Monday, 16 Jul 2018
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ECONOMY

Positive prospect on Vietnam's economic development

Updated at Tuesday, 15 May 2018, 22:26
The Hanoitimes - Vietnam is fast becoming a favorite destination for foreign investors, thanks to its growing scale and connectivity, said the Minister of Planning & Investment Nguyen Chi Dung.
The National Assembly is expected to approve the establishment of 03 special administrative - economic units in Van Dong, Phu Quoc and Bac Van Phong, said Dung at a conference on Vietnam economic prospect in period 2018 - 2020 on May 15.
 
Positive prospect on Vietnam's economic development.
Positive prospect on Vietnam's economic development.
The determination to set up those special units, according to Dung, showing the government's determination for a new mindset and approach.

"Vietnam strives to establish new playgrounds with new laws and regulations, which are far superior than the current framework and being able to compete with international laws," Dung continued. 

"This will create new driving force and attract investment, in turn having spillover effects to the surroundings and the whole economy."

The objectives of establishing 3 special administrative-economic zones is to have new zones with high and stable economic growth; dynamic and efficient living and working environment; creating a favorable and smooth investment environment; increasing the average income level and contributing significantly to the state budget. 

"Our approach is to identify competitive edge to the region and in international level, from which we can draw a lesson and evaluating short-term and long-term impact."

However, Dung stressed new legal framework at special administrative-economic zones will not in conflict with the constitution, posing no risks to the national security and sovereign, as well as the environment and citizens' health.

"Striving toward prosperity, on one hand, must be in compliance with environmental protection and social equality. It also has to compatible with international practice and commitments."

On the government's policies to encourage the participation of private sector in public investment, Dung welcomed investors to take part in public infrastructure development projects, including foreign investors. 

"Vietnam will step up effort in finalizing transparent legal framework, ensuring stability in long-term, so that investors can be confident in joining those projects."

With regard to the impact of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in attracting foreign investment, Dung considered CPTPP to be a new generation trade agreement with new standards.

"It could potentially lead to new world trade order. For its scale and coverage, CPTPP can create conditions for economic development and trade investment for country members."

Dung is convinced higher capital inflow to Vietnam will increase, thanks to CPTPP's role in removing investment and trade barriers among country members. Moreover, Vietnam's participation in CPTPP will put pressure on the country in reforming effort. 

And lastly, under the extensive reform and integration effort, Vietnamese economy is progress positively. Vietnam's economy itself, thus, is becoming a big market involving multiple trade agreements. 

Consequently, foreign investors coming to Vietnam will have a big market in sight. 

With regard to investment from the US, the Minister said Vietnam and the US have many cooperation mechanism through trade agreements, investment and trade frameworks or through the World Trade Organization. 

"The US is a major investor and trade partner of Vietnam. It will be unwise for the US investors if they do not invest in Vietnam, due to Vietnam market's growing scale and connectivity."

"I hope the US will soon reenter TPP," Dung said.
Ngoc Thuy
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