Just over one year after joining the World Trade Organisation, Vietnam ranks sixth in the list of countries attracting foreign investment.

Figures released at the 2008 Leap Forward Vietnam Business Leadership Forum held in HCM City by the European Chamber of Commerce (EuroCham) showed Vietnam to be only behind China, India, Russia, the US and Brazil.

According to the head of the Foreign Investment Department, Phan Huu Thang, the 2007 World Investment Report by the UN Trade and Development Forum stated that Vietnam is not only attractive for industrial production but also services like finance and banking.

Thang said as a WTO member the country had made commitments on signing agreements on the Rights of Intellectual Property and applying investment measures related to trade and others.

Vietnam has also abolished government subsidies inappropriate under WTO provisions and made important commitments to open up some services like telecoms, distribution and finance to foreign competition as well as reduce tariff barriers and create new opportunities for foreign investors.

Thang said the government would abolish all regulations obstructing foreign investment including localisation and export commitments.

"To maintain its high and stable growth rate, Vietnam will continue to develop local resources and take initiatives to integrate into the global economy, especially focusing on improving international trade and investment co-operation on the basis of fulfilling our WTO commitments," Thang said.

He said the country had so far attracted over 9,000 foreign-invested projects worth over US$98 billion.

For 2006-10, the government has set a cumulative investment target of $150 billion.

In addition to promoting production of new materials, high-technology products, IT, bio-technology and machinery, it will also boost FDI in infrastructure and related areas like energy, traffic, telecoms, urban infrastructure, farm produce processing, education and health services.

Thang said the country would introduce reforms to make science and technology a central tool for development and to improve the quality of human resources.

Dr Vu Thi Kim Lien, deputy chairwoman of the State Securities Commission, presented a report on initial public offerings and stock market listings last year.

The forum's agenda included panel discussions on Adapting Leadership Styles to Vietnamese Work Culture, Unlocking Shareholder Value Through Restructuring and/or Listing, and Growing Business in Vietnam 2008-2012: Leap Forward Perspectives.