Vietnam Welcomes US Investors With Open Arms: State Bank
The State Bank of Vietnam (SBV) is willing to create a more transparent and attractive business environment in order to persuade US enterprises to operate in Vietnam, SBV Vice Governor Nguyen Thi Hong has said.
During her recent working session with Alexander C. Feldman, President of the US-ASEAN Business Council, Hong said SBV encourages voluntary mergers, consolidations and acquisitions of credit institutions, ensuring the interests of depositors and the rights and obligations of economic stakeholders in line with legal regulations.
The bank also fosters the restructuring of credit institutions to improve their efficiency, she said.
For his part, Feldman affirmed that US firms consider Vietnam as a promising market, saying that they want to expand their investment in Vietnam’s strongest sectors.
He noted that US enterprises care about Vietnam’s attempts to make the banking system healthier.
Representatives from the two sides discussed the development of the capital market in Vietnam and solutions to help small- and medium-sized enterprises gain access to capital. They also considered the best ways in which to promote the application of modern technologies in the international payment process.
A Washington DC-based non-profit organisation, the US-ASEAN Business Council includes nearly 120 member groups operating in many sectors in the US. The body serves as a bridge linking US investors and the Vietnamese Government.
It has supported Vietnam in the past, campaigning for the approval of a Bilateral Trade Agreement (BTA) in 2001 and supporting Vietnam’s bid to join the World Trade Organisation in 2007. At present, there are an increasing number of US groups with an interest in the Vietnamese market, leading to tightening business links.
Finance Minister: Vietnam Ready For Regional Economic Integration.
Vietnam’s financial sector is well prepared to ensure the demands of integration once the ASEAN Economic Community (AEC) is formed by the end of this year, according to Finance Minister Dinh Tien Dung.
Dung granted an interview to the Vietnam News Agency after participating in the 19th ASEAN Finance Ministers’ Meeting (AFMM-19) and the first ASEAN Finance Ministers and Central Bank Governors’ Joint Meeting, which wrapped up in Kuala Lumpur, Malaysia on March 21.
Regarding taxation, the minister stated that Vietnam’s tax rates have basically met ASEAN’s requirement on tax reduction, while attention is being paid to harmonising tax procedures.
The finance sector has also provided e-customs services nationwide and is working hard to implement a national one-stop-shop customs mechanism in readiness to apply the ASEAN model by the end of the year, he added.
The minister went on to say that by attending these meetings, the Vietnamese delegation had focused discussions on the AEC building process and on boosting cooperation in taxation management.
To date, 85 percent of the work required for the establishment of the AEC has been completed.
However, challenges remain for the ASEAN member countries and they have to put forth plans of action to strengthen the regional community, including intensifying financial stability, supporting capacity improvement, narrowing the development gap, and enhancing micro-economic supervision mechanisms and policy dialogue, stated Dung.
At the meetings, participants discussed financial cooperation in insurance, customs and infrastructure financing, tax and customs measures to ensure budget revenue, and ways in which to crack down on tax fraud.
Dung stated that the organisation of the ASEAN Finance Ministers and Central Bank Governors’ Joint Meeting for the first time reflected the determination of the bloc’s financial leaders to coordinate closely in accelerating the integration process after the AEC is formed.