Vietnam favourable for new waves of investments: conference

A shoes factory in Hai Duong province (Source: VNA)

Vietnam is in a good place to lure new investment, a conference in Ho Chi Minh City heard on October 15.

The tenth investor conference held by VinaCapital Investment Management Ltd (VinaCapital Investor Conference) drew more than 100 representatives from major groups and companies in Asia and Europe.

Many participants said tamed inflation, lower interest rates, average economic growth at a high rate of about 6 percent over the past five years, better infrastructure and investment incentives have raised Vietnam’s competitive edge compared with other Asian countries.

Deputy Minister of Finance Truong Chi Trung briefed investors about Vietnam’s socio-economic situation and prospects for development.

Vietnam has sped up its economic restructuring, focusing on investment, banking, State-owned enterprises, the stock market and insurance, he said.

Such efforts have paid off, he said, citing total foreign direct investment (FDI) registered at about 270 billion USD, to date, with more than 19,000 projects by investors from 105 countries and territories.

According to the official, Vietnam is maximising efforts to complete its market economic institution, focusing on revamping the legal framework and administrative procedures, and implementing an investment reform programme. This would create optimal conditions for private investors at home and abroad.

During the two-day conference, investors also discussed positive signs regarding the Trans-Pacific Partnership (TPP) agreement, negotiations on which recently concluded in the US.-VNA