Vietnam courts region's firms; Deputy Prime Minister visits NorthWest to promote investment opportunities in the Asian country.

VIETNAM'S Deputy Prime Minister has told North West businesses that the country has opportunities for investment.

Hoang Trung Hai led a delegation of Vietnam's political and business leaders on a fact-finding mission and last week addressed the region's firms on the potential of the Asian country.

Vietnam is forecast to achieve growth of 5-5.5% this year, and 6% next year.

Its growth accelerated in the third quarter of 2009, buoyed by domestic demand and government stimulus spending that has revived bank lending.

Mr Hai told the region's business leaders there were new investment opportunities in Vietnam and the country was moving into an upturn.

He said: "We, too, faced a financial crisis in 2008-09. We hit the bottom in the first quarter of this year, but from the second quarter to the present we have been gradually moving away from the crisis."

He sought to reassure delegates that it was tackling corruption and administrative reform. "The capital requirements needed to develop our infrastructure are huge, so we want to create an environment that will be favourable to investment and business," he said.

Mr Hai outlined the opportunities that exist in the energy sector as demand for power grows in Vietnam, and announced plans to develop the nation's infrastructure through public private partnerships based on the UK model.

"We aim also to improve the transparency of the banking system because this is important for attracting investment into Vietnam," he added.

Philomena Chen, head of Asia-Pacific development at UKTI North West, believes North West firms can benefit from looking at the opportunities in Vietnam.

She said: "Mr Hai's enthusiasm for foreign investment in Vietnam, and in particular for UK companies to take a lead, was clear from his presentation.

"This is an excellent opportunity which companies here in the North West should seriously consider. The North West leads the field in many of the sectors which the Vietnamese economy is now demanding - pharmaceuticals, infrastructure management, food production and energy. Now is an excellent time to look to Vietnam for export opportunities."

The Vietnam delegation included representatives of the Vietnam Oil and Gas Group, Electricity of Vietnam, Vietnam Shipbuilding Industry Corporation, Vietnam National Shipping Lines.

CAPTION(S):

Hoang Trung Hai, Deputy Prime Minister of Vietnam, centre, with the British Ambassador in Vietnam, Mark Kent, and NWDA chairman Robert Hough