National Assembly Chairwoman Nguyen Thi Kim Ngan addresses the Turkey-Vietnam Business and Investment Forum in Istanbul, Turkey on October 8 (Photo: VNA) Istanbul (VNA) – NationalAssembly Chairwoman Nguyen Thi Kim Ngan has affirmed Vietnam’s commitments to buildinga more friendly investment and business environment for enterprises, on parwith global standards and those of the Organisation for Economic Cooperationand Development (OECD), of which Turkey is a founding member.
Addressing the Turkey-Vietnam Business andInvestment Forum in Istanbul, Turkey on October 8 – which drew about 200Turkish and Vietnamese firms – the top legislator said that after over the past30 years of reform, Vietnam has maintained good growth levels and become amiddle-income country.
She noted that Vietnam’s GDP has reached 240.5billion USD, with a trade value of more than 475 billion USD and a populationof 95 million at a demographic golden age.
Vietnam’s investment and businessenvironment has seen an improvement, she said, citing the World EconomicForum’s competitiveness ranking in 2017 in which Vietnam jumped five places to 55thposition among 137 countries. Vietnam also leaped 14 spots on the World Bank’sDoing Business Report in 2016 to the 68th position out of 190 economies.
Vietnam is becoming a strategic productionhub for many international firms in the region thanks to the country’sattractive policies and the friendliness of the investment environment, statedthe NA leader.
She briefed participants on Vietnam’s internationalintegration process with a network of new generation free trade agreements (FTA)that are paving the way for greater cooperation and development.
Vietnam is an open economy with a two-waytrade scale of 475 billion USD, nearly two times higher than its GDP, she said,adding that Vietnam shares trade partnerships with 200 countries andterritories, is home to 26 types of goods with export revenue exceeding morethan 1 billion USD each, and significant potential for better engaging inglobal supply chains.
The NA leader said that as a responsibleand positive member of the World Trade Organisation (WTO), Vietnam has activelystrengthened international integration.
Along with 10 already signed andimplemented FTAs, the Vietnam-EU FTA and the Comprehensive and Progressive Agreementfor Trans-Pacific Partnership (CPTPP) will be ratified in the near future,bringing about high preferential policies from a large market of nearly 40developed countries. Vietnam has also actively engaged in the RegionalComprehensive Economic Partnership.
In order to become a modern industrialcountry, Vietnam is striving to maintain a GDP growth of 6.5-7 percent per yearuntil 2020, with GDP scale reaching 320-350 billion USD and trade value of 600billion USD, said NA Chairwoman Ngan.
Regarding the Vietnam-Turkey economic andtrade partnership, she said that since the two countries set up trade ties inAugust 1997, their partnership has thrived. From only several hundreds ofthousands of US dollars in the 1990s, two-way trade reached 2 billion USD in2017. In the Middle-East region, Turkey is the biggest non-oil partner ofVietnam.
By the end of August 2018, Turkishinvestors had 18 projects in Vietnam with a combined investment of 708.2million USD, ranking 26th out of 126 countries and territories investing inVietnam.
However, the NA leader commented that the figureshave yet to meet the cooperation potential and expectation of both sides,stressing her hope that the two sides will seek effective measures to optimise thestrengths of each country.
NA Chairwoman Ngan said that she hopes the businesscommunities of Vietnam and Turkey will bring fresh ideas and provide renewedmotivation in trade and investment partnerships, contributing to reinforcingand diversifying the sound sentiments between the two countries and peoples.
“Vietnam will continue to keep its door wideopen for Turkish enterprises seeking cooperation, business, and investmentopportunities,” she declared.
Meanwhile, Chairman of the Turkey-VietnamBusiness Council Ali Tezolmez said that the forum is a good chance for Turkishinvestors to grasp investment and business partnership opportunities in Vietnamfor the future.
Head of Turkey’s Foreign Economic RelationsBoard Nail Olpak said that both Vietnam and Turkey are facing challenges as aresult of the trade wars, requiring businesses of both sides to fostercollaboration and make full use of business opportunities.
