Prime Minister Pham Minh Chinh speaks at a seminar with European businesses. Photo: Duong Giang/VNA
Attending the seminar were Deputy Prime Ministers Ho Duc Phoc and Nguyen Chi Dung; representatives of leaders of central ministries, branches and some localities; 15 Vietnamese corporations and groups; Ambassador, Head of the European Union (EU) Delegation to Vietnam Julien Guerrier; Ambassadors, Deputy Ambassadors of EU countries to Vietnam and leaders of 16 leading European corporations.
Currently, EU investment in Vietnam has reached more than 30.4 billion USD; ranking 6th among the largest FDI investors in Vietnam. Two-way trade turnover in 2024 will reach 68.5 billion USD.
At the seminar, European delegates highly appreciated the business investment environment in Vietnam. With a solid foundation, Vietnam's economy is still growing well in the context of being heavily affected by the COVID-19 pandemic and Typhoon Yagi. In particular, delegates expressed their impression of Vietnam's recent reforms, especially its determination, as well as the completion of the legal framework towards a clearer, more transparent and open direction.
With the signing of the Vietnam-EU Free Trade Agreement (EVFTA), EU businesses have increased investment and contributed to Vietnam's development. In particular, through the Just Energy Transition Partnership (JETP), the EU supports Vietnam to achieve net zero emissions by 2050.
With 75% of European enterprises surveyed recommending Vietnam as an investment destination; believing in the investment potential in Vietnam, European enterprises said they are ready to cooperate closely with the Vietnamese Government, ministries and sectors, not only to continue doing business in Vietnam long-term but also to attract more investors to Vietnam.
Prime Minister Pham Minh Chinh and Deputy Prime Ministers Ho Duc Phoc and Nguyen Chi Dung chaired a discussion with European businesses. Photo: Duong Giang/VNA
European businesses also raised a number of issues considered barriers and bottlenecks, from which they proposed solutions so that Vietnam does not miss out on investments from the EU, such as: Vietnamese ministries and branches should effectively implement the contents of the EVFTA, especially regulations on taxes and fees; need to make decisions and resolve issues more quickly; reduce administrative procedures; reduce legal burdens; stabilize and be consistent in policies and laws; standardize and apply the same rules to the same type of activities nationwide; simplify requirements for work permits, etc.
Appreciating the effectiveness of the EVFTA, the EU side suggested that both sides continue to make efforts to maximize the benefits brought by the Agreement. European businesses wish to expand their investment in Vietnam, focusing on strategic infrastructure development, new growth drivers, emerging industries such as semiconductor industry, digital transformation; high technology, aviation, electronics, logistics, clean energy, electronics, etc.
Expressing support and readiness to join Vietnam in achieving the goal of becoming a developed country by 2045, the European side said that Vietnam needs to promote more strongly to attract tourists and business investment; continue to improve competitiveness and national brand...
Together with leaders of ministries, branches and localities, discussing, answering and resolving issues of interest, proposals and recommendations of the European side and European enterprises, concluding the discussion, Prime Minister Pham Minh Chinh respectfully thanked the Ambassadors, Heads of the European Union Delegation and European corporations in Vietnam for their frank, sincere, trustworthy and responsible exchanges, demonstrating their determination to develop together with Vietnam; affirming that the Vietnamese Government, ministries and branches accept the contributions and assign "clear people, clear work, clear responsibilities, clear implementation time, clear efficiency, clear products" to promptly handle to achieve the set major goals.
Representatives of European organizations and business associations attended the discussion. Photo: Duong Giang/VNA
Analyzing the world situation, with rapid and unpredictable changes, the Prime Minister said that these are all global, all-people, comprehensive, and all-encompassing issues, requiring a global, all-people approach, a spirit of solidarity, close coordination, and flexible, timely, and effective handling and response. In particular, the Prime Minister hopes that the parties will carry out 5 enhancements, including: Strengthening closer and more effective solidarity; Strengthening substantive cooperation; Strengthening stronger innovation in thinking; having more creative solutions; Strengthening the implementation of more drastic, focused, and key actions; Strengthening thinking, methodology, and practical approaches, suitable for the realities.
The Prime Minister assessed that after 35 years of establishment, the Vietnam - EU diplomatic relations have continuously developed; highly appreciated the EU's assistance throughout the development process, especially in the economy, investment and trade of Vietnam, especially Europe's sharing for the free life and pursuit of happiness of the Vietnamese people.
The Prime Minister said that Vietnam aims to achieve a growth rate of 8% or more this year, hoping that Europe will support and assist Vietnam in achieving this target, to create momentum, create momentum, and create momentum for the coming years to achieve double-digit growth, practically celebrating the 35th anniversary of the establishment of Vietnam - EU relations, in the spirit that the success of Europe in general and European enterprises is also the success of Vietnam. Because the room for developing cooperation between the two sides is still very large, while Vietnam has a large population, is located at the center of growth, has a favorable geostrategic position, has a peaceful, cooperative and developing environment, it will be very favorable for development, businesses can develop Vietnam into a production, business and export base to other countries.
The Prime Minister affirmed that Vietnam is ready to welcome high-ranking EU leaders to visit for more substantive and effective work, thereby creating a more favorable environment for European businesses and improving the investment and business environment in Vietnam.
