10:42 | 29/08/2016 Investment
Vietnam encourages Brunei businesses to invest in the fields of its strength such as energy, oil and gas, finance, real estate, tourism and infrastructure development, President Tran Dai Quang was speaking at a business forum in Bandar Seri Begawan on August 28.
President Tran Dai Quang (C) witnessed the signing of a memorandum of understanding between Brunei Ministry of Foreign Affairs and Trade and Vietnam Ministry of Industry and Trade (Photo: VNA)
There is a plenty of room for the two countries to embrace trade links, he said, adding that Vietnam hopes to export more farm produce, seafood, electronics and consumer products to Brunei while importing petrochemical products from the market.
The president affirmed that Vietnam attaches great importance to Brunei investment projects and pledged to create the best conditions for foreign investors to run long-term business in the Southeast Asian country.
He noted that many State-run firms will be listed on the stock market after their equitisation in the coming time, creating a brilliant opportunity for foreign businesses, particularly those from Brunei, to become strategic shareholders of Vietnamese companies.
Vietnam was one of the six new emerging economies with a high growth of nearly 6.7% in 2015. The trade value reached US$330 billion in 2015 and is expected to hit US$600 billion by 2020, he cited.
With a population of 92 million, the purchasing power in Vietnam has made a rapid and stable growth, he said, adding that the country attracted around 21,700 foreign direct investment (FDI) projects worth over US$293 billion from 116 countries and territories. As many as US$148 billion has been disbursed.
President Quang also underlined Vietnam’s socio-economic development plan in 2016-2020, which targets green growth and sustainable development to increase productivity, efficiency, and competitiveness, to turn Vietnam into a modern industrialised nation.
Vietnam will persistently carry out three breakthroughs, including the improvement of the socialist-oriented market economy institutions, high-quality human resources development, and infrastructure modernisation, he said.
The country aims to record an average GDP growth of 6.5-7% and per capita GDP of US$3,500 for 2016-2020.
Vietnam has signed 12 free trade agreements, including the Trans-Pacific Partnership (TPP) agreement while coordinating with Brunei to accelerate the negotiations of the Regional Cooperation Economic Partnership (RCEP), he noted.
As such, Vietnam will have free trade relations with 55 partners, including members from G7 countries, he said.
He revealed that Vietnam is sparing no effort to improve institutions and create favourable, transparent business climate in line with international practices.
Vietnam is stepping up administrative reform and striving to have some business environment criteria equal to that of ASEAN-4 in 2016, particularly regarding tax, customs, social insurance, construction license, land and electricity access.
The country will focus on developing infrastructure in transport, energy and urban areas as well as encourage public-private partnership (PPP) investment models.
The president highlighted important agreements on the two countries’ business development orientations reached during his talks with Sultan of Brunei Haji Hassanal Bolkiah Mu’izzaddin Waddaulah.
He said the two sides agreed to enhance trade, investment and cooperation in hi-tech agriculture, oil and gas, transport infrastructure under the PPP form.
He witnessed the signing of a memorandum of understanding (MoU) to enhance bilateral economic co-operation between Brunei Minister of Foreign Affairs and Trade Darussalam Yang Berhormat Pehin Dato Lim Jock Seng and Vietnamese Minister of Industry and Trade Tran Tuan Anh.
The same day, the president received leading businesses from Brunei. He said the two nation’s business communities play a crucial role in boosting the bilateral trade which was still modest at over US$73 million in 2015./.