February 25, 2010

Vietnam seeks more investments from Norway

More incentives will be offered to Norwegian businesses to operate efficiently in Vietnam on an equal footing and mutually beneficial basis.

Vietnamese Deputy Prime Minister Hoang Trung Hai made the commitment at a meeting of the two countries' business communities in Hanoi on Wednesday (Feb 24).

Hoang added that Vietnam is making every effort to finalise its legal system and accelerate administrative reform to create a favourable investment and business environment for domestic and foreign investors.

He believes that the ongoing negotiations of a free trade area between Vietnam and the European Free Trade Association (EFTA) will open up new opportunities for cooperation between Vietnam and Norway.   

Meanwhile, Norwegian ambassador Risa Stale Torstein affirmed his country's willingness to assist Vietnam in the economic transition period and in areas such as energy, shipbuilding and seafood processing. In addition to Ba Ria-Vung Tau province, Risa said, Norwegian businesses want to expand their operations to Hanoi and the north-western region.

Last year, two-way trade reached US$120 million and Norwegian investment in Vietnam came to US$32 million.