Singapore (VNA) – Prime Minister Nguyen Xuan Phuc attended around-table discussion with 16 leaders of Singaporean-based conglomerates onApril 28, as part of his official visit to Singapore.

Addressing the function, the PM gave an overview of the Vietnameseeconomy to the business executives.

Vietnam posted a ten-year high growth rate in the first quarter of 2018,he said, adding that the country’s market has been increasing its openness,hence it is now a favourable time for foreign investment.

Average per capita income of the 93-million Vietnamese population isabout 2,400 USD with the middle class accounting for 13 percent, resulting inincreasing purchasing power.

Phuc also mentioned a report by the World Bank at the end of 2017,which ranked the Vietnamese business climate at 68th among 190countries, up 30 places against 2012. Also in 2017, the World Economic Forumranked Vietnam 55th among 137 surveyed countries in terms ofcompetitiveness. The country is a bright spot in FDI attraction in the regionwith 320 billion USD worth of foreign direct investment. Its foreign trade surpassed425 billion USD last year. Vietnam is now member of 12 new-generation freetrade agreements.

The PM said these results reflected the appeal of the Vietnamese marketand international investors’ confidence in the market. He reiterated Vietnam’scommitment to creating more favourable conditions for foreign investors.

The Government leader unveiled Vietnam’s plan to build three specialadministrative-economic zones with a host of incentives for investors, tellingthe round-table’s participants that there are many opportunities for them. Healso urged the multinational groups to speed up their projects in Vietnam inline with the law.

At the discussion, participating firms expressed their impression onVietnam’s economic achievement, particularly its efforts to reform and takepart in international commitments.

They said they are interested in a range of fields, including healthservices, online education, and online payment for farmers. They asked theVietnamese Government to remove policy bottlenecks, improve the capital market,enhance the linkages among economic sectors, and to simplify customs procedurevia the single-window mechanism.

Also joining the discussion, officials of Vietnamese public agenciesand sectors fielded questions and recommendations by the international businessexecutives.

They stressed that Vietnam is working to remove policy obstacles insectors where the State used to hold the monopoly.

Also on April 28, the Vietnamese PM received Christian Cabrol, SeniorVice President of the multinational integrated oil and gas company Total’sMarketing & Services for Asia Pacific & Middle East.


PM Phuc suggested Total, which has become a popular brand in Vietnam,expand its operation in the country.

Christian Cabrol said hiscompany has operated in Vietnam since 1990 and now employs about 1,000 localsto supply the market with oil and liquefied petroleum gas (LPG).

He said the group is now paying attention to the production of LPG andelectricity in Vietnam and is willing to collaborate with local partners,adding that the group is proposing the construction of a number of portinfrastructure to receive LPG products.

Lauding Total’s expansion plan in Vietnam, Phuc said Vietnam welcomesTotal’s intention to work with Vietnamese partners to build infrastructure toreceive LPG product. He encouraged the group to further engage in informationexchanges with Vietnamese partners such as the PetroVietnam and Electricity ofVietnam. 

Phuc tasked the Ministry of Industry and Trade with studying Total’srecommendations.-VNA