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Committee on Commerce and Intellectual Property, House of Representatives made a study visit to the National Council of the Socialist Republic of Vietnam. They were welcomed by Mr. Nguyen Van Phuc, Vice-Chairman of the Economic Affairs Committee Assembly-Socialist Republic of Vietnam. During the study visit, they exchanged views as follows:
1. Industry and foreign investment
In the past, there was a war in Vietnam, a revolution in the south of the country. Those became the obstacles in country development. However in the recent year, the country was rapidly developed because there was a strategy based on the theory of setting up a collective organization and the economic reform policies and a society created by DOI MOI started in 1986.
In 1987, Vietnam had a policy to promote foreign investment which made it able to attract foreign investment including the investors from Thailand. This provides a source of funds for developing a country from a former lack of funds. In addition, investment promotion law provides opportunities for foreign investors to invest 100 percent in the business. There are various facilities and measures consisting of the import tax decrease for 10-25 percent.
Moreover, Vietnam also has a private economic policy that makes more investment by learning from the experience from Thailand. In addition, Vietnam has a policy to open the country by becoming a member of ASEAN and has invested in member countries such as Thailand, Singapore, etc. It was also a member of Asia-Pacific Economic Cooperation: APEC. There is a strong relationship between them. Moreover, Vietnam is a member of the World Trade Organization (WTO), which Thai person used to be a secretary-general. The World Trade Organization has a good relationship with Vietnam. Vietnam's opening of the country helped the exports of goods for 70 percent of Gross Domestic Product (GDP). Although Vietnam is rapidly developing its economy, it still faces the problem of inadequate quality of economic and utilities, traffic and environmental problems
2. Agriculture
Vietnam is an agricultural country with about 70 percent of the population. In the past, the production of rice depended on the government: people cannot produce the rice by themselves, thus they needed to import rice from abroad. Vietnam has rice cultivation in the Red river basin similarly to Thailand. While in the central part of the country, there is a huge shortage of rice, and it is necessary to buy rice produced from the South and the Mekong Basin of the country. Each Family has a book to record how much rice they can receive and exchange. They also have a rice exchange coupons and meat. Later, the government saw that the old policy was useless in economic development, so the government changed it. Vietnam Economic Development Policy allocated people to work and produce rice. The production of rice can also be sold because the government helped people in irrigation. In 2009, Vietnam was able to export rice and it is the second rice most sold worldwide after Thailand with rice exported in the amount of 6 million tons. The main market is the Africa and Asia continent such as Japan, Philippines, and Indonesia etc.
The Economic Commission Vietnam National Congress plays a role in supporting the policy of the government in investing in irrigation, long-term transportation, also developing culture, rural economy especially people in the mountains.
Views and Suggestions from the Study Visit
1. A study trip of the Commission revealed the Vietnam Reform Policy for developing the domestic economy and encourages foreign investors to invest by issuing Investment promotion law that is beneficial to foreign investors. As a result, there are income, sources of funds, employment, and taxation of fellow investors that can be used in the economic development of the country. There are many important export commodities, such as rice. Although Vietnam is a country that has experienced a war and revolutionary war in the South of the country, it can develop the country to have prosperity
2. Economic Commission, Vietnam National Congress place emphasis on supporting the development of Vietnam's economy in various projects. It drives the country to develop better. Therefore, it is necessary to exchange views and connect the relationship between the two commissions.
3. Vietnam is a country with a large number of both domestic and international tourists. Despite the global recession, the major attractions, such as puppet shows or taking a natural cruise to see the nature of Halong Bay, still have full of tourists.
4. Vietnam has traffic problems both in Hanoi and outside the city because people have used motorcycles as a mass transportation vehicle. However, drivers ask the Commission to act strictly following traffic rules by driving outside the city with the limits not over 60 kilometers per hour. Even it made travel delay but it is safer. Thailand should apply to make drivers conscious and abide by the prescribed traffic rules strictly in order to reduce the current high-rate car accidents.
Keywords Vietnam, Commerce, Intellectual Property, Doi Mei, DOI MOI, Industry and Investment, agriculture
Pillars Economy
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