Oleh/By : DATO' SERI DR. MAHATHIR BIN MOHAMAD
Tempat/Venue : HANOI, VIETNAM
Tarikh/Date : 08/03/96
Tajuk/Title : THE OFFICIAL GROUND BREAKING
CEREMONY OF THE NOI BAI EPZ
It is indeed an honour for me to be here today,
to officiate the ground breaking ceremony of the Noi
Bai Export Processing Zone, the fruit of a joint-
venture between a Malaysian and a Vietnamese
company. This joint-venture underlines the
confidence of Malaysian investors in Vietnam and
should be the precursor of more such joint ventures.
2. In 1995, Malaysia was ranked as the seventh
largest investor in Vietnam with projects valued at
US$840 million. Malaysians have ventured into many
fields including manufacturing, infrastructure
development, hotel and tourism and many more. I
hope to see more Malaysian corporations taking
similar initiatives to venture into the dynamic
Vietnamese market.
3. Vietnam is today coming into its own and
receiving the recognition it deserves. Its open
door policy and economic reforms (Doi Moi) have
resulted in GDP growth of between eight and nine
percent with decreasing inflation. It is equally
impressive to note that GDP growth hit 9.5 percent
last year, an indication of the success of Vietnam's
pragmatic economic policies.
4. In July 1995, we also saw Vietnam being
welcomed as an ASEAN member, opening doors and
helping to strengthen cooperation in many areas. I
am glad to note that ASEAN's investments form a
significant portion of total foreign direct
investment (FDI) in Vietnam. Up to the end of
November 1995, five ASEAN members have invested
US$3.17 billion in 165 projects in Vietnam,
accounting for 17.4 percent of the total Foreign
Direct Investment.
5. Meanwhile, the most-favoured nation status
accorded by the European Union and Canada speaks
clearly about Vietnam's success in foreign relations
and makes the country especially attractive to
investors wishing to manufacture goods for export.
The lifting of trade sanctions and the establishment
of diplomatic ties with the United States have also
paved the way for the inflow of foreign aid and
investment. All these, I am happy to say, is
expected to propel Vietnam to be a new Asian tiger.
6. Malaysia is willing to share its experiences in
all areas including the economy, commerce,
investment, tourism, infrastructure and technology
with our Vietnamese neighbours. We also hope that
there will be more opportunities for us to
strengthen bilateral relations.
7. The Renong Group has been involved in Vietnam
since 1992 notably in an international class hotel
in Hanoi and the integrated Noi Bai project.
8. I am happy to note the progress of Noi Bai
Development Corporation, a joint-venture set up by
Vista Spectrum (M) Sdn. Bhd, a wholly-owned
subsidiary of Kinta Kellas, a member of the Renong
Group of Companies and the Hanoi Industrial
Construction Company in building and operating the
Noi Bai EPZ, Vietnam's sixth Export Processing Zone.
9. The Noi Bai EPZ is one of the Renong Group's
many projects which have contributed to the social
and physical development in the countries where the
projects are located. I understand that the
Vietnamese farming households which made way for the
EPZ are already enjoying the economic spin-offs from
the project.
10. The Noi Bai integrated project which initially
comprised the EPZ, Golf Resort and City was
conceived during my last visit to Vietnam in 1992.
I am happy to see that the first component of the
project is being implemented and am convinced that
the Noi Bai EPZ will continue to contribute to
Vietnam's economic growth. This proves that the
support and commitment of both the public and
private sectors are not only desirable but forms an
essential ingredient for successful development.
11. In fostering and nurturing public-private
partnerships to promote development, it is extremely
important that both sides be willing to understand
and help resolve each other's problems. I am certain
that the Vietnamese Government and Renong will work
together based on this principle.
12. In conclusion, let me congratulate Noi Bai
Development Corporation Limited for their progress
in the Noi Bai EPZ project. I wish you all the best
in this business venture.
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