VBF: Vietnam pledges to improve investment environment

08:07 | 10/06/2014 Economy

(VEN) - On June 5, in Hanoi, the Ministry of Planning and Investment, the World Bank and the International Finance Corporation jointly organized the Mid-term Vietnam Business Forum (VBF) 2014. Prime Minister Nguyen Tan Dung attended the forum and delivered an important speech affirming Vietnam’s commitment to improving the investment environment.

Vietnamese Prime Minister Nguyen Tan Dung (second from the left) delivers a speech at the forum

Under the theme Agenda to Action - Preparing for New Trade Agreements, the forum attracted the participation of a large number of foreign businesses currently operating in Vietnam. They highly appreciated the Vietnamese government’s efforts to restructure the economy, improve the macroeconomic situation and curb inflation. They also indicated problems and limitations which restricted the attraction of the investment environment in Vietnam.

According to American Chamber of Commerce in Vietnam (AmCham) Chairman Marc Townsend, infrastructure inadequacy, especially in the fields of energy and transport, and shortages of skilled workers are considerable hindrances to the attraction of the business and investment environment in Vietnam. AmCham requested the Vietnamese government to take specific actions to improve the infrastructure and the quality of human resources to attract investors.

In the opinion of Yoshihisa Maruta, Chairman of the Japan Business Association in Vietnam, complicated administrative procedures and an imperfect legal system are among factors reducing the attraction of the investment environment in Vietnam.

Regarding AmCham’s opinion, Minister of Industry and Trade Vu Huy Hoang affirmed that Vietnam was capable to ensure sufficient power supplies for production activities and had standby power systems which could provide 20-30 percent of the total electricity output. However, due to the poor quality of transformer stations in some places, power quality sometimes was not good, affecting production activities of businesses. The Ministry of Industry and Trade and the Electricity of Vietnam Group will upgrade electricity infrastructure to ensure the best power supplies for businesses.

Regarding the poor quality of human resources, Deputy Minister of Labor, Invalids and Social Affairs Nguyen Ngoc Phi admitted this was one of the three biggest hindrances to the attraction of the business environment in Vietnam. The Vietnamese government has worked out education development policies and a vocational training development strategy for the 2011-2020 period, focusing on investment in high-quality training facilities to create skilled workers.

Prime Minister Nguyen Tan Dung emphasized that Vietnam would continue to simplify administrative procedures and improve market-oriented economy institutions to make them more efficient and dynamic so that Vietnam could integrate more deeply into the world economy and create a transparent, safe business environment.

Regarding damages facing some foreign invested businesses in Binh Duong Province in May 2014, Prime Minister Nguyen Tan Dung affirmed that the Vietnamese government had promptly quelled the rioting and prevented it from reoccurring. The government, ministries, sectors and localities have assisted and shared difficulties with affected businesses and most of them have resumed normal production and business activities. Regarding more than 20 companies which have not resumed production, the government and localities will work with each of them and propose suitable solutions to help them resume operations as soon as possible./.

Nguyen Hoa

Theo ven.vn