HCM CITY — The International Finance Corporation (IFC), a member of the World Bank Group, has handed over running of the Viet Nam Business Forum, a forum for semi-annual dialogue with the Government, to its members comprised of foreign and domestic business associations.
The IFC had set up and run it for more than a decade, facilitating reforms that brought down barriers, increased transparency in business, and encouraged investment.
The members, 14 local and international business associations and chambers of commerce – the chambers of commerce of Japan, Singapore, Hong Kong, Australia, Canada, Europe, Korea, Nordic countries, and the US, the Viet Nam Chamber of Commerce and Industry, Leather and Footwear Association, and Ha Noi Young Business Association – will collectively take over the day-to-day functioning.
"This new start highlights a natural extension of our role, which is to represent the business community in working with the Vietnamese Government to remove constraints to the private sector's ability to do business and create jobs," Christopher Twomey, Chairman of the American Chamber of Commerce in Viet Nam, said.
The forum's seven working groups – on banking, infrastructure, capital markets, manufacturing and distribution, education, tourism, and mining – will continue to meet with government counterparts on a regular basis.
"We highly appreciate that the business community will be taking ownership of this initiative and we will continue to support its contribution to improving the investment climate in Viet Nam," Minister of Planning and Investment Bui Quang Vinh said.
The World Bank and IFC will continue to co-chair the forum.
Simon Andrews, IFC Regional Manager, Viet Nam, Cambodia, Lao PDR, and Thailand, said: "Now that the dialogue process is well established, the forum should be driven by the business community to further promote the discussions and ensure its long-term sustainability."
The forum has served as a model for similar IFC-supported public-private sector dialogue in Cambodia and Lao PDR. — VNS