Deputy Prime Minister Nguyen Thien Nhan has introduced foreign businesses to Vietnam’s favourable business climate and called on them to invest in its potential market of approximately 86 million consumers.

He said in the first months of 2008, the Vietnamese Government adopted 8 major solutions to curb galloping inflation, stabilise the macro economy, ensure social welfare and maintain steady growth. As the crisis got worse, the government introduced 5 solutions, with priority given to preventing a period of economic stagnation and decline. As a result, by the end of the year, the economy grew at 6.23 percent and foreign direct investment capital hit a record high of US$64 billion.

He assured CEOs that the Government will continue to accelerate administrative reform, improve the business climate, fulfil commitments to the World Trade Organisations and rapidly finalise institutions for the market economy, including those for the capital market.

At the same time, it will continue to create a fair, healthy and competitive legal environment for all economic sectors and hold regular dialogues with the business community to adjust policies in the interest of the nation and businesses themselves.

The Deputy PM stressed that foreign businesses will have the chance to serve 86 million consumers in Vietnam, more than 600 million consumers of the Association of Southeast Asian Nations (ASEAN) and larger markets following the establishment of ASEAN-China, ASEAN-Japan and ASEAN- Republic of Korea free trade areas.

CEOs praised Vietnam’s success in reining in inflation, achieving a relatively high economic growth and attracting foreign investment capital.

Nicholas E. Billotti, CEO of Turner International LLC of the US, lauded Vietnamese people’s industriousness, wisdom and ability to rapidly assimilate new technology.

CEOs raised questions relating to Vietnam’s future development trends, including the upgrade of infrastructure and warehouses, human resource development and an increase in people’s education levels to keep up with economic growth and meet foreign investors’ requirements.

The same day, Deputy PM Nguyen Thien Nhan chaired a discussion regarding the development of the labour force and solutions to unemployment. He also met with leaders of leading companies and corporations such as Manpower, Canden, Prudential and the Massachusetts Institute of Technology (MIT).

Mr Nhan is in Davos to attend the World Economic Forum.

VietNamNet/VOV