Foreign firms invested in improving business climate

Japanese Business Association Chairman Yamaguchi Kimio acknowledged foreign investors have benefited from some initiatives recently undertaken by Vietnamese authorities. But more reforms are needed to meet expectations, particularly in administration, infrastructure, and traffic services.

Many Japanese investors raised their concerns about the strict regulations governing worker overtime.

EuroCham Business Association Deputy Head Nicola Connolly affirmed European businesses’ commitments to continuing their Vietnamese operations, suggesting the country boasts a number of advantages over regional rivals.

Some European investors are worried Vietnam risks slipping behind other Association of Southeast Asian Nations members by failing to address some of the problems encountered in employment, salary, and tax rates.

US Business Association Spokesperson Herb Cochran thinks Vietnam should focus on improving transparency and offering equal access to credit and land usage rights.

He stressed the need to step up the enforcement of intellectual property protection and respect the rights of investors and workers during, technology transfer processes.

Korean Business Association Representative Paik In Ki proposed revising investment, land management, environment, and taxation laws with direct impacts on business operations.

Foreign Investment Authority Chief Do Nhat Hoang reiterated the Vietnamese Government’s intention to attract foreign investors and facilitate their operations via a range of incentive policies. The complaints and petitions of foreign businesses will be given priority, he added.

HCM City People’s Committee Vice Chairman Le Manh Ha, thanked foreign businesses for their opinions and vowed to do everything in his power to address their concerns.