PM Phuc expects new waves of investments from Australia

He noted that the partnership will provide a very favourable environment for Australian investors to come to Vietnam faster, as it creates a crucial foundation for Vietnam and Australia to lift their cross-the-board cooperation to the next level.

He made these remarks at a working session with leading groups and investors of both Australia and Vietnam on the afternoon of March 16 in Sydney during his on-going official visit to Australia.

Twelve groups, finance investment fund, and businesses managing an investment capital amount worth over 500 billion USD with keen interests in Vietnam’s market joined nine prestigious groups of Vietnam in the session, which was held by VinaCapital and Macquarie Group.

Peter Warne, Macquarie Chairman, showed his great interest in Vietnam’s priorities in infrastructure development, as he said Vietnam is urbanizing strongly and its need for infrastructure, roads, transport and electricity is high.

Meanwhile, VinaCapital CEO Don Lam noted the Vietnamese Government has exerted great efforts to reform institutions and speed up the equitization of State-owned enterprises. He hailed the PM for working actively to draw businesses and investment to Vietnam.

Accordingly, he said Vietnam’s business and investment environment has been unceasingly improved and the country’s market has become more attractive to international investors. 

PM Phuc welcomed the Australian groups’ interests in Vietnam and spoke highly of the organization of the session by VinaCapital and Macquarie.

He told the investors that 2007 was a successful year as Vietnam posted the GDP growth rate of 6.81 percent, the record high in many years, maintained a stable exchange rate, soundly reined in inflation, and achieved a record foreign reserve. The country also drew in 37 billion USD in FDI, the highest level in a decade and its stock market achieved a growth rate of 48 percent, one of the highest rates in the global markets.

He affirmed that the Vietnamese Government has undertaken many policies to ensure the economy has been developing sustainably and the rights and benefits of investors have always been safeguarded.

He noted that Vietnam has set to achieve a fast but sustainable growth on the basis of defending the rights of people and investors, and the country has also been persistent in pursuing the goal of building a facilitating, transparent and efficient government and continuing improving 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 its strength.

“Vietnam is concentrating on developing a sustainable and healthy finance market that is friendly to investors,” he noted.

The country has so far signed 12 free trade agreements and the latest the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) whose membership includes Australia, and is negotiating the Regional Comprehensive Economic Partnership (RCEP) with the aim of forming a bigger market to attract investors.

During the intensive and extensive economic integration, Vietnam has unceasingly worked to facilitate the development of the private economy, the PM told the investors.

At the session, the PM and ministry and sector officials of Vietnam fielded questions pertaining to Vietnam’s foreign investment attraction and agriculture development policies and its priorities in infrastructure development.

As scheduled, the PM will chair the Vietnam-Australia Business Forum later.