Prime Minister's conference with FDI enterprises: Committed to getting things done

Six months after the last talks with foreign companies, the “Prime Minister Pham Minh Chinh with FDI Enterprises – Companionship and Development” Conference held today [October 16] in Hanoi once again demonstrates the Government’s commitment to a better investment climate.

Vietnam's Prime Minister Pham Minh Chinh at the conference in Hanoi on Oct 16. Photos: VGP

The conference exemplifies the Vietnamese Government's commitment to supporting business interests while serving as a way for foreign investors in Vietnam to show their interest, willingness to collaborate, and determination to grow with the country.

The conference was hosted by Prime Minister Pham Minh Chinh, with the participation of Minister of Industry and Trade Nguyen Hong Dien, Minister of Labor, Invalids and Social Affairs Dao Ngoc Dung, and representatives of different ministries and agencies, as well as representatives from dozens of foreign direct investment (FDI) companies and chambers of commerce.

After listening to all the foreign investors' contributions and discussions between them and the Vietnamese regulators, Chinh highly appreciated them for their profound ideas and issues of mutual concern. He asked relevant ministries and agencies to take the recommendations into consideration.

At the conference, the prime minister thanked the investors for their investment in Vietnam, their sharing of difficulties, and their commitments to stay and expand investment portfolios.

In this regard, he emphasized the Government's three commitments to the investors, namely to protect the investors' rights and legitimate interests in any case, to share risks with them, and to ensure a fair and transparent environment for the investors.

Participants at the conference.

Accordingly, Vietnam will pursue the people-centered approach in all development aspects while continuing independent diplomacy and being a responsible member at multilateral forums.

The country maintains its “four nos” policy: no joining military alliances, no siding with one nation against another, no foreign military installations on Vietnamese soil, no using Vietnam as a bargaining chip against other countries, and no using or threatening to use force in international relations.   

Meanwhile, the country is persistently pursuing an independent economy through the signing of 16 free trade agreements (FTAs), including new-generation FTAs such as CPTPP, EVFTA, and RCEP.

In addition, the country promotes three key pillars for its development, such as completing the regulatory framework, improving the workforce, and bettering infrastructure systems.

As of end-September, investors from 144 countries and territories have poured more than US$455 billion into more than 38,300 projects, creating jobs for millions.

To facilitate FDI enterprises, the Government of Vietnam will adopt appropriate fiscal and monetary policies in line with realistic forecasts. At the same time, it encourages the engagement of the private sector under the public-private partnership (PPP) while thoroughly removing barriers facing the investors, cutting fees and administrative procedures. 

At the talks, Chinh also urged investors to have suitable strategies with a focus on green growth and a people-centered approach. He expected FDI enterprises to increase the localization and timely recommend ideas for a better investment climate. 

Participants highly appreciated the conference and made a series of recommendations for a better investment climate in Vietnam. 

David Whitehead, Head of the Australian Chamber of Commerce in Vietnam (AusCham) and member of the Vietnam Business Forum (VBF).

David Whitehead, Head of the Australian Chamber of Commerce in Vietnam (AusCham) and member of the Vietnam Business Forum (VBF) – an ongoing policy dialogue channel between the Government of Vietnam and the business community highlighted the need to simplify labor and investment licensing procedures.

John Rockhold, Chairman of the American Chamber of Commerce in Vietnam (AmCham).

John Rockhold, Chairman of the American Chamber of Commerce in Vietnam (AmCham), called for the greater involvement of the private sector in energy transition and sustainable development in Vietnam so that all businesses and potential investors pay attention to energy and access to renewable energy.

He said the upgrading of the US-Vietnam relations to a comprehensive strategic partnership would be a motivation for the investment in Vietnam. AmCham will soon work with companies the Vietnamese prime minister-led delegation met in September in San Francisco, Washington D.C. and New York City to update their investment plans.

Especially, the US investors would discuss solutions to upgrade Vietnam’s stock market from frontier to emerging market status and boost the involvement of local businesses in supply chains, including the semiconductor industry.

Meanwhile, Ng Boon Teck from the Singapore Businesses Association in Vietnam stressed the importance of logistics, saying that Vietnam would have a bright future if it had well-prepared logistics. Specifically, the country should strengthen connectivity with regional countries, become a central partner in transport between China and ASEAN member states, and facilitate transport in border areas.

Gaur Dattatreya, CEO of Bosch Global Software Technologies (BGSW).

Gaur Dattatreya, CEO of Bosch Global Software Technologies (BGSW), however, focused on manpower and transparent legal systems which he described as "critical" for Vietnam. He stressed the role of high-quality human resources in new industries such as semiconductors while consistent and transparent policies and laws would matter a lot to the investors.