Speaking at the Forum for Economic Cooperation between Vietnam, Middle East and North African Partners in Hanoi on November 4, Deputy Minister Trung revealed that Gulf states are involved in 14 projects in Vietnam, with a total registered investment of US$168 million, mostly in oil and gas, real estate, processing and manufacturing technologies and agro-forestry sectors.
Vietnam has poured US$121 million into the Middle East and North Africa, with a focus on oil and gas, and telecommunications projects. The two sides have signed agreements on economics, trade and science-technology cooperation, he said.
Deputy Minister Trung emphasised that Vietnam is priotizing developing three key areas, with the first one on completing market economy status, creating healthy business climate, and boosting administrative reform.
Second, Vietnam is developing human resources, mobilising social sources and improving professional skills for workers. Third, it is set to build a uniform infrastructure system, particularly in urban areas, and developing renewable energy such as wind and solar energy. As a result, Vietnam is expected to turn itself into an industrial country by 2020 on the way to regain its annual GDP growth of 7-8%.
Regarding investment environment, Trung said, Vietnam is speeding up its economic restructuring process aiming to ensuring sustainable development and developing green growth. Economic restructuring process is pivoted on public investment, the financial and banking system, as well as State-owned enterprises (SoEs).
In 2003, Vietnam has maintained macroeconomic stability, controlled inflation and recorded a 5.4 percent GDP growth higher than the previous year’s figure. Total export earning has hit US$108 billion since January, or a year-on-year increase of 15.2%, he added.
According to Trung, Vietnam is a dynamic developing nation within the world. Vietnam, together with other ASEAN member countries, will offer new investment opportunities with a lucrative market of 600 million people and total GDP of more than US$ 1.85 billion.
It has joined many international organisations, such as the Asia-Pacific Economic Cooperation (APEC), the World Trade Organisation (WTO), and the ASEAN Free Trade Area (AFTA), and is now accelerating free trade agreements (FTAs) and the Trans-Pacific Partnership Agreement (TPP) negotiations towards the early signing of the important documents
He called for more investments from the Middle East and North Africa in industrial projects on mining, oil and gas, and infrastructure following the public-private partnership (PPP) model, the environment and agricultural development.
