VIETNAM ECONOMIC FORUM 2007: VIETNAM?S NEIGHBORS TAKE THE

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