APEC promotes investment climate reforms

10:22 | 22/08/2017 Cooperation

Promoting trade and investment, and reforming the investment climate in APEC member economies, were discussed at a meeting of the Investment Experts’ Group (IEG) in Ho Chi Minh City on August 21, within the framework of the third APEC Senior Officials’ Meeting.

Meeting of the Investment Experts’ Group (IEG) in HCMC on August 21 - Photo: VNA

The two-day meeting held under the aegis of the Committee of Trade and Investment saw the presence of officials from 21 APEC members and experts from international organisations.

IEG Convener Maxim Berdichevsky said one of the big topics is the examination of the next generations’ trade investment issues, which have been identified by APEC members as a matter for the future.

“We want to make it easy for investors to move their capital within the region in order to optimise the supply chain and investment,” he told reporters.

At the meeting, delegates also debated the latest domestic investment policy approaches to improving the investment climate.

Australia proposed the exchange of experience related to foreign investment with a particular focus on engagement with internal (business, Government, and wider community) and external (investors, foreign governments) stake holders.

The country shared its experience in developing a whole-of-government community strategy.

Japan talked about its review of multi-year plans for infrastructure development and investment.

Other issues on infrastructure investment, an investment facilitation action plan, investment policy dialogue, and public private partnership were discussed at the meeting.

Thai Thu Phuong, IEG Vice Chair, said the meeting provides a good chance for Vietnam to learn from other members, especially regarding issues related to public-private partnership and investor – state dispute settlement management.

Asked on how Vietnam can attract more investment, Berdichevsky said: “For economies looking to attract investment, both international and domestic, it’s important to have a transparent and predictable trade framework.”

Stephen Thomsen, head of Investment Policy Reviews, Investment Division, Directorate for Financial and Enterprise Affairs of the Organisation for Economic Cooperation and Development (OECD), said to ensure laws are implemented consistently and transparently is a challenge but Vietnam has made a lot of progress in its legislative framework for investment.

Vietnam’s new Investment Law is a good improvement, he said.