07 Nov

First Vietnam Business Summit kicked off in Danang

First Vietnam Business Summit kicked off in Danang

The first Vietnam Business Summit, organised in the central city of Danang within the framework of the APEC Economic Leaders’ Week, started this morning.

Under the theme "Vietnam: We Mean Business," Vietnam Business Summit (VBS) sees the participation of Prime Minister Nguyen Xuan Phuc, various government officials, leaders of ministries and 63 cities and provinces, representatives of international organisations, and CEOs of many local and foreign groups and firms, and investors as well.

The summit is an opportunity for foreign investors to learn about economic development policies, along with the investment and cooperation potentials in Vietnam.

The conference covers topics of smart agriculture, financial services for development, healthcare and education, infrastructure and connectivity, tourism and special economic zones, and small- and medium-sized enterprises (SMES), startups, and innovation.

In parallel with the summit is the “Vietnam: We Mean Business” exhibition held to introduce cities and provinces’ typical products and projects calling for investment as well as their diversified economic potential in agro-forestry-fisheries, industry, and services. This event also displays the outstanding achievements of the Vietnamese economy, and introduces and promotes traditional domestic and export products.

PM Phuc said that the VBS will bring about “clear and comprehensive visions for the economy and favorable development policies for Vietnam.”

“At the same time it will usher in immense vast opportunities for successful investment and business links with Vietnam, a fast-growing country with great development potential that is pursuing extensive renovation and an open-door policy,” he stressed.

“We will continue creating the best conditions for all of you here,” Phuc continued. “We strongly believe that the success of enterprises is that of Vietnam, and the success of each member economy contributes to the prosperity of our APEC community. Vietnam’s investment and business has significantly improved, attracting more and more foreign investment."

Vietnam’s business environment has significantly improved, with the World Bank raising the country’s business climate index by 14 ranks – a record improvement over the past many years.

The World Bank has issued its high-profile Doing Business 2018 report, which stated that Vietnam has “implemented the most reforms in the past 15 years, with 39 reforms. Today, an entrepreneur in Ho Chi Minh City spends 22 days and 6.5 per cent income per capita registering a new company, compared to 61 days and 31.9 per cent in 2003.”

In the report, Vietnam’s business climate index rose to 68th out of 190 economies surveyed, from the 82nd in last year’s survey.

Phuc also highlighted Vietnam’s active integration into the global trade community, having signed and participated in 12 free trade agreements (FTAs) and negotiating four separate new-generation FTAs.

Philipp Rösler, managing director of the World Economic Forum, also told the summit that Vietnam has made impressive progress in boosting economic growth and attracting investment.

However, he noted that the right policies and proper legal framework are key factors in improving the country’s labour capacity and productivity.

Rösler also noted that the biggest asset of Vietnam is not its oil infrastructure, but its young people, who are a key factor in attracting more foreign investment.

VBS is an initiative of Vietnam Chamber of Commerce and Industry (VCCI).