Continue to invest in Vietnam
At the seminar, delegates assessed that the Vietnam-China relationship is developing increasingly deeply, substantially and comprehensively. Currently, China is Vietnam's largest import market. Vietnam is China's largest trading partner in ASEAN, with bilateral trade turnover in 2023 reaching nearly 172 billion USD. China is the 6th largest investor out of 146 investment partners of Vietnam; as of March 2024, there are 4,418 valid projects with a total registered capital of more than 27.6 billion USD.
Vietnam and China are both strongly promoting the development of green economy, digital economy, circular economy, and sharing economy. Delegates said that cooperation between enterprises of the two countries in the field of green economy and digital economy will contribute to the gradual implementation of the high-level common perception of the two Parties and two countries in strengthening the comprehensive strategic cooperative partnership between Vietnam and China, contributing to the building of the Vietnam-China Community of Shared Future.
Prime Minister Pham Minh Chinh held a discussion with prominent Chinese enterprises in the field of green economic and digital economic development. Photo: Duong Giang/VNA
Leaders of Vietnamese ministries and sectors and Chinese enterprises had frank exchanges and shared practical cooperation ideas and initiatives to make the pillars of economic, trade and investment cooperation between the two countries more substantial and deeper; affirming the desire to accompany Vietnam in developing a green and digital economy.
In particular, enterprises in the energy sector such as China Electricity Group, China Energy Group... wish to participate in new energy projects, develop energy storage projects in Vietnam; request Vietnam to soon issue and guide the implementation of policies for new energy projects; shorten the bidding time for waste-to-energy projects; have solutions to avoid overlapping planning between developing renewable energy projects and development planning of other sectors.
Chinese enterprises producing silicon bars, silicon wafers, photovoltaic cells, solar modules and power storage equipment have proposed that Vietnam have solutions to ensure the provision of stable and high-quality infrastructure and services such as electricity, telecommunications and high-quality human resources so that enterprises can promote investment.
Chinese electric car manufacturers such as Chery, Yadea... want to invest in developing the electric car and motorbike manufacturing industry in Vietnam, contributing to promoting the realization of Vietnam's dual carbon goals; hope that Vietnam will have policies to encourage consumers to use new energy products, green energy such as: tax exemption, consumer subsidies for car purchases...
Enterprises in the field of digital economy and digital transformation such as ZTE, Huawei... want to develop 5G industrial applications in Vietnam; request Vietnam to support the development of applications for the 5G industry and create 5G application standards in industries...
Sharing with leaders of Vietnamese ministries and sectors and answering questions of concern to Chinese enterprises, Prime Minister Pham Minh Chinh affirmed that this was the first meeting between the Prime Minister of Vietnam and the Chinese business delegation to realize the high-level agreement between General Secretary Nguyen Phu Trong and General Secretary and President of China Xi Jinping on building a Vietnam-China Community of Shared Future of Strategic Significance; demonstrating the spirit of "what is said is done, what is committed is implemented effectively" for the benefit of the two countries and peoples; demonstrating the Vietnamese Government's respect for Chinese enterprises and the Vietnamese Government's listening and sharing with foreign invested enterprises, including Chinese enterprises.
According to the Prime Minister, the two sides' sharing, exchange, and comments were very open, frank, and receptive to listening, demonstrating the spirit, high responsibility, and feelings of "being both comrades and brothers" between the two countries; affirming Vietnam's foreign policy towards China; demonstrating sincerity, cooperation, "harmonized interests, shared risks".
Prime Minister Pham Minh Chinh expressed his appreciation for the valuable and heartfelt comments of the Chinese delegates; requested relevant ministries and branches of Vietnam to seriously absorb the opinions of enterprises and investors; proactively handle immediately, have clear and specific written responses to proposals and recommendations within their authority; promptly synthesize and report to competent authorities on issues beyond their authority. In particular, a Working Group was established to connect and handle related issues seriously, sincerely and effectively, in the spirit of creating an equal, fair and transparent business environment among partners.
Providing information on the fundamental factors for development and the socio-economic development situation and investment environment of Vietnam, the Prime Minister said that after nearly 40 years of renovation, Vietnam has become one of the 40 largest economies in the world, in the top 20 trading countries, ranked 32nd in the top 100 strongest national brand values in the world; has signed 16 FTAs with more than 60 countries. Vietnam's success affirms the correctness and strategy of the policies and guidelines of the Party and State of Vietnam.
