Saturday, October 06, 2007

UK sees Vietnam as a dynamic new emerging market

Vietnam has achieved a high growth rate with great potential, said Andrew Cahn, Chief Executive of UK Trade & Investment at a press briefing on the results of his recent visit to Vietnam and the first meeting of the UK Joint Economic and Trade Committee (JETCO).

Vietnamese exports to the UK include seafood, footwear and other consumer goods. The UK is currently one of the biggest European investors in Vietnam.

Mr Cahn’s visit to Vietnam, from September 26-28, aimed to seek trade and investment opportunities in the country and to gain a better understanding of the Government’s policies aimed at attracting foreign investment.

He had working sessions with UK companies such as the Prudential, BP, Schadachan Bank, International Power and Shell, who were all optimistic about doing business in Vietnam. Mr Cahn said that Vietnam is a dynamic, new emerging market and has great potential to develop.

In addition to being stable, open and transparent and having a fair business environment, foreign businesses have a big demand for highly qualified human resources in many fields and Vietnam must also further improve its infrastructure, said Mr Cahn.

Regarding obstacles in investment relations between Vietnam and the UK, Mr Cahn said that the biggest problem is the implementation of Vietnam’s WTO commitments. It will take a long time but if Vietnam can do this soon it will be better for foreign businesses operating in the country.