Vietnamese premier calls for investment expansion among major Chinese corporations
Vietnamese premier calls for investment expansion among major Chinese corporations
Vietnamese Prime Minister Pham Minh Chinh has urged leading Chinese enterprises to expand their operations and investments in Vietnam across both traditional and emerging sectors to enhance economic and business connectivity between the two nations for mutual benefit.
Representatives of Chinese corporations attend a roundtable discussion chaired by Vietnamese Prime Minister Pham Minh Chinh in Hanoi, February 28, 2025. Photo: Vietnam Government Portal |
PM Chinh on Friday chaired a roundtable discussion in Hanoi with executives from 23 top Chinese corporations active in infrastructure, energy, manufacturing, information technology, telecommunications, aviation, and banking.
He emphasized Vietnam’s stable economy, controlled inflation, and strong economic fundamentals, including manageable government, public, and foreign debt levels.
These factors, he stated, create favorable conditions for expanded investment and development.
The PM called on Chinese enterprises to increase investments in traditional growth drivers—investment, exports, and consumption—as well as in emerging sectors such as semiconductors, artificial intelligence (AI), the Internet of Things (IoT), big data, cloud computing, biomedical industries, clean energy, digital payments, QR-based transactions, and green finance.
Additionally, he encouraged Chinese businesses to transfer advanced technology, support Vietnamese enterprises in global value chains, and contribute to regulatory improvements and smart governance.
Vietnam has set a GDP growth target of at least 8 percent this year, with ambitions for double-digit growth in the coming years.
Drawing from China’s economic experience, PM Chinh underscored the need for sustained high growth over consecutive years to achieve high-income status.
“The strong partnership between our two countries must be translated into concrete plans, programs, and projects to yield tangible and effective results,” he stressed.
The PM urged businesses from both nations to take the lead in implementing high-level agreements, strengthening economic connectivity, fostering business ties, and promoting people-to-people exchanges with the spirit of "only discussing progress, not retreat."
He also called for collaboration in developing the digital, green, and circular economies to ensure sustainable growth. Beyond expanding business operations, Chinese enterprises were encouraged to contribute to social welfare and technology transfer, aiding Vietnamese businesses in scaling up and integrating into global supply chains.
During the discussion, Chinese corporations expressed confidence in Vietnam’s economic prospects and praised its business environment, recognizing the country as an attractive global investment destination and a key player in global supply chains.
To date, Chinese enterprises have invested over US$6 billion in Vietnam, particularly in green, circular, and renewable industries.
Chinese Ambassador to Vietnam He Wei affirmed that the strong bilateral relationship presents unprecedented investment opportunities, particularly in green development and the digital economy.
He emphasized that increasing Chinese investment aligns with the broader vision of fostering a strategically significant Vietnam-China community with a shared future.
Many Chinese business leaders expressed interest in expanding investments in strategic infrastructure, transportation, and new growth sectors, including the green and digital economies, circular economy, electronics, information technology, and clean energy.
They also urged the Vietnamese government to address regulatory obstacles to further strengthen bilateral economic, trade, and investment ties.
In response, PM Chinh instructed ministries and agencies to review and resolve business proposals within one week, ensuring accountability and clear timelines.
He also directed the Ministry of Transport and the Ministry of Construction to expedite key railway projects, including the Lao Cai-Hanoi-Hai Phong, Lang Son-Hanoi, and Mong Cai-Ha Long-Hai Phong routes, positioning them as symbols of bilateral cooperation.
Vietnam and China established diplomatic ties in January 1950 and upgraded their relationship to a comprehensive strategic partnership in May 2008, which has since expanded across various sectors.
Last year, two-way trade between the two nations reached $260.65 billion, a 13.5 percent increase from the previous year.
Currently, Vietnam is China's largest trading partner in ASEAN and ranks fifth worldwide, while China is Vietnam’s biggest commercial partner globally, according to the Vietnam News Agency.
- 17:38 01/03/2025
