Joining hands with foreign partners to boost growth

Along with developing the domestic private sector, it is necessary to maximize foreign resources to promote economic growth.

Foxconn's component manufacturing area in Bac Ninh

Leveraging foreign resources for growth

A series of business and investment cooperation agreements between Vietnamese and Indonesian enterprises were signed during the visit to Indonesia and Singapore by General Secretary To Lam. From the memorandum of understanding between VinFast and Bank Negara Indonesia to the memorandum of understanding between SOVICO and Ciputra Group; cooperation agreements between FPT and KMP Aryadhana Wisesa, Yogyakarta Sultanate, Indonesia National Oil and Gas Group...; between Thanh Thanh Cong Bien Hoa and Sungai Budi Group; between Hekate and Kilsa Global on AI applications to support free trade in Da Nang...

During the visit, General Secretary To Lam had meetings with representatives of a series of large Indonesian corporations, from Ciputra Group to Gojek Group, and PT Alamtri Resources, Sungai Budi, etc. Meetings with representatives of large Singaporean corporations are also expected to take place. All are aimed at promoting investment and business cooperation with foreign partners.

“Vietnam always pays special attention and creates the most favorable conditions for the business community in general and foreign-invested enterprises to operate effectively in Vietnam,” General Secretary To Lam told leaders of such large corporations and said that Vietnam is increasing investment attraction in the fields of renewable energy, high-tech agriculture, digital economy, digital transformation, innovation, and development of international financial centers, etc.

Vietnam, in order to promote growth, especially to achieve a growth rate of 8% or more this year and aim for double-digit growth in the coming time, has continued to focus on promoting investment and trade cooperation with foreign partners. The foreign trips of Party and State leaders in recent times, it can be said, have made an important contribution to promoting investment in the "eagle's nest".

The mechanism of the Working Group working with each strategic investor to attract large, high-tech projects has therefore been increasingly replicated. This is one of the important solutions to promote growth of 8% or more that the Government always emphasizes.

In Directive No. 06/CT-TTg, which was just signed and issued on March 10, 2025, on key tasks and solutions to proactively, flexibly, promptly, appropriately and effectively adapt to the world and regional situation in order to achieve growth targets, maintain macroeconomic stability, curb inflation, and ensure major balances of the economy in 2025 and the following years, Prime Minister Pham Minh Chinh once again emphasized the need to "maximize external resources" for national growth and development.

Accordingly, continue to strongly, substantially and effectively promote economic, trade and investment cooperation with partners, especially major partners. “We must focus on further promoting trade and investment cooperation with partners, especially major partners such as China, the United States, Europe, Japan, South Korea…”, Prime Minister Pham Minh Chinh emphasized at the Government meeting on proactive and flexible adaptation to promote growth a few days ago.

Broaden the road for cooperation

Many years ago, Ciputra invested heavily in Vietnam, with a typical project being the Nam Thang Long Urban Area in Hanoi. During a meeting with General Secretary To Lam in Jakarta (Indonesia), Mr. Budiarsa Sastrawinata, CEO of Ciputra, affirmed that they will continue to cooperate in developing real estate projects in Hanoi and research new investment areas in Vietnam.

Meanwhile, Mr. Oey Alfred, Director of Sungai Budi Group, said that in the past, the Group has effectively cooperated with TTC AgriS Group in applying science to develop high-tech agriculture and agricultural value chains in Indonesia. In the future, Sungai Budi hopes to continue to strengthen cooperation with Vietnamese enterprises in the agricultural sector.

Vietnam always pays special attention and creates the most favorable conditions for the business community in general and foreign invested enterprises to operate effectively in Vietnam.

- General Secretary To Lam

Not only the above enterprises, many foreign investors are still planning to invest in Vietnam. Recently, Syre Group (Sweden) came to Binh Dinh and expressed its desire to invest in a high-tech textile production complex with an estimated investment capital of about 700 million - 1 billion USD in Nhon Hoi Economic Zone.

Foxconn Group continues to expand its investment in Vietnam, including in the fields of electronics, electric vehicles and smart healthcare. Meanwhile, a “big guy” is pushing ahead with a plan to invest in a billion-dollar semiconductor project in Vietnam. When these projects are implemented, Vietnam’s production capacity will be expanded, thereby boosting economic growth.

A very clear proof is that in the first 2 months of this year, Phu Tho had an amazing industrial production growth rate, the highest in the country, with 48.5%. The leader of Phu Tho province, Mr. Bui Minh Chau, Secretary of the Provincial Party Committee, said that this was the result of the locality's efforts to attract investment in recent times.

BYD is one of the major investment projects in Phu Tho, bringing in 4.5 billion USD in export turnover for the locality in 2024. This is one of the important factors contributing to the acceleration of the province's industrial production value.

The question is, how can Vietnam attract more large projects? Efforts to improve the investment and business environment are being carried out by the Vietnamese Government. A telegram on a number of key tasks and solutions to reduce administrative procedures, improve the business environment, and promote socio-economic development has just been signed by the Prime Minister.

Continuous meetings between the Prime Minister and foreign enterprises are held to remove difficulties and obstacles, improve the investment, production and business environment and propose solutions to promote economic growth.

Speaking at one of these meetings, Samsung Vietnam General Director Na Ki Hong highly appreciated the Vietnamese Government's issuance of the Decree on the Investment Support Fund and said that this affirmed the Vietnamese Government's efforts in protecting investors, thereby creating confidence among foreign investors.

To promote investment attraction, especially in the fields of semiconductors and AI, Mr. Na Ki Hong said that priority should be given to building a substantive incentive mechanism to help high-tech enterprises feel secure in making investment decisions.

Samsung is the largest foreign investor in Vietnam. Samsung's investment projects have contributed significantly to promoting Vietnam's economic growth over the past time. Additional large investments from Samsung and other foreign investors will be a boost to Vietnam's economic growth.

Along with developing the domestic private sector, it is necessary to maximize foreign resources to promote economic growth.

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