Tuesday, January 08, 2008

Vietnam's Prime Minister says there are 4 investment advantages to Vietnam

PM: Vietnam has 4 investment-related comparative advantages

HANOI, Jan. 8 (Xinhua) -- High economic growth, political stability, young and skilled workforce and open external policy are four comparative advantages of Vietnam to attract foreign investors, Vietnamese Prime Minister Nguyen Tan Dung said here Tuesday.

At a business roundtable between senior government officials and foreign business leaders starting Tuesday, Dung said Vietnam's economic growth, averaged 7.5 percent in the last over 20 years, stood at over eight percent between 2005 and 2007, and will reach 8.5-9 percent in 2008.

Vietnam's political stability ensures interests of investors, he said, noting that investment-related issues are transparent and in line with laws.

Besides, nearly 70 percent of Vietnam's population, currently standing at 87 million, are aged 30 downward. This is a large source of employees who are well-educated, highly-skilled, industrious, and creative. "Labor cost in Vietnam is lower than that in many other countries," he said.

Vietnam is encouraging both domestic and foreign investors from all economic sectors to engage in the country's socioeconomic development, especially in the fields of infrastructure, information technology, electricity, manpower training, stock market, education and healthcare, the prime minister said.

Vietnam lured a record foreign direct investment of 20.3 billion U.S. dollars in 2007, bringing the total registered capital to 83 billion dollars with 8,590 operational foreign-invested projects by the end of the year, according to statistics from the country's Planning and Investment.

The two-day roundtable, christened "Vietnam: Asia's Rising Star in Asia" and mainly attended by Vietnamese high-ranking government officials, and representatives of some 250 Vietnamese companies, and over 70 transnational firms and big economic groups in the world, features discussions about nearly 30 topics, including reforming the local banking sector, opening up more sectors for foreign investors, developing major industries, and enhancing manpower for sustainable development.

The roundtable is held by Economist Conferences under transnational information entity Economist Group, and Vietnamese newspaper The World and Vietnam.