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Vietnam expected to attract investment at WEF in China

Vietnam expected to attract investment at WEF in China

Tuesday, June 25, 2024, 15:00 GMT+7
Vietnam expected to attract investment at WEF in China
Chinese Prime Minister Li Qiang (R) greets Vietnamese Prime Minister Pham Minh Chinh (L) in China on June 24, 2024. Photo: D. Giang / Tuoi Tre

Vietnamese Prime Minister Pham Minh Chinh is attending the 15th World Economic Forum (WEF) Annual Meeting of the New Champions in China’s Dalian City until June 27, where Vietnam is expected to lure investment in various sectors.

This year’s event has brought together some 1,600 delegates, including global leaders from business, government, civil society, international organizations, academia, and media.

Under the ‘Next Frontiers for Growth’ theme, the meeting is set to open new cooperation opportunities in industries, digital technology, artificial intelligence, and green growth that Vietnam is focusing on attracting investment in.

Le Duy Binh, CEO at Economica Vietnam, told Tuoi Tre (Youth) newspaper that given the impressive achievements in Vietnam’s economic development over the past several years, the Southeast Asian country might be one of the ‘new frontiers for growth’ to draw foreign investors.

Regardless of global uncertainties, Vietnam is still maintaining its stable growth pace, highlighting the country’s strong resistance, as well as improved public and economic governance.

PM Chinh has constantly offered orientations encouraging investors in new fields such as digital economy, energy transformation, and green economy, proving that Vietnam has well adapted to the shift of the global supply chain, and effectively tapped high value-added sectors.

As a result, Vietnam’s digital economic growth rate has reached 20 percent per year over the past few years, triple the rate of its gross domestic product growth, contributing to increasing the country’s competitiveness and speeding up its economic transformation.

Dr. Nguyen Quoc Viet, deputy head of the Vietnam Institute for Economic and Policy Research, evaluated that Vietnam’s enhanced efforts in changing growth models and restructuring the economy by boosting administrative reforms, upskilling the workforce, and improving infrastructure have helped the nation raise its competitiveness in the global market.

Viet said that the WEF appreciated Vietnam for its reforms to create favorable conditions for trade and investment activities.

Several major firms are interested in the Vietnamese market. 

Notably, during the Vietnamese government leader’s trip to China, representatives of many big Chinese enterprises met with PM Chinh and expressed their hope of investing in Vietnam.

Leaders of China’s Dalian Locomotive & Rolling Stock Co. Ltd. and Power Construction Corporation of China showed their interest in urban railway and energy projects in Vietnam as well as railway projects connecting the two countries at separate meetings with the Vietnamese premier on Monday.

PM Chinh was set to have a meeting with another Chinese group and sit in on a seminar on startups and innovation on Tuesday. 

Dr. Viet noted that these firms’ interest in some fields that Vietnam is prioritizing for attracting investors such as infrastructure, railways, and energy will help Vietnam better improve the investment quality and climate to attract investors from China and other nations.

Viet also expected that through the WEF annual meeting, Vietnam can remove obstacles over investment capital flows, while Vietnamese firms will have a chance to join deeply in global and regional value chains.

As part of his working trip to the neighboring country, PM Chinh held talks with his Chinese counterpart Li Qiang on Monday.

During their talks, the Vietnamese government leader proposed the two sides enhance their traffic infrastructure connection, suggesting China smooth the path for the export of more Vietnamese agricultural products.

The Chinese prime minister affirmed that China would open its doors for more Vietnamese vegetables, fruits, and seafood, while bolstering bilateral ties with Vietnam.

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Tieu Bac - Ngoc An / Tuoi Tre News

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