Many foreign enterprises have shown their optimism about the future of their business operations in Vietnam following the country's accession to the World Trade Organization (WTO). Speaking at the Vietnam Business Forum held in Hanoi on Wednesday, the Chairman of the Australian Chamber of Commerce (AusCham)'s Hanoi Chapter, Mark Farqhar, confirmed that "AusCham members have, in overall terms, remained positive about the future of their business operations in Vietnam.
Many are optimistic that Vietnam 's entry into the WTO gradually promises a more transparent, predictable, stable and equitable business environment." "AusCham members look forward to the many benefits WTO membership will bring to Vietnam's overall economy, and are optimistic about increasing growth in their own businesses," he added.
Sharing with Australian businesses' optimism, R. David Knapp, Chairman of the American Chamber of Commerce (AmCham) in Vietnam, said: "The American business community is excited about the future of Vietnam.
Vietnam 's accession to the WTO will boost the level of American investment in the country mainly because, proper implementation of the agreement will help increase investors' confidence."
Meanwhile, Oliver Massman, member of the Executive Committee of the European Chamber of Commerce (EuroCham), said, "EuroCham applauds the Vietnamese Government's unswerving commitment to economic integration, and offers our fullest support in this area for the months and years ahead."
He also said that EuroCham would like to note the serious steps the Vietnamese Government has taken in its efforts to increase transparency in public affairs, and to combat the corruption which has marred certain areas in the past.
Also at the forum, foreign investors gave their personal recommendations in the aim of helping Vietnam take opportunities offered by its WTO accession and improve its business environment.
The AmCham official suggested that Vietnam should increase the speed of new infrastructure development and improve intellectual property rights protection and enforcement, as well as upgrade its education system.
Knapp also noted that Vietnam must also do better in weeding out corruption.
Sharing the same view, the Chairman of the AusCham's Hanoi Chapter said that AusCham's recent Business Sentiments Survey indicates that members feel the most important action the government should take to improve the business environment is to control and prevent corruption.
Meanwhile, Fred Burke, Managing Partner of the Baker and McKenzie LLP. Vietnam , proposed that Vietnam reduce the actual effective tax rate and simplify tax payment by reforming the tax regime, and by avoiding new taxes.
He also recommended that the state should invest more in training programs for its human labor force. It should also support transportation infrastructure, and encourage private sector participation in such projects, he said.
Source: Asia Pulse News