“Work together, win together, enjoy together”

Prime Minister Pham Minh Chinh speaks at the annual Vietnam Business Forum. Photo: Duong Giang/VNA.

The Conference and Forum were co-organized by the Ministry of Planning and Investment , the World Bank (WB) and the International Finance Corporation (IFC). At the Conference, representatives of business associations from countries in Vietnam such as the United States, the United Kingdom, South Korea, Japan, Singapore...; multinational economic groups in Vietnam such as Intel, Samsung, Bosch, Erex, Coca-Cola, Heineken made assessments on the role of FDI in the new context and provided policy advice; recommendations to improve the investment and business environment in Vietnam.

The European Chamber of Commerce (EuroCham) also assessed that, even in the face of global commodity price spikes, inflation and supply chain disruptions, Vietnam has maintained its position as one of the world's leading growth economies . Vietnam is now in a favorable position to demonstrate its potential as a global leader in sustainable economic development. Many foreign retailers have chosen Vietnam as a strategic hub of their global supply chains.

Speaking at the conference, the Prime Minister said that the speeches of the delegates all showed the spirit of "3 together" including: Listening and understanding between state-owned enterprises and the people; sharing vision and action for economic development in general and green development in particular; working together, enjoying together, winning together and developing together.

The Prime Minister affirmed that Vietnam is not subjective or negligent, but always calm, firm, and determined to be ready to respond to all situations, difficulties, and challenges that may arise. At the same time, the Vietnamese Government always listens to and shares with partners and investors, contributing to a peaceful, stable, cooperative and developing environment, working together, enjoying together, winning together, and developing together.

The Prime Minister said that in a very difficult and challenging context, thanks to the efforts of the entire political system, the business community and the people under the leadership of the Party, Vietnam's socio-economic situation continues to recover positively, achieving many important results in many fields, becoming a bright spot in the global economy. Many prestigious international organizations highly appreciate the results and prospects of the Vietnamese economy. ADB forecasts Vietnam's growth in 2024 at 6%, HSBC Bank forecasts 6.3%; Standard Chartered Bank forecasts 6.7%; S&P forecasts 6.8%.

In particular, despite the global FDI trend, Vietnam is still a bright spot in FDI attraction. In 2023, FDI attraction reached nearly 36.6 billion USD, up 32.1%; realized FDI capital reached nearly 23.2 billion USD, up 3.5%.

In the first two months of 2024, FDI attraction reached 4.3 billion USD, up 38.6%; realized FDI capital reached 2.8 billion USD, up 9.8%. As of the end of February 2024, there were over 39,500 valid FDI projects, with a total investment capital of over 473 billion USD. There are 145 countries and territories investing in Vietnam. In addition, Vietnam also promotes foreign investment and achieves efficiency.

Analyzing lessons learned, the Prime Minister said that it is necessary to selectively attract investment, prioritizing high-tech projects with great spillover, environmentally friendly, creating momentum to promote digital transformation, green transformation, developing circular economy and emerging industries and fields (semiconductors, artificial intelligence, hydrogen) and deeply participating in regional and global production and supply chains.

The general goal of 2024 is to prioritize promoting growth associated with maintaining macroeconomic stability, controlling inflation, ensuring major economic balances; focusing on ensuring social security, improving people's lives; maintaining political and social stability; strengthening national defense and security; promoting foreign affairs and international integration; preserving a peaceful and stable environment for national development.

To achieve the above objectives, according to the Prime Minister, it is necessary to further promote the role of the people and the business community, including the FDI sector. Taking people and businesses as the center, the subject, the resource, the driving force and the goal of development; at the same time, not sacrificing progress, social justice, environmental protection to pursue mere economic growth. Using a comprehensive, global, and all-people approach in the spirit of "harmonious benefits - shared risks".

The Prime Minister said that Vietnam identifies green growth as one of the two core factors (along with digital transformation) in the process of restructuring the economy and transforming the growth model towards improving productivity, quality, efficiency, competitiveness and rapid, sustainable development.

In the coming time, the Prime Minister requested and hoped that FDI enterprises would continue to accompany and support Vietnam in 5 factors: Capital, institutions, technology, governance, and human resource training. At the same time, he called on FDI enterprises and foreign investors to accompany Vietnam in implementing green transformation and sustainable development in the spirit of "3 pioneers". Along with that, the Prime Minister hoped that international organizations and development partners would continue to support and accompany Vietnam in the spirit of "3 promotion".

The Prime Minister also affirmed that the Vietnamese Government is committed to always accompanying and creating favorable conditions for the business community and domestic and foreign investors in the spirit of "harmonious benefits, shared risks"; "working together, winning together, enjoying together". The cooperation has been successful and has not been successful, but the most important thing is to share and understand each other, then any problems, big or small, can be resolved. The Prime Minister requested that the business community and investors must do what they say, must do what they commit to, must do what they do, must have real, measurable results.

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The Prime Minister said that it is necessary to selectively attract investment, prioritizing high-tech projects with great spillover, environmentally friendly, creating momentum to promote digital transformation, green transformation, developing circular economy and emerging industries and fields (semiconductors, artificial intelligence, hydrogen) and deeply participating in regional and global production and supply chains.

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