The event was jointly organized by the Ministry of Planning and Investment of Vietnam, the World Bank Group (WB), and the International Finance Corporation (IFC). Attending the event were representatives of leaders of ministries, branches, central agencies; representatives of diplomatic agencies, international organizations, associations, FDI enterprises, economic experts, etc.
VBF is a continuous and close dialogue mechanism between the Government of Vietnam and the business community to improve business conditions necessary to promote the development of the private enterprise sector, facilitate the investment environment, and contribute to Vietnam's sustainable economic growth.
According to the Roadmap to Sustainable Economic Recovery Report, VBF affirmed that despite many difficulties, Vietnam still maintains its attractiveness to foreign enterprises, ranking in the top 3 attractive destinations for investors.
Vietnam’s business environment is attractive due to its stable political landscape, low labor costs and expanding consumer market, therefore, the Government needs to continue to have supportive solutions for sustainable growth; focusing on improving the qualifications of the workforce, especially in the manufacturing sector, will promote the formation of a prosperous and flexible business environment.
In his opening speech, Minister of Planning and Investment Nguyen Chi Dung emphasized that the Conference is of utmost importance in the context of the increasingly important role of the foreign-invested economic sector, an important part of the national economy, playing a major role in attracting investment capital, technology, modern management methods, expanding export markets, and being considered an important driving force for economic development, promoting international cooperation and participating in global value chains.
The attendance and important directive speech of Prime Minister Pham Minh Chinh demonstrated the special attention of the head of the Government to the business community in general and FDI enterprises in particular, spreading the spirit of drastic action, always accompanying enterprises of the Government and the Prime Minister.
The Minister stated that, recognizing the importance of green growth for the country's future, the Prime Minister approved the National Strategy on Green Growth for the 2021-2030 period, with a vision to 2050.
The Strategy has clearly identified green growth as an important solution to promote economic restructuring associated with growth model innovation, enhance competitiveness, and directly contribute to reducing greenhouse gas emissions towards a carbon-neutral economy in the long term.
Green growth is people-centered, based on modern institutions and governance, advanced science and technology, high-quality human resources, investment orientation in advanced technology, digital transformation, smart and sustainable infrastructure.
In that process, the business community is identified as a key factor, playing an important role. With strengths in capital, technology, management, network, market, etc., FDI enterprises must play a pioneering role, leading and accompanying domestic enterprises to implement the goals of the Green Growth Strategy.
With its potential and geo-economic position in the global supply chain, Vietnam is facing a great opportunity in green growth to be able to transform, catch up, move forward, surpass, take shortcuts and create momentum for a leap forward in economic, social and environmental development.
Green growth orientation is the key to ensuring the successful implementation of the goals in the 10-year Socio-Economic Development Strategy for the 2021-2030 period; creating opportunities for Vietnam to continue the momentum of innovation, promote in-depth transformation of the growth model, promote quality, efficiency and sustainability at the scale of the entire economy as well as at the enterprise level.
With that meaning, the choice of the theme "FDI enterprises pioneering the implementation of the Green Growth Strategy" for this Conference has strongly demonstrated the Government's determination as well as affirmed the particularly important role of the business community, especially FDI enterprises, in implementing green growth to realize strategic goals of reducing greenhouse gas emissions, greening economic sectors, strongly promoting the green transformation process on the principles of inclusion, equality, mutual benefits, enhancing resilience and leaving no one behind.
Immediately after the opening session, the Forum went into discussion with two main contents: The role of FDI in the new context; the responsibility of FDI enterprises in implementing green growth strategies.
At the Conference, representatives of business associations from countries in Vietnam such as the UK, the US, Korea, Japan, Europe, Singapore, etc.; multinational economic groups in Vietnam such as Intel, Samsung, Bosch, Erex, Coca-Cola, Heineken, etc. presented their assessments of the role of FDI in the new context and provided policy advice and recommendations to improve the investment and business environment in Vietnam.
The conference also assessed the situation and responsibilities of FDI enterprises in implementing the green growth strategy. In particular, the conference listened to the report on the results of the ESG (environment, society, corporate governance) survey - factors related to sustainable development and the influence and impact of enterprises on the community.
At the same time, discuss human resource development associated with green growth, sustainable infrastructure development, ESG finance, ESG implementation status in enterprises in the context of promoting greening the economy and business plans for green growth implementation and ESG implementation.
Mr. Denzel Eades, Vice Chairman of the British Business Group in Vietnam, welcomed Vietnam's commitment to net zero emissions by 2050 and sustainable development, as well as the Government's efforts in implementing this agenda; affirming that British businesses are ready to make significant contributions in important areas such as energy, finance, pharmaceuticals and consumer goods in Vietnam.
