Vietnamese Prime Minister Pham Minh Chinh on February 14 affirmed Vietnam's determination to protect the legitimate interests of foreign investors, noting that foreign capital is one of the major drivers of Vietnam’s socio-economic growth.

Vietnam's Prime Minister Pham Minh Chinh meets European and ASEAN business delegates on February 14. Photo: VNA

PM Chinh said at the meeting with the EU-ASEAN Business Council and the European Chamber of Commerce in Vietnam (EuroCham Vietnam).

To encourage foreign capital inflows, the Vietnamese Government will remove obstacles in real estate, finance, securities, and corporate bond issuance so that investors enjoy a healthy, sustainable and secure environment, he told the delegation which includes executives of 50 European firms.

He said the Vietnamese government is committed to facilitating the foreign investment sector to operate in a healthy market, calling for European companies and investors to continue to accompany Vietnam in the execution of three strategic development breakthroughs.

He urged foreign investors to support Vietnamese businesses in accessing climate finances and high technologies to implement sustainable development activities. Key priorities for foreign investment include digital transformation, green transition, circular economy, infrastructure construction, innovation, and high-quality manpower development, he added.

Jens Ruebbert, Vice Chairman of the EU-ASEAN Business Council, said that the EU-ASEAN Business Council sees Vietnam as an essential partner to the organization. He said that this is the first trip of the year for the council and executives of 50 businesses, and it shows the extent to which they have taken an interest in the Vietnamese economy.

Wrapping up the meeting, PM Chinh said that as challenges still persist, Vietnam and European and ASEAN enterprises need to discuss the solutions to existing issues based on “shared benefits, shared risks”. Vietnam always takes its comprehensive strategic relations with the EU and its member states seriously and looks forward to strengthening the strategic relationship between ASEAN and the EU.

The Vietnamese Government prioritizes three strategic breakthroughs, which are the completion of the institutional framework and administrative reform, human resources development, and construction of mass infrastructures. The nation has also stepped up economic overhaul, reformed its growth model, and fostered the application of science and technology to accelerate industrialization and modernization.

The focus will be the digital economy, digital transformation, green growth, circular economy, high-tech industries, ecological agriculture, and fulfillment of its climate commitments.

As of 2022-end, the Vietnamese economy was valued at $409 billion and income per capita was estimated at $4,100. Vietnam has signed 15 FTAs with 60 countries and territories. In 2022, Vietnam recorded an 8% GDP growth rate, an import-export turnover was $732 billion and a trade surplus was $11 billion. Vietnam has welcomed foreign investors from 142 countries and territories, establishing more than 36,400 projects with total registered capital of $440 billion.