Foreign firms urge Vietnam government to improve investment environment

Talking on the 2022 Vietnam Enterprise Discussion board organized on-line in Hanoi Monday with South Korean, European and American enterprise executives collaborating, chairman of the Korea Chamber of Commerce in Vietnam, Kim Han-yong, acclaimed Vietnam for regaining its development momentum regardless of the pandemic-related difficulties.

The Regional Complete Financial Partnership (RCEP), which got here into impact this 12 months, is about to make the nation the commerce heart of Southeast Asia, he mentioned.

However the implementation of RCEP commitments associated to commerce origins, certificates and taxes have but to be streamlined and this must be executed quickly so that companies may gain advantage from the commerce pact, he mentioned.

Alain Cany, chairman of the European Chamber of Commerce in Vietnam (EuroCham), mentioned the fast tempo of vaccination has helped the nation progressively reopen, which has boosted the boldness of European companies in Vietnam as seen within the Enterprise Local weather Index’s rise from 42 factors to 61 in January.

However the authorities wants to make use of know-how in administration to simplify procedures, decrease prices and stimulate innovation, he mentioned.

Vietnamese firms additionally have to make the most of digital providers in worldwide commerce, he added.

John Rockhold, chairman of the American Chamber of Commerce in Vietnam (AmCham Vietnam), expressed confidence in the way forward for American companies within the nation.

The pandemic confirmed the significance of transportation and vitality infrastructure in sustaining development, and Vietnam has been focusing funding on this space by growing roads, ports, airports, and bridges, he mentioned.

Rockhold referred to as for making immigration procedures extra versatile for air transport employees and streamlining customs.

Prime Minister Pham Minh Chinh mentioned the financial stimulus package deal of VND350 trillion, or over 4 p.c of Vietnam’s GDP, would give attention to coping with the pandemic, creating jobs, reviving companies, and investing in key initiatives.

Enhancing the enterprise atmosphere and administrative procedures can also be on the agenda, he mentioned.

The Vietnam Enterprise Discussion board is an annual summit between the federal government and companies, each native and international. This 12 months it was hosted by the Ministry of Planning and Funding and World Financial institution.