Vietnam’s Prime Minister Pham Minh Chinh requested Mathias Cormann, Secretary-General of the Organization for Economic Cooperation and Development (OECD), to help the country make policies that attract high-quality foreign direct investment (FDI).

Vietnam’s Prime Minister Pham Minh Chinh (R) and Mathias Cormann, Secretary-General of the Organization for Economic Cooperation and Development (OECD), in Hanoi on Oct 27. Photo: VNA

The move would enable Vietnam to engage more in the global supply and value chains, secure the investors’ interests, and adapt to new regulations, especially the global minimum tax, Chinh said at the meeting with Mathias Cormann in Hanoi today [October 27].

The meeting took place during Mathias Cormann’s visit to Vietnam to attend the OECD-Southeast Asia Ministerial Forum 2023 and the OCED Southeast Asia Regional Programme (SEARP).

The Vietnamese Prime Minister called OECD – a multilateral organization with 38 member countries working together to promote economic growth and world trade – to assist Vietnam in fostering new growth momentums, such as green transition, digital transformation, developing carbon market, and innovation.

In terms of FDI, Vietnam attracted US$27.72 billion in 2022, down 11% on year. Between January and September 2023, foreign investors registered to pour more than $20 billion into the country. Of the sectors, processing industries and manufacturing take the lead in FDI attraction.  

Chinh also shared Vietnam’s growth strategies with three key pillars namely regulatory framework, infrastructure, and manpower, while gearing resources towards important fields like exports, investment, consumption, and circular economy at the same time.

He highly appreciated OECD for its adoption of a new Strategic Framework for the Indo-Pacific in June 2023. He hoped the Secretary-General would continue supporting regional cooperation and growth.

Mathias Cormann stressed the role of Vietnam’s co-chairing of SEARP 2023, especially the initiative to organize the OECD-Southeast Asia Ministerial Forum. He was impressed with Vietnam’s economic growth and rising FDI amid the global slowdown. He believed there remains room for Vietnam to attract investments in sustainable development.

Cormann reaffirmed the strategic partnership of the Southeast Asian region and Vietnam in particular for OECD, agreed to lift the OECD-Vietnam relations, and worked with the country for the sectors of mutual concerns.

Founded in 1961, the 38-member organization with members spanning the globe, working with other countries to address the pressing policy challenges.