Doing Business in Viet Nam

 

Viet Nam has been a reliable partner in the region and the world and its economy has developed into an integral part of the global market. We attach great importance to full and rigorous implementation of our commitments to the WTO, ASEAN FTAs with China, Japan, India, the Republic of Korea, Australia and New Zealand, as well as Viet Nam - Japan Agreement on Economic Partnership and to the efforts to build the ASEAN Community. We just signed a Free Trade Agreement with Chile during the APEC 2011 Summit in Hawaii.  Viet Nam and 10 member countries of the Trans-Pacific Partnership Agreement agreed on core elements of the pact, which is from now on called the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). 

 

The year 2013 will mark the 27th anniversary of Viet Nam's broad reform efforts - Doi Moi. Viet Nam has made firm steps on the path of development and international integration, actively contributing to peace and cooperation for development and economic linkages of ASEAN, the Asia-Pacific region and the world. Viet Nam has emerged from being a war-torn, underdeveloped country to become a reliable partner and a rapidly growing economy in the Southeast Asia region. Viet Nam has met and surpassed many of the United Nations Millennium Development Goals, ensuring social progress and justice, eradicating hunger and alleviating poverty, and improving social welfare.

 

Viet Nam is now focusing on restructruring the economy and our growth model, with emphasis given a reform of the investment model, restructure the financial and banking systems and reform and reduce the number of state-owned enterprises. Viet Nam will also place priority to maintaining social welfare, steping-up the fight against corruption, accelerating administrative reform and intensifying poverty alleviation and hunger eradication activities.

 

One of the main focus is the process of eccelerating the restructuring of SOEs, with focus on consolidating and increasing efficiency. The number of SOEs has reduced from 12000 in 1990 to 1000 now and will be down to 500 in the next four years. All SOEs are planned to be equitized this year. Only SOEs of core, strategic industries, like energy, heavy equipment, infrastructure... are retained because these industries in Vietnam are still in the process of developing. 

 

In the long term, as detailed in the Social and Economic Strategy for 2011 – 2020, Viet Nam will focus on 3 goals: i) building market economy institutions and mechanism, with emphasis on a fair, transparent, efficient business environment being supported by a streamlined bureaucracy; ii) developing human resources, especially high-skilled resources; and iii) building integrated infractructure to support growth.

 

Relationship with the United States is of strategic importance to Viet Nam, especially our economic and trade cooperation. Viet Nam welcomes US investment and trade, especially high-tech areas. Vietnamese products, especially from small and medium Vietnamese enterprises, are also reaching American consumers in greater number. Economic, trade and invesment cooperation will also be one of the key building blocks for the advancement of our relations to higher level, toward strategic partnership.

 

As a nation characterized by old-aged history and culture, diversified natural resources, young, dynamic and skillful labor force, and political and social stability, Viet Nam will continue to be a market full of potentials and an ideal destination for international investors and businesses, especially from the United States.

 

For further information, please contact us at the following email addresses, or come to visit us at the Embassy.

 

For general information about Viet Nam's economic policies and business opportunites, please contact Mr. Trung Nguyen, Chief Economic Counselor, Email: dangtrung@vietnamembassy.us; Phone: 202 861 0737, ext. 141

 

For information about investing in Viet Nam, please contact Mr. Ky Tran, Economic Counselor, Email: kytran@vietnamembassy.us; Phone: 202 861 0737, ext. 142

 

For information about trading with Viet Nam, please contact Ms. Minh Hong, Economic Counselor, Email: minhth@vietnamembassy.us; Phone: 202 861 0737, ext. 144

 

For information about multilateral issues (WTO, IMF, TPP) please contact Ms. Thuy Pham, Second Secretary, Email: phambichthuy@vietnamembassy.us; Phone: 202 861 0737, ext. 143

 

You also can contact Minister Counselor Mr. Bui Huy Son, Head of Viet Nam Trade Office in Washington D.C for specific inquiries regarding trade opportunities. He can be reached via email at vinatrade@vietnam-ustrade.org, or via phone at: 202 463-9425 or via the Website: www.vietnam-ustrade.org.