UK businesses should seek investment opportunities in Vietnam because it is a growing potential market.
Paul Smith, Managing director of Harvey Nash, a supplier of software and IT services in Vietnam, made this statement at a seminar in London on August 14 held by the Vietnamese embassy and the UK-Asean Business Council (UKABC).
Paul Smith said that his company has been operating in Vietnam since 2002 with 30 percent average annual growth. He added that Vietnamese human resources have the essential skills for business development.
However, the chief executive pointed out some challenges for foreign investors, such as cumbersome administrative procedures and inconsistent rules and regulations, which he said need to be overcome soon.
Lizzy Hawkins, head of the Southeast Asia Unit at UK Trade and Investment (UKTI), said the establishment of the UKABC in November 2011 was one of the UKTI strategies to help UK businesses seek opportunities in the Asean bloc.
UKTI considers Vietnam a high growth market with investment opportunities in the infrastructure, oil and gas, retail and logistics, seaports, financial and legal services, IT and environment sectors.
The seminar was organised during a UK visit by a delegation from Vietnam, led by vice Chair of the Hanoi People’s Committee Nguyen Huy Tuong, aiming to introduce investment opportunities in Hanoi.
Tuong said promoting bilateral trade is one of the key elements in the joint statement on the UK-Vietnam strategic partnership that was signed in September 2010.
The UK currently has 158 projects in Vietnam, including 34 in Hanoi, worth a total of $67 million.
Tuong said he hopes that UK businesses will invest more in the capital’s finance, banking, service, insurance, high tech, education and health care sectors.