Vietnam Business Forum (VBF) offers a chance

HCM City (VNA) – The Vietnam Business Forum (VBF) offers a chance for
Vietnamese officials, enterprises and donors to exchange views on the challenges and
shortcomings that Vietnam faces as well as putting forward feasible solutions to
improve the investment environment.

Minister of Planning and Investment Vo Hong Phuc stated this at the VBF, which
opened in Ho Chi Minh City on June 1.

Chairman of Ho Chi Minh City People’s Committee Le Hoang Quan and Country
Director of World Bank in Vietnam Victoria Kwakwa were present at the forum, which
was jointly organised by the Ministry of Planning and Investment and the
International Financial Corporation (IFC).

The forum gave a general overview on the investment and business environment in
Vietnam , and touched upon obstacles in several sectors including finance and
banking, credit and taxation that enterprises and investors in Vietnam have to
deal with.

Chairman of the European Chamber of Commerce (EuroCham) Alain Cany praised the
Vietnamese government’s amendments to regulations on personal income tax applied
to foreigners working in Vietnam, as it will help to attract more professional’s
to Vietnam.

EuroCham is keen to help Vietnam improve its business environment and will try to
resolve difficulties since Vietnam joined the World Trade Organisation, he
said.

Representatives of the American Chamber of Commerce suggested that the Vietnamese
government and its business community should promote FDI for essential
infrastructure projects and public sectors to develop service industries such as
telecoms, energy, transportation, education and training that support the
country’s socio-economic development.

Head of the VBF’s bank working group Ashok Sud spoke highly of the State Bank of
Vietnam (SBV), the Government’s stimulus package and its policy to control the
trade deficit.

He also suggested that the SBV and the Government consider future plans for the
banking sector that relate to foreign stakes in local banks and supplement and
amend a number of articles in the Credit Institution Bill that will be submitted
to the National Assembly in September.

Delegates at the forum agreed that Vietnam needs to focus on maintaining its
competitiveness in the world market, especially in the context of the global
economic recession.

Vietnam can reduce the impacts of the economic crisis by stimulating its
domestic economy by creating a better business environment for enterprises and
making sure that the private sector gets involved in investing in the
country’s infrastructure to ensure economic growth.-Enditem