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On the morning of January 17th (local time), in Davos, Switzerland, Prime Minister Pham Minh Chinh chaired a seminar titled "Vietnam - ASEAN's Leading Destination for Sustainable Investment".
13.5 million billion VND was deposited in banks in 2023, the highest ever.
Speaking at the seminar, the Prime Minister stated that Vietnam is a developing country with a transitional economy , a modest economic scale, limited resilience, but a high degree of openness. A small external fluctuation can have a significant impact internally, therefore the economy needs state regulation when necessary.
Vietnam is developing an independent, self-reliant, and proactive economy, actively and effectively integrating into the international economy; internal resources are considered fundamental, strategic, long-term, and decisive; and external resources are considered important, breakthrough, and ongoing.
Vietnam's 10-year socio-economic development strategy for 2021-2030 clearly defines "mobilizing all resources, achieving rapid and sustainable development based on science, technology, innovation, and digital transformation, striving to become a developing country with modern industry and upper-middle income by 2030, and a developed country with high income by 2045."
The Prime Minister stated that, despite recent difficulties, Vietnam has continued to maintain macroeconomic stability, control inflation, promote growth, ensure major balances, and keep public debt, government debt, foreign debt, and budget deficit under control.
Vietnam has managed its monetary policy and exchange rate appropriately and realistically, and the Vietnamese currency has remained relatively stable against other currencies. Also in 2023, individuals and economic organizations deposited approximately 13.5 million billion dong into banks, the highest amount ever, indicating improved income and public confidence.
"Policies must be transparent, infrastructure must be seamless, and governance must be smart. Even if the world is turbulent, we will persevere with these policies, in the spirit of harmonizing the interests of the State, the people, businesses, and investors, and sharing the risks. This is the greatest balance," the Prime Minister said.
According to the Prime Minister, if this balance and harmony are not maintained, the cooperation structure will collapse, making it impossible to ensure sustainable, long-term, and effective cooperation and investment.
The Prime Minister hopes that investors will continue to come to Vietnam, bringing capital, modern technology, contributing to the improvement of institutions, training human resources, and enhancing modern management capabilities.
The government and its ministries and agencies are always listening, ready to engage in dialogue, share information, and negotiate; they believe in keeping promises and fulfilling commitments, and they hope investors will follow this spirit.
"Even with loss-making cooperation projects, we still respect the committed agreements, but persistently call on the relevant parties to renegotiate and restructure the projects to find solutions," the Prime Minister said, affirming that the Vietnamese Government always protects the legitimate rights and interests of investors.
At the seminar, moderated by Dr. Philipp Rösler, former Deputy Prime Minister of Germany, former CEO of the WEF, and currently Honorary Consul of Vietnam in Switzerland, investors shared their assessments of the investment and business environment in Vietnam, engaging in open, sincere, and frank dialogue...
Delegates were eager to explore new investment opportunities in Vietnam, learning about regulations and policies related to import and export, investment attraction, infrastructure development, innovation promotion, artificial intelligence development, sustainable energy transition, monetary policy, exchange rate management, and more.
Elevating Vietnam-Switzerland relations
On the morning of January 17th, Prime Minister Pham Minh Chinh met with Swiss President Viola Amherd.
Both sides expressed pleasure at the strong developments in the friendly relations and cooperation between the two countries, especially in economics, trade, development assistance, culture, and education; the leaders of the two countries regularly maintain contact and exchange delegations, which has contributed to strengthening political trust between the two countries.
The Swiss President highly appreciated Vietnam's outstanding socio-economic development achievements in recent years, considering Vietnam a top priority and important economic partner in Southeast Asia. The Swiss President pledged to continue development assistance to Vietnam, with over 40 projects currently underway across various sectors, including sharing experiences in sustainable development, education, entrepreneurship, and innovation.
Prime Minister Pham Minh Chinh affirmed that the achievements of cooperation between the two countries over the past 50 years are proof of the effective cooperative relationship between the two countries; and serve as a basis for both sides to continue to elevate the relationship in the future.
The Prime Minister suggested that both sides coordinate closely to prepare well for the high-level visit between the two countries, thereby reviewing and evaluating the results of cooperation and proposing measures to further promote it.
The Prime Minister thanked the Swiss Government for providing ODA, which has contributed to Vietnam achieving many socio-economic development achievements; expressed his wish for more Swiss businesses to invest in Vietnam; strengthened cooperation in science and technology, innovation; and enhanced cooperation in security and defense.
The two leaders also agreed to adopt a flexible approach in negotiating the Vietnam-European Free Trade Agreement (EFTA) and the bilateral Investment Protection Agreement to facilitate and safeguard the interests of businesses and investors from both countries.
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