He clarified that trade diplomacy and tradeliberalisation hold great power as foundations for the growth of businesspartnerships, adding that Vietnam-Turkey business affiliations should be basedon these regulations.
During the forum, the initiative of a fundfor investment in Vietnam was also introduced. –VNA
Addressing the Turkey-Vietnam Business andInvestment Forum in Istanbul, Turkey on October 8 – which drew about 200Turkish and Vietnamese firms – the top legislator said that after over the past30 years of reform, Vietnam has maintained good growth levels and become amiddle-income country.
She noted that Vietnam’s GDP has reached 240.5billion USD, with a trade value of more than 475 billion USD and a populationof 95 million at a demographic golden age.
Vietnam’s investment and businessenvironment has seen an improvement, she said, citing the World EconomicForum’s competitiveness ranking in 2017 in which Vietnam jumped five places to 55thposition among 137 countries. Vietnam also leaped 14 spots on the World Bank’sDoing Business Report in 2016 to the 68th position out of 190 economies.
Vietnam is becoming a strategic productionhub for many international firms in the region thanks to the country’sattractive policies and the friendliness of the investment environment, statedthe NA leader.
She briefed participants on Vietnam’s internationalintegration process with a network of new generation free trade agreements (FTA)that are paving the way for greater cooperation and development.
Vietnam is an open economy with a two-waytrade scale of 475 billion USD, nearly two times higher than its GDP, she said,adding that Vietnam shares trade partnerships with 200 countries andterritories, is home to 26 types of goods with export revenue exceeding morethan 1 billion USD each, and significant potential for better engaging inglobal supply chains.
The NA leader said that as a responsibleand positive member of the World Trade Organisation (WTO), Vietnam has activelystrengthened international integration.
Along with 10 already signed andimplemented FTAs, the Vietnam-EU FTA and the Comprehensive and Progressive Agreementfor Trans-Pacific Partnership (CPTPP) will be ratified in the near future,bringing about high preferential policies from a large market of nearly 40developed countries. Vietnam has also actively engaged in the RegionalComprehensive Economic Partnership.
In order to become a modern industrialcountry, Vietnam is striving to maintain a GDP growth of 6.5-7 percent per yearuntil 2020, with GDP scale reaching 320-350 billion USD and trade value of 600billion USD, said NA Chairwoman Ngan.
Regarding the Vietnam-Turkey economic andtrade partnership, she said that since the two countries set up trade ties inAugust 1997, their partnership has thrived. From only several hundreds ofthousands of US dollars in the 1990s, two-way trade reached 2 billion USD in2017. In the Middle-East region, Turkey is the biggest non-oil partner ofVietnam.
By the end of August 2018, Turkishinvestors had 18 projects in Vietnam with a combined investment of 708.2million USD, ranking 26th out of 126 countries and territories investing inVietnam.
However, the NA leader commented that the figureshave yet to meet the cooperation potential and expectation of both sides,stressing her hope that the two sides will seek effective measures to optimise thestrengths of each country.
NA Chairwoman Ngan said that she hopes the businesscommunities of Vietnam and Turkey will bring fresh ideas and provide renewedmotivation in trade and investment partnerships, contributing to reinforcingand diversifying the sound sentiments between the two countries and peoples.
“Vietnam will continue to keep its door wideopen for Turkish enterprises seeking cooperation, business, and investmentopportunities,” she declared.
Meanwhile, Chairman of the Turkey-VietnamBusiness Council Ali Tezolmez said that the forum is a good chance for Turkishinvestors to grasp investment and business partnership opportunities in Vietnamfor the future.
Head of Turkey’s Foreign Economic RelationsBoard Nail Olpak said that both Vietnam and Turkey are facing challenges as aresult of the trade wars, requiring businesses of both sides to fostercollaboration and make full use of business opportunities.
He clarified that trade diplomacy and tradeliberalisation hold great power as foundations for the growth of businesspartnerships, adding that Vietnam-Turkey business affiliations should be basedon these regulations.
During the forum, the initiative of a fundfor investment in Vietnam was also introduced. –VNA
VNA
