Prime Minister Pham Minh Chinh addresses the dialogue (Photo: VNA)
Prime Minister Pham Minh Chinh chaired a dialogue in Hanoi on March 4 with businesses from ASEAN member countries that are operating in Viet Nam.
This was the 10th working session in a month that the Vietnamese Government leader had held with both domestic and foreign business communities, aiming to promote investment, production, and business activities, helping Viet Nam achieve a growth target of 8% in 2025 and double-digit rates in the following years.
Over the years, Viet Nam-ASEAN relations have stood as a vivid testament to solidarity, mutual support, cooperation, and successful regional integration.
Viet Nam’s total trade with ASEAN countries reached 83.6 billion USD in 2024. ASEAN is now Viet Nam’s 4th largest export market and 3rd biggest import market.
Several ASEAN countries are also among the top foreign investors in Viet Nam. Specifically, Singapore takes the lead with 3,946 projects worth 84.3 billion USD, followed by Thailand with 755 projects worth 14.3 billion USD, and Malaysia with 767 projects totaling 12.9 billion USD.
Conversely, Viet Nam has invested in 871 projects across ASEAN countries, with a total investment nearing 12.1 billion USD, mainly in Laos, Cambodia, Myanmar, Malaysia, and Singapore. However, these results remain modest compared to ASEAN’s potential and the expectations of Viet Nam.
At the dialogue, ASEAN businesses pledged to work with Viet Nam to achieve at least 8% growth in 2025 and double-digit expansion in the following years. They plan to boost investment in key sectors such as high technology, semiconductors, AI, aviation, energy, e-commerce agriculture, finance and logistics. They also urged Viet Nam to improve its legal framework, enhance tax transparency, simplify customs procedures, ease land and visa regulations, and speed up investment licensing, while raising concerns about ongoing projects.
PM Chinh thanked the firms for their proposals, and assigned ministries and sectors to promptly address businesses’ concerns.
He affirmed that Viet Nam is actively addressing these matters, guided by the spirit of "harmonising interests, sharing risks, and ensuring no one is left behind." He urged businesses to maintain close collaboration with relevant ministries, sectors, and local authorities to resolve any remaining bottlenecks through open, equal, and honest dialogue.
Analysing the current world situation, he proposed that ASEAN countries and businesses pursue greater political and diplomatic solidarity and unity; stronger economic connectivity and more effective, deeper cooperation; bolder and more effective mindset reforms; more practical and responsive solutions to meet real-world demands; and more decisive and focused implementation, with tighter coordination between countries and businesses.
PM Chinh underlined that Viet Nam views ASEAN as a common home and close neighbour, identifying it as a strategic priority in its foreign policy. Viet Nam is committed to working with ASEAN to build a united and strong community, he stated. However, the cooperation potential between Viet Nam and ASEAN remains substantial, he held, urging both sides to exert even greater efforts, moving from effective to even more effective, with ASEAN businesses taking the lead in this process.
Prime Minister Pham Minh Chinh and delegates at the dialogue (Photo: VNA)
The leader affirmed Viet Nam consistently pursue its renewal process and foreign policy, aiming for at least 8% growth in 2025 and double-digit growth in following years, with the goal of becoming a developing country with modern industry and high middle income by 2030 and a high-income developed nation by 2045.
He highlighted Viet Nam’s improved business environment and upgraded global rankings in 2024, positioning the country as a strategic production hub. Viet Nam is focusing on three breakthroughs - institutional reform, infrastructure, and human resources development, to support sustainable business operations, calling on ASEAN businesses to expand investment, transfer technology, support legal reforms, and help train skilled workers.
