased its presence in Vietnam. In 2020, Swire invested in two large property projects in Ho Chi Minh City. Swire Coca-Cola, a subsidiary of Swire Pacific, acquired subsidiaries of Coca-Cola in Vietnam early this year.
Bruno Jaspert, chairman and CEO of Belgium’s DEEP C Industrial Zones, proposed the Vietnamese government issue policies to support the development of eco-industrial parks, such as a long-term land rent period as well as preferential tax policies.
Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc informed the conference that Vietnam had become the third largest economy in ASEAN with a GDP of over US$400 billion.
International institutions evaluated that Vietnam was among the most successful countries in attracting FDI.
The business community appreciates the nation’s growth prospect, investment environment, and position. Many foreign economic groups affirmed that Vietnam has many opportunities to become a key destination in global supply chains, Ngoc added.
She acknowledged difficulties and challenges would renovate thinking and create new visions. The cooperation and companion of FDI enterprises with the domestic government, ministries, agencies, localities, and businesses are needed to realize opportunities.
Vietnamese authorities will continue accompanying enterprises to access markets, boost exports and local sales, reform administrative procedures, improve the investment environment to further attract FDI, the deputy minister committed.
In the January-September period, Vietnam drew $20.21 billion of FDI, up 7.7 percent year on year, while $15.91 billion of FDI was disbursed, representing a rise of 2.2 percent.
As of the end of last month, 144 countries and territories had invested in Vietnam with more than 38.3 trillion projects worth over $455 billion, generating jobs for millions of laborers, news site Vietnamplus reported.
