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.