How foreign envoys see Vietnam’s 2017 economic prospects

09:06 | 31/01/2017 Economy- Society

(VEN) - Here are some opinions of diplomats and trade experts about Vietnam’s economic prospects in 2017.

how foreign envoys see vietnams 2017 economic prospects

Mary Tarnowka, US Consul General in Ho Chi Minh City:

The TPP has no impact on the mutual economic interests of Vietnam and the US.

The bilateral commercial relations between Vietnam and the US have never been as strong as they are today. Trade between the two countries almost tripled within the past eight years, and reached US$45 billion in 2016. The US remains Vietnam’s largest export market. In 2016, Vietnamese exports to the US grew 24 percent compared with 2015.

In 2017, the presence or absence of the Trans-Pacific Partnership (TPP) will have no impact on the mutual economic interests of Vietnam and the US. I hope our trade and investment relations with Vietnam will further develop to promote prosperity and sustainable growth for both countries.

We have been encouraged by Vietnam’s recent changes in international economic integration, as well as the Vietnamese government’s strong determination to further reform and open its economy. These reforms will promote the establishment of a fair and transparent management system, allowing us to predict a new wave of trade and investment in the future.

Market-oriented reforms meeting international standards will bring long-term benefits to the Vietnamese economy, giving impetus to startups and business development, creating more employment, and promoting Vietnam’s participation in global value chains.

The US wishes to assist Vietnam in hosting APEC 2017 events. APEC 2017 will offer Vietnam a great opportunity to place an emphasis on its market-oriented economic policies, thereby boosting regional economic integration, trade liberalization, and investment attraction.

I have been in Ho Chi Minh City for six months and very much like the life here. Ho Chi Minh City is vibrant and you’ll have something to do here at any time. For instance, I like to discover the city in the cool atmosphere of the Christmas season. This is the first time I will experience Tet in Vietnam. It will be very interesting for me to taste traditional kinds of Vietnamese food such as banh chung (square glutinous rice cake) and enjoy the flowers on Nguyen Hue Boulevard.

how foreign envoys see vietnams 2017 economic prospects

Meirav Eilon Shahar, Israeli Ambassador to Vietnam:

Vietnam and Israel are striving to sign an FTA in late 2017.

Bilateral trade between Vietnam and Israel reached more than US$2.3 billion in 2016. The potential of cooperation remains untapped and the two sides need to do many things to boost bilateral trade. The two governments are striving to accelerate free trade agreement (FTA) negotiations. The first two rounds have ended, and another is expected to take place in March 2017. Once signed, the FTA will reduce trade barriers and promote bilateral trade.

In terms of investment, Delta, a multinational textile and garment group based in Israel, has invested about US$20 million in their first plant in Binh Dinh Province, which was inaugurated in October 2016 and has created jobs for about 1,800 local workers. The year 2016 also saw successful cooperation between VinEco and two Israeli companies, Netafim and TAP, in producing clean agricultural products.

In 2017, bilateral trade and investment will be expanded to cover a wider range of fields with the participation of more businesses.

how foreign envoys see vietnams 2017 economic prospects

Ryu Hang Ha, President of the Korea International Trade Association (Korcham):

Trade and investment cooperation between Vietnam and the Republic of Korea keeps expanding.

In 2016, despite international economic instability, trade and investment cooperation between Vietnam and the Republic of Korea (RoK) continued to expand thanks to the bilateral FTA that took effect in December 2015.

So far, South Korean businesses have invested US$50.2 billion in Vietnam. In 2016, Vietnam attracted US$4.6 billion of investment capital from South Korea, equivalent to one third of total FDI in the country. Bilateral trade exceeded US$40 billion. Korcham Vietnam represents more than 5,500 South Korean businesses investing in the country.

Every year, it cooperates with the Vietnamese government and relevant authorities to organize forums and meetings to deal with difficulties facing South Korean investors in Vietnam, as well as workshops to provide them with updated information which they find difficult to access. Korcham also plays the role of a bridge between Korean investors and Vietnamese localities.

In 2017, Korcham will continue to organize diverse activities and bring into play its role as a member of the Vietnam Business Forum Consortium’s Management Board to contribute to improving the investment environment in Vietnam, and further promote the corporate social responsibility of South Korean businesses.

Ngoc Thao