Vietnam will continue speeding up renovations and administrative reforms, particularly in tax and customs procedures, in order to create an attractive investment climate for foreign businesses, stated Party General Secretary Nguyen Phu Trong.

The Party Chief attended a round-table seminar with major US enterprises in Washington D.C. on July 8 (local time) held by the US Chamber of Commerce and the US-ASEAN Business Council.

While meeting with the participating enterprises to discuss Vietnam’s economic situation and its policies to boost economic growth and intensify economic-trade-investment ties with the US, he asked for opinions related to cooperation and investment in Vietnam.

Representatives of US enterprises expressed their confidence in Vietnam’s human and natural resources potential and Vietnam-US relations prospects, especially in economics, trade and investment.

They spoke highly of the Party leader’s historic visit to the US, saying it is a new milestone in the bilateral relations.

They also believed that the Trans-Pacific Partnership agreement, which is currently under negotiations, will bring about numerous trade and investment opportunities for both the US and Vietnam.

Some appreciated the revised Investment Law and its reduction of foreign investment limitations while making proposals to further improve the investment environment in Vietnam.

Acknowledging the businesses’ opinions and proposals, the Party General Secretary said he hopes US-based enterprises will invest in projects using modern technologies and are environmentally-friendly, which not only serve their global business strategy but also contribute to developing the Vietnam-US comprehensive partnership.

US businesses encouraged to invest in Vietnam

Vietnam welcomes and encourages more US businesses to invest in information technology, industry, energy, finance-banking and infrastructure, particularly under the form of public-private partnership, Party General Secretary Nguyen Phu Trong has said.

Speaking before the US business community at the US Chamber of Commerce headquarters in Washington D.C. on July 8 (local time), the Party chief highlighted the rapid growth of Vietnam-US ties in economics, trade and investment cooperation, noting that the US has become one of the top trade partners of Vietnam with an estimated 36.3 billion USD last year.

The US is currently running 742 investment projects worth over 11 billion USD, ranking 7 th of 101 nations and territories investing in Vietnam, he cited, saying the projects focus mainly on information technology, oil and gas, industry, energy, infrastructure, finance-banking and high-quality services.

However, economic, trade and investment links have yet to be on par with their potential, he said, adding that there is plenty of room for expansion.

He confirmed Vietnam will continue to improve its business environment and ensure business stability, safety, fairness and transparency.

Vietnam pledges to guarantee business freedom in accordance with the country’s Constitution, which stipulates that citizens have the right to freely conduct business in accordance with the law, he asserted.

Important legal documents such as the Law on Investment and Law on Enterprises were revised in 2014 and came into force in 2015 to create optimal conditions for investors, he added.

After 30 years of “doi moi” (reform), Vietnam has become a middle-income country and is integrating deeply into the global economy, he said, adding that once the ASEAN Community is established in late 2015, Vietnam will not be just a 90-million population market but will join together with other state members to create a 600-million-strong market.

Representatives from the US Department of Commerce, the Department of State and the Chamber of Commerce expressed their interest and wish to bolster economic, trade and investment ties with Vietnam.

On the same day, the Vietnamese Party leader witnessed the signing of a number of cooperation agreements between the two countries in banking, aviation, oil and gas, and electricity. 

VNA