The answer is "no" because in general there does not even exist a neighbourhood $U$ of your submanifold that holomorphically retracts to the submanifold.    
In fact Finnur Lárusson has [proved] [1]  the following   (warning: I have kept his notations, so as to faithfully quote him. In particular $[X]$ is $\mathcal O(X)$, the line bundle on $M$ associated to the divisor $X$)

> **Theorem** Let $X$ be a connected hypersurface in a compact complex manifold
M of dimension at least $2$. If       
(1) $H^0 (M, TM) = 0$     
(2) $dim H^0(M; [X]) \geq 2$, and      
(3) $H^1(M;  [X]^{-1}  \otimes TM) = 0$,      
then no neighbourhood of $X$ retracts holomorphically onto $X$.

Note that the hypotheses are very easy to satisfy: (1) holds for $K3$ surfaces for example  and (2), (3) will follow from $X$ being sufficiently ample.


[Here][2] is a freely downloadable version of Lárusson's   article, from his homepage.

[1]:http://www.springerlink.com/content/vbgj2c61q1u3v8fn/    
[2]:http://www.maths.adelaide.edu.au/finnur.larusson/papers/retr.pdf