The Vice President of the British Business Association in Vietnam also said that the approval of the Power Development Plan 8 shows Vietnam's strong commitment to reducing carbon emissions. He recommended that Vietnam quickly implement the Power Development Plan 8, especially developing LNG, solar and wind power; and coordinate the implementation of the Just Energy Transition Partnership (JETP) in line with the Power Development Plan 8.
Mr. Joseph Uddo, Chairman of AmCham Hanoi, American Chamber of Commerce in Vietnam, said that in order to regain momentum and develop the supply chain, Vietnam needs to restructure state-owned enterprises, government management and management processes for the private sector.
The Chairman of AmCham Hanoi said that more than half of AmCham members are doing business better than expected. Believing that the most important factor creating a favorable investment environment is a fair and transparent legal environment, AmCham suggested that Vietnam continue to make efforts to reform administrative procedures such as procedures in tax-related issues, investment licensing; stable electricity supply for production and business, etc.
Mr. Muto Shiro, Vice President of the Japan Chamber of Commerce and Industry in Vietnam (JCCI), said that Japan and Vietnam have upgraded their relationship to “Comprehensive Strategic Partnership for Peace and Prosperity in Asia and the World”. JCCI will actively participate in important agendas promoted by the Vietnamese Government such as carbon emission reduction, innovation and supply chain enhancement.
Japanese enterprises hope that Vietnam will further promote its participation in the global supply chain; train human resources; develop infrastructure; pay attention to social security issues to promote green growth and sustainable development...
Mr. Honna Hitoshi, Chairman and Representative Director of Erex Group (Japan) said that Vietnam has great potential to develop biomass power and is suitable for the development of green economy and circular economy that Vietnam is aiming for; said that Erex Group plans to invest in 18 electricity and biomass fuel projects in 14 localities of Vietnam; hopes that Vietnamese ministries, branches and localities will create favorable conditions for the Group to soon implement the projects; at the same time, perfect the legal framework related to carbon credits to help businesses feel secure in investing in this field...
After the Ministers and leaders of Vietnamese ministries and sectors spoke and answered the opinions and recommendations of the business community related to infrastructure development, especially transport infrastructure, logistics, information technology; planning work; energy development, especially new energy, ensuring electricity security, etc., speaking at the Conference, Prime Minister Pham Minh Chinh respectfully acknowledged and highly appreciated the profound, frank, objective, constructive and positive discussions, demonstrating the enthusiasm and desire of development partners, the business community, international and domestic investors to contribute and promote the prosperous development of Vietnam, with the spirit of "3 together": "listening and understanding together", "sharing vision and action together", "working together, enjoying together, winning together and developing together".
According to the Prime Minister, the 2024 Annual Vietnam Business Forum and the Prime Minister's Conference meeting with the FDI business community with the theme "FDI enterprises pioneering in implementing the Green Growth Strategy" are timely and practical, in line with the current general trend of the world, especially the orientation of green growth and sustainable development of Vietnam, towards realizing the commitment to bring net emissions to "0" by 2050.
The Prime Minister requested ministries and branches to continue to synthesize, review and absorb opinions to complete and soon submit the draft directive document of the Prime Minister. Ministries, branches and localities should study and carefully review the opinions, issues and specific questions of enterprises and investors to promptly resolve, handle and complete mechanisms and policies, ensuring publicity and transparency. In cases beyond their authority, they must promptly report to the Prime Minister.
Prime Minister Pham Minh Chinh said that in a very difficult context, thanks to the efforts of the entire political system, the business community and the people under the leadership of the Party, regularly and directly led by the Politburo, the Secretariat, headed by General Secretary Nguyen Phu Trong, Vietnam's socio-economic situation continued to recover positively, achieving many important results in many fields. Vietnam's overall achievements include the support and assistance of international friends and the contributions of FDI enterprises.
“The Vietnamese Government always listens, respects, and shares with businesses to jointly resolve difficulties, overcome challenges, work together, enjoy together, and develop together; protect and create an environment of peace, cooperation, and development in the region and the world,” the Prime Minister affirmed.
According to the Prime Minister, despite the global FDI trend, Vietnam is still a bright spot in attracting FDI. 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%. As of the end of February 2024, there are currently over 39.5 thousand valid FDI projects, with a total investment capital of over 473 billion USD. There are 145 countries and territories investing in Vietnam. Vietnam's business investment environment ranking increased by 12 places in 2023 according to the Economist Magazine; Vietnam's global innovation index ranked 46/132, up 2 places compared to 2022 according to the WIPO assessment...
