Investment and business connection

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(QNO) - The Vietnam Business Summit (VBS) under the 2017 APEC Senior Officials’ Week becomes the largest international trade promotion in Vietnam in 2017.

Prime Minister Nguyen Xuan Phuc gives his speech at the VBS
Prime Minister Nguyen Xuan Phuc gives his speech at the VBS

The VBS discussing only investment and business opportunities in Vietnam attracted a majority of the top investors in the region. In his speech to nearly 2,000 businesses, Prime Minister Nguyen Xuan Phuc committed to institutional quality, infrastructure investment, start-up development, taxes innovation towards increasing competitive values, which received great acclaim from businesses community. Reportedly, the Vietnam Global Competitiveness Index 2017-2018 has risen 20 places over the past five years, ranking 55th out of 137 countries.  The Vietnamese business environment ranks 68th out of 190 countries.

Businesses’ optimism

Most of the businessmen and experts at the VBS were optimistic about business prospects and wanted to become partners of Vietnam. As said by Vice President of World Bank (WB) Victoria Kwakwa in East Asia and Pacific, Vietnam is a typical success story in development. About 10% of Vietnam's population is in the middle-class. The number will be up to 50% by 2035. The structure of consumer preferences will change, opening up opportunities for investors. Therefore, the American Chamber of Commerce will give the top priority to Vietnam in their business expansion in the ASEAN. However, to achieve the ambition of steady development, Vietnam has to focus on a growth model based on productivity and must invest in human resources. The modern economic governance is also a must-have with the equality of institutions and opportunities.

2017 APEC Vietnam Park inauguration
2017 APEC Vietnam Park inauguration

According to the experts’ judgments, the Vietnam’s stable policies and a tectonic government are impressive to investors. Especially, the VBS is a great opportunity for Vietnam to show its potentials and advantages, an attractive destination for investors.

Taking advantages of opportunities

Philipp Rösler, Executive Director of the World Economic Forum said that the Vietnam's biggest property is the young people. The WB promised to support Vietnam to implement the agendas for the development of the financial system. At the same time, it also cooperates with Vietnam to mobilize resources for development.

Although there are difficulties in the process of economic development and investment attraction, Vietnam is given several chances with remarkable comparative advantages in agriculture associated with food, tourism, and creative economy with information technology. It is the VBS that is Vietnam’s opportunity. It helps to present Vietnam’s innovation and development messages to investors all over the world. It is also the place for Vietnam to receive recommendations on institutional environment and business models from leading experts and CEOs. More importantly, VBS is the link between Vietnamese localities and businesses and potential partners from APEC economies.