Developing Vietnam into a global investment center

(NLDO) - On the morning of March 4, Prime Minister Pham Minh Chinh chaired a discussion with large Korean corporations and enterprises.

Also attending were Deputy Prime Ministers Ho Duc Phoc and Nguyen Chi Dung; representatives of central ministries, branches, some localities, 14 corporations and enterprises of Vietnam; Korean Ambassador to Vietnam Choi Young Sam; leaders of business associations and 35 typical corporations and enterprises of Korea.

Prime Minister Pham Minh Chinh with large Korean corporations and enterprises. Photo: Nhat Bac

Hope to participate in North-South expressway projects, nuclear power...

Mr. Ko Tae Yeon, Chairman of the Korean Chamber of Commerce in Vietnam (KoCham), assessed that in 2024, Vietnam attracted impressive FDI in the context of a difficult global economy, including attracting 7 billion USD of investment from Korea, an increase of 37.5% compared to 2024; bringing the cumulative investment of Korea in Vietnam to 92 billion USD.

There are currently about 10,000 Korean enterprises operating in Vietnam, creating more than 900,000 jobs, making a positive contribution to Vietnam's socio-economic development. These results are affirming Vietnam's important position and role in the global supply chain, reflecting the strong development of the Vietnam - Korea cooperative relationship.

Prime Minister Pham Minh Chinh, Deputy Prime Ministers Ho Duc Phoc and Nguyen Chi Dung at a discussion with large Korean corporations and enterprises. Photo: Nhat Bac

According to Mr. Ko Tae Yeon, in the future, for Vietnam to become a leading country in the high-tech field, attracting FDI investment in the fields of semiconductors, artificial intelligence (AI), green energy, etc. is increasingly important.

Korean enterprises are ready to cooperate closely to promote these fields in the coming time. KoCham and Korean enterprises are always reliable partners, wishing to contribute to the development of Vietnam in the journey to become a global investment center, developing a sustainable green economy and innovation.

In the context of many difficulties, up to 82% of Korean enterprises believe that the Vietnamese Government will effectively respond to external fluctuations. Korean enterprises have faith in Vietnam's diplomatic capacity and FDI support policies in the coming time.

Mr. Ko Tae Yeon, Chairman of the Korean Chamber of Commerce in Vietnam (KoCham) spoke at the seminar. Photo: Nhat Bac

KoCham Chairman hopes that Korean enterprises can participate in key projects such as the North-South high-speed railway, nuclear power... from design, manufacturing... to human resource training.

Also at the seminar, Korean corporations and enterprises mentioned investment opportunities and made recommendations in fields such as semiconductors, high technology (Samsung, LG, Hana Mircon Vina); green energy (SK, Hanwha, Asong); high-tech industries such as automobiles, LNG, electric vehicle batteries (Hyundai Thanh Cong, Posco); biotechnology, advanced materials (Hyosung); services, logistics (CJ, Lotte) ...

According to Mr. Na Ki Hong, General Director of Samsung Vietnam, priority should be given to building a substantive incentive mechanism to help high-tech enterprises feel secure in making investment decisions. Photo: Nhat Bac

Mr. Na Ki Hong, General Director of Samsung Vietnam, assessed that the Decree on Investment Support Fund was issued with strong will and active support from the Vietnamese Government, and was highly appreciated by many foreign investors, considering this the result of efforts that clearly demonstrate the protection of investors and trust in the Government.

He also said that countries around the world are considering the development of the semiconductor and artificial intelligence industries as issues directly related to national security and are preparing various support policies at the government level. The Vietnamese government is also following this trend and is in the process of considering various incentive mechanisms, including the Digital Technology Industry Law currently being developed by the Ministry of Science and Technology. Samsung and many foreign investment enterprises are interested in this issue. He said that priority should be given to developing substantive incentive mechanisms to help high-tech enterprises feel secure in making investment decisions.

Large Korean corporations and enterprises attended the seminar. Photo: Nhat Bac

KoCham and businesses made a number of recommendations related to policy stabilization, improving the legal framework and increasing policy support for high-tech industries, investment funds, simplifying import-export procedures, modernizing the logistics system, import taxes, VAT refunds, etc.

The best environment for foreign investors

Concluding the discussion, Prime Minister Pham Minh Chinh highly appreciated the opinions and thanked Korean businesses for always accompanying Vietnam.

The Prime Minister thanked the Korean side and Korean enterprises for always accompanying and cooperating with Vietnam to "share the good and the bad" over the past time. Photo: Nhat Bac

The Prime Minister assigned the Ministry of Finance, the Government Office to synthesize, ministries, branches and localities of Vietnam to promptly respond and thoroughly handle the recommendations and proposals of enterprises, and publicly post them on the Electronic Information Portal of the Government and ministries and branches, with the spirit of "respecting time, intelligence and decisiveness", ensuring 5 clarity (clear people, clear work, clear responsibility, clear progress, clear efficiency).

"There is nothing that can prevent the removal of these obstacles. We are optimistic and confident in the prospects of cooperation and need to continue to turn the good relations between the two countries into specific programs and projects, bringing material wealth and practical benefits for both sides to enjoy positively and equally," the Prime Minister emphasized.

The Head of Government spent a lot of time responding specifically to the concerns, worries and proposals of the delegates. In particular, in response to the concerns of businesses about the Vietnam-US economic relationship, US policies and Vietnam's responses and solutions, Prime Minister Pham Minh Chinh shared some important contents.

