Permanent Deputy Prime Minister Nguyen Hoa Binh: The Vietnamese Government always accompanies businesses

(Chinhphu.vn) - Deputy Prime Minister Nguyen Hoa Binh affirmed that the Vietnamese Government always accompanies, listens to and resolves difficulties for businesses. With the spirit of "harmonious benefits and shared risks", the Vietnamese Government commits to regular dialogue, promptly resolves difficulties and obstacles for businesses, and works with businesses to create success.

General Secretary To Lam and other leaders witnessed the signing ceremony of cooperation agreements between ministries, branches, localities and enterprises of the two countries - Photo: VNA

The Vietnam-UK High-Level Economic Conference took place on the morning of October 30 (local time, afternoon of the same day Hanoi time) in London. General Secretary To Lam attended and delivered a speech at the conference.

Concluding the conference, Deputy Prime Minister Nguyen Hoa Binh emphasized that the conference took place at a very meaningful time, during the official visit to the UK by General Secretary To Lam and the two countries officially upgrading their relationship to a Comprehensive Strategic Partnership, opening a new and promising chapter. The conference is the first substantive step, affirming strategic trust and realizing the political commitment and comprehensive strategic relationship of the two countries.

Share insights and suggest many practical initiatives

Through the lively, frank and substantive discussion on renewable energy, green transformation, finance and technology, Deputy Prime Minister Nguyen Hoa Binh was pleased to see the high consensus and strong determination of both sides in promoting cooperation. The two sides shared profound perspectives and proposed many very practical initiatives.

In the energy sector, the two sides heard from Vietnam Electricity (EVN) about opportunities for renewable energy development, especially offshore wind power in Vietnam, as well as strong commitments from leading UK financial institutions, such as the UK International Investment Corporation and the Private Infrastructure Development Group - PIDG, in mobilizing green capital to support Vietnam in implementing the goals in JETP and Power Master Plan VIII.

In the field of finance and technology, the two sides had in-depth discussions on the potential for capital market development, the important role of the insurance market, the application of international legal standards as well as English common law and especially the determination to build a modern and competitive international financial center in Ho Chi Minh City and Da Nang. Experiences from the London Financial District (TheCityUK) and leading financial groups, such as Dragon Capital and Prudential, are valuable references for Vietnam.

These exchanges strongly affirmed three very important common points. That is, Vietnam continues to be a strategic, safe and highly potential investment destination, a bright spot attracting high-quality international capital flows in the context of a reshaping global economy. The Vietnam-UK Comprehensive Strategic Partnership creates momentum for breakthrough and substantive cooperation between the business community. Vietnam's strong development aspirations in the new era, with the goal of double-digit GDP growth from 2026 and becoming a developed country by 2045, open up a very large space for cooperation.

Transforming investment attraction strategy from breadth to depth

Emphasizing that the conference listened to an important speech by General Secretary To Lam with strong commitments and aspirational and clear development orientation for Vietnam, Permanent Deputy Prime Minister Nguyen Hoa Binh said that Vietnam is shifting its investment attraction strategy from breadth to depth, prioritizing quality, efficiency, high technology and sustainable development.

Entering a new era, Vietnam has identified that the capital demand for development investment, especially strategic infrastructure such as airports, seaports, high-speed railways, renewable energy, digital infrastructure, etc. is extremely large, amounting to hundreds of billions of USD. This is a strong driving force for Vietnam to be determined to build an international financial center and invite investment cooperation from British friends, focusing on key areas.

Specifically, in terms of high technology and innovation, these are projects in the fields of high-tech manufacturing, research and development (R&D), semiconductor chip manufacturing, AI, big data, biotechnology, new technology applications... Vietnam especially encourages projects that have the potential to create technological breakthroughs and promote technology transfer, and develop an innovation ecosystem in Vietnam.

Regarding fintech and digital economy, Vietnam wishes to cooperate in developing fintech (financial technology), digital banking, blockchain, AI and digital transformation solutions. These are key areas for Vietnam to develop a modern digital economy, keeping up with world trends.

Regarding green economy and sustainable development, Vietnam invites investment in renewable energy (especially large-scale offshore wind power), green hydrogen, green ammonia, grid modernization, carbon market development and green financial instruments. These are areas that are in line with Vietnam’s sustainable growth orientation, meeting energy needs for the upcoming development period and helping Vietnam realize its Net Zero commitment by 2050.

General Secretary To Binh and other leaders witnessed the signing ceremony of cooperation agreements between ministries, branches, localities and enterprises of the two countries - Photo: VNA

Vietnam's strong commitments

To realize these orientations, the Permanent Deputy Prime Minister said, the Vietnamese Government affirms 6 commitments.

Firstly, maintaining political, social and macroeconomic stability. Vietnam understands that this is the fundamental factor, the prerequisite that strategic investors always carefully consider when deciding on long-term investment cooperation. Therefore, this is the highest commitment and priority of the Vietnamese Government.

Second, continue to improve institutions and laws according to international standards. This is one of the three important strategic breakthroughs that Vietnam has identified as one step ahead. With that spirit, the Vietnamese Government has strongly shifted from management thinking to serving and creating development, aiming to unleash all resources and create momentum for new growth.

Vietnam is committed to building a transparent, synchronous, highly predictable and predictable legal system, creating a favorable legal corridor, protecting the legitimate rights and interests of investors. Regarding the international financial center, after this working trip, the Government will issue decrees to operate the international financial center in Vietnam and it is expected that this legal infrastructure will be issued in November 2025.

Third, invest strongly and make breakthroughs in strategic infrastructure. Concentrate all resources, both state budget investment and strong mobilization of the private sector, to invest in synchronous and modern development of transport, energy, telecommunications infrastructure systems and especially digital infrastructure..., to meet the requirements of rapid and sustainable development. We have also strongly implemented recommendations on activating and supporting the private economic sector.

Fourth, focus on developing high-quality human resources with preferential policies and increased resources through reviving national education, promoting scientific and technological research, innovation, and strong international cooperation to absorb the quintessence of human knowledge.

Fifth, promote administrative procedure reform, build e-government, digital government. Resolutely cut unnecessary administrative procedures, reduce the burden of compliance costs for businesses, create a truly open, transparent, competitive business environment, approaching the best international standards.

Sixth, always accompany, listen and resolve difficulties for businesses. With the spirit of "harmonious benefits, shared risks", the Vietnamese Government commits to regular dialogue, promptly resolve difficulties and problems for businesses, and work with you to create success.

"We believe that with an optimistic spirit, along with strategic vision, innovative thinking, tireless efforts and the joint efforts of close friends such as UK partners, Vietnam will certainly succeed and in that common achievement, you will also certainly succeed in the spirit of win-win that we have chosen and are striving for," said Permanent Deputy Prime Minister Nguyen Hoa Binh.

Nguyen Hoang

Source: https://baochinhphu.vn/pho-thu-tuong-thuong-truc-nguyen-hoa-binh-chinh-phu-viet-nam-luon-dong-hanh-cung-doanh-nghiep-102251030202836773.htm