Switzerland will support Vietnam in practicing digital transformation toward a digital economy and green growth, Guy Parmelin, member of the Swiss Federal Council and head of the Federal Department of Economic Affairs, Education and Research, affirmed on Monday.

Federal Councilor Parmelin made the affirmation at his talks with Vietnamese Deputy Prime Minister Tran Hong Ha, who is in Switzerland to attend the five-day World Economic Forum’s Annual Meeting, which kicked off in Davos the same day, according to the Vietnam News Agency.

The host and guest expressed their delight at the good development of the traditional friendship between Vietnam and Switzerland over the past 50 years, especially in politics, diplomacy, economics, development cooperation, science and technology, and education and training.

The increasing two-way trade between the two countries reached US$721.3 million in January-November, and Switzerland now has 197 active foreign direct investment (FDI) projects in Vietnam worth a combined $1.89 billion, ranking 21st out of 140 countries and territories investing in the Southeast Asian country, deputy PM Ha said. 

With a market of nearly 100 million people and 15 free trade agreements (FTAs) having been signed with its partners in the world, Vietnam has become an attractive market offering great opportunities for economic, trade, and investment cooperation to foreign investors, Ha told his host.

In such a context, Vietnam is now transforming its economy to a new model of digital, circular, and low-carbon economy to attain sustainable and green development, Ha said.

The Vietnamese official suggested that Swiss investors engage in projects with new, advanced, and clean technology and those in environmental protection, innovation, and modern administration in Vietnam.

Ha asked his guest to facilitate Swiss entrepreneurs in doing long-term business in Vietnam, especially in such areas as finance, banking, insurance, manufacturing, pharmaceuticals, agricultural product processing, renewable energy, and tourism.

Regarding green growth, deputy PM Ha said Vietnam is in transition from fossil energy to renewable energy to reduce CO2 emissions toward fulfilling its international commitment to reduce net emissions to zero by 2050. 

He therefore hoped that Switzerland would participate in helping reduce emissions in developing countries including Vietnam. 

Federal Councilor Parmelin highly appreciated Vietnam’s commitment to net-zero emissions and congratulated the nation on achieving a Fair Energy Transition Partnership (JETP) with G7 countries and partners. 

The host pledged that Switzeland will assist Vietnam in transitioning to a circular economy and practicing circular production and digital transformation toward a digital economy and green and sustainable development.

Deputy PM Ha suggested that Switzerland continue to coordinate with Vietnam to promote the negotiation of an FTA between Vietnam and the European Free Trade Association (EFTA) and affirmed that Vietnam is ready to become a bridge for EFTA to access and expand its markets in the ASEAN region.

The guest also congratulated Switzerland on being elected as a non-permanent member of the United Nations Security Council for the first time. 

The two sides agreed to strengthen mutual coordination and support at multilateral forums and international organizations.

Deputy PM Ha asked the Swiss government to create favorable conditions for the Vietnamese community in Switzerland to stabilize their lives and integrate into the host society.

After the talks, the host and guest co-chaired an exchange session with Swiss businesses and investors, at which leaders of many leading Swiss corporations expressed their impression with Vietnam’s economic recovery from the COVID-19 pandemic and lauded Vietnam’s growth prospects in the coming time.

These enterprises expressed their desire to expand their investment and promote business cooperation in Vietnam.

Deputy PM Ha answered all the questions raised by the host businesses in relation to doing business and making investment in Vietnam.

Like us on Facebook or  follow us on Twitter to get the latest news about Vietnam!