would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc.. 
Home
Nov 19, 2011 (LBO) - Vietnam's remarkable success of drawing foreign direct investment, even from former foes involved in a bitter civil war, came from a combination of foreign and economic policy, Vietnam President Truong Tan Sang said.
Companies from the US, which was involved in a bitter civil war up to 1975, have invested 13 billion dollars in post-reform Vietnam, making it the seventh largest source, not counting investments by units of American firms in third countries.
In the year 2010 for example The Netherland became the top source of FDI for the year, overtaking the US, because AES, a US firm routed a 2.14 billion dollar project via the Netherlands.
Last year the US alone bought 14.9 billion dollars of Vietnamese goods, more than the entire exports of Sri Lanka makes in a year to all countries.
Friendship
"Politically it is our policy to close the door to the past and look towards the future," President Sang said in an exclusive interview aired on ETV, a terrestrial broadcaster in Sri Lanka.
"That is why Vietnam has an increasing number of friends in the world. Our foreign policy is such that Vietnam wants to be a friend and a reliable partner to all countries in the world for peace, development and co-operation in the interest of all nations."
"Now we add more, that Vietnam is a responsible member of the international community. In all organizations - international organizations - in which Vietnam is a member we are very responsible."
In 2010, Vietnam, which has a population of 87 million people, or about four times that of Sri Lanka, realized 11 billion dollars in foreign direct investments. New sign-ups were worth 18.5 billion dollars. Sri Lanka attracted 516 million dollars of FDI in 2010.
In the first six months of 2010 alone realized FDI was 8.2 billion US dollars.
France, a former colonial power with which founding President Ho Chi Minh fought a war of independence has invested 2.9 billion dollars.
Even China, another country with which Vietnam has fought for independence in its history and relations sometimes gets rocky, has invested 3.7 billion dollars in the country. Vietnam's close neighbors are among the top investors.
'Their failures are ours'
"With regard to foreign investments, we have foreign investment from about 100 countries in the world including the former foes," President Sang said.
"They are now all friends of Vietnam and they share the wish to develop Vietnam and that is why we have received committed foreign investment of 200 billion dollars of which 100 billion have been realized.
"Our policy is that, foreign investors - regardless of their country of origin - are an integral part of the Vietnamese economy.
"We always recognize the success of foreign investors as ours, and vice versa. Their failures are also ours."
Ho Chi Minh City, President Sang's home town in the South has attracted the most amount of FDI Vietnam since the country opened up and is the key economic powerhouse.
Up to June this year the Ho Chi Minh City area has received 30.9 billion in approved investments. In the early 1980s Sang headed the city's New Economic Zone Development Department.
"As Sri Lanka is a close friend, I can tell you, that leaders of Vietnam keep regular contact and meet foreign investors so that they can see there is a high level of political commitment and they can be re-assured to come to Vietnam," he said.
Economic Policy
Vietnam's economic success began with the Đổi Mới (renewal) political and market reforms that started in 1986 ending central planning and excessive state intervention in the economy.
Vietnam also started improving property rights, especially in agriculture. Vietnam is now the second largest exporter of rice in the world.
FDI inflows are closely tied with exports. Foreign funded industries are exporting ever higher volumes from Vietnam each year.
In the nine months to September 2011, Vietnam's exports reached 70 billion dollars, up 33.1 percent from a year earlier. Exports from the FDI firms, excluding crude oil, were 32.7 billion dollars.
"Now I come to the second factor - economic policy," Sang said. "In any development, economic policy is very important. In order to attract foreign investment we must always have a liberal policy and we must ensure macro - stability in economic policy.
"We must always deliver on our commitments and promises to our foreign investors. We must always ensure a liberal business and investment environment so that investors may come.
"When they come we must ensure that they make a profit and they stay for a long time. That is why they continue to come even in to areas of high risk.
