Vietnam Expects New Investment Wave From Australia
Prime Minister Nguyen Xuan Phuc was quoted by the Vietnam News Agency as saying at a working session with leading groups and investors from both Vietnam and Australia on March 16 in Sydney that a new wave of investment, both direct and indirect, from Australia will land in Vietnam for win-win benefits, following the freshly-established Strategic Partnership between the two countries.
He noted that the partnership will provide a favorable environment for Australian investors to come to Vietnam faster, as it creates a crucial foundation for Vietnam and Australia to lift across-the-board cooperation to the next level.
Twelve groups, investment funds, and businesses managing investment capital of over $500 billion with a keen interest in Vietnam joined nine prestigious groups from Vietnam at the session, which was held by VinaCapital and the Macquarie Group.
Mr. Peter Warne, Chairman of Macquarie, showed his great interest in Vietnam’s priorities in infrastructure development, saying it is urbanizing strongly and its need for infrastructure, roads, transport and electricity is high.
Meanwhile, VinaCapital CEO Don Lam noted that the Vietnamese Government has exerted great efforts to reform institutions and speed up the equitization of State-owned enterprises. He hailed Prime Minister Phuc for actively working to attract businesses and investment.
Vietnam’s business and investment environment have been unceasingly improved and the country has become more attractive to international investors.
Prime Minister Phuc welcomed the Australian groups’ interests in Vietnam and spoke highly of VinaCapital and Macquarie’s organization of the session.
He told the investors that 2017 was a successful year for Vietnam, as it posted GDP growth of 6.81 per cent, a record for many years, maintained a stable exchange rate, soundly reined in inflation, and achieved record foreign reserves. It also drew in $37 billion in FDI, the highest in a decade, and its stock market saw growth of 48 per cent, one of the highest rates in the world.
He affirmed that the government has adopted many policies to ensure the economy develops sustainably and the rights and benefits of investors are always safeguarded.
He noted that Vietnam targets achieving fast but sustainable growth on the basis of defending the rights of the people and investors, and the country has also been persistent in pursuing the goal of building a facilitating, transparent and efficient government and continuing to improve the investment and business environment to meet OECD standards.
He also told the investors that the country will continue transforming its growth model, restructuring its economy, State-owned enterprises, human resources and other sectors of strength.
“Vietnam is concentrating on developing a sustainable and healthy finance market that is friendly to investors,” he said.
The country has so far signed 12 free trade agreements, with the latest being the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), whose members include Australia, and is negotiating the Regional Comprehensive Economic Partnership (RCEP) with the aim of forming a larger market to attract investors.
During its intensive and extensive economic integration, Vietnam has unceasingly worked to facilitate the development of the private sector, the Prime Minister told the investors.