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At WEF, Vietnam vows to protect investors’ interests, unveils ambition to become leading investment destination

At WEF, Vietnam vows to protect investors’ interests, unveils ambition to become leading investment destination

Monday, January 22, 2024, 19:39 GMT+7
At WEF, Vietnam vows to protect investors’ interests, unveils ambition to become leading investment destination
Vietnamese Prime Minister Pham Minh Chinh (seating, L, 4th) and other delegates at the ‘Vietnam – Leading Sustainable Investment in ASEAN’ powwow, held within the framework of the 54th Annual Meeting of the World Economic Forum (WEF-54) in Davos, Switzerland, January 17, 2024. Photo: baochinhphu.vn

Vietnam’s Prime Minister Pham Minh Chinh called on foreign investors to make more investments in the Southeast Asian country and promised that their legal interests would be safeguarded by the host country, which aims to become a leading investment destination in the region and the world.

PM Chinh delivered the messages when presiding over the ‘Vietnam – Leading Sustainable Investment in ASEAN’ powwow in Davos, Switzerland on January 17, within the framework of the 54th Annual Meeting of the World Economic Forum (WEF-54).

The seminar was jointly held by the Vietnamese Ministry of Planning and Investment, Vietnam's permanent mission to Geneva, the U.S.-based Young Presidents’ Organization (YPO), and Ho Chi Minh City-based VinaCapital.

The prime minister hoped that investors would keep coming to Vietnam, bringing more capital and modern technology, contributing to improving institutions, training human resources, and improving his nation’s modern governance capacity.

PM Chinh stated that all ministries and agencies involved are prepared to engage in discussions with investors with the commitment to fulfill their obligations.

He expressed the hope that foreign investors would reciprocate in a similar spirit.

Chinh affirmed that the Vietnamese government always respects and protects the legal and legitimate rights and interests of all investors operating in the country.

“In the event that a cooperative project incurs losses, we remain committed to our obligations concerning the project and are open to renegotiating with relevant investors to find the best possible solution,” the Vietnamese government chief stressed.

PM Chinh expressed his belief that the WEF-54, which concluded on January 19, will contribute to consolidating and fostering trust among countries and businesses. This includes bolstering trust in Vietnam, as the country strives to become a leading destination for global investors.

After providing the participants with an overview of key political and socio-economic factors that make Vietnam a secure, healthy, and sustainable investment destination, Chinh reaffirmed Vietnam's commitment to partnering and collaborating with investors in a mutually beneficial manner.

This approach is grounded in the principle of harmonizing interests and sharing risks, he noted.

Vietnam is ready to be a friend, a reliable partner, and a constructive and responsible member of the international community, the PM added.

He went on to say that Vietnam is building a socialist democracy and a law-governed socialist state of the people, by the people, and for the people, while running a socialist-oriented market economy.

Vietnam maintains consistency with its foreign policy principles of independence, self-reliance, peace, friendship, cooperation, and development, along with the diversification and multilateralization of relations.

Regarding development orientations, PM Chinh conveyed that Vietnam has established its objectives to evolve into a developing country with modern industry and a high average income by 2030.

The nation aims to achieve developed country status with a high income by 2045.

In the coming time, the country will continue to promote strategic breakthroughs in institutions and policies, infrastructure, and human resources, while maintaining priorities for green transformation, digital transformation, artificial intelligence, and science and technology, he told the powwow.

Don Lam, CEO of VinaCapital, lauded Vietnam's GDP growth rate of 5.05 percent last year, considering it impressive growth.

Vietnam also controlled inflation well, deployed appropriate fiscal measures, promoted investment in infrastructure, and attracted strong FDI inflows.

Regarding foreign affairs, last year marked Vietnam as the only country in the world to host both U.S. President Joe Biden and Chinese General Secretary and President Xi Jinping, Lam remarked.

He underscored that Vietnam has created a safe and sustainable business environment, making it one of the most attractive destinations for investors not only in the region but also in the world.

During the gathering, international investors and YPO representatives expressed favorable views on the business and investment environment in Vietnam.

They shared their investment plans for the country in the coming period.

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Vinh Tho - Thanh Hien / Tuoi Tre News

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