Vietnam is exerting efforts to improve the business climate and welcomes all ASEAN and international enterprises which have chosen the country as a trusted and attractive investment destination.

PM Nguyen Xuan Phuc speaks at the 2016 ASEAN Business Summit in Hanoi on December 8

PM Nguyen Xuan Phuc made the remarks while addressing the 2016 ASEAN Business Summit in Hanoi on December 8.

In its third year, the annual conference featured the attendance of ASEAN leaders across the business, and finance sectors and government for the first time.

In his speech, PM Phuc noted that implementing the ASEAN Community Vision 2025, Vietnam and other ASEAN nations are determined to continue strengthening the ASEAN connectivity and building a people-oriented ASEAN Community that operates by law, ensure the rights and interest of the people, expands relations with partners and holds an increasingly important position in the region and around the globe.

As a large market with a population of over 600 million and a dynamic and creative business community, the central role of ASEAN in the region, particularly economic cooperation, trade and investment, has drawn engagement and support from the international business community, even including the world’s leading corporations, he said.

Vietnam has always been a responsible and active member in building a strong and cohesive ASEAN since it joined the bloc in 1995, the government leader affirmed, speaking highly of ASEAN member countries’ support for Vietnam and the effective cooperation from ASEAN businesses, investors and partners during the country’s renewal, open door and integration process.

Despite facing tough challenges in an array of areas, including security, economics, food, currency, climate change and the possible return of protectionism, ASEAN still enjoys numerous opportunities for development, which stem from the fourth industrial revolution, the formation of the ASEAN Community and the establishment of large-scale free trade blocs of high standards, he noted.

In that context, the PM called on the ASEAN nations to unite together to facilitate economic connectivity and develop transport infrastructure and elastic connection, aiming to facilitate the cross-border flow of commercial goods, investment and services, and build a united and effective ASEAN market.

To ensure development, each ASEAN member country needs to boost innovation, improve competitiveness, further participate in global supply chains and work towards greater added values, he said, hailing the ASEAN business community as a driving force for the regional economic connectivity process contributing startup initiatives and creating a new impulse in trade and investment development.

The leader expressed his hope that investors outside the region would discover cooperation opportunities with ASEAN partners in the spirit of mutual benefits.

At the 2016 summit, major topics of discussion included a review of the ASEAN Economic Community (AEC) and intra-regional policy to date, Vietnam and ASEAN’s next stage of development, and cross-border investment and trade in the region.  Specific panel discussions focused on growth sectors such as consumer goods, infrastructure, commodities and energy, banking and finance, and media and technology.

VGP