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| By Mr. Dau Ngoc Xuan, Ex-Director of the State Committee for Cooperation and Investment (SCCI) When the Vietnamese Government started its policy of calling upon foreign investments, Phu My Hung Corporation (PMH) was one of the earliest comers; right then we could see all the honesty and enthusiasm of Mr. Lawrence S. Ting, PMH's Chairman of the Board of Directors. This was worth appreciating. In fact, Mr. Ting has carried out lots of commitments he made to us in the early days and this is not a company of mere words without action. I still remember all of Mr. Ting's promises when he just arrived in Vietnam. Mr. Ting's success can inspire other businesses from Taiwan. We really hope that from now on Mr. Ting can maintain this tradition and success so as to further develop the project together with the local friends. Naturally there must arise certain matters in the course of implementation. It is normal as this project is quite new to Vietnam and perhaps also new to Mr. Ting; therefore, it could not be implemented rapidly and perfectly from the beginning. We had to learn by experience along the way and so did Mr. Ting's side, who also had to simultaneously work and study and draw out lessons. It is this virtue of Mr. Ting that we really value and that has brought himself and his company to today's success. We can finally arrive at the destination that many people have longed for. We hope Mr. Ting and other Taiwanese fellows will strive more and expand their business to various fields and locations, not only in Ho Chi Minh City but also in other provinces. Once Mr. Ting has been experienced in making investments in Ho Chi Minh City, it must be easier for him to succeed when investing elsewhere. I would like to send my congratulations to PMH and my thanks for its active and constructive spirit during the process of doing business in Vietnam. PMH's success so far is quite enormous because it has had to overcome obstacles as this project is not a piece of cake. The Company has consistently promoted initiatives and conquered so many difficulties. To tell the truth, sometimes I did waver for fear that this project could not be accomplished. Once when talking with the Prime Minister Phan Van Khai, I stated how good it would be if we could find more companies like CT&D. In my trips abroad to invite investments into Vietnam, I often mentioned CT&D's projects. At the beginning it was also very hard to develop Tan Thuan Project, particularly in regard to clearing the site and delivering the project land, yet the investors has now put this project in good shape. I recommend investors coming to Vietnam to do business to follow the examples of preceding ones such as Mr. Ting at Tan Thuan, who has persevered to get it done as things are not easy at all. Yet perseverance must be combined with initiatives to seek ways for overcoming difficulties. We praise not only the investment results but also this investor's way of performance. It must be said that PMH is really excellent. On issuing the license for this joint venture establishment, we thought that licensing did not mean such could be realized because when I came to Ho Chi Minh City I found that if the simplest task of clearing the land for the project still could not be fulfilled, what could be done then? At that time I told leaders of Ho Chi Minh City that if this project should fail, nobody else would come. If nobody comes to this city, it means nobody comes to Vietnam, and thus our strategy would collapse. We must share difficulties with the investors. In my opinion, PMH's approach of cooperation to develop an urban area towards the Eastern Sea is quite accurate; there have been no different opinions. Besides, the selected location possesses good conditions for development. Thus, the good project tenor, good location and good management have helped bring about good results today. I must say again it is normal that certain difficulties have to be solved during the course of project realization; what matters most is that little by little we can get to understand each other and to see each other's sincerity in offering assistance. When talking to Vietnamese leaders recently, I said that if now we could find other companies similar to PMH to continue expanding the project of new urban development, we should try to meet the investors' legitimate requirements to give them stimulation. Nowadays foreign investment is a very good measure; countries which can make use of this measure will develop its economy rapidly. One of China's noted victories is foreign investment. It must be understood that foreign investors are willing to invest in places with favourable environment, regardless whether it is Vietnam or Thailand. Investors are mostly concerned about good environment and mutual benefits - for both investors and the local country - in their choice. Vietnam is determined and consistent in its policy of calling upon foreign investment because without it, fast development is impossible. The Vietnamese government will carry out new reforms. We will compile an Investment Law applicable to foreign businesses, local State-run and private businesses altogether. We are now drafting a common investment law so as to avoid discrimination among State-run, private, cooperative and foreign-invested businesses. We have got the Law on Foreign Investment, the Law on Enterprises, the Law on Cooperative; now we are waiting for the Prime Minister to approve the draft of a common investment law. Of course each industry has its own specific characteristics. In this way foreign investors will feel at ease without having to say: "It must be unbearable to us if it runs this way today and will be turned over another way tomorrow". A law to be applicable to four different forms of business enterprises is an announcement to the world that businesses are truly equal in Vietnam. Vietnam is striving to gain access to the World Trade Organization (WTO), so in the future businesses are equal to each other in the country as well as to businesses of other countries in the world. Vietnam is going forward and not backward. The Resolutions of the Party's 9th General Assembly define that foreign investment is also a part of Vietnam's economy; therefore, foreign investment will exist in Vietnam for long. I have signed an investment project of a Singapore business in Dalat with the investment duration of 70 years. It means that in the next 70 years foreign invested businesses will still exist in Vietnam's economy. I just want to convey to foreign investors that Vietnam's government highly values your contributions and wishes that you would choose Vietnam as your destination for long-term investment and business. I also want to recall a small detail of great importance, i.e. in Vietnam who first touched upon foreign investment? It was President Ho Chi Minh, who talked about this issue in 1949. |
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