Hanoi (VNA) – Strategic partners play a highlyimportant, even decisive, role in Vietnam’s economic development, according toChairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc.

At a seminar in Hanoi on May 14, he said Vietnamcurrently has 16 strategic partnerships with major global economies, which arebig financial and technological hubs in the world.

These strategic partners and the US, acomprehensive partner of Vietnam, have invested nearly 230 billion USD in Vietnam,while also contributing 50 percent of the nation’s total trade revenue, Locnoted.

Virginia Foote, deputy head of the AmericanChamber of Commerce in Vietnam (AmCham), noted the importance of Vietnam’spolicy on cooperation with partner countries. 

She said many US businesses wish to invest inseveral fields like energy and transport in the country. They expect moreobservable improvements in both hard and soft infrastructure, along with theGovernment’s investment and business cooperation policies.

Foote recommended that Vietnam work on its hardand soft infrastructure, develop a non-cash economy, and pay more attention tointellectual property protection. She also pointed out problems in taxcollection.

At the event, Hiromitsu Sho, head of the Hanoioffice of the Japan External Trade Organisation (JETRO), said that more than3,200 businesses from Japan – an extensive strategic partner – have invested inVietnam, with their investment value increasing year-by-year.

In Vietnam, JETRO has been working to promotebilateral business, trade, and investment partnerships and help Japanese firmsparticipate in building the vision for developing local supporting industries.As a result, the rate of locally-made components in their products and thenumber of Japanese businesses in Vietnam have been growing.

He cited a JETRO survey as finding that morethan 70 percent of Japanese companies plan to expand investment in Vietnam,demonstrating the country’s attractiveness to Japanese firms. JETRO andJapanese firms see Vietnam as a country with a big market, low labour cost, andgood living conditions for foreigners.

However, to further enhance the two countries’investment and trade, apart from labour costs and administrative procedures,the investment climate also needs to be improved with greater strength, headded. –VNA