HANOI, Sept. 27 (Xinhua) -- Vietnam will host the ASEAN Business and Investment Summit (ASEAN-BIS) from Oct. 26 to 28 in the country's capital city of Hanoi, according to the Vietnam Chamber of Commerce and Industry (VCCI) at a press briefing here on Monday.

The summit is expected to draw about 600 to 1,000 companies from members of the Association of Southeast Asian Nations (ASEAN) and ASEAN partners, said Doan Duy Khuong, Vietnamese VCCI deputy chairman, Chair of the ASEAN Business Advisory Council.

Khuong said that the meeting brings a chance for companies to know more about its strength and weakness, and the opportunities and challenges to be able to build a sustainable and appropriate development strategy.

It would help participating companies to cooperate and share experiences to improve their business and investment efficiency, he said.

During the summit, an award ceremony will be held to honor companies which have had important contributions to the common development of the region, according to Khuong.

ASEAN-BIS was first held in 2003. It serves as a forum linking the private sector with public sector and government representatives.