Following Mr. Thao’s presentation on the Vietnamese Lawyers Federation and the history of the legal industry in Vietnam, the delegates turned their attention to Alex Larkin, who talked about the legal framework for foreign investment and the establishment of business entities in Vietnam. Alex is a transplant from Washington State, so he had a unique perspective on the opportunities available to foreign investors.
Part 2 of this post will address Alex’s comments on the energy-producing sector as a potential for foreign investment.
Alex began by saying that the government is taking action that attracts and encourages foreign direct investment (FDI) They want to encourage the export of goods and reform the administration procedures in order to reduce bureaucratic inefficiencies.
Vietnam, because of its history, is a very bureaucratic place governmentally. It’s very slow – while you can get anything done, it will always take a long time. So there has been a lot of effort recently to reform these procedures to make things more attractive for investors. One such effort is "e-government" which will allow people to do things online more efficiently.