Particularly, the PM urged Singaporean businesses to actively support the implementation of the Viet Nam-Singapore Economic Connectivity Framework Agreement and the Green and Digital Economy Partnership, initially focusing on digital transformation, circular economy, innovation, and clean energy. He encouraged the expansion and transformation of Viet Nam-Singapore Industrial Parks (VSIPs) into smart, green, sustainable ones, and called on Singapore to maintain its position as Viet Nam’s top ASEAN investor while improving FDI quality, especially in high-tech, digital economy, circular economy, clean energy, semiconductors, and AI, and to help Viet Nam develop international financial centres.
For Thai businesses, he urged efforts to raise bilateral trade to 25 billion USD, with a more balanced trade structure. He highlighted cooperation opportunities in the "three connectivity" strategy, particularly supply chains, transport, tourism, digital economy, and green economy.
As Viet Nam target 18 billion USD in bilateral trade with Malaysia, Chinh called for reduced trade barriers, easier Halal certification, and increased imports of Vietnamese Halal products. He also highlighted cooperation in digital economy, green economy, energy transition, innovation, smart agriculture, e-government, and cybersecurity.
For Indonesian businesses, he proposed removing agricultural and Halal trade barriers, targeting 20 billion USD in trade. He encouraged investments in new sectors such as digital economy, green economy, e-commerce, digital transformation, and EV ecosystems.
Talking to Philippine businesses, he said he hopes two-way trade will reach 10 billion USD soon, with smoother agricultural trade and increased cooperation in food processing, infrastructure, automotive, renewable energy, and high-tech agriculture.
The leader also reaffirmed Viet Nam’s commitment to a fair, transparent, and competitive investment environment, protecting businesses’ legal rights and interests, ensuring political and social stability, and maintaining consistent laws and policies.
He concluded by stressing that the Vietnamese Government will always stand by businesses to foster breakthroughs, unite strengths, and shape the future, keeping ASEAN a dynamic, innovative, and growth-centered region that benefits all member countries.
Prime Minister Pham Minh Chinh (centre, first row) poses for a photo with Vietnamese officials and leaders of Korean enterprises. (Photo: VNA)
On the same day, Prime Minister Pham Minh Chinh had a meeting with leaders of 35 Korean enterprises that are doing business and invest in the Southeast Asian country.
PM Chinh stated that the bilateral relationship, through its ups and downs and breakthroughs, has developed increasingly better, more comprehensively, and positively.
Currently, there are over 200,000 Vietnamese people in the RoK, and about 200,000 Koreans in Viet Nam. The number of Korean businesses operating in Viet Nam is growing, with their scales and fields of operations expanding. In the context of a global decline in total investment, the East Asian nation’s investment in Viet Nam has continued to rise.
Sharing the positive results of Viet Nam's socio-economic development in 2024, he mentioned that its investment and business environment has continued to improve, receiving positive assessments from the international community and investors. The country's economy is currently ranked 33rd or 34th in the world, and many major international organisations have upgraded its competitiveness rankings and rated its creditworthiness as "stable."
Additionally, Viet Nam is stepping up the development of strategic infrastructure, including transport, logistics, energy, and electricity, to meet the requirements of economic growth. It is also focusing on digital infrastructure, as well as social, cultural, healthcare, and education infrastructure, with an emphasis on sustainability and climate change adaptation, while developing key industries such as basic industries, cultural industries, and the entertainment industry.
For rapid and sustainable development, the Government leader emphasised that Viet Nam is continuing to build and implement policies to promote the digital economy, green economy, circular economy, sharing economy, and creative economy. The country is also developing tax policies that conform with current conditions and harmonise the interests of all parties, along with policies on localisation, reducing trade defence measures, and encouraging and providing investment incentives.
The ultimate goal is to uphold the nation's independence and sovereignty, ensure that the people become increasingly prosperous and happy, and create the best environment for foreign investors, including those from the RoK, to operate effectively and sustainably, he added.
PM Chinh suggested Korean businesses continue providing advice to help Viet Nam achieve rapid and sustainable development, and create a more open and favourable institutional framework to benefit citizens and businesses. He urged them to expand investment and business operations in Viet Nam, and recognise it as a development hub and a key link in their production and business processes, and supply chains.
