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Vietnam Economic Forum Embracing Globalization
09 | 07 | 2007
On April 23, 2007, the Vietnam Economic Forum with topic ’Regional integration and the modernization process of Vietnam’ took place in Ho Chi Minh City.
The Ministry of Planning and Investment, the Vietnam News Agency, and the Asian Communication Association  jointly organized the forum with more than 500 participants including domestic and foreign businesspeople and representatives from news agencies in the region. At the forum, participants made assessments on the growth rate and the development potential of the Vietnamese economy. They also spoke about the challenges that may face Vietnam during its development process.

Delivering the opening speech, Deputy Prime Minister Nguyen Sinh Hung, on behalf of the Vietnamese Government, reiterated Vietnam's strong commitment to intensifying the attraction of foreign investment, improving the legal system, and reforming administrative procedures to create favorable conditions for investors. He emphasized that in the time of globalization, the development of Vietnam must be closely associated with the development of the region and the world as a whole, and therefore foreign investors play a very important role in helping Vietnam implement its industrialization and modernization strategies and accelerate the international integration process of the country. "We think that at this point of time, Vietnam and any other country should take care of developing not only its own economy but also the dynamic development of the entire Asian region in order to contribute to the growth of the world economy." - emphasized the Deputy Prime Minister.

'Vietnam in an emerging Asia,' 'The challenge of Vietnam and Asia,' 'Vietnam on the development path' were the main themes of discussions at the forum. Joining the discussions were reputable speakers from Vietnam and other countries in the region as well as representatives from international organizations. The forum opened a chance for domestic and foreign scholars as well as investors and the mass media to get access to the newest information and take a more comprehensive sight into the development of Vietnam so that investors can seek business opportunities in Vietnam. The forum attracted the attendance of a large number of people who represent the mass media of other countries in the region, and therefore it was considered an important investment promotion event in Vietnam in 2007.

Ayumi Konishi, the director of the Asian Development Bank (ADB) in Vietnam, said that the objective of Vietnam is to become an industrial country in 2020. In his opinion, that is an ambitious but feasible objective. However, ahead are many challenges and hence Vietnam should not be too optimistic but always be well prepared to cope with challenges. Sharing that opinion, Shozo Sakata, senior expert of the Research Institute for Developing Economies, a subsidiary of the Japan External Trade Organization (JETRO), said that the eight-percent GDP growth target of Vietnam is feasible. However, in his opinion, it will be a big challenge for Vietnam to maintain such a high economic growth rate for the next 10 years. The integration into the regional and the world economies will help Vietnam boost economic growth. To utilize opportunities and restrict risks, in the opinion of speakers attending the forum, the Vietnamese Government should continue to apply sound macroeconomic management policies in order to strengthen the financial system and the business community. That will help Vietnam enhance the competitiveness of the entire national economy.

During the time the forum took place, a number of activities were held attracting the attention of a large number of foreign investors. On the morning of April 24, 2007, a meeting was held between representatives from the Planning and Investment Ministry, the Ho Chi Minh City People's Committee, and the Ho Chi Minh City Investment and Trade Promotion Center, and 220 foreign investors from Thailand, Singapore, Malaysia and more than 100 Vietnamese companies. At the meeting, deputy minister Nguyen Bich Dat, the vice chairman of the Ho Chi Minh City People's Committee, Nguyen Trung Tinh, and representatives of ITPC answered investors' questions related to such matters as Vietnam's commitments to the World Trade Organization (WTO) in the fields of finance, banking, insurance, infrastructure development, human resources training, real estate, and energy development. On the side of Ho Chi Minh City, vice chairman Nguyen Trung Tinh sent a message to investors by introducing the potential and the attraction of Ho Chi Minh City and promised to create the most favorable conditions for investors

Viet Nam Economic News online
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