Country ranks high for investment
by Hoang Nam
The Vietnamese economy was ranked 6th out of 141 in terms of expectations for receivingforeign investment by the United Nations Conference on Trade and Development. China,India, the US, Russia and Brazil came in ahead of Viet Nam. This is the first year the countryhas been listed.The reason for the ranking might be Viet Nam’s constantly renovated business environment,including changes in the legal system, policies, and investment environment in recent years.With the top five nations on the list being much bigger economies, Viet Nam’s number sixspot is striking indeed.However, the snail’s pace in bringing about everyday bureaucratic renovation is worrisome.The distance from legal papers to State officers, from central authorities’ policies to on-the-ground application and from legal regulations to daily practicality is still a long, hard slog.Red tape might deter foreign investors from persevering with their Viet Nam projects if facedwith delays and other headaches.
Viet Nam sails to top
With an export turnover of $3.75 billion for 2007, a 12 per cent increase from 2006, Viet Namhas officially reached the top 10 standing of countries with the highest marine export turnover in the world.One year after joining the World Trade Organisation (WTO), the number of businessesmeeting international standards of marine product exports to big markets like the EU, US andJapan has doubled.In 2007, 1,200 enterprises got the go-ahead to export marine products to 130 nations.The aquaculture industry has diversified its products. Previously, shrimp was the main product but now only accounts for 40 per cent of the total, along with catfish and other marine products.This year’s export target for the sector is $4.25 billion.The Ministry of Agricultural and Rural Development considers the international marinemarket to be a big draw for Vietnamese enterprises. The biggest challenge is the technical barriers for processing exported marine products.The ministry is now intensifying quality and hygiene safety investigations for exportedmarine products.
HCM City hits high