Vietnam to make investment environment friendlier for investors: NA leader
Updated : Tuesday, October 09, 2018 11:35 AM (GMT+0700)

NationalAssembly Chairwoman Nguyen Thi Kim Ngan has affirmed Vietnam’s commitments tobuilding a more friendly investment and business environment for enterprises,on par with global standards and those of the Organisation for EconomicCooperation and Development (OECD), of which Turkey is a founding member.

National Assembly Chairwoman Nguyen Thi Kim Ngan addresses the Turkey-Vietnam
Business and Investment Forum in Istanbul, Turkey on October 8 - Photo: VNA

Addressing theTurkey-Vietnam Business and Investment Forum in Istanbul, Turkey on October 8 –which drew about 200 Turkish and Vietnamese firms – the top legislator saidthat after over the past 30 years of reform, Vietnam has maintained good growthlevels and become a middle-income country.

She noted that Vietnam’s GDPhas reached 240.5 billion USD, with a trade value of more than 475 billion USDand a population of 95 million at a demographic golden age.

Vietnam’s investment and businessenvironment has seen an improvement, she said, citing the World EconomicForum’s competitiveness ranking in 2017 in which Vietnam jumped five places to55th position among 137 countries. Vietnam also leaped 14 spots onthe World Bank’s Doing Business Report in 2016 to the 68th positionout of 190 economies.

Vietnam is becoming astrategic production hub for many international firms in the region thanks tothe country’s attractive policies and the friendliness of the investmentenvironment, stated the NA leader.

She briefed participants onVietnam’s international integration process with a network of new generationfree trade agreements (FTA) that are paving the way for greater cooperation anddevelopment.

Vietnam is an open economywith a two-way trade scale of 475 billion USD, nearly two times higher than itsGDP, she said, adding that Vietnam shares trade partnerships with 200 countriesand territories, is home to 26 types of goods with export revenue exceedingmore than 1 billion USD each, and significant potential for better engaging inglobal supply chains.

The NA leader said that as aresponsible and positive member of the World Trade Organisation (WTO), Vietnamhas actively strengthened international integration.

Along with 10 already signedand implemented FTAs, the Vietnam-EU FTA and the Comprehensive and ProgressiveAgreement for Trans-Pacific Partnership (CPTPP) will be ratified in the nearfuture, bringing about high preferential policies from a large market of nearly40 developed countries. Vietnam has also actively engaged in the RegionalComprehensive Economic Partnership.

In order to become a modernindustrial country, Vietnam is striving to maintain a GDP growth of 6.5-7percent per year until 2020, with GDP scale reaching 320-350 billion USD andtrade value of 600 billion USD, said NA Chairwoman Ngan.

Regarding the Vietnam-Turkeyeconomic and trade partnership, she said that since the two countries set uptrade ties in August 1997, their partnership has thrived. From only several hundredsof thousands of US dollars in the 1990s, two-way trade reached 2 billion USD in2017. In the Middle-East region, Turkey is the biggest non-oil partner ofVietnam.

By the end of August 2018,Turkish investors had 18 projects in Vietnam with a combined investment of708.2 million USD, ranking 26th out of 126 countries and territories investingin Vietnam.

However, the NA leadercommented that the figures have yet to meet the cooperation potential andexpectation of both sides, stressing her hope that the two sides will seekeffective measures to optimise the strengths of each country.

NA Chairwoman Ngan said thatshe hopes the business communities of Vietnam and Turkey will bring fresh ideasand provide renewed motivation in trade and investment partnerships,contributing to reinforcing and diversifying the sound sentiments between thetwo countries and peoples.

“Vietnam will continue tokeep its door wide open for Turkish enterprises seeking cooperation, business,and investment opportunities”, she declared.

Meanwhile, Chairman of theTurkey-Vietnam Business Council Ali Tezolmez said that the forum is a good chancefor Turkish investors to grasp investment and business partnershipopportunities in Vietnam for the future.

Head of Turkey’s ForeignEconomic Relations Board Nail Olpak said that both Vietnam and Turkey arefacing challenges as a result of the trade wars, requiring businesses of bothsides to foster collaboration and make full use of business opportunities.

He clarified that tradediplomacy and trade liberalisation hold great power as foundations for thegrowth of business partnerships, adding that Vietnam-Turkey businessaffiliations should be based on these regulations.

During the forum, theinitiative of a fund for investment in Vietnam was also introduced.


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