Vietnam courts region's firms; Deputy Prime Minister visits NorthWest to promote investment opportunities in the Asian country.
VIETNAM'S Deputy Prime Minister A Deputy Prime Minister or Vice Prime Minister is, in some countries, a government minister who can take the position of acting Prime Minister when the real Prime Minister is temporarily absent. has told North West businesses that the country has opportunities for investment.
Hoang Trung Hai
country, land, state - the territory occupied by a nation; "he returned to the land of his birth"; "he visited several European countries" .
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 Capital requirements
Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. 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 UKTI UK Trade and Investment 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 Noun 1. shipbuilding industry - an industry that builds ships
industry - the people or companies engaged in a particular kind of commercial enterprise; "each industry has its own trade publications"
shipbuilder - a business that builds and repairs ships Corporation, Vietnam National Shipping Lines.
Hoang Trung Hai, Deputy Prime Minister of Vietnam, centre, with the British Ambassador in Vietnam, Mark Kent, and NWDA NWDA North West Development Agency (England)
NWDA Northwest Digital Archives
NWDA National Water Development Agency (India)
NWDA National Wholesale Druggists Association chairman Robert Hough n. 1. Same as Hock, a joint.
v. t. 1. Same as Hock, to hamstring.
imp. & p. p. os>
p. pr. & vb. n. os>
n. 1. An adz; a hoe.
v. t. 1. To cut with a hoe.