From Vietnam Briefing
HANOI – After the controversial deployment of a Chinese oil rig in the South China Sea sparked riots targeting Chinese-owned businesses in Southern Vietnam, many business leaders are optimistic government efforts to restore business confidence will allow for a return to business as usual.
Riot police stand guard on a street outside a factory building in Binh Duong on May 14, 2014, as anti-China protesters set more than a dozen factories on fire in Vietnam, according to state media, in an escalating backlash against Beijing’s deployment of an oil rig in contested waters. Workers looted goods and attacked offices in a rare outburst of public unrest on May 13 in the authoritarian communist nation, which allowed mass anti-China rallies around Vietnam at the weekend. (Photo: VNExpress/AFP/Getty Images)
Binh Dong Province in particular was severely impacted by rioting, and suffered the heaviest damage in the south. However, according to Tran Van Nam, deputy chairman of the People’s Committee of the province, 98 percent of firms impacted by the recent riots have now resumed normal business activities. While many firms temporarily suspended operations amidst the unrest, government aid and support have bolstered the determination and ability of many firms to continue to engage in business activities despite the incidents.
At a meeting organized by the Vietnam Chamber of Commerce in Saigon last Friday, a representative from the Hong Kong Business Association expressed a determination to resume operations after the riots, and optimism at government efforts to restore investor confidence.
In particular, investors are very pleased with government initiatives to ensure businesses’ safety and security amidst possible future unrest.
Business associations from Asian, American and European countries, officials from Saigon, Binh Duong and Dong Nai provinces and representatives from various Vietnamese ministries and agencies attended the meeting to demonstrate the government’s seriousness about moving ahead with efforts to enable businesses to resume operations immediately and ease investor concerns.
Colonel Ho Van Muoi, deputy chief of the Public Security Ministry’s Department of Financial and Monetary Security, said that since opening the door to foreign investors, Vietnam had worked hard to ensure the safety and security of business assets.
Read the full story from Vietnam Briefing.
