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VietNamNews

Red tape still a big problem for overseas Vietnamese investors

Update: September, 27/2012 - 10:37

 

Bui Dinh Dinh, former Vietnamese ambassador to Russia
Former Vietnamese ambassador to Russia and general secretary of the Business Association of Overseas Vietnamese Bui Dinh Dinh spoke to Viet Nam Plus about the association's work.

The association was established to act as a bridge to attract investments from Viet kieu (overseas Vietnamese) in Viet Nam. How have overseas Vietnamese received support from the association when investing in Viet Nam?

During three years since the association's foundation, it has helped connect overseas Vietnamese enterprises, call for investment from them in Viet Nam and introduce Vietnamese products to foreign markets.

First, the association has established a close relationship with management agencies in different localities to get updated about investment incentives, procedures and potential projects that can be promoted on the association's website or sent via e-mails to our members.

Consultancy and support will also be provided when our members encounter any difficulties or trouble during the investment process.

Second, the association helps enhance the connection among overseas Vietnamese business people and domestic enterprises for them to exchange experiences and seek business opportunities while creating a community of overseas Vietnamese business people world-wide.

How do you evaluate the potential and role of overseas Vietnamese business people in the socio-economic development of Viet Nam?

Businesses run by overseas Vietnamese are a great force with huge potential to contribute to the socio-economic development of Viet Nam.

There are about 3 million Vietnamese abroad, and many thousands of them are business people. They have capital, experiences, management and executive skills and access to advanced technologies.

What's more important, it would be easier for Vietnamese products to penetrate foreign markets with the support of overseas Vietnamese business people.

They can help accelerate Viet Nam's exports as they have a better understanding of the language, culture and taste of people in the country they are living in.

Connections between domestic enterprises and overseas Vietnamese play a very important role in our country's socio-economic development.

In your opinion, what are the difficulties that Viet kieu might encounter or worry about when investing in Viet Nam?

Viet Nam has many incentives and policies to attract investments from foreign countries, especially for Viet kieu investors.

However, the administrative procedures are still quite complicated. Administrative reform must be enhanced, land and tax-related procedures simplified and unnecessary red tape must be eliminated to create favourable conditions for investors.

Policies and incentives should also be promoted in detail and must offer investors stability for a certain length of time.

What will the association do in the coming time to better support overseas Vietnamese business people investing in Viet Nam?

The association will strengthen trade promotional activities and boost promotion of information on domestic projects or products that are seeking foreign partners. This information will be provided to each of our members to help them find investment opportunities in Viet Nam.

We will enhance co-operation with domestic authorities while proposing policy amendments and incentives to the Government on behalf of overseas Vietnamese to create a more attractive investment environment.

Support and consultancy are not only provided to our members but also business people who are not members.

The network of members will also be continued to be widened. Currently, the association has only 200 members while the number of overseas Vietnamese business people is estimated to be in the thousands. — VNS

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