Pointing out some limitations and lessons learned in attracting FDI in the past and analyzing the context and situation in the coming time, the head of the Vietnamese Government said that Vietnam aims to become a developing country with modern industry and high average income by 2030; and a developed country with high income by 2045.
2024 is identified as a year of acceleration and breakthrough, of special significance in successfully implementing the 5-year Plan 2021-2025 and the 10-year Strategy 2021-2030; the results in 2024 must be better than in 2023 as directed by General Secretary Nguyen Phu Trong.
Informing the Conference on fundamental factors on the path and viewpoints of the Party and State on national development, Prime Minister Pham Minh Chinh said that to achieve the above-mentioned goals, it is necessary to further promote the role of the people and the business community, including the FDI sector.
The Prime Minister requested that FDI enterprises, together with Vietnam, take people and enterprises as the center, the subject, the resource, the driving force and the goal of development; at the same time, not sacrifice progress, social justice and environmental protection to pursue purely economic growth, in the spirit of "harmonious benefits - shared risks".
Regarding the development perspective on green growth, the Prime Minister said that Vietnam identifies green growth as one of the two core elements in the process of restructuring the economy, transforming the growth model towards improving productivity, quality, efficiency, competitiveness and rapid, sustainable development.
Vietnam resolutely does not accept the model of “growth first, clean up later”; no growth at all costs; transforming the growth model from “brown” to “green”; mobilizing and effectively using resources for the development of green ecosystems, circular economy, low carbon, energy conversion...
“Along with the strong development of the Fourth Industrial Revolution, this is an inevitable trend and the goal of every country, a new growth driver; no country can stand outside this process,” the Prime Minister pointed out.
According to the Prime Minister, in implementing the above policy, Vietnam has actively and responsibly participated in promoting green growth and sustainable development. In particular, it committed to reducing net emissions to zero by 2050; participating in the Asia Net Zero Emissions Initiative (AZEC); the Political Declaration establishing the Just Energy Transition Partnership (JETP)...
Vietnam has issued and implemented Strategies, Planning, and Plans on green transformation such as: Climate change strategy; Action plan on green growth; Action program on green energy transformation, carbon and methane emission reduction; Sustainable forestry development program; Power Plan 8...; promoted the implementation of the Project on sustainable development of 1 million hectares of high-quality, low-emission specialized rice in the Mekong Delta; implemented the Plan "Development of large-scale timber production forests in the period 2024 - 2030...
Prime Minister Pham Minh Chinh asked the FDI business community, foreign investors and partners to join Vietnam in implementing the green growth strategy, using the two phrases "3 pioneers" and "3 promotions".
In particular, FDI enterprises and foreign investors are pioneers in innovating thinking, thinking, and doing, developing in a sustainable and environmentally friendly direction; pioneers in technology transfer, promoting research and development, innovation; pioneers in implementing green projects, funded by green, with spillover and leadership effects...
The Prime Minister asked development partners to step up cooperation, share experiences, and provide policy consultation for Vietnam; increase financial and technical support for Vietnam; and promote cooperation in training and developing human resources for Vietnam, especially high-quality labor force to serve key economic sectors and important and emerging fields.
On the Vietnamese side, Prime Minister Pham Minh Chinh said that he will implement 3 guarantees, 3 breakthroughs, 3 enhancements for businesses to develop. In particular, Vietnam always ensures the legitimate and legal rights and interests of businesses and ensures that FDI businesses develop stably, develop in a green direction and in line with the trend of the times; ensure political stability, social order and safety, independence and sovereignty of the territory so that businesses can feel secure in production and business; ensure stable energy security in the direction of green transformation and green transformation ecosystem, digital transformation, digital economy, circular economy... creating a favorable environment for businesses.
Along with that, Vietnam has made three breakthroughs in institutions, laws, mechanisms and policies; breakthroughs in infrastructure development, including transport infrastructure, digital infrastructure, logistics and social infrastructure; breakthroughs in administrative reform and human resource training to serve people and businesses.
According to the Prime Minister, the three enhancements that Vietnam has implemented include: enhancing trust between businesses and the Government and authorities at all levels; enhancing publicity, transparency, equality, along with preventing negativity and waste; and increasing support for businesses to develop green and sustainably.
Prime Minister Pham Minh Chinh said that in recent times, FDI enterprises and development partners have cooperated with Vietnam to develop. Each side has made progress, matured and been positive, but also has limitations. The Prime Minister believes that with the spirit of cooperation and sharing, harmonious benefits, and shared risks; what is said must be done, what is committed must be done, what is done must have real results; in the coming time, the Government and the business community will win together, continuing to make important contributions to the cause of innovation, integration and development of Vietnam./.
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