Vietnam boosts bold reforms to attract more investors

14 December, 2020 12:00 AM printer

HANOI: At the meeting, Prime Minister Nguyen Xuan Phuc emphasised that while the whole world is being affected by the COVID-19 pandemic, the Vietnamese economy has performed rather well compared to other countries. Vietnam is seen as one of the five countries with the strongest trade flows.

The PM affirmed that the government is steadfast in preventing epidemics, protecting the people’s health, and developing the economy. Therefore, reopening commercial flights will be carefully considered, report agencies.

PM Phuc affirmed that Vietnam’s policies and regulatory framework will continue to be strongly reformed, creating favourable conditions for investors. However, investors must also obey the laws of Vietnam, especially doing business in a transparent manner, avoiding the phenomenon of price transfer and tax evasion.

The government also continues removing obstacles to doing business to make Vietnam soon join the top group with a competitive business environment in ASEAN.

Kyle Kelhofer, country manager of the International Financial Organization (IFC), emphasised that Vietnam’s success in controlling the COVID-19 epidemic has made Vietnam a new destination for investors.

“While COVID-19 is continuing to spread across Europe and America, Vietnam’s ability to put the epidemic under control has contributed to helping Vietnam’s economy recover earlier than other countries. This is a very important advantage for Vietnam to become a new destination for high-tech manufacturing investments in Asia and the Pacific,” he said.

Believing that the upcoming 13th Party Congress will bring new momentum for bolder economic reforms, Kelhofer affirmed that the IFC will fully support this process with initiatives and advice. The PM acknowledged the Vietnam Business Forum’s contribution to economic reforms over the past 23 years, offering many useful recommendations and initiatives to improve the business environment.