UNCLAS HO CHI MINH CITY 000471

SIPDIS

USDOC
SENSITIVE
SIPDIS

STATE FOR EAP/MLS AND EB/OMA
STATE PASS USTR DAVID BISBEE
USDOC FOR 4431 (MAC/AP/OPB/VLC/HPPHO)
TREASURY FOR OASIA

E.O. 12958: N/A
TAGS: ECON EFIN ETRD BTIO EINV VM
SUBJECT: VIETNAM ECONOMIC FORUM 2007: VIETNAM?S NEIGHBORS TAKE THE
LEAD


(U) THIS CABLE IS SENSITIVE BUT UNCLASSIFIED. NOT FOR
INTERNET.


1. (U) A recent investment forum hosted by the GVN in Ho
Chi Minh City highlighted the importance Vietnam places on
regional investors. The Vietnam Economic Forum, hosted by
the Ministry of Planning and Investment (MPI), in
conjunction with the Vietnam News Agency and Asia News
Network, was held April 23-24 and attracted some 500
participants, mainly Thai, Singaporean and Chinese
investors. There was little to no discussion of or
participation by U.S. or European investors.


2. (SBU) Featured GVN speakers, including Deputy Prime
Minister Nguyen Sinh Hung, Minister of Planning and
Investment Vo Hong Phuc, and former Deputy Prime Minister
and current Special Envoy of the Prime Minister Vu Khoan
made the usual plug for foreign investment in Vietnam and
emphasized the potential benefits for regional integration,
focusing on development through multilateral institutions
like the Association for Southeast Asian Nations (ASEAN).
Singapore?s Minister for Trade and Industry S Iswaran spoke
further on the issue, urging Asian economies to ?continue
to undertake joint efforts to grow the collective economic
pie and contribute to regional stability.? Minister Iswaran
focused on ASEAN as the forum for these efforts,
emphasizing ASEAN economic partnerships with China, Korea,
Japan, India and Australia as particularly valuable.
Iswaran made only one reference to the United States,
stating that the USG has ?important policy questions to
maintain economic competitiveness vis a vis Asia.? No
mention was made of the U.S.-ASEAN enhanced partnership.


3. (SBU) The presence of delegates from Thailand was
particularly noticeable. Assistant Editor of the Thai
newspaper The Nation Kavi Chongkittavorn moderated the
session on challenges for Vietnam, and the Chairman of
Thailand?s Amata Group spoke on ?staying ahead in the
investment driven economy.? Separate dining and networking
events were scheduled for Thai delegates and their
Vietnamese hosts. The Thai ExIm Bank, as well as several
Thai media outlets under the Asia News Network, sponsored
the Forum. (Note: The Consul General met with
representatives from the Thai ExIm Bank in November 2006.
They were frank in their assessment that Thai businesses
should be taking greater interest in Vietnam and were
looking for ways to promote Thai investment in the country.
End Note.)


4. (SBU) Comment: While the structure of the Forum was no
different from investment conferences held in the past, it
is the first on this scale to cater exclusively to regional
investors. This is the first forum we have attended in
HCMC that conducted simultaneous translation in Mandarin
Chinese, as well as the traditional English and Vietnamese
translation. Although the speakers and presenters spoke
on a wide variety of subjects related to developing
investment in Vietnam, the presentations were aimed
directly at Asian participants and not the United States or
other global investors. Strong Thai participation and the
presence of the Singaporean Minister of Trade and Industry
highlights the high priority those countries place on
investment in Vietnam. End Comment.

WINNICK