Requesting US businesses to contribute ideas and suggest solutions to support improving public and private governance capacity in Vietnam

On the evening of September 21, local time, in New York, Prime Minister Pham Minh Chinh had a discussion and a working dinner with leaders of multinational corporations and large financial investment funds in the United States.

Đề nghị doanh nghiệp Hoa Kỳ đóng góp ý kiến và gợi ý giải pháp hỗ trợ nâng cao năng lực quản trị công và tư cho Việt Nam

Prime Minister Pham Minh Chinh at a discussion and working dinner with leaders of multinational corporations and large financial investment funds of the United States.

Vietnam needs the companionship and resource sharing of international friends.

Speaking at the seminar, the Prime Minister emphasized the significance and importance of President Joe Biden's visit to Vietnam, with Vietnam and the United States jointly upgrading their Comprehensive Strategic Partnership for peace, cooperation and sustainable development, opening up new opportunities for cooperation in trade and investment.

The Head of Government informed that in the coming time, Vietnam will focus on promoting green growth, digital economy, circular economy, science and technology development, innovation to participate more deeply in the investment structure, trade order and global supply chain; continue to open the economy, shift to attracting quality and focused foreign investment; support domestic enterprises to increase investment in science and technology, production capacity to meet and participate in the supply chain of foreign-invested enterprises; promote investment in developing strategic infrastructure, important, urgent projects with great spillover effects; focus on training high-quality human resources.

To implement the above priority areas, we need financial resources, support and resource sharing from international friends, multinational enterprises, and large investment funds in the world in general and the United States in particular.

In particular, the experience and resources of foreign organizations, investors, multinational corporations, and large investment funds in the world are necessary and important to promote the formation and development of financial centers and investment activities in industries and fields that contribute to sustainable development such as green economy, circular economy, digital economy, and green finance.

The Prime Minister asked global corporations and investment funds to share experiences, provide policy advice, and prioritize financial resource mobilization, participate in the construction process, and jointly invest and develop a financial center in Ho Chi Minh City.

Currently, Vietnam is continuing to promote the development of the stock market and corporate bond market. Based on existing experience, Vietnam hopes that corporations and investment funds will advise, share experiences and support the construction and development of other types of markets, such as the land use rights market, science and labor markets, etc. in a transparent and public manner, thereby mobilizing development resources, attracting direct and indirect investment, etc.

The Prime Minister asked corporations and investment funds to contribute ideas and suggest solutions to support the improvement of governance capacity for both the public and private sectors in the country, towards transparency, high efficiency and sustainable development.

The head of government once again emphasized the concept of mutually beneficial cooperation, harmonious interests, shared risks, working from simple to complex, from small to large, from low to high, and making sure everything is done.

For its part, Vietnam continues to improve the business environment, ensure the legitimate rights and interests of investors, and create the most favorable conditions for investors to operate effectively and sustainably.

Panoramic view of the sitting area.

Creating a "playground" for international financial investors

At the seminar, representatives of Vietnamese state management agencies and delegates discussed solutions and orientations to promote the attraction of financial resources for socio-economic development, especially in the construction, formation and development of financial centers.

In the Socio-Economic Development Strategy for the 2021-2030 period, Vietnam aims to build an international financial center to create a new qualitative shift, attract more resources, promote economic restructuring, and bring Vietnam to a higher level in the global economic value chain.

In the context of recent geopolitical and geo-economic fluctuations in the world and the latest developments in economic and financial centers in the region and the world, Vietnam is being assessed by international organizations as a bright spot in attracting investment, gradually converging many factors to develop a modern financial market, aiming to form a financial center, capable of connecting with financial centers in the region and the world thanks to its advantages.

These advantages include stable macroeconomic and political conditions; favorable geographical location, high connectivity, different time zones from the world's largest financial centers associated with strategic geo-economic position; good prospects thanks to active improvement of the business investment environment; deep international economic integration; digital economic transformation and increased innovation index; the scale of the economy and the level of development of the financial market are increasingly improved, attracting the attention of many investors, especially foreign investors participating in the financial market...

For Vietnam, building an international financial center is a new and complicated issue, therefore, the selection of the model and method of building a financial center needs to be done on the basis of selectively absorbing international lessons.

The consistent principle must be to create a "playground" for international financial investors, with common rules of the game, compatible with international practices (operating mechanisms, developing ecosystems, incentives, etc.), but at the same time must be suitable for Vietnam's practical conditions.

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