Việt Nam committed to opening door in service sector

 

Deputy Prime Minister Vương Đình Huệ (right) meets with President of the Warburg Pincus Timothy Geithner. VNA/VNS Photo 

HÀ NỘI Việt Nam was committed to opening the door for foreign investors, especially in the field of services and in accordance with free trade agreements.

Deputy Prime Minister Vương Đình Huệ made the statement while receiving President of Warburg Pincus Timothy Geithner in Hà Nội on Tuesday.

In the banking sector, the Vietnamese Government would consider reducing the State’s holding in joint stock commercial banks to create more opportunities for investors, he said.

He added that the Government was also studying regulations on golden shares to increase the involvement of private investors in developing the credit and payment system in Việt Nam.

Huệ said he hoped the US fund would continue expanding its investment in the fields encouraged by the Vietnamese Government such as infrastructure, high technology, new materials, renewable energy, supporting industries and information technology.

Geithner, who is former US Treasury Secretary, suggested the Vietnamese Government allow higher foreign ownership in commercial banks in order to attract more foreign investment and facilitate non-cash payments.

Meeting with Nike Vice President Chris Helzer the same day, the Deputy PM said the Vietnamese Government was intensifying administrative reform and other efforts to improve the business investment environment and facilitate business development for foreign investors, especially those from the US.

The Deputy PM said he wanted Nike to expand raw materials sourced from Việt Nam, increase the local content of its products, and help Vietnamese businesses improve their capacity to join the group’s supply chains.

He said Việt Nam did not pursue policies to create a trade surplus with the US or monetary manipulation. In fact, the country was trying to buy more US products to balance bilateral trade, he said.

Chris Helzer said Nike’s factory in Việt Nam was the largest and most important of its kind worldwide.

Besides business operations, Nike also focused on social activities and had co-ordinated with schools in Việt Nam to implement programmes to develop sport and outdoor activities for Vietnamese children, he said.

He also asked the Vietnamese National Assembly to early ratify the EU-Việt Nam Free Trade Agreement (EVFTA). VNS