Vietnam's unemployment is now about two percent and poverty 10 percent. Though the country ran into trouble with its dollar peg after loose policy in 2010, economic strategy is now re-directed towards stability.
http://www.lbo.lk/fullstory.php?nid=2045699656
Companies from the US, which was involved in a bitter civil war up to 1975, have invested 13 billion dollars in post-reform Vietnam, making it the seventh largest source, not counting investments by units of American firms in third countries.
In the year 2010 for example The Netherland became the top source of FDI for the year, overtaking the US, because AES, a US firm routed a 2.14 billion dollar project via the Netherlands.
Last year the US alone bought 14.9 billion dollars of Vietnamese goods, more than the entire exports of Sri Lanka makes in a year to all countries.
Friendship
"Politically it is our policy to close the door to the past and look towards the future," President Sang said in an exclusive interview aired on ETV, a terrestrial broadcaster in Sri Lanka.
"That is why Vietnam has an increasing number of friends in the world. Our foreign policy is such that Vietnam wants to be a friend and a reliable partner to all countries in the world for peace, development and co-operation in the interest of all nations."
"Now we add more, that Vietnam is a responsible member of the international community. In all organizations - international organizations - in which Vietnam is a member we are very responsible."
In 2010, Vietnam, which has a population of 87 million people, or about four times that of Sri Lanka, realized 11 billion dollars in foreign direct investments. New sign-ups were worth 18.5 billion dollars. Sri Lanka attracted 516 million dollars of FDI in 2010.
In the first six months of 2010 alone realized FDI was 8.2 billion US dollars.
France, a former colonial power with which founding President Ho Chi Minh fought a war of independence has invested 2.9 billion dollars.
Even China, another country with which Vietnam has fought for independence in its history and relations sometimes gets rocky, has invested 3.7 billion dollars in the country. Vietnam's close neighbors are among the top investors.
'Their failures are ours'
"With regard to foreign investments, we have foreign investment from about 100 countries in the world including the former foes," President Sang said.
"They are now all friends of Vietnam and they share the wish to develop Vietnam and that is why we have received committed foreign investment of 200 billion dollars of which 100 billion have been realized.
"Our policy is that, foreign investors - regardless of their country of origin - are an integral part of the Vietnamese economy.
"We always recognize the success of foreign investors as ours, and vice versa. Their failures are also ours."
Ho Chi Minh City, President Sang's home town in the South has attracted the most amount of FDI Vietnam since the country opened up and is the key economic powerhouse.
Up to June this year the Ho Chi Minh City area has received 30.9 billion in approved investments. In the early 1980s Sang headed the city's New Economic Zone Development Department.
"As Sri Lanka is a close friend, I can tell you, that leaders of Vietnam keep regular contact and meet foreign investors so that they can see there is a high level of political commitment and they can be re-assured to come to Vietnam," he said.
Economic Policy
Vietnam's economic success began with the Đổi Mới (renewal) political and market reforms that started in 1986 ending central planning and excessive state intervention in the economy.
Vietnam also started improving property rights, especially in agriculture. Vietnam is now the second largest exporter of rice in the world.
FDI inflows are closely tied with exports. Foreign funded industries are exporting ever higher volumes from Vietnam each year.
In the nine months to September 2011, Vietnam's exports reached 70 billion dollars, up 33.1 percent from a year earlier. Exports from the FDI firms, excluding crude oil, were 32.7 billion dollars.
"Now I come to the second factor - economic policy," Sang said. "In any development, economic policy is very important. In order to attract foreign investment we must always have a liberal policy and we must ensure macro - stability in economic policy.
"We must always deliver on our commitments and promises to our foreign investors. We must always ensure a liberal business and investment environment so that investors may come.
"When they come we must ensure that they make a profit and they stay for a long time. That is why they continue to come even in to areas of high risk.
Vietnam's unemployment is now about two percent and poverty 10 percent. Though the country ran into trouble with its dollar peg after loose policy in 2010, economic strategy is now re-directed towards stability.
http://www.lbo.lk/fullstory.php?nid=2045699656
