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Jan 17, 2024 / 23:33

Multinational corporations keen on Vietnamese market

International giants consider Vietnam one of the most important markets deserving their with long-term investment portfolios.

At the World Economic Forum (WEF) in Davos, Switzerland, leaders of multinational corporations specializing in technology, e-commerce, finance, and tourism showed their interest in the Vietnamese market.    

Vietnam and the World Economic Forum (WEF) sign an agreement in Davos on January 16. Photos: Nhat Bac/VGP    

In the meeting with Vietnam’s Prime Minister Pham Minh Chinh, Ryan McInerney, CEO of California-based Visa Inc., the leading multinational payment card services company, said Vietnam is a dynamic economy with changes in technology, innovation, and e-payment, which are in line with Visa’s development strategies.

Working in Vietnam for more than 20 years with offices and research & development (R&D) centers located in Hanoi and Ho Chi Minh City, Visa considers Vietnam one of the most important markets in the world.

PM Chinh expected Visa’s investment expansion in innovation and digital transformation in Vietnam, with cooperation from the State Bank of Vietnam, to build a comprehensive financial strategy towards a stable, sustainable, and diversified financial system. Visa could also cooperate with Vietnam to develop innovation and startup programs following the inauguration of the National Innovation Center (NIC).

Notably, the Prime Minister requested Visa to apply cutting-edge technology to enable people in various regions to access financial services to ensure no one is left behind.

Meanwhile, Michael Punke, Vice President for Global Public Policy at Amazon Web Services (AWS), which provides inexpensive cloud computing services, proposed the Government of Vietnam to have more open policies that encourage companies to engage in e-commerce and innovative services like cloud computing, data centers, and facilitate international data transfers.

AWS has opened offices in Hanoi and Ho Chi Minh City, offering cloud computing services to Vietnamese businesses in finance banking, telecommunications, and production while partnering with universities to train 50,000 engineers in cloud computing, Punke said.

PM Chinh requested that AWS continue supporting Vietnam in digital transformation, applying cloud computing, launching cybersecurity solutions, training Vietnamese partners in trading on the Amazon platform, and building Vietnamese brands.  

Jane Sun, CEO of Trip.com Group with 400 million users globally, suggested that Vietnam continues investing in transport infrastructure, offering relaxed visa policies, and improving manpower in the tourism industry to make full use of the market, which has potential with historical relics, natural landscapes, a diverse culture, and distinctive cuisine.  

PM Chinh highly appreciated Trip.com’s contributions to the development of Vietnam’s tourism. He briefed Vietnam’s policies to develop this industry. He welcomed investments in the sector, expecting Trip.com to increase investment in Vietnam and partner with domestic businesses, especially small- and medium-sized enterprises (SMEs) to expand their global network. In particular, he encouraged cooperation in technology-used services for high-end services.

South Korea’s Prime Minister Han Duck-soo (L) and Prime Minister Pham Minh Chinh at the meeting.   

High-ranking talks   

On the first day at the leading global economic event, Prime Minister Pham Minh Chinh also met Klaus Schwab, Founder and Chairman of the World Economic Forum (WEF), South Korea’s Prime Minister Han Duck-soo, Ukraine’s President Volodymyr Zelensky, and Belgium’s Prime Minister Alexander De Croo.

The Prime Minister highly appreciated the WEF’s support in policymaking, connecting WEF members, and promoting foreign investment in Vietnam. Meanwhile, Klaus Schwab gave good remarks on Vietnam’s economy, which has had high growth rates over the past time, focusing on high-tech industries, manufacturing, and green transition. He believed that Vietnam would soon become one of the world’s biggest economies.         

Chinh invited Klaus Schwab to visit Vietnam and expressed Vietnam’s readiness to host mid-term WEF meetings in partnership with the organization, helping promote WEF’s role in the region.

In the attendance of Prime Minister Chinh and Klaus Schwab, Chairman of the Ho Chi Minh City People’s Committee Phan Van Mai and WEF’s Managing Director Jeremy Jurgens signed an agreement on establishing Industry 4.0 Center while Vietnam’s Ministry of Labor, Invalids and Social Affairs and the WEF signed a Letter of Intent on participating in the Accelerators Network that links country accelerators driving impact in education, gender, jobs, markets, and skills.

The agreements are significant in implementing the cooperation between Vietnam and WEF in the 2023-2026 period, aiming to enable Vietnam to access resources for improving manpower, attracting investment, and increasing the country’s competitiveness.   

The meeting with Prime Minister Chinh and South Korea’s Prime Minister Han Duck-soo stressed substantive cooperation for breakthroughs in economic ties, cultural exchange, and people-to-people links.

Chinh requested the Government of South Korea to open the market to Vietnam’s staples while encouraging South Korean firms to expand business in Vietnam and build R&D centers. Additionally, Vietnam expected the East Asian country’s support in entertainment, cultural, and fashion industries.

In the meeting with Ukraine’s President Volodymyr Zelensky, Chinh affirmed Vietnam’s stance on solving disputes by peaceful means per international law and the United Nations Charter. They attached importance to the traditional relations between Vietnam and Ukraine and vowed to tackle problems to resume trade.

Meanwhile, the meeting between Prime Minister Chinh and his Belgian counterpart Alexander De Croo highlighted the exchanges of high-ranking visits and decentralized cooperation. Chinh stated that Vietnam always views Belgium as an important partner in the European Union and works to strengthen the relations. For his part, Alexander De Croo stressed the importance of the European Union–Vietnam Free Trade Agreement (EVFTA) in enhancing bilateral economic relations, expecting the soon approval of the EU-Vietnam Investment Protection Agreement (EVIPA).  

The two government leaders reiterated their cooperation and support at multilateral forums, with Prime Minister Chinh requesting Belgium to support ASEAN’s stance on maintaining peace, stability, and freedom of navigation and overflight in the East Sea (referred to as the South China Sea) following the United Nations Convention on the Law of the Sea.