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PM Dung Promises Favorable Conditions for Investors in Vietnam - Vietnam Briefing News

HANOI, Oct. 29 – Speaking at the opening of the ASEAN Business and Investment Summit in Hanoi on Wednesday, Vietnam’s Prime Minister Nguyen Tan Dung promised favorable conditions for all foreign entities looking to invest in Vietnam.

Dung specifically voiced his support for greater economic cooperation and connectivity between ASEAN member states.

The commitments and core cooperative programs of the ASEAN Economic Community have gradually been translated into reality, he said. A common market is being created in the region where ASEAN members can mutually coordinate trading policies and regulations.

A master plan on ASEAN connectivity will be adopted during the summit to help promote business and investment opportunities in the region, Dung said, adding that he was confident enterprises would benefit from higher efficiencies of scale in production, helping reduce production costs and lower the prices of goods.

In addition, the ASEAN Free Trade Area+1 with Australia, China, India, Japan, New Zealand and South Korea is expected to generate a cohesive trade network allowing the free movement of capital, goods and services between manufacturers and producers throughout eastern Asia.

The international conference in Hanoi is intended to give foreign and domestic investors the opportunity to learn more about this and the regulatory and investment climate in Vietnam, as well as how to get the best return on capital.

Vietnam remains one of the most attractive investment options in Asia and the country continues to be one of Asia’s fastest growing economies. Annual GDP growth in Vietnam has averaged 7.4 percent from 1989 to 2008 and only slowed slightly to 5.3 percent in 2009 in the wake of the Global Financial Crisis. At a forecasted 6.7 percent, the country’s GDP growth looks to head back to the former trajectory in 2010.