Monday , December 11 2023

Vietnam PM calls for Singaporean investment in green economy

Prime Minister Pham Minh Chinh has called on Singaporean investors and equity funds to support Vietnam’s green and digital sectors.

In a speech to major investors as part of his official three-day trip to Singapore, Chinh said that now is the time to see how brave and adaptive the two countries’ governments and businesses can be by establishing a long-term vision of sustainable development.

“We must strengthen cooperation to overcome difficulties in the spirit of win-win and risk-sharing.” As part of its plan to become a high-income developed country by 2045, Vietnam is focusing on economic, social and environmental growth pillars, he said.

The Prime Minister added that the country is also striving to put people at the center of all development policies.

Vietnam therefore has determined that green growth, a digital economy, and science and technology development are needed to help it participate more deeply in global investment structures and supply chains.

Attracting highly-focused, quality foreign direct investment (FDI) towards urgent and impactful infrastructure is necessary to reduce costs and improve competitiveness, said PM Chinh. He argued this could speed up Vietnam’s economic restructuring process.

At the COP26 meeting, Vietnam committed to greening its economy and reducing net emissions to zero by 2050.

The PM noted that reaching this target would require a transformation of thinking, comprehensive policies and a large mobilization of resources.

The World Bank estimates that Vietnam needs about $370 billion (equivalent to about 6.8% of the country’s annual GDP) between now and 2040 to implement its roadmap to climate change resilience and decarbonization.

Reaching this goal will require important contributions by private foreign resources. “Vietnam is committed to creating all necessary conditions for like-minded foreign investors to walk with us on this journey,” PM Chinh said.

The Vietnamese leader said he hoped that Singaporean investors and funds would play a part in setting up new institutional frameworks for green growth in Vietnam.

Chinh said Singapore could help attract green financial resources from private firms, including green bonds.
Foreign investors could also help Vietnam improve governance in the public and private sectors towards transparent, efficient and sustainable development.

Vietnam has become a safe and attractive investment destination for investors from 142 countries and territories.

The country is home to 36,400 FDI projects with total registered capital of over $440 billion.
It was included on the United Nations Conference on Trade and Development’s list of the top 20 FDI destinations in the world.

“The government aims to make Vietnam a friendly and safe destination for investors,” Chinh said.
The PM and his wife concluded their official visit to Singapore Friday afternoon, and then left for an official visit to Brunei.

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