The Vietnamese investment minister yesterday said his country is seeking frank contributions from international friends on solutions to improve its investment environment.
“It’s time for Vietnam to listen to frank and honest suggestions from its true and trusted friends rather than flattering diplomatic words,” Minister Bui Quang Vinh said at the Vietnam & Japan Economic Summit (VJES) in Hanoi on Thursday.
One of the topics Vinh wanted to frankly discuss with the Japanese investors is how to make Vietnam stand out in terms of investment attractiveness compared to other neighboring markets, such as Thailand, Cambodia, Laos, and Malaysia.
He also pointed out the sad example of the automobile sector to illustrate how poor policy can deter the development of an industry.
“Vietnam sought to boost the car-making industry, but at the same time cars are subject to exorbitant tax rates,” he said.
The minister acknowledged that Vietnam still has many things to do to improve its investment environment.
In response, Dr. Daisuke Hiratsuka, standing deputy chairman of the Japan External Trade Organization, said besides seeking advice from Japan, Vietnam should also consult neighboring countries.
Hiratsuka also said the complete development of infrastructure and human resources are the two most important issues facing Vietnamese economic development. He noted that the under-developed supporting industries of the country are also one of the main factors that discourage foreign investors.