Mr. Chairman,
Ladies and Gentlemen,

First of all, allow me to express my sincere thanks to the organizers of the ASEAN-BIS for giving me the opportunity to speak at this important conference. This is also an opportunity for ASEAN businesses to meet and engage in a face-to-face dialogue with ASEAN leaders on the issues related to the development of our region.

I also highly appreciate the initiative to organize the Conference and hope that in the future, together with this ASEAN-BIS Conference, the ASEAN Business Advisory Council will consider conducting more regularly meetings and contacts at the working level between ASEAN businesses and senior economic officials to exchange views and address critical outstanding issues facing enterprises so that they will be in a better position to make active contribution to the ASEAN economic integration and regional economic development.

We all agree that “OPPORTUNITIES BROUGHT ABOUT BY ASEAN AND ITS PARTNERSHIPS” is a major theme that covers many fields, namely trade, investment and business cooperation within the ASEAN business circle and between ASEAN enterprises and Northeast Asian and Indian partners under the frameworks of ASEAN-3, ASEAN-1 and ASEAN-India.

ASEAN economic integration is strongly evolving with the realization of commitments for trade liberalization under the AFTA framework, investment liberalization in line with AIA. During the last years, substantive progress made in the CEPT implementation have created an environment more conducive to our intra-trade and investment. However, the trade flow among ASEAN countries remains modest, only accounting for 25% of their total trade. Foreign investment in ASEAN countries has declined from US$33 billion in 1997 to US$10.89 billion in 2002.

The question is how to increase the ratio of intra-ASEAN trade and investment? And how to attract more investment from non-ASEAN countries as ASEAN becomes more and more integrated toward an ASEAN economic community?

I believe that the business sector should play a role as the driving force for this economic community, as well as for ASEAN linkages and partnerships.

It is for enterprises themselves to answer that question. And it is also for enterprises to raise their needs for the governments of ASEAN members to answer that question.

I believe that recommendations by ASEAN-BAC, the sponsor of this Conference, will be supported by ASEAN leaders. Short-term proposals on trade and investment facilitation like customs procedures harmonization, trade barriers removal, currency stablisation, intra-ASEAN investment promotion, and so on, are feasible measures for us.

Long-term recommendations on the establishment of the regional financial market and Viet Nam’s recent proposal on free visa for a certain period of time for ASEAN citizens will contribute to the facilitation of capital and labour flows, helping ASEAN businesses carry out restructuring, better access to capital and improve their competitiveness.

Through regional initiatives, we are in the process of developing a regional bond market with the formation of the ASEAN Fund. This will help ASEAN reduce its reliance on non-regional financial sources, better guarantee regional financial stability and therefore enable ASEAN businesses to better access financial sources available in the region. Besides, we need to make the best use of existing arrangements like AIA and AICO to encourage non-ASEAN businesses to invest in ASEAN, further remove barriers, shorten the deadline for liberalization of some industrial and services sectors, put in place National Treatment etc.

Opportunities for ASEAN businesses also emerge from economic cooperation and linkages between ASEAN and non-regional partners, especially through the frameworks of economic partnership and free trade area like ASEAN-China, ASEAN-Japan, ASEAn-India, ASEAN-EU, ASEAN-CER, ASEAN-United States, etc. The business environment has never been conducive to ASEAN businesses as now. With that, our enterprises will be in the position to enjoy preferential treatments in trade and investment from these markets. Furthermore, ASEAN can also take advantage of benefits from technical assistance programmes as well as better access to capital, technology and business cooperation and partnerships with enterprises of these countries.

Ladies and Gentlemen,

As an ASEAN Member, Viet Nam has been consistent to the foreign policy of independence, sovereignty, multilateralization and diversification of its external relations along the line “Viet Nam is willing to be a friend and reliable partner of all nations in the international community”. In that light, active measures have been taken to expand foreign economic relations and promote international integration with a roadmap suitable to our own conditions to fulfill international commitments.

It is Viet Nam’s policy to build a multi-sector economy. We therefore encourage, support and guarantee legitimate interests and equal development opportunities for enterprises of all economic sectors, including 100% foreign-owned businesses. Viet Nam regards the foreign-invested sector as an integral part of the national economy. This sector, which has played an increasingly important role in our economic development, will be encouraged to develop their long-term business on a level playing field with domestic enterprises.

The Vietnamese people and enterprises are trying to further deepen and accelerate the reform process. In that regard, the Government will take measures to make the investment and business environment more flexible and attractive to investors no less than that of other countries in the region. Foreign investors, especially those from ASEAN countries, will be most welcomed with favourable conditions in Viet Nam.

I look forward to seeing you as foreign investors in Viet Nam. This will be in the best interest of ASEAN businesses as well as economic development of Viet Nam and other ASEAN countries.

I wish great success to the Conference, and peace and prosperity to ASEAN.

I also wish you all well and success.

Thank you for your attention.