The Government always listens and accompanies businesses.
Prime Minister Pham Minh Chinh held a discussion with prominent Chinese enterprises in the field of green economic and digital economic development. Photo: Duong Giang/VNA
Introducing the orientation of attracting foreign investment, including high-quality investment from China to Vietnam, Prime Minister Pham Minh Chinh said that Vietnam identifies the foreign-invested economic sector as playing an important role, selectively attracting foreign investment, creating spillover connections between the FDI sector and the domestic economic sector, promoting public-private cooperation to strongly develop the digital economy, green economy, circular economy, knowledge economy, and sharing economy.
The Vietnamese Government always encourages Chinese enterprises to expand investment cooperation in areas where China has strengths and Vietnam has high demand and priority such as: innovation, green development, renewable energy, smart cities, high-quality manufacturing industry, etc.; especially large, capable and reputable enterprises to cooperate in large projects, representing China's development level and suitable for Vietnam's needs.
In that spirit, the Prime Minister suggested that enterprises further increase investment in Vietnam, especially to soon have large, typical projects in the fields where China has strengths in high technology, construction of road and railway infrastructure, metallurgy industry, healthcare, education, renewable energy, clean energy; hoping that Chinese enterprises will help Vietnam transfer technology, train human resources, improve management capacity, and build institutions to have "open institutions, smooth infrastructure, and smart governance".
The Prime Minister suggested that, during the investment implementation process in Vietnam, Chinese corporations and enterprises support and create conditions for Vietnamese enterprises to participate in the value chain and supply chain of corporations, the region, and the world, especially in areas where Vietnam has potential.
Chinese enterprises need to develop and implement specific cooperation projects within the framework of established bilateral cooperation mechanisms such as the Vietnam-China Community of Shared Future of strategic significance, the Belt and Road Initiative (BRI), Global Development Initiative (GDI), Global Security Initiative (GSI) and Global Civilization Initiative (GCI)…; multilateral cooperation mechanisms in which both sides participate (ASEAN-China; RCEP…). Along with that, continue to promote the connection between the two economies to soon concretize and realize the results of the recent visit to China by General Secretary Nguyen Phu Trong and the visit to Vietnam by General Secretary and President Xi Jinping.
In particular, focusing on promoting strategic connectivity in all fields, providing technical support for the construction of cross-border railway and road routes (3 main routes: Lao Cai - Hanoi - Hai Phong; Lang Son - Hanoi; Quang Ninh - Hanoi); accelerating the opening and upgrading of a number of agreed border gate pairs, contributing to the implementation of the policy of building a peaceful, friendly, cooperative and developed border; promoting the construction of cross-border cooperation zones, upgrading international border gates, piloting smart border gates, promoting the digitalization of trade activities between the two countries, especially tourism.
Chinese enterprises continue to facilitate the increase of bilateral trade; support the removal of non-tariff barriers to Vietnamese goods, expand the import of Vietnamese goods, agricultural and aquatic products; encourage Chinese enterprises to proactively participate, research, select, and propose programs and projects within the framework of the National Strategy on Green Growth for the 2021-2030 period, with a vision to 2050 and the National Digital Transformation Program to 2025, with a vision to 2030, together with Vietnam.
The Prime Minister also asked Chinese enterprises to continue to actively cooperate and exchange to advise the Vietnamese Government, ministries, sectors and localities to remove barriers to production and business, improve the investment environment; perfect institutions, mechanisms and policies; encourage the application of sustainable business models, especially in the fields of green economy, digital economy, knowledge economy, circular economy and sharing economy.
Affirming that “Resources come from thinking, motivation comes from innovation, strength comes from people and businesses”, Prime Minister Pham Minh Chinh believes that with high determination, great efforts, and drastic actions of both sides, on the basis of good bilateral relations, economic - investment - trade cooperation between Vietnam and China, especially in the field of green economic development and digital economy, will be an important and breakthrough driving force to help bring the relationship between the two countries to continue to develop to new heights.
In the spirit of “harmonious benefits, shared risks”, “your success is also our success”, the Prime Minister affirmed that the Vietnamese Government is committed to always listening, continuing to accompany, support and create all favorable conditions for foreign enterprises in general and Chinese enterprises in particular to invest and do business effectively, long-term and sustainably in Vietnam.
Source: VNA/Tin Tuc Newspaper
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