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Foreign investors keep long-term commitment to Vietnam

Hanoi (VNA) – Many foreign investors still show optimism about Vietnam ’s economic prospects and are reiterate their commitment to term investment in the country despite current challenges, particularly spiraling inflation.

“Inflation is likely to surge higher but I believe Vietnam will overcome all difficulties,” Head of the European Commission to Vietnam , Ambassador Sean Doyle, said.

According to the ambassador, low disbursement of capital is the key reason behind inflation.

Meanwhile, Philips Healthcare Director General Steve Rusckowski said his company will continue investing in Vietnam .

Rusckowski said Philips lists the country in a group of very important markets in the Asia-Pacific region and is considered the centre of two-digit turnover growth of Philips Healthcare over the past five years.

“We have a strategy to buy domestic health equipment suppliers in order to penetrate deeper into this market,” Rusckowski said, adding that the strategy has been being implemented in China , Brazil , the US and European countries.

Morgan Stanley President in Southeast Asia Greg Terry also affirmed Vietnam remains a pivotal market for his company in spite of the country’s economic challenges.

Morgan Stanley is one of Vietnam ’s biggest investors in the field of finance. The company holds a 10 percent stake of PetroVietnam Finance Corporation (PVFC) and a 49 percent stake of Huong Viet Securities Company.

Another move demonstrating foreign investors’ interest in the Vietnamese market is a conference held in Japan in early June to promote investment from Japan into Vietnam . It attracted the participation of nearly 300 host businesses.

The Managing Director of Mizuho Bank said his bank was delighted at Japanese businesses’ interest in investing in Vietnam . He noted that a forum linking Vietnam-Japan business will be held in late 2008 to help businesses of the two countries seek partners.

A business delegation from the US , led by Assistant Secretary of Commerce Israel Hermandez, will visit Vietnam in mid-June to inquire into the country’s retail market and seek export opportunities for US businesses.

According to an annual report issued in early June by global management consultancy company A.T Kearney, Vietnam surpassed India , Russia and China to become the most attractive retail market in the world.

According to Spanish Economic and Commercial Counsellor in Vietnam Isaac Martin Barbero, his country decided to choose 2008 as the year to increase its trade and investment in Vietnam .

In response to foreign investors’ commitment, the Vietnamese government is striving to implement economic stabilisation policies, including revising the GDP growth target downwards, from 8.5-9 percent to 7 percent, cutting government expenditure, stopping inefficient public investment projects and postponing new ones, as well as allowing greater flexibility of the exchange rate.

According to a World Bank’s report released on June 9, the economic stabilisation policy package of Vietnam has proved effective as the growth in non-food prices compared to the previous months, and the growth of monthly imports compared to the previous year, have started to decelerate.

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