Vietnam’s infrastructure should be upgraded: EuroCham

Vietnam needs to invest US$120 billion to upgrade its infrastructure, said Alain Candy, Chairman of the European Chamber of Commerce (EuroCham) in Vietnam at a press briefing to introduce the “White Book 2010” on November 25.

Mr. Candy said Vietnam’s favourable business environment is one of the factor that attract many European investors to the country, especially since Vietnam has approved laws, decrees, and circulars to gain WTO commitment.

However, he said, the Vietnamese Government should pay more attention to reducing barriers that reduce its competitiveness, improving the quality of the workforce, upgrading infrastructure, supplying energy, encouraging cooperation, and promoting administrative reforms.

The time for investment certificate issuance should be shortened by approving a single-window policy for the procedure, he said.

The “White Book 2010” indicates Vietnam’s progress in improving the legal framework and upgrading the infrastructure. It also points out the country’s administrative burden in 2010 and proposes the government focus on key issues to increase it medium- and long-term competitiveness.

Speaking at the press briefing, Matthias Duhn, Director of EuroCham Vietnam, emphasized that in addition to upgrading its infrastructure, Vietnam should form a culture to encourage creativity and new ideas to add value to its economy. – VOV

Tags: Vietnam Infrastructure