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At WEF gathering, Vietnam unveils 4-pronged plan for transformation, growth

At WEF gathering, Vietnam unveils 4-pronged plan for transformation, growth

Wednesday, January 17, 2024, 16:34 GMT+7
At WEF gathering, Vietnam unveils 4-pronged plan for transformation, growth
Vietnamese Prime Minister Pham Minh Chinh speaks at the National Strategic Dialogue on Vietnam held within the framework of the 54th Annual Meeting of the World Economic Forum (WEF) in Davos, Switzerland, January 16, 2024. Photo: Nhat Bac / Tuoi Tre

Vietnam will focus on four main solutions to accelerate transformation and generate new growth momentum for the national economy, said Prime Minister Pham Minh Chinh at a dialogue within the 54th Annual Meeting of the World Economic Forum (WEF) in Davos, Switzerland on Tuesday.

The Vietnamese government leader was speaking as he presided over the WEF National Strategic Dialogue on Vietnam, a part of the WEF gathering that commenced a day earlier.

The event, themed 'Rebuilding Trust,' attracted over 2,800 leaders from 120 countries.

Joo-Ok Lee, head of regional agenda for Asia-Pacific at the WEF, and about 60 leaders from the WEF’s global member groups attended the dialogue on promoting transformation and opening up new growth drivers in Vietnam.

The purpose of the event was to unveil Vietnam's socio-economic development strategy and highlight priority areas for investment.

Specific policies that the government plans to implement in the near future were also discussed, with the goal of creating an appealing business environment for foreign investors.

At the dialogue, partners showed their interest in Vietnam’s policies in emerging areas such as green transition, renewable energy, rare earth exploitation, semiconductor industry, carbon credit market, and power development planning.

Creating new growth drivers is an inevitable trend in today's world and no country or economy can develop rapidly and sustainably if it still sticks to old thinking and simply relies on traditional growth catalysts, the PM told the dialogue.

Vietnam will concentrate on four primary strategies to stimulate transformation, foster innovation, and open up new growth drivers.

The country will first review and perfect institutions and laws in the spirit of creating the most favorable conditions for businesses and investors.

It will then concentrate on developing strategic infrastructures, especially those for transportation, digital transition, and climate change response.

Thirdly, it is a must to develop high-quality human resources.

Last but not least, Vietnam will restructure its economy with priority given to developing renewable energy industries, green transformation, digital transformation, semiconductor industry, and innovation.

PM Chinh affirmed that Vietnam is accelerating the development of a circular, sharing, and knowledge-based economy, the transformation of human resources, and relevant mechanisms and policies.

He called on foreign partners to invest in Vietnam’s priority areas such as innovation and high-tech science, including semiconductor technology and artificial intelligence (AI).

The Vietnamese government chief reiterated Vietnam's policy to accompany and cooperate with investors in a win-win manner, based on the principle of harmonizing interests and sharing risks.

The overall scene of the National Strategic Dialogue on Vietnam chaired by Vietnamese Prime Minister Pham Minh Chinh in Davos, Switzerland, on January 16, 2024, an event within the framework of the 54th Annual Meeting of the World Economic Forum (WEF). Photo: Nhat Bac / Tuoi Tre

The overall scene of the National Strategic Dialogue on Vietnam chaired by Vietnamese Prime Minister Pham Minh Chinh in Davos, Switzerland on January 16, 2024, an event within the framework of the 54th Annual Meeting of the World Economic Forum. Photo: Nhat Bac / Tuoi Tre

Speaking at the event, WEF leaders and business representatives lauded the achievements of Vietnam in economic recovery and development after the COVID-19 pandemic, as well as the country’s determination in economic transformation.

Furthermore, they expressed high regard for Vietnam's economic prospects, recognizing the Southeast Asian country as a beacon of economic recovery in the region.

Vietnam is acknowledged for its pioneering role in global growth model transformation and unwavering commitment to energy transition.

WEF leaders commented that Vietnam is one of the countries drawing the most interest from the business community at this annual meeting.

They underlined that the chosen theme for the dialogue reflects a shared belief Vietnam is poised to continue its sustainable development trajectory, contributing significantly to and playing an increasingly vital role in the global economy.   

The majority of business representatives expressed satisfaction with their investment projects in Vietnam, hailing the Vietnamese government's proactive policies aimed at establishing an attractive and supportive environment for foreign investors.

Many participants said the business community regards Vietnam as one of the most suitable options for those who are seeking long-term investment and cooperation opportunities. 

They wished to continue supporting and accompanying Vietnam in its process of development and transformation, while recommending that the country maintain stable and long-term policies.

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Vinh Tho - Duy Linh / Tuoi Tre News

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