Prime Minister Pham Minh Chinh (C), Deputy PM Ho Duc Phoc (L), and Deputy PM Nguyen Chi Dung at the meeting. (Photo: VNA)
The PM also encouraged the promotion of the transfer of advanced technology and scientific advances from the RoK to Viet Nam, which will help increase the rate of localisation. Additionally, he emphasised the need to strengthen cooperation in human resources training, considering sending Korean experts and highly skilled workers to Viet Nam, and actively welcoming skilled Vietnamese workers to the East Asian nation.
Viet Nam is committed to always accompanying enterprises to ensure that they operate in accordance with the law, in a healthy and effective manner; and at the same time, is ready to listen to suggestions, enhance mutual understanding, and improve cooperation effectiveness.
The country hopes that Korean businesses investing in Viet Nam will continue to develop, based on the foundation of the Comprehensive Strategic Partnership between the two countries, in the spirit of "working together, winning together, and developing together," he affirmed.
PM Chinh appreciated the RoK and its enterprises for accompanying Viet Nam in its development and international integration process, contributing to the country’s achievement of its goals.
Regarding businesses’ concerns over Viet Nam– US economic ties, PM Chinh laid stress on their Comprehensive Strategic Partnership as well as the complementary nature of the two economies without fierce competition.
The Vietnamese side has also proactively engaged with the US’s sectors and businesses to strengthen bilateral cooperation and promote mutual understanding so as to make the economic collaboration on par with the partnership. Simultaneously, Viet Nam has resolved issues faced by US partners in a fair and reasonable manner and in accordance with the regulations and laws of both sides, including reviewing tax policies to ensure they are reasonable, harmonious, and beneficial for both sides, and promoting more balanced trade.
He noted that the world is witnessing rapid and unpredictable changes, opening up many opportunities but also posing challenges to the development of each country and region, especially developing and underdeveloped countries. This requires a comprehensive, people-centered, and global approach, strengthened international solidarity, as well as formulation of rational responses, ensuring harmonised benefits and shared risks among entities to coexist and develop together in an environment of peace, stability, cooperation, and development.
Over the recent past, the Viet Nam – RoK Comprehensive Strategic Partnership has unceasingly developed, with cooperation across economy, trade and investment being an important pillar. The East Asian country has maintained its position as the biggest foreign investor and the largest tourism source market of Viet Nam. Currently, the RoK has registered more than 92 billion USD in over 10,000 projects in Viet Nam.
Last year, two-way trade reached 81.5 billion USD, with Viet Nam’s imports from the RoK amounting to 55.9 billion USD.
At the forum, Korean Ambassador to Viet Nam Choi Young-sam, Chairman of the Korean Business Association in Viet Nam Ko Tae-yeon and leaders of Korean businesses lauded Viet Nam’s investment and business climate, noting the country’s significant efforts to complete its legal framework, revise and supplement multiple laws to facilitate investment and business activities.
They particularly appreciated the PM's frequent meetings with businesses to listen to and address their difficulties and obstacles, helping consolidate investors' confidence.
The RoK side said they stand ready to accompany Viet Nam during its economic development process, particularly investing in major projects such as the North-South high-speed railway and nuclear power plants as well as those in the domains of high technology, electronics, green energy, new materials, logistics, finance, and pharmaceuticals, among others.
Expressing their concerns about the impact of policy changes in some countries, they suggested the Vietnamese Government, ministries, sectors, and localities work out effective response plans. They recommended Viet Nam to continue improving and stabilising legal policies, especially the legal framework for high-tech industries such as AI and semiconductors, and effectively implementing VAT and domestic import-export tax policies.
Additionally, it is necessary to facilitate enterprises’ access to the Investment Support Fund, simplify administrative procedures and implementation processes, shorten decision-making and investment licensing time, improve logistics services, and stabilise electricity supply, they stressed./.
Source: VNA
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