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Foreign-invested enterprises also need to be fostered and promoted
Viet Nam Association of Foreign Invested Enterprises (VAFIE) Chairman Nguyen Mai discusses the development of the foreign-invested economic sector in Viet Nam with Dau Tu (Investment) newspaper.
What has VAFIE done to become represent foreign invested enterprises since it was founded about six years ago?
The association has helped build institutions related to foreign-invested enterprises; acted as a representative office to protect the legitimate interests of member enterprises and supported their efforts to make themselves known to the public. It has also promoted training.
Would you elaborate?
We held seven workshops last year. These dealt with the impact of Viet Nam's admission to the World Trade Organisation; personal income tax and the way the global economic crisis has affected foreign-invested enterprises. They were all "hot" issues and attracted numerous member enterprises. The effort helped cement the association's status within society.
But the association represents only a small number of the foreign-invested enterprises in Viet Nam?
The association had just 307 members, or 3 per cent of the total number of foreign-invested enterprises in Viet Nam, at the end of last year. Many withdrew voluntarily and changed into other forms of investment or their businesses failed. But it's undeniable that the association's activities were not sufficiently attractive to enterprises. About one-third have yet to pay their fees. A shortage of funds has also hampered the association's work. It means we will focus on expanding membership from 2010-14.
High economy growth that will attract more foreign direct investment is forecast for this year. Viet Nam is a proved potential destination of foreign investors. Will this provide the association to affirm its role?
The association has just held its second congress to assess the achievements of its first four – year term and identify shortcomings. Proper measures will be taken in the second term – 2010-14.
The association plans to strengthen its co-operation with such State bodies as the Planning and Investment Ministry to review the implementation of foreign direct investment during the past decade and strengthen the protection of the legitimate interests of foreign-invested enterprises.
The association will also take the initiative in the building of institutions and regulations that affect foreign direct investment. These include the Business and the Investment Laws. In addition it will act as a bridge between foreign invested enterprises and State-owned enterprises.
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