Prime Minister Pham Minh Chinh encourages Chinese investment in green economy

Vietnam looks forward to cooperating with Chinese enterprises in the green economy and digital economy, said Prime Minister Pham Minh Chinh today (May 14).

The meeting between the Vietnamese Government and Chinese corporations on May 14. Photo: VGP

At his first meeting with Chinese corporations, the Vietnamese Government leader said that solid actions are underway to improve the business environment and enhance national competitiveness.

Vietnam wants to make breakthroughs in three strategic pillars of institutional structure, infrastructure, and manpower, he said.

He added that the country sees many opportunities in new growth engines such as digital transformation, green transition, circular economy, shared economy, regional connectivity, and urbanization.

Regarding foreign investments, PM Chinh said Vietnam hopes to attract sustainable capital flow into renewable energy, green growth, smart cities, high-tech industries, and infrastructure development.

He expected that Chinese enterprises would soon finalize cooperative deals with Vietnamese counterparts to implement large-scale projects in the country and enable them to join the regional and global supply chains.

Vietnam's Prime Minister Pham Minh Chinh delivers his remarks. Photo:  VGP

He noted that Vietnam and China should put mutual agreements into practice, especially the building of cross-border railways and roads, upgrading of smart border gates, and digitalization of cross-border trade.

In the wake of the risk and interest-sharing principle, the Vietnamese Government commits to listening to and understanding the needs of Chinese investors, sharing the vision and actions, and acting together to reach the best outcomes.

He also assured that Chinese investors are an essential community to the Vietnamese economy and that the Government will take measures to secure the rights, benefits, and assets of the Chinese companies in the country.

At the meeting, the Chinese Ambassador to Vietnam Xiong Bo pledged that China encourages companies with quality, competency, and technology to explore opportunities in Vietnam, especially regarding the fields mentioned by the Vietnamese Prime Minister.

Chinese executives affirmed that Vietnam is an important market for their operations. They agreed that the Vietnamese Government had made progressive moves with the business conditions.

Chinese Ambassador to Vietnam Xiong Bo. Photo: VGP

They credited the Vietnamese Government for having followed the right direction. It made appropriate strategies to drive focus on the digital economy, green growth, and others, and Vietnam’s socioeconomic growth is impressive.

Chinese companies expressed willingness to continue working with local partners and government agencies and expand their operations. They hoped to make great contributions to Vietnam’s socioeconomic growth, industrialization, and modernization, thus boosting the bilateral relations between Vietnam and China.

According to Vietnam’s Ministry of Planning and Investment, capital inflows from Chinese investors into Vietnam have surged 70 times in the past 10 years. China is now the sixth largest foreign investor in Vietnam of all 146 countries.

In 2023, Chinese investors had the largest number of new projects opened in Vietnam. As of March 2024, more than 4,400 Chinese-invested projects were active with a total registered capital of US$27.6 billion.

Vietnam is now the largest trade partner to China in ASEAN. In 2023, bilateral trade between Vietnam and China reached nearly $172 billion.