The Prime Minister affirmed that the Vietnamese Government is committed to ensuring that the foreign-invested economic sector is an important component of the Vietnamese economy. Photo: Nhat Bac

Accordingly, the two economies of Vietnam and the US are two complementary economies, not competing fiercely but competing healthily; the two countries are Comprehensive Strategic Partners, with many predestined relationships and many different characteristics compared to other partners.

Vietnam has also proactively and actively contacted US authorities, sectors and businesses to continue to strengthen cooperation, mutual understanding and sharing of advantages and difficulties, promoting economic cooperation on par with the Comprehensive Strategic Partnership.

At the same time, Vietnam is also actively resolving the difficulties of its US partners in a fair, reasonable and legal manner. The Ministry of Finance is reviewing reasonable and harmonious tax policies to ensure the interests of both sides. This week, the Government will have a meeting to review and propose new policies in line with current US policies, promoting trade in a more balanced direction.

According to the Prime Minister, in relations with each partner, in each different period, there will be different concerns and sharing, the very important thing is to grasp the situation, respond appropriately, promptly, flexibly and effectively.

The Prime Minister pointed out that the Vietnam-Korea relationship has experienced ups and downs and breakthroughs and has developed better, more comprehensively and more positively.

Sharing about Vietnam's positive results in socio-economic development in 2024, the Prime Minister also said that Vietnam's investment and business environment continues to improve, and is positively evaluated by the international community and investors. Vietnam is focusing on drastically and synchronously implementing many groups of solutions, promoting strategic breakthroughs (in terms of institutions, infrastructure, and human resources) in the spirit of "open institutions, smooth infrastructure, smart governance and human resources" to reduce costs, increase the competitiveness of goods, and create favorable conditions for businesses.

In particular, Vietnam is actively removing obstacles in laws, including many contents that Korean enterprises have mentioned. Promoting the construction of strategic infrastructure for transportation, logistics, energy infrastructure, electricity to ensure meeting the needs of economic growth, digital infrastructure, social infrastructure, culture, health, education in a green direction, responding to climate change; developing basic industries, cultural industries, entertainment industries, etc.

Continue to promote administrative procedure reform, smart governance, carry out a revolution in organizational structure, reduce intermediaries, eliminate the mechanism of asking and giving, promote decentralization and delegation of power in the direction of streamlining, compactness, strength, efficiency, effectiveness and efficiency; reduce inconvenience, harassment, costs and time for people and businesses.

For rapid and sustainable development, the Prime Minister also said that Vietnam is continuing to build and implement preferential policies for the development of the digital economy, green economy, circular economy, sharing economy, and creative economy; building tax policies suitable to the situation, harmonizing the interests of all parties; localization policies, reducing trade defense; investment incentive and incentive policies, etc.

The ultimate goal is to maintain the country's independence and sovereignty, and for the people to become increasingly happy and prosperous. This is also the best environment for foreign investors to operate effectively and sustainably, including Korean enterprises.

Proposal to consider Vietnam as a development base, an important link

The Prime Minister hopes that Korean enterprises and investors will continue to do better in cooperation, investment, production and business activities in Vietnam, achieving higher efficiency each year and each decade; actively providing development consultancy, building institutions, and an open investment and business environment for enterprises to develop; expanding investment and business, considering Vietnam as a development base, an important link in the supply chain; contributing to the transfer of advanced technology, scientific and technological progress, promoting a higher localization rate; training high-quality human resources; improving smart governance capacity, management models, and building an effective and suitable apparatus.

More specifically, the Prime Minister suggested that Korean enterprises join the Government and Vietnamese enterprises in expanding investment in new technology projects, high technology, advanced technology, clean technology, high added value, spillover effects of technology transfer, connecting global production and supply chains, strategic areas of innovation, semiconductor technology, artificial intelligence (AI), renewable energy, digital finance, bio-health, smart manufacturing, digital economy. Promote investment cooperation in the processing and manufacturing industry, real estate projects, infrastructure development, telecommunications, tourism development, cultural and entertainment industries, etc.

Prime Minister Pham Minh Chinh's discussion with large Korean corporations and enterprises. Photo: Nhat Bac

Along with that, strengthen exchanges, continue to maintain and expand cooperation to strengthen the supply chain, ensure stable production activities; Korean enterprises participate in Vietnam's production ecosystem, on the principle of mutual benefit, close cooperation within the multilateral framework, in the regional and global value chain, ensuring economic security on both sides.

At the same time, share experiences and promote the startup ecosystem such as encouraging venture capital funds, connecting startups of the two countries; actively participate in Vietnam's innovation centers, and form research and development (R&D) centers.

Large Korean corporations support Vietnam in establishing scientific research and innovation centers; consider sending Korean experts and high-quality human resources to work in Vietnam; and actively receive skilled Vietnamese workers to work in Korea.

The Prime Minister affirmed that the Vietnamese Government is committed to ensuring that the foreign-invested economic sector is an important component of the Vietnamese economy; ensuring the legitimate and legal rights and interests of investors; ensuring political stability, social order and safety, institutions, mechanisms and policies to attract investment.

On the basis of the very good relationship between the two countries, the Prime Minister hopes that Korean investors will promote the spirit of listening and understanding between enterprises, the State and the people; sharing vision and action; working together, winning together, enjoying together, developing together, sharing joy, happiness and pride.

Source: https://nld.com.vn/doanh-nghiep-han-quoc-phat-trien-viet-nam-thanh-trung-tam-dau-tu-toan-cau-196250304141923438.htm