Representatives of localities attended the discussion with European businesses. Photo: Duong Giang/VNA
Frankly acknowledging that both sides still have many factors that need to be overcome and resolved, such as administrative procedures, compliance costs, slow decision-making, issues related to some taxes and customs, etc., the Prime Minister said that the Vietnamese Government, ministries and sectors have made efforts to resolve the issue on the principle that whatever is right, beneficial to the production and business processes of European enterprises and beneficial to Vietnam, must be resolutely implemented, no matter how difficult.
Informing about the socio-economic development results in 2024, expressing gratitude for the support and contributions of the EU and EU enterprises to Vietnam's overall achievements, Prime Minister Pham Minh Chinh stated that in 2025 and the following years, Vietnam is determined to achieve higher growth to complete the two 100-year goals, including efforts to develop to become a major economic, trade and investment center in Asia by 2030.
Therefore, the Prime Minister hopes that EU enterprises will continue to expand production and business in Vietnam, considering Vietnam an important base for developing supply chains and production chains; affirming that Vietnam is ready to create opportunities, trust, and necessary conditions for European enterprises to confidently identify this as a safe investment base, bringing benefits and development, and closely connecting the EU with Vietnam.
It is reported that in 2024, Vietnam's credit rating index will be upgraded by international organizations. Many foreign investors have chosen Vietnam as a strategic production center. Vietnam responds to investors' trust by focusing on three strategic breakthroughs in institutions, infrastructure and high-quality human resources, with "open policies, smooth infrastructure, smart management", the Prime Minister emphasized, Vietnam is determined to cut administrative procedures; implement decentralization; eliminate the request-grant mechanism; fight negativity and corruption; strengthen inspection and supervision; carry out a revolution in arranging and organizing the apparatus, improving the effectiveness and efficiency of the state apparatus; increase the application of digital transformation... Thereby reducing compliance costs for people and businesses; reducing input costs of products, reducing logistics costs, reducing emissions, increasing competitiveness, bringing benefits to businesses.
Prime Minister Pham Minh Chinh and Deputy Prime Ministers Ho Duc Phoc and Nguyen Chi Dung chaired a discussion with European businesses. Photo: Duong Giang/VNA
The Prime Minister said that Vietnam is strengthening human resource training to implement smart management, contributing to increasing labor productivity, meeting new requirements of high-tech enterprises such as semiconductor chip manufacturing, artificial intelligence (AI), cloud computing, quantum optics, etc., including focusing on training 50,000 semiconductor engineers. Along with that, Vietnam is determined to cut at least 30% of administrative procedures, cut at least 30% of administrative costs, and 30% of the time to decide on administrative procedures and investment procedures. Vietnam continues to maintain independence, sovereignty, territorial integrity, political stability, social order and safety, and legal stability to ensure safety, stability, and efficiency in production and business of European enterprises.
The Prime Minister affirmed that he would end the situation where everything is good but the important and necessary things are not good; everything is fast but the fastest things are slow... to quickly resolve the problems of European businesses.
For European businesses, the Prime Minister wishes to promote a proactive and positive spirit, enhance and deepen bilateral relations; create a solid foundation in all areas with a spirit of mutually beneficial cooperation, especially on the occasion of the 35th anniversary of the establishment of Vietnam - EU diplomatic relations; further increase high-quality investment, promote the transfer of advanced technology, support the training of high-quality human resources for Vietnam, especially in the fields of green economy, digital economy, circular economy, creative economy, knowledge economy, sharing economy, new energy, financial centers, green finance, marine economic development, biotechnology, and healthcare.
The Prime Minister also suggested that European enterprises continue to cooperate with the Vietnamese business community, creating conditions for Vietnamese enterprises to participate in the global supply chain and value chain; diversifying markets, so that Vietnamese products are more flexible and adaptable to the situation; promoting the dialogue mechanism with the Government, doing better in connecting enterprises periodically with the spirit of saying what is done, committing to doing what is done, and implementing what is done must have results and products; European enterprises make Vietnam a long-term production and business base of the EU; consulting and advising on building institutions and policies.
Europe and European businesses respond and accompany Vietnam in rapid development, high and sustainable growth. Accordingly, we must implement social policies well to ensure social justice and progress, ensure equal access for all subjects to health, education, culture; ensure social security, especially in remote areas, border areas, islands, etc.; do not sacrifice social progress, justice and the environment to pursue economic growth alone; ensure increasingly favorable development.
Prime Minister Pham Minh Chinh with European businesses. Photo: Duong Giang/VNA
The Head of the Vietnamese Government asked the European business community to have a voice in urging the remaining nine EU member states to soon ratify the Investment Protection Agreement between Vietnam and the European Union (EVIPA); urge the European Commission (EC) to actively consider removing the IUU yellow card for Vietnamese seafood exports; actively participate in the project of 1 million hectares of high-quality, low-emission rice in the Mekong Delta; and request the EU to continue maintaining ODA aid for Vietnam through bilateral cooperation channels.
Affirming that the Vietnamese Government is committed to ensuring that the foreign-invested sector is an important component of the Vietnamese economy; ensuring the legitimate rights and interests of enterprises, by international law, the Prime Minister asked European enterprises to listen and understand; share vision, awareness and action; work together, enjoy together, win together and develop together; share joy, happiness and pride; continue to support and trust Vietnam.
Pham Tiep (Vietnam News Agency)
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