Prime Minister promotes Việt Nam’s potential as a leading trade destination within ASEAN

Prime Minister Phạm Minh Chính in talks with business leaders in Davos, Switzerland on Wednesday.— VNA/VNS Photo Dương Giang

DAVOS — Prime Minister Phạm Minh Chính on Wednesday chaired the talk “Việt Nam – Leading Sustainable Investment in ASEAN” with business leaders from around the world on the sidelines of the World Economic Forum (WEF), highlighting the country’s economic prospects and trade opportunities.

The talk was organised by the Vietnamese Ministry of Planning and Investment, the Geneva-based Vietnamese mission, the Young Presidents’ Organisation (YPO) and the investment firm VinaCapital.

Founded in the US in 1950, the YPO now gathers more than 34,000 business leaders from 150 countries. 

Speaking about Việt Nam’s economy in 2023 and prospects for 2024, VinaCapital general director Don Lam said the country’s gross domestic product (GDP) increased by an impressive 5.05 per cent last year. 

Việt Nam kept inflation under control through various fiscal policies, while also investing in infrastructure and attracting substantial foreign direct investment (FDI). 

Việt Nam’s government has created a safe and sustainable environment that turned the country into an attractive business destination in the region and the world, and will surely play an increasingly important role in the global supply chain, Lam said. 

Thomas Serval, CEO of Baracoda Group (France) also sees Việt Nam as one of the top destinations for trade with abundant, high-quality human resources and good relations with France, and hopes to engage in the development of AI innovation centres in Việt Nam. 

PM Chính believed that through sincere conversations, trust will be strengthened among countries and businesses following WEF. 

The Vietnamese leader added that Việt Nam is a developing country with a modest and transforming economy, which can suffer impacts from external factors, and therefore timely adjustments in regulation from the State are necessary.

Việt Nam also has experiences in securing its freedom, national unity, building a socialist democracy and rule-of-law state, as well as a socialist-oriented market economy, he said.

The country also upholds its foreign policy of independence, self-reliance, peace, companionship, cooperation and development, diversification and multilateralisation, alongside proactive and comprehensive international integration, aiming to be a trusted partner and an active member of the international community, said the PM. 

Việt Nam now has diplomatic relations with more than 190 countries, including strategic and comprehensive strategic partnerships with United Nations Security Council permanent members and the G20 members, and has signed free trade agreements with more than 60 countries.

In the near future, Việt Nam will continue to focus on its three strategic breakthroughs, which are: developing infrastructure to reduce input and logistic costs; high-quality human resource training; and perfecting policies to create favourable conditions for businesses and people’s lives, said PM Chính.

Việt Nam also has preferential policies for priority sectors, such as science-technology, green and digital transformation.

During economic downturns, the country managed to maintain macroeconomic stability, control inflation, promote growth and ensure that major economic balances as well as public, government, foreign debts and overspending are under control, he added.

The Vietnamese leader said: “Open policies, coherent infrastructure and smart management, we will persist with these policies even amid global changes, in the spirit of harmonising interests between the state, the people and businesses, and sharing the burden with investors when there are risks.”

This balance and harmony is crucial to long-term, sustainable and effective investment cooperation, he added.

PM Chính also said that the Vietnamese Government as well as its ministries and departments are always ready for dialogue, and protect the legitimate rights and interests of investors, and hope to see the same spirit of commitment from businesses. — VNS