Vietnam Business Forum ends

HANOI, Dec 3 (Xinhua): The 29th Vietnam Business Forum (VBF) was held here Friday by the Vietnam Ministry of Planning and Investment (MPI), International Finance Corporation (IFC) and World Bank (WB). According to a survey of the forum secretariat, 2011 is a tough year for businesses in Vietnam but it is encouraging that majority of businesses still remain optimistic about the prospects for Vietnam's economy in the long term. The survey showed that up to 69 per cent of businesses said they would expand its businesses in the next three years. Commenting on the business and investment environment in Vietnam, Alain Cany, chairman of the European Chamber of Commerce in Vietnam (EuroCham) said that the quarterly EuroCham Business Climate Index (BCI) in Vietnam was reduced from 78 points to 52 points in 2011. To attract more foreign investors, Vietnamese government should focus efforts on removing unnecessary restrictions in market access, simplifying administrative procedures, and combating corruption, said Cany. Addressing the forum, Chairman of the American Chamber of Commerce (AmCham) in Vietnam Christopher Twomey said that foreign investment has great contribution to the socio-economic development strategic direction in Vietnam. Enterprises with foreign investment contributed up to 42 per cent of Vietnam's total industrial output and 57 per cent of the total export volume in 2010, Twomey stressed. Nguyen Huu Dung, vice chairman of the Vietnam Association of Seafood Exporters and Producers (VASEP) said that so far, Vietnam seafood processing industry has remained strong and stable growth with exports of seafood up 15-20 per cent year-on-year. Dung proposed that the government should support businesses to promote Vietnam's seafood products to foreign markets through various channels, create favourable conditions for businesses to enhance credibility and competitiveness.