Making news

Foreign investors hope for consistent economic policies in Vietnam

Many foreign businesses have expressed their hope for better business and investment environment in Vietnam, especially consistent policies on economic development.

Speaking on the sidelines of the annual Vietnam Business Forum in Hanoi on January 10, Amanda Rasmussen, Chairwoman of the American Chamber of Commerce (AmCham), said Vietnam has maintained its position as one of the fastest-growing import markets of the US, and vice versa. 

AmCham members look for a fair playground, the removal of trade barriers and an equal, transparent, stable, effective legal framework, she said, adding that they heed innovation, aiming to help Vietnam with trade development and high-quality investment.

AmCham is also seeking stable and equal tax policies in line with global standards to attract and maintain investment, according to the official.

Nobufumi Miura, Chairman of the Japanese Chamber of Commerce and Industry in Vietnam (JCCI), said the chamber is interested in the stabilisation of the legal environment and investment incentives offered by the Vietnamese Government.

He suggested the Vietnamese Government build a search system for legal matters to help businesses contact competent agencies, particularly those working in the tax sector, to get answers for their concern.

Miura also pointed out that inconsistent policies and localities’ slow pace in updating policy amendments and supplements have hindered investment attraction.

A representative of the Korean Chamber of Commerce (KoCham) said the absence of tax exemption for imported materials in service of the production of exports has also caused difficulties to investors.

The Republic of Korea (RoK) is now Vietnam’s leading investor with total capital amounting to 61.7 billion USD.

KoCham hopes that the State Bank of Vietnam will support Korean banks to open branches in the country to grant loans to Korean investors.

Vu Tien Loc, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) and VBF Co-Chair, emphasised the need to collect feedback on legal documents pragmatically and regularly.

He suggested putting forth a master strategy on judicial reform to support the business environment, and further improving transport infrastructure and infrastructure at industrial areas.

More efforts are needed to reform business and investment conditions, erase corruption and reduce business costs, he said./